Bitcoin (BTC) fell 3% to $98,550.33 at press time, falling under the psychological threshold of $100,000 for the third time this month amid a series of leveraged liquidations, sustained ETF outflows, and widespread risk-off conduct throughout digital property.
The decline accelerated after Bitcoin broke via the $100,000 assist, inflicting greater than $190 million in long-term liquidations prior to now hour, in line with information from Coinglass.
Bitcoin couldn’t break via The $106,400 degree, which turned from assist to resistance earlier this week, is inflicting concern. About what is going on to occur. Nonetheless, each time it loses that degree, it has at all times rallied across the psychological $100,000 assist, or not less than the $99,000 assist created in June.
Whole liquidations prior to now 24 hours reached $655 million, amplifying the downward momentum as overleveraged positions have been unwound.
Ethereum fell 5.75% to $3,218.37, Solana fell 5.2% to $145.55, and BNB fell 3.2% to $922.90, reflecting simultaneous promoting strain throughout main tokens.
Institutional investor demand slows, ETF flows flip unfavorable
The U.S. Spot Bitcoin ETF recorded web outflows of $278 million on November 12, contributing to cumulative redemptions of roughly $961 million this month, in line with Pharcyde Buyers.
The shift from web inflows to gradual outflows will take away a key stabilizing issue that supported costs till mid-2025, making spot markets much more susceptible to derivative-driven volatility.
Historic patterns counsel that reversals in ETF flows usually coincide with levels of consolidation moderately than intervals of directional certainty.
A November 12 evaluation by Glassnode confirmed that Bitcoin has been buying and selling under the short-term holder price threshold of $111,900 since early October, establishing a bearish regime characterised by low liquidity and low confidence.
The realized revenue/loss ratio for short-term holders of the community was under 0.21 at round $98,000. This means that over 80% of the realized worth was because of cash promoting at a loss, representing the depth of the capitulation past the final three main washouts of the present cycle.
Glassnode identifies the sub-$100,000 zone as a key battleground the place vendor exhaustion is beginning to take form. Nonetheless, a sustained restoration would require Bitcoin to regain its price base of $111,900 as a assist degree.
Sentiment worsens because of decrease leverage
Bitcoin perpetual futures funding charges stay subdued throughout main exchanges, with each funding and open rates of interest trending downward for the reason that October leverage flush.
The dearth of lively positioning displays market hesitation, with merchants avoiding directional bets as volatility expectations stay excessive.
Choices market information reinforces this defensive posture. The put safety commerce is priced at an 11% implied volatility premium over the short-term expiration name, indicating that merchants proceed to pay draw back insurance coverage premiums.
Open curiosity is concentrated across the $100,000 strike value for the end-November expiration, a key threshold above which vendor hedging flows may amplify volatility.
Latest choice move has targeted on places between $108,000 and $95,000 strike costs, structured as full safety or calendar spreads that seize expectations of near-term disruption.
Glassnode’s cost-based distribution heatmap reveals a good provide cluster between $106,000 and $118,000, indicating that traders are able to exit across the break-even level.
This provide overhang creates pure resistance and the rally can stall until new influx absorbs the distribution strain.
The corporate notes that short-term holder demand, which represents new investor momentum, has been considerably weaker since June 2025, reflecting the dearth of recent capital flowing into the market.
Regardless of the current decision of the US authorities shutdown, rising actual yields and chronic funding stress weighed on speculative property, whereas broader danger sentiment deteriorated together with a decline in cryptocurrencies.
Morgan Stanley’s current “Fall Season” notice suggested shoppers to reap earnings moderately than chase upside at this stage of the four-year cycle, resulting in a decline in institutional traders’ danger urge for food.
The mix of closely leveraged positioning, weak demand for the ETF, and structural resistance above the present value turned every breakthrough under $100,000 right into a self-reinforcing cascade.
