Key takeaways:
The slowdown in spot Bitcoin ETF flows signals weak institutional demand, hinting at a cooling bullish sentiment
$108,000 is a short-term target for the bears, with some BTC analysts predicting a drop to $90,000.
Bitcoin ( BTC ) sellers emerged again on Thursday as the drop to $111,000 sparked fears that a further correction toward $90,000 might be on the horizon.
Bitcoin ETF demand weakens
Institutional investors are reducing their exposure to spot Bitcoin exchange-traded funds (ETFs) following a recent weakness in BTC price.
Inflows into the Bitcoin ETFs have cooled since the beginning of September. Net inflows fell 54% to $931.4 million last week from $2.03 billion the week prior, according to Glassnode’s latest Weekly Market Impulse report .
Related: 4 reasons Bitcoin is failing to copy all-time highs for gold and stocks
“While overall accumulation remains intact, the slowdown suggests a pause in institutional demand,” the onchain data provider said in an X post on Wednesday.
Such behavior stands out versus early September, when a steady price increase accompanied healthy ETF inflows.
When the BTC/USD increased by 10% to almost $118,000 between Sept. 2 and Sept. 18, net inflows t opped $2.9 billion over eight trading days , per data from Farside Investors. This included the largest daily net inflow in two months of over $741.1 million.
The spot taker CVD (Cumulative Volume Delta) indicator, which tracks the cumulative difference between market buys and sells over 90 days, has remained taker sell dominant since mid-August.
This means retail traders have been consistently selling BTC more than buying, reinforcing the risk-off behavior.
BTC could see a deeper correction heading into October if ETF flows remain cool and the spot taker CVD stays sell-dominant.
Bitcoin price to see “deeper flush” to $90,000?
With demand waning, pessimism is mounting over BTC price strength.
“Not much strength on $BTC after a strong day yesterday,” said MC Capital founder Michael van de Poppe in an X post on Thursday.
An accompanying chart showed that if Bitcoin loses the $112,000-$110,000 support zone, it could drop toward the $103,000-$100,000 demand zone, a good “area to start looking for buys.”
“I would assume that we’ll be going to get some more downside and then we’re done for the current period, meaning that we’ll be in up-only mode.”
Meanwhile, fellow analyst AlphaBTC shared an hourly candle chart showing the BTC/USD pair trading in a descending parallel channel.
Bitcoin could drop toward the channel’s lower boundary around $108,000 if the support at $112,000 doesn’t hold. Lower than that, the price could see a “deeper flush” possibly toward the $105,000-$100,000 range.
Additionally, BTC price has dropped below the 0.95 quantile cost basis at $115,300, signaling potential risk, according to Glassnode. The Cost Basis Quantile serves as a key metric for gauging market risk levels and potential price action zones for Bitcoin.
“Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105K–$90K.”
#Bitcoin has slipped below the 0.95 Cost Basis Quantile, a key risk band that often marks profit-taking zones.
— glassnode (@glassnode) September 24, 2025
Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105k–$90k.
🔗 pic.twitter.com/1dToAxcaRA
As Cointelegraph reported , Bitcoin’s double top pattern also targets near $90,000 if support at $107,000 does not hold.
