Overview
- Bitcoin fell as low as about $94,100–$94,700, putting it close to wiping out its year-to-date gains after October’s record high near $126,000.
- Spot Bitcoin funds and ETFs logged roughly $866–$870 million in net outflows on Thursday, the second‑largest daily withdrawal since launch.
- Liquidity has deteriorated, with Kaiko reporting market depth down from about $766 million in early October to $535 million this week.
- Options positioning turned defensive as one‑week implied volatility rose to ~51% and $95,000 puts attracted heavy bidding.
- Traders are watching the $93k–$97k support band and a CME futures gap near $92k, with Binance taker imbalance turning negative and exchange reserves at record lows.