Bitcoin’s newest slide to $103,525 has reignited market jitters, revisiting value ranges final seen in June and fueling fears of a deeper drop beneath $100,000.
The transfer comes amid renewed promoting strain tied to institutional exercise, most notably, BlackRock’s $213 million Bitcoin switch to Coinbase.
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BlackRock’s Transfer Raises Eyebrows
Based on on-chain information, BlackRock moved 2,042 BTC (price $213 million) and 22,681 ETH ($80 million) to Coinbase on Tuesday in the course of the early hours of the US session.
The timing of the switch has drawn consideration from merchants watching institutional pockets actions for early indicators of potential sell-side exercise.
Traditionally, massive transfers from main fund managers to exchanges are inclined to precede both strategic rebalancing or profit-taking, each of which may weigh on near-term value sentiment.
“Last time they did this, the market dipped soon after. Now with Bitcoin sitting near $104K… is sub-$100K next?” Kyle Doops posed on X.
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Including to market anxiousness, Daan Crypto Trades famous persistent outflows from Bitcoin and Ethereum spot ETFs over the previous 4 buying and selling periods.
“BTC & ETH have seen large ETF outflows the past 4 trading days. This is compounding on the already high selling amounts of OG whales the past few weeks,” Daan wrote.
He cautioned that whereas ETF outflows are sometimes lagging indicators, they’ll sign shifts in sentiment, mentioning a recurring cycle sample.
“…we’ve often seen large outflows near a bottom and inflows near a top… Big outflows plus price refusing to move lower could indicate a local bottom, while big inflows plus price refusing to move higher could indicate a top,” the analyst added.
In opposition to this backdrop, he means that Bitcoin’s failure to interrupt sharply decrease regardless of heavy ETF redemptions may indicate underlying bid help across the $100,000 area, probably establishing for a short-term rebound if promoting strain eases.
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Bitcoin (BTC) Worth Efficiency. Supply: TradingView
Analysts See a Cooling-Off Interval
ETF professional Eric Balchunas added broader context, linking Bitcoin’s sluggish value motion to wider risk-market fatigue.
“Valuation angst is a good way to put it. SPY is up 83% since the end of ’22… a pullback makes sense, even healthy. Bitcoin sniffed out this pullback — like the way an animal can tell a rogue wave is coming — and that’s why it’s been meh,” Balchunas mentioned.
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The ETF analyst additionally reaffirmed his view that the present section is a pure “back step” in ETF market improvement.
We mentioned bitcoin ETFs would develop through two steps fwd and one step again and rn it’s again step time. You may see this sample in IBIT’s flows. If something we due a couple of steps again given all of the steps fwd. A part of course of IMO. Solely a small baby would count on inexperienced all day daily. pic.twitter.com/3EGrWIAnCT
— Eric Balchunas (@EricBalchunas) November 4, 2025
Regardless of the market’s fragility, some merchants consider Bitcoin may discover stability if patrons defend the $100,000 psychological stage, a zone that has repeatedly drawn institutional demand in previous dips.
With ETF momentum cooling and macroeconomic uncertainty rising, analysts view the approaching days as essential in figuring out whether or not this marks a neighborhood backside or a prelude to a deeper correction.
All eyes are on whether or not BlackRock’s transfer indicators broader institutional rotation, or just one other passing tremor in Bitcoin’s risky new regular.
