Bitcoin

Rektober Hits Hard: BlackRock Moves $87M in Bitcoin as $25B in Longs Get Liquidated

19 hours ago
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October was supposed to be Uptober. Instead, it turned into Rektober.

Over $25 billion worth of long positions have been liquidated across crypto markets this month, one of the heaviest waves of forced selling in 2025.

In the past 24 hours alone, data from CoinGlass shows 218,829 traders got wiped out, with $1.11 billion in total liquidations. Bitcoin and Ethereum led the bloodbath, followed by Solana, XRP, and Dogecoin.

The mood? Pure chaos.

Bitcoin Slips Below $110K as ETFs Trigger Outflows

The correction didn’t come out of nowhere. Bitcoin ETFs saw $470 million in outflows following the U.S. Federal Reserve’s recent rate cut, the largest drawdown in two weeks.

ETF investors, usually the calmest in the room, are quietly trimming exposure after months of inflows.

Here’s how the outflows stacked up:

  •  Fidelity: –$164M
  •  ARK Invest: –$143M
  •  BlackRock: –$88M
  •  Grayscale: –$65M

Despite the outflows, ETFs still collectively hold 1.5 million BTC, about 7.3% of Bitcoin’s total supply. But the tone in institutional circles is shifting. Some traders call it a “controlled exit wave”, a rotation into cash or short-term bonds while waiting for volatility to settle.

Bitcoin currently trades around $107,000, down 4.2% in 24 hours according to CoinMarketCap.

BlackRock Moves $87M in Bitcoin to Coinbase

Then came the BlackRock move.

On-chain data flagged a transfer of 794 BTC (worth $87.4 million) and 48 ETH ($188K) from BlackRock’s IBIT ETF wallet to Coinbase on Wednesday.

At first glance, it could just be routine ETF settlement. But it’s happening right as volatility spikes, and traders are watching closely.

Whenever BlackRock moves coins to an exchange, it sends a signal. Whether it’s to rebalance holdings, settle redemptions, or prepare for liquidity events, markets read it as a potential shift in sentiment.

Some analysts see it as early de-risking ahead of month-end. Others call it “business as usual” for ETF accounting.

But either way, it has people talking.

Institutions Hit Pause After Fed Rate Cut

The Federal Reserve’s latest 0.25% rate cut was supposed to be bullish for risk assets. But instead of triggering another leg up, it seems to have caused a profit-taking cascade.

Funds that were overweight Bitcoin and Ethereum started locking in gains after a 20% rally earlier this month.

“The cut wasn’t a green light, it was a signal to rebalance,” said one macro trader on X.

Add to that concerns over U.S. election uncertainty and quarter-end portfolio shuffling, and you get a perfect setup for liquidation pressure.

For context, October’s total liquidation figure, $25 billion, is the largest since June 2022’s post-Terra crash cycle.

SpaceX Joins the Action, Quietly

While Wall Street was unloading, SpaceX was quietly reorganizing its crypto reserves.

According to Lookonchain, Elon Musk’s aerospace company transferred 281 BTC (worth $31.28 million) to a new wallet:

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But that’s not all. Over the past 10 days, SpaceX has moved Bitcoin three separate times, suggesting a broader internal restructuring or custody optimization.

What’s interesting is the pattern, each transfer routes to new, clean wallets, often used for institutional-grade cold storage.

No official statement from SpaceX yet, but analysts are speculating it could be tied to custody migration or audit preparation ahead of quarterly reporting.

Market Sentiment Swings

Funding rates on perpetual futures flipped negative across major exchanges, with long traders paying shorts, a sign of fading bullish momentum.

Altcoins took the biggest hit:

  •  SOL: down 7.4%
  •  AVAX: down 9.1%
  •  DOGE: down 6.8%
  •  PEPE: down 11.2%
  • Ethereum fell 7% to $3,700 

Analysts Split on What’s Next

Opinions are divided.

Some see this as healthy correction territory, not a full trend reversal. Long-term holders, particularly whale wallets, haven’t significantly reduced their positions.

On-chain data still shows net accumulation among large holders despite ETF redemptions. That suggests institutions are adjusting exposure, not abandoning the market.

Others warn the worst may not be over. With U.S. GDP data and corporate earnings due next week, volatility could spike again if macro indicators disappoint.

A Turning Point for Uptober

Just two weeks ago, the narrative was simple: Bitcoin ETFs were surging, retail sentiment was high, and Uptober memes flooded X.

Now? Uptober has officially turned into Rektober.

But if history is any guide, these shakeouts often mark the mid-cycle reset before the next move higher.

Bitcoin is still up 14% year-to-date, and the number of active addresses continues to rise, both signs that the bull structure remains intact.

From BlackRock’s quiet transfers to SpaceX’s hidden wallet moves, the message is clear: institutional players are watching, adjusting, and staying nimble.

Crypto markets are evolving, faster, sharper, and more sensitive to macro shifts than ever before.

Whether this month’s chaos ends in a rebound or another correction, one truth stands: the game has changed.

Bitcoin is no longer just retail-driven. It’s macro money now, and when giants move, markets follow.

For now, Rektober lives up to its name.

But as every crypto veteran knows, pain today often fuels the next rally.

Brace for Novembull.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/rektober-hits-hard-blackrock-moves-87m-in-bitcoin-as-25b-in-longs-get-liquidated/