Bitcoin slides below $108,000 as traders remain cautious, whales take profit, and ETFs experience outflows: analysts

Bitcoin Dips Below $108,000 as Whales Take Profits and ETF Outflows Weigh on Market

Bitcoin has started November on a softer note, slipping below $108,000 after a wave of profit-taking by large holders and nearly $800 million in ETF outflows last week. The move follows a strong September–October rally and signals a short-term cooldown in market momentum.

Market Overview: BTC Slides as Risk Appetite Eases

According to The Block’s price data, Bitcoin fell from around $110,000 to $107,200 on Monday, with other major cryptocurrencies including Ether (ETH), XRP, BNB, and Solana (SOL) all declining by mid-single digits.

The broader crypto market dropped over 3% to $3.6 trillion, while CoinGlass reported $536 million in liquidations, of which roughly $475 million came from long positions.

“The move is not structurally catastrophic,” said Timothy Misir, head of research at BRN. “It reflects profit-taking after a stretched September–October run, but it does expose how dependent near-term upside remains on steady spot demand from ETFs, treasuries, and corporate buys.”

Misir added that whales still control about 68.6% of total Bitcoin supply, having accumulated around 110,000 BTC in October. However, they also booked profits on approximately 23,000 BTC during the same period.

“The market is in digestion,” he said. “Structural bulls are still here, but conviction is low. Price needs fresh spot demand from ETFs or corporates to break higher.”

ETF Flows Turn Negative

Data from BRN Research shows that spot Bitcoin ETFs recorded $799 million in net outflows last week reversing some of the inflows seen earlier in Q4. Ethereum-based products remained mostly flat during the same period.

Analysts noted that investors appear to be rotating toward higher-beta narratives such as Solana, which saw its new ETFs attract $200 million in inflows during their launch week.

Meanwhile, onchain indicators have softened:

• Realized profitability has compressed.

• Funding rates remain muted.

• Options skews are leaning slightly bearish.

• Bitcoin options open interest dropped from $56 billion in October to $43 billion as of Nov. 3, signaling declining leveraged activity.

Markets overall have entered a quieter macro phase, aided by last week’s U.S.–China trade agreement, which helped ease tariff tensions and stabilize global risk sentiment.

“Macro is a background influence rather than an immediate trigger today,” Misir explained. “But it will control conviction once ETF flows either resume or dry up further.” He advised traders to adopt “defensive sizing and staggered entries into dips,” adding that a sustained reclaim of $110,000 on strong volume could mark the next bullish inflection point.

November Outlook: Cautious Optimism

In a separate market update, Bitfinex analysts said that October’s volatile price swings represented a “healthy reset” rather than a breakdown in the bull cycle.

“For November, we expect cautious continuation of the Q4 rally,” the firm noted. “BTC will likely range between $105,000 and $140,000, depending on ETF flows and macro conditions.”

Bitfinex added that implied volatility has eased from 47% to 40%, while CME open interest rose 5% week-over-week, indicating a gradual rebuilding of derivatives exposure.

“Upside potential comes if inflation and Fed signals confirm further easing,” the firm said, though it cautioned that “trade tensions or renewed liquidity stress” could weigh on sentiment.

Historically, November has averaged a 46% gain for Bitcoin, following an average 20% rise in October over the past 13 years, according to CoinGlass data. However, this year’s October underperformance suggests the market may be entering a pause-and-reprice phase before any renewed rally.

Bottom Line

Bitcoin’s recent dip below $108,000 appears less like a trend reversal and more like a breather after an extended rally. With whales taking profits, ETF flows turning negative, and macro conditions in flux, traders may see a period of consolidation ahead. Still, if ETF demand rebounds and inflation data remains favorable, the setup for a late Q4 breakout remains intact.

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