Bitcoin fell below $105,000 on Tuesday as its annualized Sharpe Ratio and Normalized Risk Metric declined, signaling weakening risk-reward balance. Miner outflows have steadily decreased since late October, indicating reduced selling pressure that may support near-term recovery. Analysts note the pattern could reflect improved miner sentiment and a neutral-to-bullish short-term setup.

Digital asset investment products recorded $1.17 billion in net outflows for the second consecutive week, according to CoinShares. Bitcoin-linked products lost $932 million while Ethereum products shed $438 million. Solana attracted $118 million in inflows and XRP drew $28.2 million, bucking the broader market trend.

Digital Asset Treasury Companies allocated $42.7 billion to cryptocurrency purchases in 2025, with $22.6 billion deployed in Q3 alone, data show. Bitcoin-focused entities accounted for $30.0 billion of total spending, while Ethereum treasuries spent $7.9 billion, according to CoinShares analysis.

The ETH2 Beacon Deposit Contract has accumulated over 72.4 million ETH valued at approximately $252 billion, making it Ethereum's largest holder, data show. The staking contract now controls roughly 60% of the entire Ethereum supply, surpassing exchanges, institutional entities, and individual wallets.

Ethereum traders shifted from extreme bearishness to extreme bullishness within days as ETH approached $3,500 on Thursday. Analytics platform Santiment warns that rapid FOMO often precedes price disappointment. The firm notes that neutral sentiment phases have historically provided better buying opportunities than euphoric periods.

Bitcoin traded above $103,000 with a 1% gain in 24 hours after the week's decline. Technical analysts warn that sustained weekly closes below the 50-week moving average at $102,000 have historically preceded market tops. Year-to-date performance shows gold and the S&P 500 now outpace Bitcoin returns despite favorable conditions including rate cuts and regulatory developments.

Bitwise Chief Investment Officer Matt Hougan likens Bitcoin's current market behavior to the post-IPO consolidation seen in major tech stocks. BTC briefly fell below $100,000 on Tuesday, roughly one month after reaching a record above $126,000 in early October. Hougan contends the sideways movement reflects institutional absorption of early-holder exits rather than fundamental weakness, and that 5% allocations should now serve as the baseline for investors.

Bitcoin fell below $100,000 this week, pushing the Fear & Greed Index to 21 and erasing bullish forecasts in the $150,000–$200,000 range. Despite the sharp drop in investor confidence, on-chain data shows network fundamentals remain solid. Exchange withdrawals have increased, hash rate holds near 1.1 ZH/s, and $10.7 billion in stablecoins flowed into Binance, indicating the decline reflects sentiment rather than structural weakness.