What Next for Crypto Bulls as ETH, XRP, SOL, ADA Drop 8–16% in a Week

The cryptocurrency market has entered a bear phase, with Bitcoin dropping below $100,000 to $96,600, erasing its 30% year-to-date gains, and major altcoins experiencing significant declines of 8-16% in a week. This downturn is attributed to slowing ETF inflows, accelerated selling by long-term holders, and broader risk-off sentiment following U.S. tech stock reversals. Technically, Bitcoin faces near-term support at $93,000-$95,000, with potential for further declines, and subdued trading is anticipated until significant macro catalysts emerge or Federal Reserve policy becomes clearer. While U.S. spot Bitcoin ETF assets under management have shown relative resilience, declining only 4% compared to Bitcoin's 25% price fall, short-term holders are now at their largest loss since the FTX collapse.

Analysis

The cryptocurrency market has entered a confirmed bear phase, with Bitcoin falling below $100,000 to $96,600, erasing its entire 30% year-to-date gain and marking its lowest print since May. Major cryptocurrencies like Ether, XRP, and Solana also experienced significant declines of 8-16%. This broad sell-off is attributed to a risk-off sentiment across global markets, U.S. tech stock reversals, and fading institutional conviction.

Key drivers include a second consecutive week of slowing ETF inflows, accelerated selling by long-term holders, and depressed retail flows, confirming a bear market according to 10x Research. Unexpected tariff comments also contributed to broad deleveraging across risk assets.

Technically, Bitcoin's break below $100,266 cleared a liquidity shelf, exposing near-term support at $93,000-$95,000, with a deeper test near $89,600 possible. Market liquidity trends lower, and a death-cross signal indicates continued downward momentum. Short-term holders now hold 2.8 million BTC at a loss, the largest since the FTX collapse.

Despite the 25% Bitcoin price drop, U.S. spot Bitcoin ETF assets under management have shown relative resilience, slipping only 4%. Subdued trading is anticipated to persist as market participants await refreshed economic data and clearer Federal Reserve guidance on potential rate cut pauses in December.

Key Decisions for Investors

• Monitor key technical support levels for Bitcoin, specifically the $93,000-$95,000 band, as a breach could accelerate declines towards $89,600.
• Exercise caution and consider reduced exposure given the confirmed bear phase, slowing institutional inflows, and accelerated selling by long-term holders.
• Watch for upcoming FOMC minutes and economic data for potential macro catalysts that could shift market sentiment, as subdued trading is expected until then.
• Evaluate the relative resilience of U.S. spot Bitcoin ETFs as a potential indicator of underlying institutional demand stability despite price volatility.