Bitcoin (BTC) Plunges to $96,000 Amid Historic ETF Exodus—What’s Next?

Bitcoin's throne wobbles as king crypto tanks to $96K—ETF bloodbath triggers market panic.

Wall Street's 'safe' crypto bet backfires

Institutional investors stampede for exits as spot BTC ETFs post record outflows. The very product meant to stabilize Bitcoin becomes its Achilles' heel—ironic, given last quarter's 'When ETFs?' moonboy chants.

Market mechanics or mass hysteria?

Liquidity vanishes faster than a DeFi rug pull. Miners capitulate, leverage gets vaporized, and that 'hedge against inflation' narrative? On life support. Meanwhile, traditional finance sharks whisper: 'Told you so.'

Silver lining for degenerates

Volatility is back, baby. Traders salivate at 20% daily swings—because nothing screams 'store of value' like watching your portfolio get chain-whipped. Just don't check your balance after margaritas.

Close: The crypto pendulum swings violently—again. Whether this is the bottom or just the appetizer for more pain depends on who's holding the bag. Spoiler: It's probably you.

On Thursday, crypto trader Owen Gunden moved 2,400 Bitcoin to Kraken exchange. The transfer was worth $237 million at the time. Blockchain tracking platform Arkham identified the wallet.

This follows a pattern of large holders moving coins recently. The activity has raised questions about whether major investors are losing confidence.

Glassnode analysts looked at the data. They found the selling follows a predictable pattern. Long-term holders are now distributing around 26,000 bitcoin per day. This is up from 12,000 BTC daily in early July.

🧵 Let’s set the record straight.

Recent narratives such as “OG Whales Dumping” or “Bitcoin’s Silent IPO” have sparked debate.

However, the data tells a more nuanced story. Using Glassnode’s on-chain models, we’ll break down what’s actually happening beneath the surface👇

— glassnode (@glassnode) November 13, 2025

The analysts describe this as regularly spaced distribution. They say it represents normal bull market behavior. The pattern does not show a sudden whale exodus.

“Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one,” Glassnode stated in their report.

Vincent Liu works as chief investment officer at Kronos Research. He told reporters the whale sales represent structured cycle flow. The activity shows steady profit rotation rather than panic selling.

ETF Outflows Hit Second-Highest Level

U.S. Bitcoin spot ETFs saw major withdrawals on Thursday. The 11 funds lost $869.86 million in a single day. This marks the second-largest outflow since these products launched.

On November 13 (ET), spot Bitcoin ETFs recorded total net outflows of $870 million, the second-largest in history. Spot ethereum ETFs saw total net outflows of $260 million, marking the third consecutive day of outflows. U.S. spot Solana ETFs registered net inflows of $1.49… pic.twitter.com/e1F2R5GSat

— Wu Blockchain (@WuBlockchain) November 14, 2025

Over the past three weeks, investors have pulled $2.64 billion from Bitcoin ETFs. The withdrawals show changing market sentiment.

Thursday’s outflows happened as Bitcoin fell below $100,000. Wall Street also saw increased risk aversion on the same day.

$BTC Chart update for bulls 👀 only.

Death cross imminent, but don't be scared of it. Last 3 times essentially marked THE bottom in BTC. Notice the RSI divergences accompanying NEAR those said death crosses too. We got another one right forming as we speak.

Also gotta use that… pic.twitter.com/pemGtRvkCn

— Heisenberg (@Mr_Derivatives) November 13, 2025

Ethereum ETFs faced similar pressure. These funds recorded $259.72 million in outflows. This was the highest level since October 13.

Liu said the late-cycle phase does not mean the market has peaked. He explained that steady buyers can absorb the new supply hitting exchanges.

“Late cycle doesn’t mean the market is capped, it means momentum has cooled while macro and liquidity steer the ship,” Liu explained.

Bitcoin’s net unrealized profit ratio currently sits at 0.476. This metric suggests short-term lows may be forming. However, Liu cautioned that multiple indicators need confirmation.

Charlie Sherry heads finance at BTC Markets in Australia. He noted that whale selling alone is not usually concerning. But this time there is less buying support to absorb the sales.

Sherry pointed out that market tops have historically occurred about four years apart. The pattern appeared in December 2017 and November 2021. The recent October 2025 all-time high came 1,050 days from the last bottom.

However, Sherry questioned whether the four-year cycle still applies. Bitcoin now has different demand sources including ETFs and corporate treasuries. These buyers do not follow traditional cycle patterns.

Bitcoin currently trades near $97,500. The price is down over 5% in the past 24 hours and 11% for the month.