Overview
- U.S. spot Bitcoin ETFs posted a sixth straight day of net redemptions totaling more than $2.05 billion, with BlackRock’s IBIT seeing $375 million of withdrawals that outweighed inflows at several rivals.
- Bitcoin fell more than 20% from its October record and slipped under six figures before a tentative bounce, as derivatives trackers logged hundreds of millions of dollars in forced liquidations over 24 hours.
- On‑chain data show supply in profit at a 2025 low near 71%, the short‑term holder cost basis around $112,500 remains lost, and long‑term holders have distributed roughly 300,000 BTC since July as part of a broader 2.4 million BTC spend.
- Technicians flag resistance near $106,000 and a likely trading range between $99,000 and $106,000, with risk of another break below $100,000 if buy‑side conviction does not return.
- Macro liquidity worries tied to the U.S. government shutdown and Federal Reserve uncertainty are cited as headwinds, while views diverge as Galaxy trims its year‑end target to $120,000 and others argue a rebound could follow if conditions ease.