Bitcoin Slips Under $100K Again as ETF Outflows Bite and Crypto Liquidations Cross $500M

Bitcoin cracked below $100,000 again on Thursday, sliding in tandem with equities as risk appetite faded and flows turned negative. The largest digital asset traded near $99,611, per CoinGecko, down a little over 2% on the day. It’s the third dip under six figures this month—after breaks on November 4 and November 7—despite spending the prior six months above that level and notching a record near $126,080 in October.

The focal pressure point isn’t complicated: spot ETF outflows, lighter whale participation, and thinner order books are amplifying every macro wobble. Over the last two weeks, billions of dollars have exited U.S. Bitcoin ETFs, removing the marginal bid that supported the spring and summer advance. Pepperstone’s Dilin Wu noted that institutional activity has cooled and ETF redemptions persist—conditions that tend to keep rallies from extending. When the cash pipe narrows, price elasticity increases; a modest sell program or de-risking impulse can push through $100K, trigger stop cascades, and invite systematic selling from leveraged players.

That dynamic showed up in derivatives. CoinGlass tallied roughly $501 million in crypto liquidations over the past day, with about $165 million tied to Bitcoin. Longs absorbed the brunt—roughly $380 million—signaling overcrowded positioning chasing upside into a fragile tape. The $100K handle is more than a round number; it’s a liquidity shelf where perps funding, options gamma, and risk controls often cluster. Breaching it tends to force mechanical flow, not just discretionary selling.

Broad market tone was risk-off across majors. Ethereum was down about 5% near $3,265. Solana slipped roughly 3.5% to around $148. XRP bucked the trend, up about 0.5% to $2.36, helped by the debut of a spot ETF offering exposure to the asset. On the probabilities side, users on Myriad Markets currently assign a 59% chance that Bitcoin trades $115,000 before $85,000—an expression of medium-term optimism even as short-term flow skews defensive.

Macro added friction rather than relief. The U.S. government reopened after a record-length shutdown, with a funding bill signed late Wednesday. Earlier in the day, the White House blamed Democrats for the impasse and even floated withholding CPI data, an extraordinary threat aimed at a key indicator traders watch closely. Rate expectations softened: odds of a near-term cut fell to 66.9% from 85% a week ago, according to the FedWatch tool, after Chair Jerome Powell said a future cut was not assured following October’s quarter-point reduction. Meanwhile, labor signals leaned weak. ADP’s real-time gauge estimated that U.S. employers shed over 11,000 jobs per week through late October, and a Goldman Sachs report pointed to a 50,000 decline in nonfarm payrolls for the month—data that complicates the policy path and keeps volatility elevated.

Here’s the practical read: when ETFs are net sellers and whales pull back, Bitcoin trades more like a high-beta macro instrument than a self-contained asset. In that regime, narrative is secondary to plumbing. Dealers adjust gamma exposure around strike-dense levels, quant models cut leverage as realized vol rises, and retail momentum switches off quickly once support fails. That doesn’t negate the longer arc. Joe DiPasquale of BitBull noted the uptrend still looks intact, with pullbacks printing higher lows and buyers stepping in at support—a pattern visible across larger caps as bids reappear.

Successful navigation hinges on respecting the flows. If ETF outflows stabilize, liquidity should rebuild and the $100K area can revert from a trap to a springboard. Until then, expect outsized moves around that level, rapid liquidation bursts, and a tape that rewards patience more than bravado.