Bitcoin slipped under the psychologically crucial 100,000 dollar mark and briefly traded around 98,000, extending a multi‑day losing streak that has erased a significant chunk of its post‑halving gains.
Intraday data show the day’s low forming just below 98,000, with the coin recovering marginally but still struggling to reclaim the six‑figure level that bulls had treated as a new base.
The move came after an initial rebound toward roughly 104,000 during Asian trading, which quickly faded once U.S. markets opened and risk appetite deteriorated across equities and crypto.
As Bitcoin broke below 100,000, a cluster of leveraged long positions was flushed out, triggering liquidations reportedly nearing 200 million dollars in a short window and accelerating the slide.
Record sell‑off by long‑term holders
On‑chain data indicate that long‑term holders (LTH) – investors who typically sit on coins for months or years – have sold roughly 815,000 BTC over the past 30 days, the largest wave of distribution since January 2024.
At current prices, that represents tens of billions of dollars in supply hitting the market, a stark reversal after months in which these wallets were steadily absorbing coins during the bull run.
Analysts note that on a single day, November 7, about 3 billion dollars’ worth of Bitcoin was realized in profit on‑chain, suggesting that large cohorts of low‑cost holders decided that the six‑figure zone was an attractive level to cash out.
Similar‑scale profit‑taking events were last seen in the middle of the 2020–2021 bull market and often coincided with temporary but violent corrections, rather than definitive cycle tops.
Whales intensify the selling pressure
Alongside LTH distribution, whale wallets have been unusually active, dumping large tranches of BTC and shifting more coins onto exchanges.
Blockchain intelligence platforms tracked one early Bitcoin whale, identified as Owen Gunden, selling around 290 million dollars’ worth of BTC in a single day, while still retaining roughly 250 million dollars in remaining holdings.
A separate Satoshi‑era address that had not moved coins in nearly 15 years unloaded approximately 1.5 billion dollars in BTC last week, underscoring the extent to which deep, dormant supply is now hitting the market.
Another large holder, labeled 195DJ, reportedly sold 13,004 BTC in October and has continued to send coins to exchanges, a pattern typically associated with looming sell orders.
The combination of whales de‑risking and long‑term investors taking profit has created what analysts describe as “extremely strong” short‑term selling pressure, overwhelming spot demand at and above 100,000. This supply shock has shifted the market structure from one dominated by accumulation and scarcity narratives to one temporarily driven by liquidity, exits and defensive positioning.
ETF outflows and weak spot demand
The on‑chain rotation is being amplified by a pronounced cooling in institutional and ETF‑driven demand, which had been a critical pillar of this year’s rally.
Digital asset fund data show Bitcoin‑linked products suffering net outflows of around 932 million dollars in recent weeks, while Ethereum products saw 438 million dollars in outflows over the same period.
At the same time, products designed to short Bitcoin have recorded a modest but notable net inflow – around 11.8 million dollars, the highest since May 2025 – signaling that a segment of the market is actively positioning for further downside.
Spot demand indicators also look fragile: Coinbase’s BTC price has been trading at a discount to global averages, and ETF flows have turned negative, pointing to a lull in U.S. and institutional buying.
U.S. session drives volatility
Trading desks report that the U.S. session has increasingly become the main driver of Bitcoin’s intraday swings, with the latest leg down once again accelerating after Wall Street’s open.
As U.S. equities wobbled and risk appetite waned, Bitcoin was “quickly dumped” below 100,000, with algorithmic and leveraged players adding momentum to the move.
Liquidity conditions in spot and derivatives markets have also tightened, meaning that large market orders – especially from whales and systematic funds reducing risk – can move price more sharply than they did earlier in the year.
That environment has made the 100,000 level both a battleground and a trigger point, with breaks below it repeatedly unleashing cascades of liquidations in perpetual futures and options.
Technical picture: support turns into resistance
From a technical perspective, Bitcoin recently failed to reclaim resistance around 106,400, a level that bulls had hoped would serve as a springboard back toward prior highs.
Each rejection has been followed by a retreat toward the 100,000 area, and this latest breakdown below that band is the third such breach this month.
Historically, the six‑figure mark has acted as both a magnet and a floor since it was first broken earlier in the year, with buyers consistently stepping in near –100,000 to defend the trend.
Now, that zone risks flipping from support into resistance: unless Bitcoin can quickly reclaim it on strong volume, traders warn that the path of least resistance may shift toward the mid‑90,000s or lower.
Is the bull market over?
Despite the ferocity of the sell‑off, many market observers caution against declaring the end of the broader bull cycle.
Data from previous cycles show that 25–30% drawdowns are common even in strong uptrends, often serving as “reset” phases where leverage is flushed out and ownership rotates from weak hands to stronger ones.
The current correction, which has taken Bitcoin down from highs above 110,000 to sub‑ 100,000 levels, falls squarely within that historical band and resembles mid‑cycle shakeouts seen in 2017 and 2021.
At the same time, on‑chain indicators such as profit‑taking intensity and the scale of long‑term holder selling are consistent with mid‑bull‑market distribution phases rather than late‑cycle blow‑off tops.
What traders are watching next
In the near term, analysts say the key battle lines are drawn around the 100,000 psychological level and the prior support area near 99,000 A swift reclaim of those levels, accompanied by stabilizing ETF flows and reduced whale selling, would support the case that this move is a sharp but temporary correction.
If, however, price remains pinned below six figures and on‑chain data continue to show distribution from whales and long‑term holders, the market could be in for a prolonged consolidation or a deeper pullback.
Derivatives metrics such as funding rates, open interest on CME futures and the scale of long liquidations will also be watched as signals of whether the flush‑out has largely run its course.
Sentiment: from euphoria to caution
The abrupt reversal from record highs above 109,000 levels under 98,000 has clearly cooled the euphoric mood that dominated crypto in recent months.
Retail traders who chased the breakout have been hit by steep unrealized losses, while institutional desks are reassessing their risk exposure after weeks of heavy inflows earlier in the year.
Yet for some long‑term believers, the reset is being framed as a necessary purge of excess leverage and speculative froth.
They argue that as coins move from short‑term speculators to stronger hands, the foundation is laid for the next sustained leg higher – though timing that turn remains as uncertain, and as risky, as ever.
