Bitcoin dropped to approximately $98,500 as long-term holders intensified selling activity. Data show investors holding coins for over 155 days have been reducing their supply at an accelerating rate, marking their third major distribution wave of the current cycle. The decline followed Bitcoin's breach of the $100,000 level amid increased profit-taking pressure.

Bitcoin has tightened its correlation with the Nasdaq to approximately 0.8, but displays an unusual asymmetry in response patterns. The cryptocurrency reacts more sharply to tech-sector declines than rallies, creating a negative performance skew last observed in late 2022, according to Wintermute analysts. Despite trading near historical peaks, BTC demonstrates amplified reactions to downside moves while showing muted participation during upward movements.

Bitcoin dropped below $100,000 after an extended consolidation period. Exchange reserves reached an all-time low of 2.38 million BTC, according to CryptoQuant data. One-year inactive supply has increased 10% between 2024 and 2025, continuing an upward trend that analysts associate with sustained holding behavior.

Luxembourg's Intergenerational Sovereign Wealth Fund has allocated approximately €7 million to Bitcoin, representing 1% of its total assets, Finance Minister Gilles Roth announced at Bitcoin Amsterdam 2025 on November 13, 2025. The minister stated the fund will hold BTC long-term and has no plans to invest in other crypto assets. Roth cited the country's decade-long experience regulating crypto firms, noting that Bitstamp became the first European crypto exchange regulated by Luxembourg nearly ten years ago.

Chris Kuiper, vice president of research at Fidelity Digital Assets, identified long-term holders as the primary sellers amid sustained buying pressure. On-chain data shows bitcoin held for over one year declining by roughly 10 percentage points of total supply, comparable to the 2021 cycle but with a slower tempo.

Bitfarms announced plans to reduce its cryptocurrency mining operations over the next two years while redirecting infrastructure toward artificial intelligence computing. The publicly traded mining firm reported a third-quarter loss of $46 million on $68 million in revenue. The move reflects margin pressures from rising network hashrate and reduced block rewards following Bitcoin's halving.

A Bitcoin wallet dormant since 2012 transferred approximately 12,000 BTC to an exchange on November 13, 2025, valued at roughly $1.4 billion at current prices. The transfer triggered a roughly 2% decline in Bitcoin's price as market participants assessed potential selling pressure. On-chain data show the funds moved in multiple transactions to an exchange ledger.

Cash App rolled out Bitcoin Lightning Network payments and stablecoin transfer capabilities on November 13, 2025. Eligible users can execute Bitcoin transactions in seconds with zero fees. The stablecoin feature will enable customers to send and receive dollar-pegged tokens within the app.