BITCOIN DIPS UNDER $95K WHILE ETF OUTFLOWS PUT PRESSURE ON THE MARKET
Bitcoin briefly fell toward $94,755 before bouncing back to around $96,000, a move that once again tested major support levels. Traders are now trying to understand whether the drop came from leveraged selling, ETF outflows, or general market nerves.
The pullback followed a series of weaker daily closes, confirming that the strong rally from early November near $110,000 has shifted into a cooling-off period.
Investor sentiment also weakened. The Fear Index stayed in the low 20s, showing that traders are reducing exposure, not reacting to any single major news event. This matches the outlook from 10x Research, which recently warned of a move toward $100,000 due to fading on-chain strength.
Why the Market Pulled Back
Economic signals have been slightly hawkish, and Bitcoin funds have faced the most pressure. Roughly $1 billion flowed out of Bitcoin investment products in the week ending November 3, while other cryptocurrencies saw some offsetting inflows. As a result, Bitcoin led the downturn, with Ethereum following.
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Online discussion points to ETF withdrawals, tighter futures spreads, and lower liquidity during U.S. trading hours as contributors. With fear rising, traders shifted from buying dips to seeking protection.
Overall, this looks like a market reset instead of a reaction to one single event. Whether the decline continues now depends on how fund flows behave into the weekend.
Liquidity, Basis, and Spot Depth Indicators
Market recovery phases in crypto often begin quietly, with improvements in liquidity across major Bitcoin and Ethereum trading pairs. When spreads tighten and order books show thicker layers on both sides, it indicates that market makers are willing to absorb inventory even during lower-volume hours. This willingness to “warehouse risk” is one of the clearest early signs that conditions are stabilizing.
A stronger recovery becomes more likely when these improvements coincide with calmer funding rates and a futures basis returning toward neutral. In such environments, rallies are supported by real spot demand—not just short-lived short squeezes that fade before the close. During periods of heavy activity, tools from Kaiko and exchange analytics dashboards help verify these dynamics, especially when intraday spreads react to U.S. macro data.
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Stablecoin supply is another critical filter. When net issuance rises for several sessions, it often corresponds with firmer spot demand and healthier settlement flows. However, flat or negative stablecoin supply tends to cap upside momentum. Even if intraday bounces occur, recoveries rarely last without fresh stablecoin inflows. Watching issuance alongside exchange balances helps distinguish genuine buyer interest from temporary covering, particularly when ETF flows move in the opposite direction.
10x Research’s Outlook and Historical Accuracy
10x Research continues to emphasize a structured approach built on on-chain metrics, derivative behavior, and macro context. The team has a strong track record of correctly calling year-end directional shifts in 2022, 2023, and 2024. Their earlier warnings that this year’s fourth quarter lacked the usual bullish drivers have so far aligned with market behavior.
Their current view focuses on whether funding rates ease, order book depth improves, and realized loss pressures decline on-chain. Historically, these improvements appear before markets start producing stronger closing candles rather than just morning recoveries.
Ethereum needs steadier daily finishes to pull its futures basis back toward neutral. Large-cap tokens like Solana and XRP typically strengthen only after Bitcoin’s depth improves, reinforcing why BTC order books, ETF flows, and consecutive readings of the fear index remain the primary indicators to watch.
If these signals stabilize together, the market reset could shift into constructive territory. If they diverge, volatility is likely to persist.
1. Why did Bitcoin slip below $95,000?
Bitcoin dropped under $95K due to a mix of ETF outflows, leveraged selling, and broader macro uncertainty before rebounding toward $96K.
2. What does the Fear Index indicate right now?
The Fear Index is in the low 20s, showing traders are reducing risk rather than reacting to any single major news event.
3. How did ETF flows influence the decline?
Around $1 billion left Bitcoin-focused investment products during the week ending November 3, adding pressure on BTC and contributing to the downturn.
4. What signals usually mark the start of a market recovery?
Recovery phases often begin when liquidity improves, spreads tighten, order book depth increases, and funding rates move toward neutral.
5. What is 10x Research watching to assess the next move?
They are monitoring funding rates, spot depth, realized losses on-chain, and sentiment indicators. If these stabilize together, the market outlook may improve; if not, volatility may continue.
