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$39,900 liquidation wall is the key risk for Bitcoin buyers

Spot Bitcoin ETF inflows were about $999 million over seven straight days in mid July, before outflows of roughly $526 million followed through July 28.

Reported · Written up by our desk · Bitcoin

CryptoSlate reports that while traders often focus on US spot Bitcoin ETF flows, the market’s “real threat” may sit in a large liquidation level, described as a hidden $39,900 liquidation wall.

According to Farside Investors data cited by CryptoSlate, US spot Bitcoin ETFs recorded about $999 million in inflows over seven straight days from July 14 to July 22, then saw four consecutive outflow days that pulled about $526 million out through July 28.

Over the broader May 29 to July 28 window, daily totals implied about $4.46 billion in net outflows, even as cumulative net inflows since launch remained near $51.4 billion as of July 29.

CryptoSlate also points to the idea that institutional exposure is shifting across multiple “wrappers,” including options-income products, Bitcoin-backed lending, and structured credit, rather than showing up only in ETF flows. It notes BlackRock’s IBIT had about $60.3 billion in cumulative net inflows as of July 28, and that Galaxy Research estimated crypto-backed lending reached about $67 billion in the first quarter of 2026, up nearly 50% year over year.

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