Key TakeawaysBitcoin price drops 2.6% over the past 24 hours to $109,635,$2.58B in ETF outflows led by Fidelity's FBTC adds to bearish pressureFed signals macro uncertainty, driving capital rotation to equitiesBTC Slides After Spot ETF Outflows and LiquidationsBitcoin dropped to $109,635 in the past 24 hours, underperforming the broader crypto market (-2.58%). Pressure intensified after Bitcoin spot ETFs saw $258 million in net outflows on Sept 25, according to SoSoValue data cited by 吴说. The largest single-day outflow came from Fidelity’s FBTC, which lost $115 million, though it still holds $12.22 billion in cumulative net inflows.This ETF exodus follows a volatile weekend that saw $1.7 billion in total crypto liquidations, including $500 million in BTC longs, on Sept 22. As Bitcoin breached the $115.4K Fibonacci support and the $112.8K 30-day SMA, automated selling and stop-loss triggers accelerated the decline.Macro Uncertainty Fuels Risk-Off RotationMarkets are still digesting Fed Chair Powell’s Sept 24 speech, which emphasized labor market risks and lingering inflation concerns.The speech sparked a flight to safety:The DXY dollar index rose 1.3%The S&P 500 hit new highsBitcoin’s 60-day correlation to the S&P rose to 0.72These moves highlight Bitcoin’s vulnerability despite recent strengthening institutional confidence.BTC Outlook: What Comes After $105K Support?Bitcoin now tests the $105K support level, just above the 200-day EMA at $104K, last touched in October 2024. A daily close below this area could trigger further downside. However, reclaiming the $112.8K SMA might trap shorts and spark a relief rally.