Winning Bizness Desk
Mumbai.The global cryptocurrency market witnessed a severe downturn once again as Bitcoin slipped below the crucial 100,000-dollar mark on Friday, triggering panic among traders. The world’s largest digital currency continued its downward slide and touched 97,956 dollars, deepening the ongoing bearish sentiment that has gripped the market for weeks. Since early October, Bitcoin has lost over 450 billion dollars in market value, raising fresh concerns among investors already rattled by weak global cues and fading expectations of a US Federal Reserve rate cut.
Weak ETF flow triggers deeper slump
Market analysts said the decline was accelerated by weakening ETF flows that added stress to an already fragile market. On 13 November alone, spot Bitcoin ETFs recorded outflows worth 278 million dollars. This intensified selling pressure across the crypto market. Long-term holders also offloaded a massive 815,000 Bitcoins, valued at nearly 79 billion dollars, within 30 days. This was the largest long-term selloff witnessed since January 2024. Their share in total supply dropped from 76 percent to 70 percent within a month, signalling a loss of confidence even among seasoned investors.
Value drops far below record levels
Bitcoin’s price continued its downward trajectory on 14 November, falling further to 97,067 dollars. Merely a month ago, the digital asset was trading at 126,000 dollars, its all-time high. With the current decline, the price has fallen by more than 23 percent from its peak. Despite this heavy fall, Bitcoin has still managed to maintain an overall annual gain of around 5 percent, though experts warn that this cushion could also erode if the bearish wave continues.
Heavy liquidations deepen market panic
In just one day on 14 November, crypto positions worth more than 553 million dollars were liquidated across exchanges. This included 273 million dollars worth of long Bitcoin positions. The same day also saw the expiry of Bitcoin options worth 4.04 billion dollars. The combination of liquidations and options expiry added volatility and pushed prices further down, leaving traders scrambling to protect their positions against unexpected swings.
Traders turn to put contracts for safety
Bitcoin’s earlier support was expected at around 105,000 dollars, but with prices falling far below this level, traders rushed to secure themselves through protective strategies. Heavy interest was recorded in put contracts at 90,000 and 95,000 dollars as traders anticipated further weakness. Funding rates remained negative at -0.0038 percent, reflecting dominance of short positions. Market observers said this shift indicates that traders increasingly expect more downward movement in the coming sessions.
Liquidity pocket suggests further decline
Analysts also pointed out that the liquidity pocket continues to remain below the 99,000-dollar zone, which supports the expectation of an extended decline. Until strong buying support emerges, the market is likely to remain vulnerable. With global uncertainties rising and institutional inflows weakening, sentiment in the crypto market remains fragile. Investors now await fresh cues from macroeconomic developments and central bank signals to counter the current downward spiral.
Summary pointers
1. Bitcoin crashes below 97,000 dollars after slipping under the 100,000 mark.
2. Market loses over 450 billion dollars in Bitcoin value since early October.
3. ETF outflow of 278 million dollars increases selling pressure.
4. Long-term holders sell 815,000 Bitcoins worth 79 billion dollars.
5. Bitcoin now down over 23 percent from its record high of 126,000 dollars.
6. Liquidations worth 553 million dollars and options expiry add volatility.
7. Traders show heavy demand for 90,000-95,000 dollar put contracts as further fall is expected.
