Bitcoin dropped below $82,000 Monday evening, dragging most major cryptocurrencies down with it and triggering a wave of forced liquidations across trading platforms. The largest cryptocurrency fell 2.8% over 24 hours to $81,382, according to the TradingView data. Ethereum dropped 4.6% to $2,425. By late Monday night, bitcoin recovered slightly to $83,245.

CoinGlass data put total crypto liquidations at $812.66 million over 24 hours, with $687 million from long positions, including $192.54 million in BTC liquidations and $181.59 million in ETH liquidations. The single largest liquidation order hit on Binance, a $9.65 million BTCUSDT long position.

ETF outflows and a stronger dollar add pressure

SoSoValue data showed U.S. spot bitcoin ETFs posted $681.1 million in net outflows for the week, the worst since late June. Spot Ethereum ETFs saw $542 million in net outflows over the same stretch. A snapshot of ETH ETF flows as of October 12 showed daily net outflows of $85.40 million, even as cumulative net inflow since launch still stood at $13.17 billion and total net assets held at $15.86 billion, roughly 5.15% of Ethereum's total market cap. BlackRock's ETHA fund alone saw a single-day outflow of $75.07 million, the largest of any Ethereum ETF that day, while Grayscale's ETH fund lost another $10.33 million. The split between a strong cumulative inflow base and a rough single week shows institutional money has not abandoned ETH exposure, it has just paused buying for now.

South Korea's equity selloff spills into crypto

South Korean equities fell sharply Tuesday morning in Asia, with the Kospi index dropping 6.1% as of 10:45 a.m. local time. Bitmine Chairman Tom Lee said on X that the decline in Korean equities could be "spilling over into crypto."

South Korea's sell-side circuit breaker, formally known as a sidecar, automatically halts program trading for five minutes once the KOSPI 200 futures index moves 5% in either direction for a sustained period, a mechanism the exchange has used sparingly outside of major shocks like the 2020 pandemic selloff.

Old wallets wake up as institutions keep buying

Two long-dormant bitcoin wallets moved large sums last week, drawing attention from onchain trackers. According to Lookonchain, citing Arkham data, a wallet labeled "18Vm...VpQ9x" transferred roughly 4,582 BTC, worth $377.6 million, to five separate addresses on Monday after sitting untouched for more than six years.

The wallet first received that BTC in March 2020, when it was worth about $40.8 million, meaning the holder sat on a gain of more than 800% before moving funds. A separate wallet, "bc1q...nhj0," moved 4,500 BTC worth $375.7 million the week before, after more than four years of inactivity.

Dormant wallet movements like these get watched closely because large holders from the 2017 to 2020 era are sometimes read as an early signal of profit-taking ahead of a market top, though onchain analysts generally caution that a transfer alone does not confirm a sale, since coins often move between cold storage addresses for security reasons without ever reaching an exchange.

Institutional buyers kept adding exposure through the dip. Michael Saylor's Strategy disclosed Monday that it bought another 250 BTC for about $21.5 million, at an average price of $86,194 per coin, between October 5 and October 11. Bitmine Immersion Technologies said separately that it grew its Ethereum treasury to 6,028,946 ETH after acquiring 12,532 tokens over the past week. QCP Capital said last week it expects bitcoin to trade between $80,000 and $90,000 in its base case for the fourth quarter, a range that has held so far even through Monday's drop.

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