Bitcoin (BTC) dropped 3% to $98,550.33 as of press time, falling under the psychological $100,000 threshold for the third time this month amid cascading leverage liquidations, persistent ETF outflows, and a broader risk-off posture throughout digital property.

The slide accelerated after Bitcoin broke assist at $100,000, triggering over $190 million in lengthy liquidations up to now hour, per Coinglass information.

Bitcoin failed to interrupt by means of the support-turned-resistance degree at $106,400 earlier this week, elevating considerations about what was to return. Nevertheless, each time it misplaced that degree, it has at all times rebounded across the psychological $100,000 assist or a minimum of the $99,000 assist created again in June.

Complete liquidations throughout the previous 24 hours reached $655 million, amplifying downward momentum as over-leveraged positions unwound.

Ethereum declined 5.75% to $3,218.37, Solana dropped 5.2% to $145.55, and BNB fell 3.2% to $922.90, reflecting synchronized promoting stress throughout main tokens.

ETF flows flip adverse as institutional demand softens

US spot Bitcoin ETFs recorded web outflows of $278 million on Nov. 12, contributing to roughly $961 million in cumulative redemptions this month, in line with Farside Traders.

The shift from web inflows to modest withdrawals removes a key stabilizing power that supported costs by means of mid-2025, leaving spot markets extra weak to derivatives-driven volatility.

Historic patterns counsel that ETF movement reversals usually coincide with consolidation phases somewhat than durations of directional conviction.

Glassnode’s Nov. 12 evaluation confirms that Bitcoin has traded under the short-term holder value foundation of $111,900 since early October, establishing a bearish regime characterised by low liquidity and weak conviction.

The community’s short-term holder realized profit-loss ratio fell under 0.21 close to $98,000, indicating that over 80% of the realized worth got here from cash offered at a loss, representing a capitulation depth exceeding that of the final three main washouts of the present cycle.

Glassnode identifies the sub-$100,000 zone as a crucial battleground the place vendor exhaustion is starting to take form. Nevertheless, a sustained restoration requires Bitcoin to reclaim the $111,900 value foundation as a degree of assist.

Sentiment deteriorates as leverage dries up

Bitcoin perpetual futures funding charges stay subdued throughout main exchanges, with each funding charges and open curiosity drifting decrease since October’s leverage flush.

The absence of aggressive positioning displays market hesitation, with merchants avoiding directional bets as volatility expectations stay elevated.

Choices market information reinforces this defensive stance. Put safety trades are priced at an 11% implied volatility premium over requires short-term expiries, indicating that merchants proceed to pay for draw back insurance coverage.

Open curiosity concentrates closely across the $100,000 strike for end-of-November expiries, making this degree a crucial threshold the place seller hedging flows might amplify volatility if breached.

Latest choice flows have centered on places between the $108,000 and $95,000 strikes, structured as outright safety or calendar spreads that seize expectations of near-term turbulence.

Glassnode’s value foundation distribution heatmap reveals a dense provide cluster between $106,000 and $118,000, representing traders positioned to exit close to breakeven.

This provide overhang creates pure resistance the place rallies could stall except renewed inflows soak up distribution stress.

The agency notes demand from short-term holders, a proxy for brand new investor momentum, has remained notably weak since June 2025, reflecting an absence of recent capital coming into the market.

Broader danger sentiment deteriorated alongside crypto declines, with larger actual yields and chronic funding stress pressuring speculative property regardless of the latest decision of the US authorities shutdown.

Morgan Stanley’s latest “fall season” be aware suggested purchasers to reap positive factors somewhat than chase upside throughout this part of the four-year cycle, contributing to diminished danger urge for food amongst institutional allocators.

The mixture of heavy leverage positioning, mushy ETF demand, and structural resistance above present costs remodeled every breach under $100,000 right into a self-reinforcing cascade.