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

Bitcoin has opened November on the back foot, trading under $108,000 after weekend range-trading and another round of U.S. ETF outflows last week — while whales book profits and broader risk sentiment steadies.

According to The Block’s price page, BTC dropped from around $110,000 to $107,200 on Monday. Majors posted similar price action, with ether, XRP, BNB, and SOL all down by mid-single digits while the broader crypto market fell over 3% to $3.6 trillion. CoinGlass recorded over $536 million in liquidations, dominated by approximately $475 million in long positions.

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

Misir noted that large-holder cohorts, commonly called whales, still control about 68.6% of supply and added roughly 110,000 BTC in October. However, they also took profits on around 23,000 BTC last month.

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

ETF flows turn negative again

Spot bitcoin ETFs saw $799 million in net outflows last week, while Ethereum products were roughly flat, according to BRN research shared with The Block.

Analysts said the pattern signals a mild rotation toward higher-beta narratives, such as Solana, as bitcoin momentum cools. Solana ETFs, which recently launched, drew about $200 million in their first week.

Onchain signals have also softened. Realized profitability has compressed, funding rates are muted, and options skews lean slightly bearish. Additionally, bitcoin options open interest has fallen sharply from October’s $56 billion peak to $43 billion on Nov. 3, The Block’s data shows — another sign that leveraged conviction is fading.

Markets seem to have entered a quieter macro stretch following last week’s U.S.-China trade agreement that eased tariff tensions and steadied global risk assets.

“Macro is a background influence rather than an immediate trigger today, but it will control conviction once ETF flows either resume or dry up further,” Misir said. He argued for “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

Bitfinex said that October’s roller-coaster reset the market but didn’t break the bull cycle. “For November, we expect cautious continuation of the Q4 rally, with BTC likely ranging between $105,000 and $140,000 depending on ETF flows and macro conditions,” the firm told The Block.

They noted that implied volatility has eased down to 40% from 47%, and CME open interest rose 5% week-over-week, indicating a modest rebuild in derivatives exposure. “Upside potential comes if inflation and Fed signals confirm further easing,” Bitfinex added, while warning that “trade tensions or renewed liquidity stress” remain downside risks.

Historically, November has averaged a 46% gain for BTC, following an average 20% gain in October across the past 13 years, CoinGlass data shows.

However, this year’s October finished weaker than usual, likely indicating the market’s pause-and-reprice mood, analysts also noted.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.