Bitcoin's spot CFD (BTCUSD) experienced a sharp correction in derivatives, leading to approximately $859 million in long liquidations. This accounted for roughly 86% of total liquidations, primarily affecting long-position holders. The price of BTCUSD had risen around 35% from August lows to reach roughly $83,000, $84,000 by late September, driven by spot demand, ETF inflows, and short covering. Notably, futures leverage did not show a similar increase during this period.
A significant on-chain transfer of 17,733 BTC, valued at about $1.484 billion, was moved to Coinbase Prime amid rising selling pressure in Bitcoin versus the US dollar. As of the latest data, BTCUSD traded near $82,900, close to the average holder break-even point of $80,500. A weekly close above $82,700 would signal buyer control, with upside targets noted around $87,000, $88,000.
The market remains heavily influenced by derivatives, particularly high-leverage perpetual futures, which contribute to short-term price swings. While risk-detection tools have improved, heavy leverage continues to shape BTCUSD movements. Analysts observe that BTCUSD is trading near investors' capital-weighted cost basis, oscillating around that level rather than showing a decisive trend.
Institutional holdings of Bitcoin include 1.48 million BTC in ETFs, 1.66 million BTC held by firms, and approximately 518,500 BTC held by governments. Individuals hold about 13.9 million BTC, which represents roughly 66% of the total supply. Notably, institutions net bought in 2025, while individuals net sold. Morgan Stanley’s MSBT recently acquired about 92 BTC, increasing its Bitcoin position to approximately 10,639 BTC, valued at around $880 million.