Bitcoin briefly fell below the psychological $100,000 mark for the first time since June, drawing significant market attention as BlackRock, the world's largest asset manager, transferred approximately $293 million in crypto assets to Coinbase Global, Inc. on Monday. According to Arkham Intelligence data, the institutional transfer included 2,042.8 Bitcoin (around $213 million) and 22,681 Ethereum (about $79.83 million).

Bitcoin has declined over 20% from its early October peak of $126,200, officially entering a technical bear market. After briefly dipping below $100,000 on Tuesday, it stabilized around $101,000. Crypto ETFs have seen net outflows for four consecutive trading sessions, totaling $1.34 billion. BlackRock's iShares Bitcoin Trust alone recorded $186.5 million in redemptions that day.

Technical indicators also signal pressure, with a "head and shoulders" pattern emerging across multiple timeframes. The Chaikin Money Flow indicator shows outflows hitting a 16-month high. If the pattern materializes, Bitcoin could drop further to around $89,950, representing a potential 13.6% decline from current levels.

Notably, BlackRock announced plans to launch its iShares Bitcoin ETF on the Australian Securities Exchange in mid-November, with a management fee of 0.39%. Australia will become the fourth market, following the U.S., Germany, and Switzerland, to trade this ETF. BlackRock stated this reflects institutional investors' continued demand for "efficient, convenient, and diversified" Bitcoin exposure.

Historically, Bitcoin has averaged a 40.5% gain in November, often marking the start of a year-end rally. However, institutional buying has slumped to a seven-month low, even below Bitcoin's daily production volume, indicating weakening short-term demand. The market continues to face dual challenges from liquidity and sentiment pressures.