Bitcoin drops to $84k sees $143 million in liquidations as ETF inflows turn positive

Bitcoin’s October 7 morning market readings showed roughly $143 million in Bitcoin futures positions liquidated over the preceding 24 hours and a price range that dipped below $84,000. The positive US ETF session could not predict whether leveraged positions would survive their margin tests.CoinGlass reported a BTC futures liquidation total of $143,016,790 at 06:53 UTC.The 24-hour price range included a low of $83,647. CryptoSlate’s Bitcoin price page showed the price at around $84,288 during EU trading hours, down 1.25% over 24 hours.US spot Bitcoin ETFs recorded $118.8 million in net inflows for October 6, according to Farside Investors after a net outflow for October 5.Why positive fund flows are no price floorLiquidation responds to the trader’s margin position as prices change. Bybit’s liquidation rules use mark price, the exchange’s reference price for margin calculations, rather than the last trade. The trigger varies by margin mode.Nor does a daily ETF inflow represent a standing bid at a guaranteed Bitcoin price. BlackRock’s iShares Bitcoin Trust ETF, or IBIT, uses authorized participants creating or redeeming baskets for cash or Bitcoin in its prospectus. While the fund s...