Overview
- Bitcoin fell as low as roughly $94,000–$95,000 on Friday, extending its drawdown to more than 20% from October’s record and placing the token in a bear-market regime.
- Spot Bitcoin ETFs recorded about $870 million in net outflows on Thursday, the second-largest daily redemption since launch and a clear sign of institutional de-risking.
- More than $1 billion in leveraged crypto positions were liquidated during the sell-off, as options activity shifted toward protective puts concentrated around $85,000–$90,000.
- Traders now assign roughly a 40%–50% chance of a December Federal Reserve rate cut, a steep retreat from about 90% earlier this month that has pressured risk assets broadly.
- On-chain data show heavy distribution by long-term holders—about 815,000 BTC sold over 30 days—alongside thinned market depth and sentiment gauges registering extreme fear.