Key Notes
Bitcoin holds $100K after a 16% weekly drop and $240M in ETF inflows.
On-chain data shows rising exchange deposits and lingering fear.
Long-term holders continue accumulating, with realized price near $78.5K.
Bitcoin managed to cling to the $100,000 support level after a steep 16% weekly decline, now trading around $101,000. Meanwhile, spot Bitcoin ETFs finally broke a six-day outflow streak, printing net inflows of $240 million on Nov. 6.
Spot Ethereum ETFs followed with $12.5 million in inflow, their first positive day in nearly a week. Despite the modest recovery, ETF data suggests that investor anxiety remains high with the Fear and Greed Index dropping to 21.
Fear Persists Despite ETF Inflows
According to CryptoQuant, Bitcoin has yet to reach what analysts describe as a “true capitulation point.” Exchange reserves on Binance continue to rise, suggesting that traders are still sending BTC to exchanges, often an indication of selling rather than accumulation.
The 7-day average of BTC deposits also remains high, and deposit dominance continues to outpace withdrawals.
Bitcoin daily chart with momentum indicators | Source: TradingView
If Bitcoin can sustain its hold above $100K, it may attempt a relief rally toward $108K or even $115K. A breakdown below the psychological $100K level, however, could accelerate losses toward $95K and test the long-term accumulation zone.
