Overview
- Bitcoin dropped to roughly $105,500, the lowest since October 17, and is on pace for its weakest close since early July.
- Derivatives markets saw more than $1 billion in leveraged positions liquidated in a single day, with the bulk from long bets, according to CoinGlass.
- U.S. spot Bitcoin ETFs recorded a third straight day of withdrawals, including about $191 million on Friday after nearly $500 million on Thursday, extending last week’s net outflows.
- On-chain and exchange gauges indicate U.S. selling pressure and softer demand, with the Coinbase premium around -$80 and Binance’s reserves climbing.
- Technical and positioning signals remain cautious as prices struggle below short-term cost-basis resistance near $113,000, with traders eyeing support around $106,000 and the $100,000 psychological level.