Bitcoin Pushes Toward $87K as $120M in Shorts Liquidated, ETF Inflows Cool

Bitcoin neared $87,000 on Friday as short liquidations across the market topped $122 million over 24 hours, with the cross-crypto liquidation total reaching $210 million. BTC/USD hit $86,857 on Bitstamp — its highest level since Sept. 23 — before pulling back below $86,000, according to TradingView data. The move came after buyers broke through a dense wall of sell-side liquidity concentrated around the $85,000 level that had capped price action throughout the week.

Onchain analytics platform Glassnode noted that remaining ask orders above the breakout zone appeared to have been pulled, reducing resistance and potentially clearing the path for faster upside. Data from CoinGlass reinforced the bullish setup, showing a cluster of potential liquidations stacked above $87,300. Earlier in the week, Cointelegraph had reported that more than $30 million in sell orders had materialized near $85,700, forming the ceiling Bitcoin buyers ultimately shattered.

The $86,000 region carries additional weight as the aggregate breakeven zone for investors in US spot Bitcoin ETFs. In its latest Week Onchain newsletter, Glassnode said a sustained breakout — ideally paired with higher trading volume and renewed ETF inflows — would confirm broader support for the ongoing uptrend. Daily spot Bitcoin ETF netflows have cooled since Sept. 21, when the tally hit a near-record $999 million. "The funds are still buying, but at a small fraction of the pace of those two days," Glassnode wrote, adding that a return to inflows near that magnitude would be the clearest signal of renewed institutional demand heading into the so-called "Uptober" rally.