Bitcoin slumped as much as 11% on Wednesday, briefly touching $108,000 after a large holder off-loaded about 24,000 tokens. The sale triggered roughly $550 million of forced liquidations in leveraged long positions, extending a sell-off that began earlier in the week. Market analysts said elevated leverage left prices vulnerable and noted an accelerating rotation of funds into Ethereum. The cryptocurrency’s earlier mid-August record of $124,515 has now been cut by around 13%. The latest slide comes in the wake of Federal Reserve Chair Jerome Powell’s Jackson Hole speech, which prompted investors to reassess risk exposure. Spot bitcoin exchange-traded funds have recorded about $1.19 billion of net redemptions since mid-August, adding to downward pressure. Strategists view $111,000 as an initial support level; a clean break could open the way toward the $102,000–$98,000 range. Some observers point to recent institutional purchases as a potential cushion, but warn that further declines remain possible if selling intensifies.