Bitcoin remains above $100,000 as the Exchange Supply Ratio for stablecoins hits 0.457, the highest level in 2025, according to CryptoQuant data cited by XWIN Research Japan. The U.S. Dollar Index has declined approximately 8% year-to-date, with a correlation coefficient of -0.52 against Bitcoin indicating an inverse relationship. Total stablecoin market capitalization across major issuers approaches $260 billion.

Ethereum's ability to sustain its recent upward momentum depends on Bitcoin holding above its 50-week moving average at approximately $103,000, according to crypto analyst Benjamin Cowen. If Bitcoin closes below this technical threshold for two consecutive weeks, it could signal the end of Ethereum's current cycle. Bitcoin currently trades at $98,653, having already slipped below the key level.

Bitcoin reached an intraday low of $98,081 on Monday, its lowest level since early May, pushing the cryptocurrency's market capitalization below $2 trillion. Data show approximately $400 million in crypto positions were liquidated over the past 24 hours. Long positions comprised the majority of losses, marking the second time this month Bitcoin has fallen below $100,000.

Bitcoin fell below $100,000 on Thursday, trading at $98,841.86 with a 2% decline over 24 hours. The broader crypto market recorded $463 million in liquidations, with $342 million from long positions, data show. Bitcoin spot ETFs saw outflows of approximately $278 million on Wednesday.

Bitcoin fell to $98,244 on November 13, 2025, breaking below the $100,000 level and triggering widespread liquidations. More than $220 million in leveraged positions were wiped out within a single hour. Long positions accounted for $216.35 million of the total, according to market data.

Long-term Bitcoin holders have sold approximately 815,000 BTC over the past 30 days, the highest selling level since January 2024, data show. The selloff coincides with declining spot demand and net outflows from BTC ETFs. Net realized losses remain virtually non-existent, suggesting holders have not panicked.

Bitcoin reached $104,000 on Thursday after dipping below $101,000 earlier in the week. Analysts attribute the reduced volatility to structural maturation driven by institutional participation rather than market weakness. The Average Directional Index has declined from 78% to 32%, signaling a shift from speculative trading patterns to institutional-driven market dynamics.

The Czech National Bank acquired $1 million in Bitcoin and a USD stablecoin on November 13, 2025, through regulated exchanges. The purchase represents a pilot program to build operational expertise in digital asset management. The bank maintains internal custody with segregated wallet storage and conducts no active investment strategy.