Markets
Leveraged markets: bitcoin corrects below 73 000 € amid a peak in liquidations
On October 12, 2026, bitcoin briefly fell below 72 800 €, while crypto derivatives liquidations reached nearly 689 M€. In a context of marked outflows from spot ETFs, the market appears more vulnerable to macroeconomic shocks, starting with the US CPI expected this week.
On October 12, 2026, bitcoin declined by about 2.8% over 24 hours, to around 72 800 € (81 382 $), slipping back below the $82,000 threshold intraday, according to The Block. Ether corrected more sharply, falling to around 2 170 € (2 425 $), a drop of about 4.6% over 24 hours. These moves come as the market emerges from several weeks of consolidation, with bitcoin around 74 619 € (83 454 $) as a recent price reference.
This correction was accompanied by a peak in liquidations on crypto derivatives markets. Over 24 hours to October 12, total liquidations reached nearly 689 M€ (771 M$), of which about 613 M€ (685.6 M$) were long positions, according to The Block. This imbalance suggests significant use of leverage on the buy side, making prices more sensitive to sudden moves and accelerating forced selling when margin thresholds are hit.
At the same time, flows into US spot bitcoin ETFs turned negative. The Block reports about 609 M€ (681.1 M$) of net outflows over the previous week, their worst weekly performance since late June 2026. These withdrawals weigh on structural demand for bitcoin and can amplify the impact of selling pressure from derivatives markets, especially when investors simultaneously reduce their exposure to risky assets.
Despite this fragility, market liquidity shows signs of relative resilience. A daily briefing on October 12, 2026 noted that order book depth at ±1% for bitcoin was around 10.5 M€ (11.7 M$) on October 7, about 75% more than during the last stress episode, when BTC’s price was roughly one third lower. This combination of high leverage, ETF outflows and improved but still limited liquidity makes the market particularly sensitive to the next US inflation indicator (CPI), which could reignite volatility.