Overview
- Bitcoin recovered to roughly $103,000 after sliding to about $99,000, leaving it down around 20% from its early‑October record.
- U.S. spot Bitcoin ETFs posted a sixth straight day of net outflows totaling more than $2.05 billion, with BlackRock’s IBIT losing $375 million as inflows at funds from Fidelity and Ark were not enough to offset withdrawals.
- Cascading derivatives liquidations drove the downturn earlier in the week, then eased, with 24‑hour liquidations dropping to about $307 million after prior spikes and an October 10 deleveraging that topped $20 billion.
- Analysts remain split on the rebound’s durability, with Tom Lee pointing to macro headwinds that could flip to tailwinds and Bitwise’s Matt Hougan highlighting retail capitulation versus steadier institutional participation as resistance near $106,000 caps upside.
- On‑chain data show roughly 28% of Bitcoin supply now held at a loss and key support clustered near $100,000, while Galaxy Digital cut its year‑end price target to $120,000 from $185,000.