Bitcoin slides below $108,000 as traders remain cautious, whales take profit, and ETFs experience outflows: analysts
Bitcoin fell under $108,000 due to cautious trading, profit-taking by whales, and significant ETF outflows.Summary
Bitcoin opened November trading below $108,000 following weekend range-trading and renewed U.S. spot ETF outflows, which totaled $799 million last week. Analysts suggest this drop reflects profit-taking after strong September-October gains and highlights the market's dependence on steady spot demand from ETFs or corporate buyers to sustain upside. Large holders, or whales, who accumulated significantly in October, also booked profits on about 23,000 BTC last month. On-chain signals have softened, with realized profitability compressing and Bitcoin options open interest dropping sharply from its peak. While structural bulls remain, conviction is low, and a sustained reclaim of $110,000 is needed for a bullish inflection point. For November, Bitfinex forecasts a range between $105,000 and $140,000, contingent on ETF flows and macro conditions, noting that while October was weaker than usual, the bull cycle remains intact.
(Source：The Block)