Bitcoin (BTC) dropped 3% to $98,550.33 as of press time, falling below the psychological $100,000 threshold for the third time this month amid cascading leverage liquidations, persistent ETF outflows, and a broader risk-off posture across digital assets. The slide accelerated after Bitcoin broke support at $100,000, triggering over $190 million in long liquidations in the past hour, per Coinglass data.
Bitcoin failed to break through the
support-turned-resistance level at
$106,400 earlier this week, raising concerns about what was to come. However, every time it lost that level, it has always rebounded around the psychological $100,000 support or at least the $99,000 support created back in June. Total liquidations across the past 24 hours
reached $655 million, amplifying downward momentum as over-leveraged positions unwound.
The shift from net inflows to modest withdrawals removes a key stabilizing force that supported prices through mid-2025, leaving spot markets more vulnerable to derivatives-driven volatility. Historical patterns suggest that ETF flow reversals often coincide with consolidation phases rather than periods of directional conviction.
Glassnode’s Nov. 12
analysis confirms that Bitcoin has traded below the short-term holder cost basis of $111,900 since early October, establishing a bearish regime characterized by low liquidity and weak conviction. The network’s short-term holder realized profit-loss ratio fell below 0.21 near $98,000, indicating that over 80% of the realized value came from coins sold at a loss, representing a capitulation intensity exceeding that of the last three major washouts of the current cycle.
Traders identifies the sub-$100,000 zone as a critical battleground where seller exhaustion is beginning to take shape. However, a sustained recovery requires Bitcoin to reclaim the $111,900 cost basis as a level of support. Bitcoin perpetual futures funding rates remain subdued across major exchanges, with both funding rates and open interest drifting lower since October’s leverage flush.