Overview
- BTC fell to roughly $94,100–$94,700, down more than 20% from October’s record near $126,000 and close to erasing its year-to-date gain.
- Spot Bitcoin ETFs recorded about $866–$870 million in single-day withdrawals and roughly $1 billion in weekly net outflows, removing a key source of demand.
- Options markets show elevated implied volatility and a strong put skew, with open interest clustering at $85k–$95k strikes as traders hedge downside.
- Market depth has thinned meaningfully, with Kaiko estimating BTC order book liquidity falling from about $766 million in early October to $535 million this week.
- Analysts are watching the $93k–$97k “survival zone” and a nearby $92k CME gap, with scenarios split between a local base forming and further downside toward $90k–$88k, $85k or even $79k if support fails.