According to Gate market data, as of November 14, Bitcoin has dropped below $98,000, down 3.56% in the past 24 hours. Ethereum has also fallen to $3,233.1, marking a 6.24% decline over the same period.
This latest downturn means Bitcoin has lost over 20% from last month’s historic high above $125,000, entering what’s traditionally considered bear market territory. The total crypto market capitalization has shed more than $45 billion from its peak—roughly equivalent to the GDP of a mid-sized country.
01 Price Trends: Bitcoin Struggles to Hold the $100,000 Mark
On Thursday, the Bitcoin price continued its recent slide, decisively breaking through the critical psychological barrier of $100,000.
Data from Gate Square shows that, over the past month, crypto investors have felt "like they’re locked up"—liquidation figures have "gone through the roof, surpassing what’s typical for half a year."
It’s not just Bitcoin—Ethereum has also suffered, plunging from over $4,300 to just above $3,000, with on-chain liquidations occurring in rapid succession.
From a technical analysis perspective, 10X Research analysts note that Bitcoin remains below its long-term moving averages, signaling waning momentum.
02 Liquidation Data: $752 Million Wiped Out in 24 Hours
According to Coinglass, total network-wide liquidations reached $752 million in the past 24 hours, impacting 196,988 traders.
Of this, long positions accounted for $601 million in liquidations, while shorts saw $151 million—longs lost four times as much as shorts, underscoring the severity of the market’s decline.
Breaking it down, Bitcoin long liquidations totaled $226 million, with shorts at $47.03 million. Ethereum long liquidations hit $163 million, while shorts reached $63.59 million.
The largest single liquidation occurred on Hyperliquid - BTC-USD, where a contract worth $10.47 million was forcibly closed.
03 Market Context: Multiple Factors Trigger Crypto Sell-Off
This Bitcoin correction has been driven by several factors. Cooling expectations for Federal Reserve rate cuts, renewed risk aversion, and a sell-off in tech stocks have all weighed on Bitcoin’s performance.
The US government shutdown lasted a record 44 days, causing delays in key economic data releases and leaving Fed officials uncertain about future policy direction.
The combination of unfavorable macroeconomic conditions prevented the market from responding positively to the eventual end of the government shutdown.
XWIN Research Japan commented, "The market sees this event as ‘good news fully priced in, turning into bad news.’ The temporary strength of the US dollar index has also eroded buying power."
04 Institutional Moves: Long-Term Holders Sell Off in Large Volumes
Data shows that long-term Bitcoin holders (LTHs) sold approximately 815,000 BTC over the past 30 days—the largest sell-off since January 2024 (about 22 months ago).
CryptoQuant analysts note, "With demand shrinking, long-term holders are actively selling, putting significant pressure on prices."
US investors have been especially prominent in this sell-off. The Coinbase premium index remains negative, indicating that US investors are selling Bitcoin below global market prices.
Meanwhile, spot Bitcoin ETF outflows have reached about $2.8 billion over the past month, undermining a key pillar of this year’s Bitcoin rally.
05 Altcoin Market: Carnage as Market Caps Are Halved
Bitcoin’s decline has triggered even more dramatic losses in the altcoin market. Regardless of the project’s reputation, token prices have reverted to their original levels—many are now cheaper than at launch.
FDV (Fully Diluted Valuation) has dropped below fundraising valuations; "halving is just the beginning, some tokens have been cut down to the ankle." Market participants are calling this wave "the mass extinction of altcoins."
Specifically, BANK tokens fell 29.8% in the past 24 hours, PARTI dropped 19.1%, BABY slid 13.8%, and MINA lost 11.7%.
Even US-listed Bitcoin concept stocks haven’t escaped the bloodbath. Share prices have been slashed in half, with market caps falling below the value of their Bitcoin holdings—a historically unprecedented inversion.
06 Derivatives Market: Surge in Hedging Demand
In the derivatives market, demand for downside protection on Bitcoin is soaring. According to Deribit, Coinbase’s crypto exchange, interest in protective put options with strike prices below $100,000 has surged.
Contracts in the $90,000 to $95,000 range are especially active, signaling that the market expects Bitcoin could fall further.
The sharp correction in early October led to nearly $19 billion in leveraged crypto positions being liquidated in a single day—this epic wave of liquidations dramatically shifted sentiment across the digital asset space.
Now, even though the market has weathered the worst, investors remain wary.
07 Outlook: Next Key Support for Bitcoin at $93,000
Looking ahead, 10X Research forecasts Bitcoin’s next major support level near $93,000. The firm analyzes recent history to frame risk, noting that bear markets in summer 2024 and early 2025 resulted in declines of 30% to 40%.
Currently, Bitcoin is down more than 20% from its 2025 peak, with no signs of a sustainable rebound.
Jake Ostrovskis, Head of OTC Trading at Wintermute, observes, "Bitcoin is under dual pressure from spot selling and corporate hedging, and traders are almost entirely avoiding altcoins.
As crypto’s unique narratives fade, its correlation with traditional assets strengthens—this is what’s driving the current market."
Future Outlook
A client report from 10X Research states, "Bearish sentiment is pervasive—Bitcoin and most crypto-linked assets are deep in a bear market."
Market participants are closely watching the Federal Reserve’s December meeting, which could determine whether the crypto market can recover from its current slump.
Despite the bleak conditions, some investors on Gate Square remain optimistic: "We’ve finally made it through the worst—here’s hoping for a rebound so everyone can catch their breath!"
