Bitcoin Tests $100,000 as ETF Outflows, Long-Term Selling and Hedging Pressure Mount

Overview

• BTC briefly slipped below $100,000 before stabilizing near $103,000–$104,000, with technicians watching $98,000–$100,000 as key support and $105,000–$112,000 as near-term resistance.
• U.S. spot bitcoin ETFs saw heavy redemptions, including about $577 million in a single day and roughly $1.3 billion across four consecutive sessions, turning a key 2025 tailwind into a headwind.
• Deribit data show traders ramping up protection, with open interest near $1.9 billion at $90,000 puts and over $1 billion at $80,000 puts as caution grows about deeper declines.
• Galaxy lowered its year-end 2025 target to $120,000 and characterized a lower-volatility 'maturity era' following October’s record liquidations and recent whale distribution.
• Research highlights significant long-term holder and whale selling—estimated around 400,000 BTC in recent weeks—contrasted by reports of record accumulation by 'accumulator' wallets.