Bitcoin has plunged around 10% to $82,000 over the past 24 hours, pushing liquidations to around $2 billion.
Spot ETFs saw heavy outflows on Thursday, with $903.1 million exiting Bitcoin funds and another $261.6 million flowing out of Ethereum products.
Bitcoin To Witness Sizeable Correction
Glassnode data shows Bitcoin’s realized losses have surged to levels last seen during the FTX collapse, driven largely by short-term holders capitulating.
This rapid spike suggests a widespread washout of weak hands as traders unwind recent positions.
Crypto chart analyst Ali Martinez highlighted that Bitcoin’s weekly SuperTrend, historically reliable in spotting major reversals, has flipped bearish again. For over a decade, every bearish flip has preceded a notable BTC correction.
Lennaert Snyder noted Ethereum has fallen to $2,650 and continues to trend downward. The next key resistance sits near $3,200, a rejection there favours fresh short setups, while a reclaim could open the door to $3,530.
ETH is also nearing the $2,580 daily support level, where reversal-long opportunities may emerge. Liquidity remains concentrated higher, keeping focus on longs at support and shorts near resistance.
Crypto trader Don pointed out Solana is now sitting on a major support level.
The meme-coin sector was hit even harder, plunging 10.9% and briefly touching a $44.4 billion valuation. Despite the new 21Shares Doge ETF debuting on Thursday, Dogecoin still declined — though trader Tardigrade noted a fresh bullish divergence forming on the daily chart, often an early sign a downtrend is weakening.
