Bitcoin Slides Below $100K Amid ETF Outflows and Rising Costs
Bitcoin slipped below the $100,000 mark on November 5, hitting a five-month low amid significant ETF outflows and reduced market confidence. Data from CryptoQuant show long-term holders sold over 327,000 BTC in the past 30 days. U.S. spot Bitcoin ETFs recorded net outflows of $1.33 billion in four days at the end of October, with BlackRock’s IBIT alone seeing $291 million in redemptions in one session.
Rising miner costs, now averaging around $114,000 per BTC, have squeezed margins. Some public miners have fallen below their acquisition costs and are diversifying into AI infrastructure and hashpower leasing. Technically, Bitcoin has broken beneath the 200-day moving average (~$109,800) and is approaching support at the 21-week moving average and $94,200.
On-chain metrics point to a supply-demand imbalance as long-term holders continue to offload. Analysts warn that if key supports fail, Bitcoin could test $94,200 or $100,000 again before any rebound. Traders should monitor ETF flow data, miner cost trends, and technical support levels for signals of stabilization or further downside.
Bearish
Persistent ETF outflows and long-term holder selling signal weakening market demand for Bitcoin. Rising miner costs have pushed many producers into losses, adding supply pressure. Technically, Bitcoin trading below key moving averages reflects bearish momentum. In the short term, these factors could drive further declines toward critical supports at $94,200 or $100,000. Over the long term, stabilization will depend on renewed ETF inflows and easing miner cost pressures.