Bitcoin broke decisively below the $100,000 psychological level on Thursday, despite optimism surrounding the end of the U.S. government shutdown.
The drop came as spot Bitcoin ETFs have been recording heavy net outflows, removing the institutional buying pressure that had supported prices in recent weeks.
Notable Statistics:
- Coinglass data shows 175,778 traders were liquidated in the past 24 hours for $634.87 million.
- In the past 24 hours, top losers include Aerodrome Finance, Pump, and Decred.
Notable Developments:
- First XRP ETF Turns Over $26 Million In 30 Minutes—And XRP Surges 3%
- Tim Draper Reiterates Bitcoin Network Will Replace ‘Laziest Bureaucracies’ Like Banking, Notes ‘Gravitational Pull Back Toward’ BTC Chain
- Peter Schiff Warns Americans Will Be The ‘Biggest Losers’ When The Crypto Bubble Bursts: ‘Being Bitcoin Capital Comes With A Heavy Cost’
- Trump-Endorsed GENIUS Act Provided ‘Regulatory Clarity,’ Fueled Circle’s Strong Q3, Says CEO Jeremy Allaire
- Tether Fueling Crypto’s Race Toward ‘Global Gold Rush,’ Says Analyst: ‘One Of The Biggest Buyers’ Of Yellow Metal
Trader Notes: Daan Crypto Trades said Bitcoin swept its June $98,000 lows, forming a new lower low and confirming continuation of its bearish trend. Price now sits at short-term support, with major resistance near $107,000. While short covering could emerge here, spot selling remains dominant.
IncomeSharks warned that Bitcoin has roughly five hours to reclaim $100,000, or risk closing its first daily candle below that mark, signaling room for more downside unless buyers intervene.
CryptoYoddha noted Bitcoin is hanging by a thread near $98,000 support, with the Fear and Greed Index deep in extreme fear, a setup that could lead to a bear trap and sharp rebound back above $100,000.
Michael van de Poppe suggested the market may be carving out a bottom, calling this a "post-shutdown flush" that could have cleared out weak hands ahead of a rebound.
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