Биткоин опускается ниже $105 000: ликвидации и падение рынка продолжаются Bitcoin Falls Below $105,000: Liquidations and Market Decline Persist

The initial cryptocurrency and the broader market continued their downturn, driven primarily by mass liquidations, mainly of long positions.

At the time of this writing, Bitcoin is nearing the $105,000 mark, with a surge in trading volumes.

The price has dropped below the $105,000 threshold.

In the past 24 hours, liquidation volumes surpassed $1 billion, predominantly from long positions (almost $800 million).

As is often the case, Bitcoin’s correction has pulled the rest of the market down with it:

Over the last day, the leading cryptocurrency has fallen by 4.7%; Ethereum by 6.2%. BNB decreased by 6.2%, XRP by 7.1%, and Solana by 7.8%.

The total market capitalization stands at approximately $3.65 trillion, reflecting a 5.3% decline over 24 hours.

CryptoQuant analyst Axel Adler pointed out that the breach of support in the range of $106,000–$107,000 could trigger a test of the psychological $100,000 level, which is aligned with the 365-day moving average.

«As long as this support remains intact, the market structure will remain bullish,» he emphasized.

Glassnode analysts highlighted the significance of the $99,900 level. They believe that a price drop below the 365DMA will heighten risks of a more pronounced correction.

Experts from XWIN Research noted in a blog post for CryptoQuant that the current market structure is markedly different from those observed in 2020-2021.

«The reduction of exchange reserves and the resilience of long-term holders indicate that short-term volatility does not signify structural weakness,» the researchers remarked.

The recent correction was preceded by capital outflows from exchange-traded funds (ETFs). In the last day, investors withdrew assets worth $536.44 million from Bitcoin-based ETFs, marking the largest outflow since August 1 ($812.25 million).

The biggest outflow was recorded with ARKB by Ark & 21Shares, which saw a reduction of $275.15 million in one day; Fidelity’s FBTC «lost» $132 million.

Capital outflows were also noted in 8 out of 12 Ethereum-based ETFs, with a relatively moderate total outflow of $56.88 million.

«The net outflow of $536 million primarily reflects an increase in investors’ desire to mitigate risks,» said Nick Rak, director of LVRG Research, in a conversation with The Block.

According to him, market participants’ caution is tied to several macroeconomic factors, particularly changes in U.S. tariff policy. Another significant aspect is «the broader process of deleveraging in the market,» which led to substantial liquidations.

Rak pointed out that outflows from ETFs signal the «fragility of the market in the short term» and the likelihood of continued price pressure.

«In my opinion, the market is seeking stabilization,» stated Justin d’Anetan, head of research at Arctic Digital.

He added that the market remains influenced by two factors—geopolitical uncertainty and the ongoing effects of stringent monetary policy, «which has not yet changed course.»

«Overall, the market has reasons to maintain a moderate optimism,» d’Anetan further remarked. «Inflationary pressure is gradually easing, and central banks are on the brink of a shift.»

He noted that until clear signals emerge—be it CPI data, statements from regulators, or «real diplomatic shifts»—volatility is likely to remain high.

A popular sentiment indicator has plummeted to a level of 22, signaling panic among a broad spectrum of market participants.

Such low metric values were last seen in April.

Against the backdrop of tariff uncertainty between the U.S. and China, gold reached a historic high, surpassing $4,300 per troy ounce. The market capitalization of this commodity exceeded $30 trillion for the first time.

Gold advocates have pointed to its rise amid the decline of its digital counterpart. Notable cryptocurrency critic Peter Schiff has asserted that the precious metal will reach $1 million per ounce before Bitcoin does.

«It’s not just about dedollarization but also debitoization. Cryptocurrency has not withstood the test as a viable alternative to the dollar or digital gold. HODLers deny the obvious and refuse to acknowledge reality,» he noted in a separate post.

However, some have speculated that capital may flow into Bitcoin.

«In any case, given the current market situation, it’s reasonable to expect profits to soon start shifting from gold,» suggested an investor known as Jelle.

A chart attached to his post illustrates how Bitcoin has surpassed gold at various times and then later «caught up» to it.

As a reminder, at the start of October, Bitcoin setting a new all-time high above $125,000. Now, the price is 16% lower than that peak.