Price Decline
Bitcoin fell below the $95,000 threshold on 16 November 2025, closing at $94,147 after a 4.7 percent drop. The decline marked the first time in six months that Bitcoin traded under six figures, threatening to wipe out year-to-date gains.
Fund Outflows
Investors removed approximately $900 million from Bitcoin-focused funds during the session, with ETF products accounting for $870 million in net outflows. These withdrawals represented the second-largest daily outflow since the debut of spot Bitcoin ETFs earlier this year.
Liquidations and Open Interest
Total market liquidations exceeded $19 billion on 10 October 2025, and recent sessions showed a steady rise in long-position liquidations. Coinglass data indicated that futures open interest struggled to recover, heightening the risk of cascade events.
Sentiment Indicators
The Crypto Fear & Greed Index approached “extreme fear,” reflecting widespread risk-off sentiment. Correlation analysis revealed a tight coupling between Bitcoin and equity market risk assets, with amplified volatility due to reduced liquidity.
Liquidity Withdrawal
Market depth metrics from Kaiko showed a 30 percent reduction in orderbook capacity across major exchanges. Reduced resting liquidity increased slippage for large orders and magnified directional moves.
Macro Context
Federal Reserve rate-cut expectations shifted lower amid mixed economic data and delayed policy releases following a government funding resolution. Uncertainty over near-term monetary easing fueled risk aversion across asset classes.
Corporate Holdings
Strategy’s Bitcoin holdings, valued near $60 billion, faced pressure as the company’s share price fell 4 percent. CEO Michael Saylor affirmed ongoing accumulation plans, suggesting a divergence between corporate treasury behavior and market price action.
Technical Outlook
Technical models identified critical support near $93,000. Failure to hold the near-term floor could lead to retests of lower bands, while a sustained rebound above $100,000 will require improved institutional flows and stabilizing macro catalysts.
Risk Factors
Continued liquidity constraints, coupled with rising volatility, increase vulnerability to sharp price swings. Further ETF outflows or adverse macro surprises could trigger renewed selling pressure, while a shift in sentiment could catalyze rapid recoveries.
Conclusion
Bitcoin approached breakeven for the year amid significant fund withdrawals and market strain. Close monitoring of liquidity conditions, macro signals, and corporate accumulation patterns will be essential for assessing near-term price direction.
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