Bitcoin dropped below $90,000 this week, prompting Gemini co-founder Cameron Winklevoss to describe the level as a rare buying opportunity. The decline has erased around $600 billion in market value and wiped out the cryptocurrency’s gains for 2025.
The token has fallen from a record high above $126,000 on 6 October to the low $90,000s, returning to prices last seen seven months ago. The move has renewed debate over whether Bitcoin is following its typical post-halving cycle or entering a deeper correction.
Winklevoss wrote on X that this may be “the last time you’ll ever be able to buy bitcoin below $90k.”
Macro Pressure and Leverage Drive the Decline
Analysts say broader economic conditions are weighing on Bitcoin. A prolonged US government shutdown, persistent trade tensions and weak global liquidity have pressured risk assets. Many now see Bitcoin trading more like a macro asset influenced by interest rates and the US dollar.
Leverage has added to the downturn. About $19 billion in leveraged crypto positions were liquidated last month, accelerating the sell-off during a period that has historically aligned with past Bitcoin cycle peaks.
Whale Selling and ETF Outflows Add Market Stress
On-chain data shows large holders sold significant amounts of Bitcoin in mid-November. Wallets holding more than 1,000 Bitcoin executed concentrated sales that pushed the price below $100,000. Analysts say whale short positions now exceed long positions, with roughly $2.17 billion in shorts compared with $1.18 billion in longs.
Bitcoin exchange-traded funds have reported several consecutive weeks of net outflows, amounting to billions of dollars. This has reduced liquidity and made the market more vulnerable to sharp moves. Meanwhile, derivatives traders are increasing demand for put options around $90,000 to $95,000, suggesting caution.
Research firms such as Glassnode say the decline appears to be planned selling by long-term holders rather than panic liquidation. However, weaker demand has made the market less able to absorb large inflows of supply.
Institutional Buyers Remain Active
Some institutional investors continue to buy the dip. MicroStrategy disclosed that it purchased another 8,178 Bitcoin at an average price of $102,171, spending about $835 million.
Analysts are watching $100,000 as major resistance and $93,000 as key support. Trends in whale flows, ETF activity and options positioning will indicate when stronger demand may return.
