Overview
- Bitcoin slid to intraday lows near $98,000 on Thursday, marking a third break below the $100,000 threshold in November after an overnight bounce to roughly $104,000 reversed during U.S. hours.
- Derivatives stress intensified with roughly $600 million to $655 million wiped out over 24 hours and as much as $190 million to $220 million liquidated within a single hour, mostly from long positions, per CoinGlass trackers.
- U.S. spot Bitcoin ETFs recorded $278 million in net outflows on Nov. 12 and roughly $961 million for the month to date, while Ethereum funds also saw redemptions, removing a key source of institutional support.
- Market structure shows deleveraging with open interest down about 21% over 90 days, subdued funding, and options pricing an 11% short‑dated put volatility premium, signaling active demand for downside protection.
- Macro pressure built as odds of a near‑term Fed cut eased, equities fell (Nasdaq about 2%), and analysts highlighted a liquidity drain from the recent U.S. shutdown; Wintermute reported Bitcoin reacting more to stock declines than rallies.