Cryptocurrencies opened Monday's session lower, with bitcoin briefly falling to $92,500 overnight, erasing its gains so far; ethereum fell back below $3000. The sell-off partially reversed as sentiment improved in the US futures market and the Asian session failed to produce another strong sell-off. According to CoinGlass, the crypto market saw another wave of liquidations totaling more than $620 million in the last 24 hours, with nearly 70% coming from long positions in BTC and ETH. The pressure comes mostly from rising net outflows of US spot ETFs and the so-called four-year cycle, which may indicate that the $126,000 level was Bitcoin's peak during this bull market. On Thursday 11/13/2025, US ETFs saw outflows totaling nearly $870 million, the second highest level on record.
Bitcoin's decline is reminiscent of the previous two corrections that occurred during the current bull market (as seen on the chart). Investors are concerned that these «severe sell-offs» are not accompanied by strong accumulation in the broad market, undermining the popular «buy the dip» narrative. Meanwhile, ETF flows add to the pressure: funds sold more BTC during the downturn and did so more consistently, hurting near-term sentiment and raising doubts about future institutional demand. Data from cryptocurrency options and futures markets suggests a cooling of speculative activity. Metrics tracked by CryptoQuant and Glassnode point to muted demand and a lack of significant bullish catalysts. Strategy CEO Michael Saylor confirmed on Friday that the company, which holds more than 640,000 BTC, has made additional bitcoin purchases that are expected to be announced today. He denied rumors of selling more than 40,000 BTC.
ETFs sell BTC
U.S. bitcoin ETFs saw net outflows of more than $1 billion on Thursday and Friday, with BlackRock's IBIT — previously one of bitcoin's most aggressive accumulators — acting as the main seller. The market is increasingly concerned as ETF behavior is seen as a key factor in the broader cryptocurrency trend. Despite the sharp decline from the highs, the funds are not buying at the bottom, but selling instead of accumulating.
Source: XTB Research, Bloomberg Finance LP ETF outflows have become almost daily for Ethereum since the end of October, and the sell-off on Wall Street has reinforced the trend. This dynamic not only undermines expectations about the future behavior of ETFs, but also the narrative surrounding the «second phase» of the bull market – the period in which Ethereum has historically outperformed Bitcoin.
Source: XTB Research, Bloomberg Finance LP
Bitcoin and Ethereum Charts (Daily Interval)
Bitcoin remains in its long-term bullish channel, but the absence of near-term fundamental catalysts – especially positive ETF flows – has led to a distinct weakening of market sentiment. The price is trading approximately 15% below the 200-day EMA and is located at the bottom of the channel. A break below $90,000 could signal a more permanent trend reversal. .
Source: xStation5 Ethereum is down almost 40% from its all-time highs, with the distance from the 200-day EMA similar to that of Bitcoin – around 15%. A key level to regain is now roughly $3,600; a break below $3,000 could trigger a cascading sell-off towards the $2,700 zone where the previous price reactions occurred.
Zdroj: xStation5!–cleared–>
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