The cryptocurrency market experienced a broad correction on September 15, 2025, with Bitcoin briefly dipping below $115,000 and Ethereum falling under $4,600 before partial recoveries. The total market capitalization declined by 1.28% to $3.2 trillion, while trading volume stood at $130 billion.
Liquidations surged by over 43% to $424 million as exchanges closed long positions amid falling prices. Ethereum led with $106 million in liquidations, followed by Bitcoin at $44 million, and Solana and Dogecoin each seeing approximately $31 million. Open interest dropped to $221 billion from the previous week's high of $226 billion, indicating reduced market leverage.
Analysts attribute the pullback to profit-taking after recent rallies, with many altcoins hitting multi-week highs. The Altcoin Season Index recently jumped above 70, historically preceding such corrections. Traders are also positioning for the upcoming Federal Reserve interest rate decision, with markets pricing in a >90% probability of a cut following weak nonfarm payrolls data.
Despite the downturn, institutional inflows remained strong. US Bitcoin spot ETFs recorded $642.35 million in inflows, bringing cumulative net inflows to $56.83 billion. Ethereum ETFs saw $405.55 million in inflows, totaling $13.36 billion. Analysts like Sean Dawson of Derive.xyz maintain that 'the bull run is not over, there's still substantial upside ahead', citing falling rates, institutional positioning, and bullish derivatives markets.