Overview
- Bitcoin fell as low as about $97,000 in late Thursday U.S. trading and into Friday Asia hours, breaking the $100,000 level for the third time this month.
- Leveraged washouts accelerated the slide, with $600 million to over $1 billion liquidated across 24 hours and a single-hour spike near $220 million, as major altcoins dropped 5%–8% or more.
- U.S. spot Bitcoin ETFs posted $278 million in net redemptions on Nov. 12, taking monthly outflows to roughly $961 million, while signs like a negative Coinbase premium pointed to weakening spot demand.
- Long-term holders increased distribution to roughly 815,000 BTC over the past month, fear gauges sank to extreme readings, and derivatives metrics showed defensive positioning around the $100,000 strike.
- Risk assets weakened broadly as Fed rate-cut odds fell and Asian equities slid on softer China data, reinforcing a risk-off tone that left crypto more sensitive to downside.