Bitcoin sank deeper to the $100,000 mark, dragged down by a fresh wave of risk aversion and a selloff in tech stocks that reignited Wall Street jitters.
The digital currency fell to 100,447 now and once dropped as much as 3.9% to $97,956, intensifying a slump that’s wiped out more than $450 billion in value since early October. Once-reliable sources of support — including large investment funds, ETF allocators, and corporate treasuries — have stepped back, removing a key prop from this year’s rally and triggering a new phase of market fragility.
Analysts at 10x Research say the crypto market has entered a confirmed bear regime. The firm cites weakening ETF flows, continuing selling by long-term holders, and muted participation from retail buyers. The firm’s models flagged the shift in mid-October and now point to deteriorating sentiment beneath the surface. The next key level is $93,000, according to 10x.
“Bitcoin was already under pressure from heavy spot selling and corporate-hedging activity, with traders avoiding alt coins almost entirely,” said Jake Ostrovskis, head of OTC trading at Wintermute. “When crypto-specific narratives thin out, correlations to traditional assets increase. This is driving today’s move.”
The retreat comes amid renewed volatility across global markets. A brief rally in US equities earlier this week, sparked by relief over the end of the government shutdown, has faded. With key economic reports delayed, traders are reassessing whether the Federal Reserve can justify rate cuts in the near term — adding fresh pressure to growth assets like crypto and technology stocks.
Some of the sharpest pain is showing up in crypto-adjacent equities. Shares of Strategy Inc., long a favored proxy for Bitcoin exposure among retail traders, have plunged in recent weeks. The stock’s once-sizable net asset value premium — the price investors were willing to pay above book value to “join the club” — has all but vanished, erasing billions of dollars in investor capital.
In derivatives markets, demand for downside protection has risen. According to data from Coinbase-owned crypto exchange Deribit, interest has surged in protective puts below the $100,000 strike, with contracts around $90,000 and $95,000 seeing the heaviest action.
Bitcoin remains about 5% higher on the year, and up more than 40% since the 2024 US election. But momentum has slowed sharply, and institutional interest appears to be waning. The sharp drawdown began in early October, when nearly $19 billion in crypto leverage was liquidated in a single day — a blow that shifted sentiment across digital assets.
Forecasting a bottom is inherently uncertain, but 10x draws on recent history to frame the risk. The bear markets of summer 2024 and early 2025 each produced losses of 30% to 40%. Bitcoin is now down more than 20% from its 2025 high, with few signs yet of a sustainable rebound.
“There’s no longer the smell of a bear market — Bitcoin and most crypto-linked assets are in a bear market,” 10x said in a note to clients, pointing to the moving average that has historically marked turning points in crypto cycles. The firm highlighted how Bitcoin has remained below the long-term moving average, a signal of fading momentum.