Glassnode: Market enters reset phase after historic deleveraging

TechFlowOct 15, 2025
#Bitcoin BTC-0.29%FTT+6.47%
On October 15th, according to Glassnode's weekly report, Bitcoin experienced a significant correction from its all-time high of $126,100.0, influenced by macroeconomic tensions and a record $19.00B futures deleveraging event. The price fell below the $117,000.0-$114,000.0 cost range, causing losses for top buyers. On-chain data shows that long-term holders have been continuously distributing since July, and ETF inflows have weakened (net outflow of 2,300.0 $BTC this week), indicating a cooling of institutional demand. Leverage in the futures market has collapsed to a multi-month low, and funding rates have fallen to levels seen during the 2022 FTX event, marking panic and forced liquidation. Volatility in the options market has soared to 76.00%, and short-term skew briefly turned into a bearish bias of +17.00%. Analysts believe that the market is currently in a reset phase, and systemic risks have been reduced, but sustained recovery will depend on the resumption of ETF inflows and increased on-chain accumulation. [Techflow]
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Glassnode: Market enters reset phase after historic deleveraging

TechFlowOct 15, 2025
#Bitcoin BTC-0.29%FTT+6.47%
On October 15th, according to Glassnode's weekly report, Bitcoin experienced a significant correction from its all-time high of $126,100.0, influenced by macroeconomic tensions and a record $19.00B futures deleveraging event. The price fell below the $117,000.0-$114,000.0 cost range, causing losses for top buyers. On-chain data shows that long-term holders have been continuously distributing since July, and ETF inflows have weakened (net outflow of 2,300.0 BTC this week), indicating a cooling of institutional demand. Leverage in the futures market has collapsed to a multi-month low, and funding rates have fallen to levels seen during the 2022 FTX event, marking panic and forced liquidation. Volatility in the options market has soared to 76.00%, and short-term skew briefly turned into a bearish bias of +17.00%. Analysts believe that the market is currently in a reset phase, and systemic risks have been reduced, but sustained recovery will depend on the resumption of ETF inflows and increased on-chain accumulation. [Techflow]
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