U.S. spot Bitcoin ETFs recorded nearly $3 billion in net outflows during November, with a single-day record of $903.2 million on November 20. BlackRock's IBIT led withdrawals with $355.5 million, followed by Grayscale's GBTC at $199.35 million. Data from Farside Investors show the outflows coincided with Bitcoin falling 7.35% to $84,432.53.

Bitcoin production costs have climbed to $112,025 per coin while the cryptocurrency trades around $86,000, creating a significant gap between mining expenses and market value. SwanDesk CEO Jacob King states that miner profitability has reached its lowest level in a decade. The cost-price disparity is forcing some operations to liquidate holdings and may trigger network contraction in coming months.

Bitcoin dropped below $82,000 after two months of selling pressure, prompting divergent analyst forecasts. BitMEX co-founder Arthur Hayes says the correction is nearing completion but advises waiting for U.S. equity markets to decline before entering positions. Macro analyst Raoul Pal characterizes the selloff as a typical mid-cycle correction, while veteran trader Peter Brandt projects a further decline to $58,000 before a multi-year recovery.

Glassnode co-founders Jan Happel and Yann Allemann attribute Bitcoin's recent downturn to systematic mechanical selling by one constrained participant rather than broad market repricing. They cite unusual momentum patterns—including an all-time low 1-day MACD despite only a 33% price drop—as evidence of forced liquidation absent typical macro stress or leverage shocks. The analysts argue the selling exhibits characteristics of rules-based unwinding rather than organic sentiment deterioration.

Multiple cryptocurrency companies have launched or filed for public listings near Bitcoin's recent all-time high, repeating a pattern seen in previous market cycles. Bullish debuted on August 13, 2025, and Figure priced its IPO on September 10, 2025—both within weeks of Bitcoin's October 6 peak near $126,198. Grayscale filed publicly on November 13, 2025, roughly 38 days after that top, reporting $318.7 million in revenue and $203.3 million in net income for the first nine months of 2025.

Bitcoin has remained below $100,000 for multiple consecutive days as retail investors sell holdings to institutional buyers and whales. Futures market data shows declining whale participation, with smaller retail-driven transactions now dominating market structure and limiting upward price momentum. Options markets assign only 30% probability to Bitcoin closing above $100,000 by year-end, while analysts identify $98,000-$100,000 as the primary resistance zone.

Bitcoin dropped to $81,000 after breaking below $85,000 support, marking its weakest price since early spring. The Realized P/L metric for short-term holders fell to –1 for the first time this cycle, confirming accelerated capitulation among recent buyers. Market sentiment has shifted from caution to panic as traders debate whether this represents a confirmed bear market or a liquidity-driven shakeout.

Bitcoin is trading near $84,000 after falling approximately 35% from its peak above $126,000. The decline has eliminated a 260-day advantage the asset held earlier in the current market cycle. Data shows $82,045 represents a critical support level where more than 825,000 BTC previously traded.