It has been more than a month since the crypto market crashed following President Donald Trump 's threat to impose a 100% tariff on China.
A lot has happened since then. Trump met his Chinese counterpart, President Xi Jinping, and the two countries seemed to have reached a temporary truce.
Later, Trump announced that he will distribute a $2,000 tariff dividend to all Americans, except high-income individuals.
Recently, Treasury Secretary Scott Bessent revealed a plan to tackle the soaring national debt by taking advantage of stablecoins and money-market funds.
However, none of these developments had any positive impact on the crypto market. Bitcoin (BTC), which hit an all-time high (ATH) of $126,198.07 in early October, plunged below $94,000 on Nov. 16.
Spot Bitcoin ETFs witness second-largest outflow
Worse, the U.S. spot Bitcoin exchange-traded funds (ETFs) witnessed their second-largest outflows on Nov. 13 as approximately $867 million got wiped out.
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Grayscale's BTC: $318.2 million
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BlackRock's IBIT: $256.6 million
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Fidelity's FBTC: $119.9 million
The worst net outflows occurred on Feb. 25 when $1.14 billion got wiped out from these funds.
Leading ETF analyst Eric Balchunas remarked that though Bitcoin's narrative is still intact, coiners are "afraid of their own shadow" right now.
10x Research said that now that Bitcoin ETFs are in place and there is no longer any regulatory obstacle, outflows and profit-taking overwhelm new demand. It confirmed that BTC has entered a "bear market regime."
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Analyst reveals Bitcoin's next 'breakdown' level
Bitunix analyst said the recent pullback comes with rapid leverage flush-out, institutional withdrawal, and fading narratives — a structural repricing rather than a simple technical correction.
Bearish sentiment is strengthening across both fundamentals and derivatives, with capital prioritizing liquidity-safe zones, he highlighted.
The analyst revealed that the nearest short-term support for Bitcoin lies in the $93,000-$95,000 range. If the $93,000 support doesn't hold, there is a risk of BTC sliding into deeper liquidity pockets.
In fact, a potential breakdown could expose the next liquidity gap near $89,600, the analyst added.
On the brighter side, its rebound resistance levels sit at $100,200 and $107,300, he said. Nonetheless, there are no signs of stabilization as liquidity is trending downward, he added.
At the time of writing, BTC was trading at $94,116.45, down 2% in the last 24 hours.
This story was originally reported by TheStreet on Nov 14, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
