Crypto Chat, News Bitcoin's November Start: Profit-Taking and Institutional Resilience

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Bitcoin's November Start: Profit-Taking and Institutional Resilience

Bitcoin began November with a dip below $108,000, driven by long-term holders transferring significant amounts to exchanges for profit-taking. This trend contributed to BTC's first red October since 2018, despite the cryptocurrency's ability to maintain support above the critical $100,000 level.

Recent pullback lacks a clear macro catalyst,
QCP’s latest market insights noted,
with traditional markets remaining steady under supportive policy conditions.
The data indicates distinct selling from legacy wallets, suggesting that long-term holders are gradually redistributing coins after bitcoin’s rapid appreciation earlier this year.

Market volatility has increased slightly, but sentiment remains stable. Perpetual open interest is subdued and funding rates show little sign of speculative excess, indicating that leverage-driven selling has largely been flushed out since the October 10 liquidation event.

Despite the sell pressure, bitcoin has absorbed roughly 405,000 BTC in legacy supply over the past month without breaking the critical $100,000 support level,
the report highlighted. ETF outflows and lighter corporate accumulation from firms like Strategy Inc. and Metaplanet haven’t derailed the broader trend of institutional engagement and steady on-chain activity.

While some traders speculate the cycle could be nearing its peak, others view this phase as a healthy consolidation. Bitcoin’s ability to hold firm amid legacy selling underscores the market’s growing maturity and its deepening foundation of institutional capital.