Significant price losses Bitcoin cryptocurrency investors are once again facing. The biggest and oldest digital currencyfell below the psychologically important $100,000 mark on Friday afternoon (11/14/2025) to $95,500.
Last week, the price of Bitcoin fell below $100,000 and then recovered slightly. However, the crisis of confidence persists. Analyst Timos Emden of the research firm of the same name considers the digital currency’s fall below the $1,000 mark again as a bad sign.
This is the lowest level since May, when prices recovered from the severe turmoil that followed April’s “Liberation Day”. At the time, US President Donald Trump launched a trade war with the rest of the world, causing a sharp drop in financial markets.
According to Emden, the $100,000 threshold is an important benchmark for many investors. “Should investor sentiment continue to decline, a drop to $90,000 would not be surprising.” He sees the fact that lower prices are not attracting enough buyers to the market to reverse the trend as a warning sign.
At the moment, the three most important groups of buyers are simultaneously leaving the market, writes the cryptocurrency exchange Bitunix: large institutional investors, exchange-traded funds (ETFs) and companies that have developed a business model from Bitcoin markets.
The loss of confidence in Bitcoin is mainly reflected in outflows from US ETFs that invest directly in Bitcoin. On Thursday, investors pulled a net $867 million out of those products, according to data from fund manager Farside Investors. This represents the second largest daily outflow in history.
Massive outflows from Bitcoin ETFs
This continues the trend from earlier in the month, when Bitcoin fell below the $100,000 mark for the first time since June. At the time, investors pulled nearly two billion dollars from ETFs within five trading days – the largest outflows in history. In total, outflows from ETFs since October 29 have reached nearly three billion dollars.
US spot ETFs launched in January 2024 and were a major factor in the rise. Since the introduction of ETFs, the price of Bitcoin has risen from around $45,000 to a peak of over $126,000.
ETFs provide investors with an easily tradable, regulated vehicle for investing in Bitcoin. This has made it easier for institutional investors, such as hedge funds and asset managers, to access the cryptocurrency market.
Since then, a total of about $59 billion has flowed into these products. Because funds use this money to buy Bitcoin, this drives the price up. This is because the evolution of the price of the older cryptocurrency is mainly determined by demand: the total number of available cryptocurrencies increases little. If demand increases, the price must increase to create the necessary supply. ETF outflows are currently reversing this effect.
The mood in the stock markets also deteriorated significantly on Thursday. A key reason for this was the further interest rate policy of the US Federal Reserve ( Fed ), which also affects the price of Bitcoin.
Fed Chairman Jerome Powell had already warned at a press conference in late October that interest rates could not be cut further in December. Currently, the US prime rate ranges from 3.75 to 4.00%.
Powell also cited unusually low data availability as a reason for this. During the lockdown, the US government did not release data on inflation and the labor market. These figures are particularly important for central bankers’ decisions on interest rates.
A rise in US Treasury yields on Thursday further reduced the likelihood of another interest rate hike in December. Current interest rate traders see the odds at just 50%, according to CME stock exchange data. On Wednesday, the probability was 63%, while a month ago it had reached 94%.
Bitcoin is falling against the seasonal trend
Several central bankers have recently expressed skepticism about a further rate hike in December. Neel Kashkari, head of the Federal Reserve Bank of Minneapolis, told Bloomberg: “The unofficial figures and the data we have received show that the resilience of economic activity is stronger than I expected.”
This dashes hopes for a market rally at the end of the year. The last quarter of the year is usually the strongest period for the cryptocurrency market: Before this year, Bitcoin rose an average of 28% in October and nearly 38% in November.
Therefore, investors were very excited. Analysts had set price targets of up to 200,000 by the end of the year. That these expectations have now been dashed is disappointing.
The extent of climate decline is shown by the ‘Fear and Greed’ index from analysis website Alternativeme. The index ranges from zero to 100. The higher the value, the better the climate.
When Bitcoin reached its all-time high in early October, the index was at 74 points, indicating greed. It has since collapsed to 16 points, signaling extreme fear. This is the lowest price since February.
Extreme fear is often seen as a sign of opposition in financial markets – because scared investors have usually already sold, leaving few sellers. Extreme fear can therefore signal the end of a price correction. However, this feeling can last for a long time.
Prices may drop further over the weekend.
For three months in 2022, from May to July, extreme fear gripped the cryptocurrency market. During this time, Bitcoin lost about 50% of its value. Even in February, when the fear and greed index were equally low, the price continued to decline for two weeks, dropping a total of about ten percent. Therefore, this sentiment does not signal any relief for the market.
From a technical chart perspective, Bitcoin price remains under pressure. Both the overall cryptocurrency market and Bitcoin itself are down more than 20% since October 7th. This puts cryptocurrencies in a “bear market” — the term for a sustained downtrend.
Alex Kupcikiewicz, an analyst at the trading platform FxPro, therefore warns: “If the same rules apply as for stocks, we should prepare for a further drop of around 20%.”