Bitcoin Price Crashes Below $99,000: Experts | Crypto News
Bitcoin endured one of its sharpest selloffs of the yr on Tuesday, knifing below the six-figure threshold and printing lows around the $99,000 space on major composites before rebounding. At press time, bitcoin (BTC) hovered close to $101,700 after an intraday trough just above $99,000 on widely used benchmarks, marking a fall of roughly 6% day-over-day and the bottom print since June.
The slide got here as US equities limped into mid-week, with the Nasdaq up 20.9% year-to-date and the S&P 500 up 15.1% as of Tuesday’s close—positive factors that underscore how a lot bitcoin has lagged other risk property during long stretches of 2025. That divergence, together with a growing physique of ETF-flow data displaying a number of straight periods of web outflows from US spot bitcoin funds into early November, supplied the macro backdrop for a fragile crypto tape. Independent tallies from Farside/SoSoValue and a number of retailers level to a roughly $1.3–$1.4 billion cumulative bleed over 4 trading days into November 3–4, led by BlackRock’s IBIT.
Why Is Bitcoin Price Down?
Into that context, Joe Consorti—Head of Growth at Horizon (Theya, YC)—argues the selloff is less a loss of conviction than a structural handoff of provide. In a video analysis posted late November 4 US time, he framed the day’s transfer as “one of its roughest days of the year, down more than 6 percent, falling to $99,000 for the first time since June,” including that while equities would call that “the start of a bear market… for Bitcoin, though, this is typical of a bull market drawdown.” He famous that “we’ve already weathered two separate 30 percent drawdowns during this bull run,” and characterised the current motion as “a transfer of Bitcoin’s ownership base from the old guard to the new guard.”
Consorti anchored his thesis to a now-viral framework from macro investor Jordi Visser: bitcoin’s “silent IPO.” In Visser’s Substack essay—shared widely since the weekend—he posits that 2025’s rangebound price belies an orderly, IPO-like distribution as early-era holders access the deepest liquidity the asset has ever had through ETFs, institutional custodians and company steadiness sheets.
“Early-stage investors… need liquidity. They need an exit. They need to diversify,” Visser wrote, arguing that methodical promoting “results [in] a sideways grind that drives everyone crazy.” Consorti adopted the body bluntly: “This isn’t panic selling, it’s the natural evolution of an asset that’s reached maturity… a transfer of ownership from concentrated hands to distributed ones.”
Evidence for that churn has been seen on-chain. Multiple cases of Satoshi-era wallets and miner addresses reanimating this quarter—some after 14 years—have been documented, including July’s duo of 10,000-BTC wallets and late-October motion from a 4,000-BTC miner tackle. While not dispositive that cash are being market-sold, the sample is constant with provide redistributing from early concentrates to broader, regulated channels.
Technically, Consorti solid the drop as half of “digestion,” not exhaustion. “The RSI tells us Bitcoin is at its most oversold level since April, when the last leg of the bull run began. Every drawdown this cycle, 30%, 35%, and now 20%, has built support rather than destroyed it.” He added a key conditional: “If we spend too much time below $100,000, that could suggest the distribution isn’t done… perhaps we’re in for a bull-market reversal into a bear market.”
Macro, however, is intruding. The Federal Reserve cut charges by 25 bps on October 29 to a 3.75%–4.00% goal vary, but Chair Jerome Powell fastidiously pushed back on the concept of an computerized December cut, citing “strongly differing views” inside the FOMC and a “data fog” from the continued authorities shutdown. Markets promptly tempered their odds for additional near-term easing. Consorti’s warning that bitcoin “is extremely correlated” to risk-asset drawdowns therefore looms large: if equities lurch meaningfully decrease or funding stress reappears, crypto will really feel it.
If Visser’s “silent IPO” is correct, ETFs are both symptom and salve. They have delivered the two-sided depth to take up legacy provide but also launched a new, faster-moving cohort whose redemptions can amplify downdrafts. That dynamic confirmed up again this week in the four-day string of web outflows concentrated in IBIT, even as longer-term property under management stay huge by historic requirements.
Consorti’s conclusion was starkly affected person, not euphoric. “For every seller looking to liquidate their position, there’s a new participant stepping in for the long haul… It’s slow, it’s uneven, and it’s psychologically draining, but once it’s finished, it unlocks the next leg higher. Because the marginal seller is gone, and what’s left is a base of holders who don’t need to sell.”
Whether Tuesday’s pierce of the six-figure ground proves the climactic flush—or merely another chapter in a months-long possession switch—will hinge on how rapidly price reclaims and bases above $100,000, how ETF flows stabilize, and whether or not the Fed’s path from right here restores risk urge for food or starves it. For now, the most important story in bitcoin could also be taking place under the floor, not on the chart.
At press time, BTC traded at $101,865.
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