While spot Bitcoin ETFs showed strong accumulation in previous weeks, this trend has recently reversed. This change indicates investors are taking profits. Meanwhile, market volatility suggests a short-term risk of a price decline for Bitcoin. 

According to Glassnode data, the number of active unique addresses on the Bitcoin network has also decreased. The continuously declining address count over the past seven days signals market stagnation and weak demand. At yesterday’s close, the active address count hit a weekly low of 721,086. 

When combined with capital outflows from institutional investors and the drop in individual trading activity, the likelihood of a short-term BTC price correction strengthens. 

Spot Bitcoin ETF Outflows Shake Institutional Confidence 

Net outflows from Bitcoin ETFs indicate a reduction in institutional investors’ risk appetite. Significant profit-taking occurred especially above the $120,000 price level. Thus, inflows into ETFs that had been supporting the upward trend have turned into outflows. 

Institutional capital flows usually reflect market sentiment and confidence, making this development noteworthy for market participants. Additionally, profit realization by professional investors points to an increased perception of market risk. 

The decline in active addresses on the Bitcoin network signals a weakening in transaction volume and demand. This decrease stands out as a fundamental metric supporting price movements.

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$267 Million Vanished from the Crypto Market!

A total of $267 million in positions were liquidated, with $142 million coming from long positions. This indicates that a significant number of traders betting on a price increase were forced to close their positions at a loss.

The leading cryptocurrency Bitcoin dropped by 1.52% in the last 24 hours, trading around $118,159. Ethereum, on the other hand, saw a sharper decline of 2.21%, falling to $3,664. These drops, combined with the widespread use of leverage, triggered a cascade of forced liquidations across the board.

Profit-Taking Could Be the Main Reason

Analysts suggest that the primary reason for the decline may be profit-taking. After a prolonged uptrend in the market, many investors—especially in the altcoin space—had already secured substantial gains. It’s common for corrections like this to emerge when traders begin to realize their profits.

For those holding short positions, such corrections can present short-term opportunities. However, as uncertainty rises, so does volatility, making both long and short trades increasingly risky.

What’s Next?

Corrections like these are not unusual in crypto markets. What’s notable here is that the majority of the liquidations came from long positions, suggesting that market sentiment was largely bullish—but may have shifted too quickly.

Experts emphasize that pullbacks of this kind are often part of a healthy market structure, helping to cool down overheated prices. Whether the market recovers in the coming days will largely depend on the behavior of large investors and institutional players.

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Currently, Ethereum remains within a downward Fair Value Gap (FVG) zone on the daily chart, struggling to break out decisively. This zone has now become a critical area of resistance and could shape the asset’s next move.

Resistance Zone Holds the Key

Price is consolidating between the 3,219 – 3,030 dollar range, marking the refined FVG resistance. If this level breaks upward, the next target sits at the 3,534 dollar liquidity area. Should selling pressure remain weak at that point, the rally could extend further toward the next major target at 4,083 dollars.

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Traders are advised to take caution. As price approaches key levels, gradual profit-taking and risk reduction strategies become increasingly important to avoid sudden volatility.

Support Must Hold

In the event of a downturn, the immediate support lies between 2,801 and 2,618 dollars. Losing this range could trigger a deeper correction, potentially dragging price down to the 2,400 dollar zone. Maintaining this support area is crucial to preserve bullish potential.

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Breakout Fades, Profit-Taking Recommended

Ethereum did manage to breach a key resistance zone but has since fallen back, raising concerns of a re-entry into the previously broken range. For traders holding long positions, this could be a good opportunity to take profits and reduce exposure.

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With market uncertainty growing, the sustainability of the recent breakout is now in question. All eyes are on the next key level.

$2,650 Support Is Crucial — $2,500 Next If Lost

The $2,650 level remains a vital support zone for Ethereum. If this level fails to hold, the decline could deepen toward the $2,500 mark.

Traders should closely monitor daily closing candles and volume dynamics. A high-volume sell-off could accelerate the correction. Conversely, a strong bounce and stability above $2,850 would be needed to resume the bullish outlook.

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Following a strong rally in April, BTC price entered its first significant correction phase. The asset fell from its all-time high of approximately $111,970 to below $105,000. This decline was notably influenced by increasing open positions in derivative markets. Bitfinex analysts reported that the liquidation of many long positions pressured prices downward. 

Bitcoin Options Open Interest Signals Rising Volatility

The recent two-week pullback has revealed a notable acceleration in short-term profit-taking in the crypto market. Market participants remain cautious about whether Bitcoin will resume its upward trend. Rising volatility has intensified uncertainties about the market’s direction. 

Moreover, open positions in Bitcoin perpetual futures have also increased rapidly, indicating investors’ preference for actively positioning against price movements. According to Bitfinex analysts, this concentration suggests deeper institutional participation and heightened market sensitivity to volatility. 

Bitfinex analysts stated: 

“The key point here is that the significant increase in derivative activities signals expanding institutional involvement. Coming after Bitcoin’s recent all-time highs, it shows market participants positioning themselves for increased volatility.” 

After the options expiry on May 29, open interest dropped to $39 billion but remains well above historical averages. High open interest especially highlights institutional investors turning to hedging strategies. 

Macro Factors and Profit Taking 

Meanwhile, rising U.S. Treasury yields, a strengthening dollar, and developments in trade policies triggered a broader risk-off sentiment in crypto markets. Pressure on Bitcoin intensified alongside these macro winds, with aggressive profit-taking accelerating the price drop. 

However, the Relative Unrealized Profit metric shows that investors on the network still hold above-average paper profits. This indicates that selling pressure is not yet exhausted and short-term volatility may continue. 

In summary, these data suggest that although the market structure remains strong, short-term turbulence potential is increasing. The sustainability of demand will be a critical factor in determining the price movement direction. 

NOT INVESTMENT ADVICE 

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On November 5, Bitcoin broke its all-time high of $73,800, reaching $90,000 for the first time on November 12. The price continued to soar, reaching $93,215 on November 13. However, this price surge led to increased selling pressure from long-term investors, but Percival pointed out that Bitcoin ETFs are absorbing much of the selling activity, preventing a significant impact on Bitcoin’s price.

Despite this increase in sell pressure, analysts remain optimistic about Bitcoin’s potential to reach $100,000 by the end of the year. MicroStrategy CEO Michael Saylor believes Bitcoin will surpass $100,000 in November or December. Additionally, Ryan Lee, Chief Analyst at Bitget, mentioned that November is historically one of the best months for Bitcoin’s returns, suggesting that the cryptocurrency could easily surpass $100,000 before the year ends.

In conclusion, while $90,000 is an important psychological level for Bitcoin, the overall market sentiment is focused on higher targets, with investors looking forward to a potential rally towards $100,000.

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