Bitcoin came under renewed pressure this week as signs of a deeper capitulation phase started to appear.
The cryptocurrency slipped below $97,000 on Friday, extending its weekly loss to more than 7% and pulling further away from the psychological $100,000 mark.
Institutional demand also cooled. Spot Bitcoin exchange-traded funds recorded $622.7 million in outflows by Thursday, marking the third straight week of withdrawals.
The steady exit of ETF capital has added strain to an already weakened market, especially as broader sentiment continues to soften.
Is Bitcoin Losing Its Support as On-Chain Data Turns Bearish?
On-chain data showed the same trend. Key indicators pointed to growing downside momentum as Bitcoin drifted farther from the levels that previously acted as strong support.
The week began quietly for BTC. A brief weekend rebound offered some relief, but it faded quickly. Selling pressure picked up mid-week, pushing Bitcoin to a low of $95,933 on Friday.
With this move, the asset now sits about 24% below its October peak of $126,199, highlighting how far conditions have shifted since last month’s high.
ETF outflows added fresh pressure to the sell-off this week. Spot Bitcoin products saw $622.70 million in net redemptions, marking the third straight week of withdrawals since late October.
The heaviest hit came on Thursday, when funds logged $869.86 million in outflows the largest single-day drop since February 25. Analysts say that if outflows continue at this pace, Bitcoin could face a deeper pullback as institutional interest weakens.
The latest slide also sparked a sharp wave of liquidations across the market. Coinglass data shows Bitcoin traders lost $920 million to liquidations this week, with $749.75 million erased from long positions.
Over the past 24 hours alone, 249,599 traders were liquidated, pushing total losses above $1.11 billion. More than 88% of that came from long positions, showing how heavily the market had been leaning on expectations of further gains. The single largest liquidation hit the HTX BTC-USDT pair, wiping out $44.29 million in one move.
Market sentiment weakened in step with the drop. The Fear and Greed Index fell to 16 on Friday, nearing the levels seen in early March and signaling a shift back toward extreme fear as traders prepare for more volatility.
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What Does the Sharp Drop in Bitcoin’s Bull Score Index Say About Market Momentum?
A weekly report from CryptoQuant, published Thursday, echoed that trend. The firm said Bitcoin has moved into an “extremely bearish” phase as the price slipped toward the $100,000 mark, adding to concerns that momentum may remain under pressure in the near term.
The Bull Score Index, a measure of market momentum, has dropped sharply this month. It fell from 80 on October 6, when Bitcoin reached its all-time high of $126,000, to 20 on Thursday as the price slipped below $100,000 for the first time since June 22.
The Index signaled the first signs of weakness on October 10 after Bitcoin closed at $113,000. The report notes that three main forces are now pulling the market deeper into bearish territory.
Long-term holders have sold 815,000 BTC over the past 30 days. That’s the largest amount they’ve offloaded since January 2024, and it has added more weight on an already stressed market. The selling has picked up at a time when spot demand is cooling.
Bitcoin ETFs continue to post net outflows, the Coinbase premium remains negative, and overall demand looks thinner across the market.
Earlier rounds of heavy long-term holder selling didn’t cause the same kind of price damage because buyers were strong enough to absorb the extra supply.
This time is different. The data shows that long-term holders unloaded most of their coins around $118,000 and $121,000, and the market struggled to take it in.
The report said the 365-day moving average, now close to $102,000, is still the main support level to watch.
It has held firm through this entire bull cycle and has been a key line on the chart. Analysts pointed out that this same indicator was one of the last to turn bearish during the 2021–2022 market decline.
They warned that if Bitcoin fails to move back above the 365-day average, the market could slip into a deeper correction. Bitcoin has already closed below this level several times in recent weeks, something that had not happened earlier in this cycle.
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Bitcoin Price Prediction: Why Are Traders Watching the $91K–$92K Zone So Closely?
If selling pressure keeps building, the next major areas of support sit far lower. The 2x Metcalfe Network Value band stands near $91,000, while the traders’ minimum price band is closer to $72,000. These zones could come into focus if the current weakness continues.
Bitcoin is slipping for the fourth week in a row, and fresh chart data points to a possible move toward an unfilled CME futures gap near $92,000.
That level has become a key area for traders watching the ongoing pullback, especially after months of soft spot demand and steady selling from long-term holders.
A daily chart shared by independent analyst Bitbull shows where the shift began. Bitcoin failed to reclaim the $122,000–$126,000 zone in late September, and the market flipped soon after.
Since then, the chart has built a pattern of lower highs and lower lows, a sign that momentum on the CME futures side continues to lean downward.
At the time of the chart, Bitcoin futures were trading near $97,500 close to the lowest range the market has seen since early spring. The recent trend has now pushed traders to watch whether the price drifts toward the $92,000 gap before finding any real support.
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A Clear Downtrend With Weakening Buyer Reaction
The chart shows a clear breakdown through several support levels, including the recent slips below $104,000 and $100,000. Each small bounce has been met with weak buying, which has kept sellers in control.
