Uptober Canceled? Bitcoin Slips Below $81K as Solana Hits One-Month Low
Crypto markets faced a sharp deleveraging wave as Solana fell 11% in a week, ETF outflows turned negative and treasury companies took opposing approaches to their SOL holdings.
Crypto markets endured a broad sell-off, with Bitcoin slipping below $81,000 and Solana (SOL) briefly falling under $102 for the first time in almost a month. The decline came alongside nearly $812 million in liquidations, placing renewed pressure on leveraged traders and weakening the case for an “Uptober” rally.
Altcoins Bear the Brunt of the Sell-Off
Although Bitcoin recovered from an overnight dip, altcoins recorded steeper weekly losses. SOL traded near $107 after its rebound but remained down 3.2% over 24 hours and 11% over seven days.
The weekly performance across major tokens showed the breadth of the retreat:
- HYPE: down 13%
- DOGE: down 12%
- SOL: down 11%
- XRP: down 10%
- ETH: down 8%
According to CoinGlass, crypto markets recorded $811.79 million in liquidations over the past 24 hours. Some 169,779 traders were liquidated, with long positions accounting for $689.11 million, or approximately 84.5% of the total. Short positions represented a comparatively smaller $126.12 million.
The imbalance indicates that traders positioned for higher prices bore most of the damage as prices moved lower, potentially adding to spot-market selling and volatility.
Solana ETFs Record Their First Weekly Outflows Since June
U.S. spot Solana ETFs experienced six consecutive days of net outflows. The funds recorded $24.8 million in net redemptions last week, marking their first negative weekly result since June and reversing a period of strong demand.
For comparison, the week ending September 25 brought more than $188 million in net inflows, the strongest weekly performance for the funds since launching in 2025. The recent reversal appears to fit a broader pullback from U.S. spot crypto investment products rather than an isolated shift away from SOL.
- Spot Bitcoin ETFs: $681.1 million in outflows last week
- Spot Ethereum ETFs: $542 million in outflows last week
- Bitcoin ETFs on October 12: $65.4 million in outflows
- Ethereum ETFs on October 12: $85.4 million in outflows, extending a 10-session losing streak
Treasury Companies Take Different Paths
Corporate holders also diverged. SkyAI confirmed that it recently sold approximately 1 million SOL, worth more than $106 million at current prices. The sale represented nearly half of its holdings and supported a plan to repurchase up to $201 million in shares and warrants. The disclosure followed $114.87 million in SOL transfers to exchanges over the weekend.
By contrast, DeFi Development Corp purchased 22,070 SOL, valued at approximately $2.43 million. Its holdings reached 2,586,282 SOL, worth around $284.9 million, representing a 12% increase since August 12.
What This Means
The combination of leveraged liquidations, ETF redemptions and conflicting corporate treasury strategies points to a market in risk-reduction mode. SOL may remain sensitive to further forced selling, but continued accumulation by companies such as DeFi Development Corp suggests institutional conviction has not disappeared. For now, however, capital flows and derivatives positioning favor caution over a near-term altcoin recovery.