Bitcoin’s ( BTC ) slump below $100,000 has intensified as the flagship cryptocurrency fell to its lowest level in six months. The flagship cryptocurrency is down nearly 7%, trading around $95,893. CoinGlass data shows significant liquidations in the market, with total liquidations crossing $1 billion in the past 24 hours. Out of this, $887 million were long positions, while $135 million were short positions. Spot Bitcoin ETFs Record Nearly $900 Million One-Day Outflow US spot Bitcoin ETFs registered total net outflows of $869 million on Thursday, the second-largest single-day outflow on record. According to data from SosoValue, the Grayscale Mini Trust ( BTC ) recorded the largest outflow of $318 million, followed by BlackRock’s IBIT with $256 million. Fidelity’s FBTC recorded $119 million in outflows while Bitwise’s BITB recorded $47 million in net outflows. Investors have withdrawn $2.64 billion from Bitcoin ETFs in the past three weeks, indicating industry-wide caution thanks to macroeconomic uncertainty and delayed economic data. Thursday’s outflows coincide with Bitcoin slipping below $100,000 for the first time since June. BTC’s decline can be linked with a surge in liquidations. According to data from November 13, markets saw $658 million in liquidations over the past 24 hours, with Bitcoin responsible for around $165 million. Data from November 14 reported liquidations of over $850 million, primarily bullish bets. Bitfarms To Shut Mining Operations Bitfarms has confirmed plans to shutter its Bitcoin ( BTC ) mining operations over the next two years as it pivots to AI. The company plans to convert its operations to artificial intelligence and high-compute data centers. The announcement comes after the company’s third-quarter results reported deeper losses. Bitfarm plans to begin its transition by converting its 18-megawatt Bitcoin mining site in Washington to support AI. It expects the transition to be completed by December 2026. The firm then plans to wind down the rest of its mining operations through 2026 and 2027. Bitfarms CEO Ben Gagnon stated that the conversion of the mining site to support AI could “potentially produce more net operating income than we have ever generated with Bitcoin mining,” adding that Bitcoin mining is becoming increasingly competitive because miners can “go to cheaper locations, higher-risk locations, more remote locations” compared to AI data centers. Bitcoin (BTC) Price Analysis Bitcoin ( BTC ) sank to $95,000 as bearish sentiment and a fresh wave of risk aversion dragged prices lower. The flagship cryptocurrency is down nearly 7% as its downtrend intensified. The recent slump has wiped out over $450 billion in value since October as large investment funds, ETFs, and corporate treasuries, once key sources of support, have paused purchases, putting BTC under even more pressure. The flagship cryptocurrency fell below $105,000 on Wednesday and settled at $101,639. It faced substantial volatility and selling pressure on Thursday. As a result, the price slipped below $100,000 and settled at $99,614. Selling pressure has intensified during the ongoing session, with the price down nearly 5%. BTC’s selloff has intensified over the past 24 hours, with the flagship cryptocurrency down 8%, as it struggles to stay above $95,000. Jake Ostrovskis, head of OTC at Wintermute, attributes the slump to heavy spot selling, stating, “Bitcoin was already under pressure from heavy spot selling and corporate-hedging activity, with traders avoiding alt coins almost entirely. When crypto-specific narratives thin out, correlations to traditional assets increase. This is driving today’s move.” 10x analysts believe the market has entered a confirmed bear cycle. The analysts highlighted weakening ETF inflows, continuous selling by Bitcoin whales, and a slump in retail interest. 10x warned of further declines, highlighting $93,000 as a key level that could arrest the slide. 10x analysts stated in a note, “There’s no longer the smell of a bear market — Bitcoin and most crypto-linked assets are in a bear market.” According to market data, long-term holders have sold over 815,000 BTC in the past 30 days. BTC started the previous weekend in positive territory, rising 1.15% on Friday and settling at $109,555. Price action remained positive on Saturday and Sunday as BTC rose 0.45% and 0.44% to cross $110,000 and settle at $110,536. Selling pressure returned on Monday as the price fell nearly 4% and settled at $106,557. The bearish sentiment intensified on Tuesday as BTC slipped below $100,000, falling to a low of $98,892. However, it rebounded from this level to reclaim $100,000 and settle at $101,468. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 2% and settling at $103,869. BTC returned to bearish territory on Thursday, dropping to a low of $100,235 before settling at $101,290. The price slipped below $100,000 again on Friday, falling to a low of $99,170 before recovering and settling at $103,284, ultimately rising nearly 2%. Source: TradingView Price action was mixed over the weekend as BTC fell 0.97% on Saturday before rising 2.36% on Sunday and settling at $104,964. Buyers retained control on Monday as BTC rose 1.23% and settled at $105,979. Buyers lost momentum on Tuesday as BTC fell nearly 3% and settled at $103,009. Sellers retained control on Wednesday as the flagship cryptocurrency fell 1.33% to $101,639. BTC registered a sharp uptick in volatility and selling pressure on Thursday. As a result, the price fell below $100,000 for the first time since June, dropping to a low of $97,870 before settling at $99,614. Selling pressure has intensified during the ongoing session, with BTC down 5%, trading around $94,912. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
