Coinbase Sees Increased Selling Pressure as Bitcoin Dips Below $100K

Bitcoin has experienced a shaky start to November 2025, slipping below the $100,000 mark with a 2% daily drop—its worst November performance on record. On-chain data reveals long-term holders (whale wallets dating back to pre-2018) are offloading assets, exacerbating market pressure. Coinbase trading activity shows persistent discounts, indicating continued selling, primarily from ETF-related flows and U.S. investors. Meanwhile, Bitcoin’s market dominance has weakened as its dominance index breaks below a multi-month rising trendline, challenging historical seasonal patterns where November typically favors bullish momentum.

Bitcoin Slips Below $100K—Worst November Start in Its History

Bitcoin trades below $100K, marking a 2% daily drop and its weakest start to November ever. Whale wallets from pre-2018 are offloading holdings, increasing market pressure. Coinbase trading discounts signal continued selling, mostly from ETFs and U.S. investors.

The leading cryptocurrency’s market dominance falters as BTC’s dominance index breaks below its multi-month rising channel. Historical patterns suggest November often brings high volatility, but current investor sentiment reflects growing uncertainty.

Aggressive selling by long-term Bitcoin holders, particularly those with wallets dating back to before 2018, adds to the downward pressure. These OG whales are significantly reducing their exposure, contributing to the market’s cautious tone.

Crypto Stocks Hit Hard in a Volatile Week as Market Pressure Mounts

Crypto-linked equities faced steep declines this week, mirroring broader digital asset market weakness. Coinbase shares tumbled over 9%, while Jack Dorsey's Block Inc. plummeted 14% and Robinhood Markets extended its downward trajectory.

The selloff reflects compounding pressures: September's $19 billion liquidation event continues to reverberate, government shutdown uncertainties weigh on risk assets, and corporate earnings fail to provide stability. Market sentiment gauges show extreme fear, with the Fear and Greed Index hitting 20.

This correlation between crypto-native firms and underlying digital assets underscores the sector's interconnected nature. As bitcoin struggles to hold $26,000, public companies serving crypto markets find themselves caught in the downdraft.