A trader holding a $190 million short position on Bitcoin faces liquidation at $104,017, with BTC currently trading at $103,660. The position requires only a 0.34% price increase to trigger one of the largest single wipeouts in crypto history, according to Arkham Intelligence.

JPMorgan Chase expanded its position in BlackRock's iShares Bitcoin Trust by approximately 2.07 million shares during the third quarter, reaching a total of 5.28 million shares valued at around $333 million as of September 30. The bank's ethereum ETF allocation remained minimal at 66 shares worth approximately $1,700. The expansion comes as JPMorgan analysts project bitcoin could reach $170,000 within six to 12 months.

Kazakhstan will establish a national cryptocurrency reserve holding $500 million to $1 billion in digital assets by January 2026. The fund will comprise confiscated cryptocurrencies, crypto ETFs, and equity stakes in blockchain companies, according to National Bank of Kazakhstan Chairman Timur Suleimenov. President Kassym-Jomart Tokayev ordered the reserve's creation in September 2025 as part of efforts to liberalize the domestic cryptocurrency market.

JPMorgan analysts project Bitcoin could reach $170,000 in the next six to twelve months, representing a 67% increase from the current $101,000 level. The forecast follows significant deleveraging in perpetual futures markets triggered by major liquidations on October 10 and November 3. On-chain data reveals substantial whale accumulation during the recent price correction, though the Coinbase premium remains negative, indicating limited institutional appetite from U.S.-based investors.

Bitcoin options markets show put positions dominating as traders hedge against downside risk. Put options concentrate around the $95,000 strike price, with $5 billion in contracts expiring during weekly settlement. BTC trades near $100,676 with sentiment at extreme fear levels of 24 points, according to Deribit and Glassnode.

Bitcoin's bid-ask ratio has turned positive at +0.2, marking the first positive reading in months, data show. The metric indicates buy-side liquidity is accumulating below current price levels near $100,000. The shift suggests strong buying interest and potential for upward movement, according to CryptoQuant analyst Maartunn.

Bitcoin is struggling to hold above $100,000 as bearish momentum builds, with order book data showing defensive bid walls at $100,384 and $100,663. Technical indicators confirm a short-term downtrend, with both the 9-day and 20-day exponential moving averages turning downward. Analysts warn that a break below the current level could trigger a cascade of stop-loss orders, potentially driving prices toward support zones at $96,593 and $95,778.

The global cryptocurrency market has declined nearly 20% from its $4.4 trillion peak in early October, data show. Bitcoin fell below $102,000 on Friday morning in London, breaking its 200-day moving average. Approximately $19 billion in leveraged positions were liquidated within days as the selloff intensified.