Overview
- Prices rebounded from an intraday low near $99,600 to roughly $103,000 before slipping toward $101,000 later, leaving Bitcoin about 20% below October’s record.
- U.S. spot Bitcoin ETFs logged six straight sessions of redemptions totaling more than $2 billion, including daily outflows as high as $566 million, removing a key source of demand.
- Glassnode reports long-term holders have turned net sellers into weakness, contributing to an orderly distribution phase rather than panic, as roughly 71% of supply remains in profit.
- Derivatives data show traders hedging downside—some buying $80,000 puts—while open interest has softened and liquidations fell to roughly $300 million in the past day after earlier wipeouts.
- Research views diverge: Galaxy Digital cut its year-end target to $120,000 and some analysts flag a potential $92,000 retest, while others, including Tom Lee, see headwinds potentially easing if macro conditions improve.