On the CME chart, the candles carry long upper wicks across several sessions. That pattern signals repeated rejection at resistance and shows that demand is not strong enough to push price higher.
Momentum is leaning firmly to the downside. Bitcoin is printing longer red candles as it moves toward the next area of deeper liquidity. The structure fits the broader market mood, where ETF inflows have cooled and long-term holders have been selling into strength earlier in the cycle.
CME Gap at $92K Emerges as an Important Target
Bitbull notes an unfilled CME futures gap between roughly $91,600 and $92,700, marked in blue on the chart. The gap appeared in early May when futures opened well above the previous close after a sharp weekend jump in spot prices.
Bitcoin has a long history of returning to these gaps weeks or months after they form. Bitbull points to a similar gap near $74,000 from November 2024. That zone stayed open for months and was finally filled during the April 2025 pullback.
He argues that the current setup looks much like that earlier pattern. When the market drifts lower and momentum fades, Bitcoin often moves back toward these price inefficiencies.
No Major Support Until the Gap Region
The chart suggests that Bitcoin has little protection on the way down. There isn’t much structural support between the current levels and the $92,000 CME gap. If selling keeps up, price could slip into that zone without much resistance.
The area under $97,000 looks thin, with no real consolidation or strong buy zones on this timeframe. With that gap sitting untouched, the market may need to revisit it before any solid recovery takes shape.
Why Are Derivatives Traders Cutting Risk on Solana?
Solana (SOL) is also under pressure. The token is heading toward its third straight week of losses and is down more than 13% so far. Both spot activity and derivatives interest have cooled.
The new Solana spot ETFs in the US now in their second week, have posted their smallest net inflow since launch. That drop signals softer demand from institutions.
The broader market pullback has added to the strain. Traders in the derivatives market have cut risk exposure tied to Solana, which has kept the tone bearish. The technical setup doesn’t offer much relief either. Sellers are aiming for the $125 level, a price last reached in June.
The recent slide has weakened confidence among Solana holders, especially as Bitcoin dipped below $100,000. Data from Sosovalue shows that U.S. Solana ETFs recorded only $1.49 million in net inflows on Thursday.
Most of that came from the Bitwise Solana Staking ETF. It’s the smallest inflow since these products went live, pointing to fading interest from institutional buyers who are scaling back exposure in a choppy market.
The derivatives market is sending the same cautious signal. Traders are cutting risk and trimming positions as sentiment leans more firmly to the bearish side.
Data from CoinGlass shows that Solana’s futures Open Interest (OI) the total notional value of open contracts has fallen 3.34% in the past 24 hours to $7.35 billion.
This drop points to less leverage in the system, long positions being closed, or traders shifting into a more defensive stance.
The tone worsens when you look at funding. The OI-weighted funding rate slipped into negative territory at -0.0076% after sitting near neutral earlier in the day. A negative funding rate means traders are paying to hold short positions, which often reflects a stronger belief that prices may fall further.
Solana Price Prediction: Why Does On-Chain Data Show a Sharp Demand Gap Below $144 for SOL?
If more capital continues to leave Solana’s derivatives market, or if US Solana ETFs post their first daily net outflow, any short-term rebound could be hard for bulls to sustain.
On top of that, Solana’s on-chain support levels are weakening sharply, according to new data shared by crypto analyst Ali Charts.
His latest breakdown, using Glassnode’s UTXO Realized Price Distribution (URPD), points to a sharp drop in realized demand once Solana slips under the $144 level. That zone now stands out as the last major pocket of historical buyer activity.
The chart shows two key areas. The first is a thick band of realized prices between roughly $150 and $190.
Millions of SOL last moved in this range, which lines up with the main accumulation phase during the recent bull run. It also explains the steady selling pressure as the price pulls back.
Each time SOL moves toward this band from below, it runs into heavy supply from holders who are either getting out at break-even or cutting losses.
The second signal is more concerning. Below $144, the URPD bars thin out quickly. There is almost no meaningful historical demand from $144 down to about $24.
A small cluster sits between $23 and $26, which means the next strong support level based on realized cost basis doesn’t appear until SOL enters the low-$20 range.
The gap on Solana’s chart shows how fast the token climbed during its 2023–2024 rally. Price moved through this range in a hurry, with little long-term holder activity to build support.
The current pattern fits the broader shift toward lower risk across the market. Solana has already logged several weak weekly closes, and the absence of firm on-chain backing leaves it exposed to deeper losses if selling picks up.
The gray band on the chart the realized price cluster between $144 and $165 stands out as the last strong support before the structure thins out. Below this area, demand drops off, and the chart turns into open space.
Another concern is the size of the realized price clusters well above the market, between $170 and $210. Many buyers from that zone now sit in loss. These holders often sell on small rebounds, which creates a supply overhang and caps recovery attempts.
Taken together, the URPD distribution sends a cautious signal. If Solana fails to hold the $144 level, on-chain data points to a quick slide, with the next meaningful accumulation zone appearing near $24 the area where long-term holders last stepped in.
