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Bitcoin Faces Deep Correction: LTH Selling, ETF Outflows, and Macro Pressure Collide
Bitcoin Falls Below $100K – The crypto market slid into another deep red session, with Bitcoin falling 6% in 24 hours and trading near $96,466. The decline extended the asset’s 13.4% monthly drop and unleashed a wave of liquidations as risk appetite eroded across global markets.
$1.02B in Liquidations as BTC Breaks Below $100K
Market volatility intensified after Bitcoin lost the psychologically critical $100,000 level, sparking cascading stops and margin calls. More than 236,000 traders were wiped out in the past day, with total liquidations hitting $1.02 billion.
The largest single liquidation—a $44.29 million BTC-USDT long—occurred on HTX.
Analysts note that price rebounds remain shallow unless new buyers absorb the increased supply.
Long-Term Holders Dump $79B in Bitcoin
A major pressure point came from long-term holders (LTHs). Over the last 30 days, LTHs sold roughly 815,000 BTC—valued above $79 billion—marking their largest sell-off since early 2024. Their share of Bitcoin’s supply fell from 76% to 70%, loosening a major layer of price support.
While sizable, this behavior aligns with late-cycle profit-taking rather than panic selling.
ETF Outflows Accelerate to $869M
U.S. spot Bitcoin ETFs failed to stabilize the market. Despite brief inflow days—most notably on Nov. 6 and Nov. 11—outflows resumed, culminating in $869 million leaving ETFs by Thursday’s close.
Funds such as BlackRock’s IBIT and Fidelity’s FBTC usually set the market tone, and the lack of steady inflows has kept demand fragile.
Macro Weakness Deepens Crypto Sell-Off
Global risk markets also deteriorated. The Nasdaq fell 2.3%, pressured by warnings from Palantir’s CEO about the sustainability of AI spending, alongside sharp drops in major tech and consumer stocks. Shifting Federal Reserve rate expectations further dampened liquidity hopes.
Bitcoin reacted swiftly, dropping 6.5% after failing to break above $105,000, triggering $440 million in BTC-specific liquidations.
Is the Market Topping?
While some metrics signal a late-cycle phase, analysts caution that the market may not have topped yet. Historical timing places the recent Oct. 6, 2025 all-time high exactly 1,050 days after the last market bottom—similar to previous peaks—yet ETF flows and corporate demand could still reshape cycle behavior.
