Crypto market liquidations top $600M as BTC, ETH, BNB struggle to hold gains

The crypto market is facing renewed turbulence as earlier gains quickly faded, leaving traders on edge.

Summary

• Bitcoin rose above $113,000 before pulling back later in the day.
• Liquidations hit $662 million as traders exited leveraged positions.
• Market sentiment fell to “extreme fear” with a Fear & Greed Index score of 25.

The cryptocurrency market staged a brief recovery on Oct. 21, with Bitcoin climbing past $113,000, Ethereum reclaiming $4,000, and BNB rising above $1,100 before momentum faded. By early morning Oct. 22, the market had retraced, giving up most of its gains as traders took profits and sentiment weakened.

According to CoinGlass data, over $662 million in leveraged positions were liquidated in the past 24 hours, a 62% increase from the previous day, marking one of the largest single-day wipeouts since early October. Despite volatility, open interest increased by 0.3% to $149 billion, indicating that new positions are being opened.

Crypto market sentiment turns cautious

At press time, Bitcoin traded around $108,543, Ethereum at $3,879, and BNB at $1,074, all down from their intraday highs. 

The Crypto Fear & Greed Index dropped nine points to 25, signaling “extreme fear,” while the Altcoin Season Index rose modestly to 29, indicating that altcoins are beginning to show early signs of resilience relative to Bitcoin.

Analysts attributed the short-lived rally to optimism around U.S.-China trade talks and renewed institutional momentum, but said macro uncertainty remains a drag. “Markets are struggling to regain confidence after the sharp October sell-off,” one trader noted, citing lingering concerns about inflation and global liquidity.

ETF inflows offer a glimmer of relief

In a positive sign for institutional appetite, U.S. spot Bitcoin exchange-traded funds recorded $477 million in net inflows on Oct. 21, ending a four-day streak of outflows.

BlackRock’s IBIT led with $210 million, followed by Ark Invest’s ARKB with $162 million. Fidelity’s FBTC and Bitwise’s BITB added $34.15 million and $20.08 million respectively.

Ethereum ETFs also saw $141.1 million in net inflows, reversing a three-day decline. Fidelity’s FETH topped the list with $59.07 million, while BlackRock’s ETHA added $41.91 million. The inflows mark a tentative shift back toward accumulation after a volatile two weeks of selling pressure.

Despite this uptick, traders remain wary ahead of the Oct. 24 U.S. consumer price index report and the Federal Reserve’s Oct. 28–29 meeting, which could influence near-term liquidity.