Bitcoin’s Big Pullback: What’s Really Driving It?
Bitcoin has taken a sharp turn lower after hitting an all-time high near $126,000 in October. Today, it’s trading below $95,000, which is a drop of about 25%.
So, what changed?
In short, investors are pulling back from risk, and crypto is feeling the heat!
One big factor is ETF flows. US spot Bitcoin ETFs saw massive withdrawals last week, around $1.11 billion in just two days, including a record $870 million on November 14. That’s a clear sign that institutional investors are stepping back, and it’s happening at the same time tech and AI stocks are sliding. When risk appetite fades, Bitcoin often gets caught in the same wave.
The macro picture isn’t helping either. The Fed cut rates in October, which gave markets a boost, but Chair Powell quickly warned against expecting more cuts. Since then, market expectations for a December move have faded, cooling sentiment. Add in inflation concerns, tariff talk, and slowing growth forecasts, and you’ve got a classic “risk-off” environment. Right now, Bitcoin is behaving more like a high-beta tech stock than a safe haven.
Liquidity is another issue. Order books are thinner, down about 30% from earlier this year, so big trades move prices more. And after October’s brutal liquidation day (nearly $19 billion wiped out of the market), the market still feels fragile. Technically, support around $92-95K looks shaky, and resistance near $106-110K could be tough to break. If selling continues, volatility could spike.
Analysts are cautious. Some say sentiment will stay weak until new buyers step in. Others are doubling down and calling this a buying opportunity. For now, Bitcoin is still up for the year, but the question is whether this is just a pause, or the start of something bigger.
At EC Markets, we see a market that’s testing its nerves. ETF flows, Fed signals, and liquidity trends will tell the next chapter. Until then, expect choppy waters.
Bitcoin’s October Rally Reverses: Down About 25% from Peak
Source: TradingView. All indices are total return in US dollars. Past performance is not a reliable indicator of future performance. Data as of 17 November 2025.
Bitcoin has pulled back nearly 25% from its all-time high near $126K in early October. As ETF outflows accelerated and macro uncertainty grew, price action turned sharply lower.