Key Takeaways
- •Bitcoin filled its weekend CME futures gap, but bulls encountered resistance, preventing a price turnaround.
- •Analysis indicates Bitcoin whales sold into local price highs, contributing to the recent downturn.
- •Derivatives traders are exhibiting risk-off sentiment, with the $100,000 level remaining a significant point of interest.
BTC Price Suffers From New Exchange Sell-Off
Bitcoin (BTC) experienced a classic futures "gap fill" shortly after Tuesday's Wall Street open, as traders sought a rebound. Data from Cointelegraph Markets Pro and TradingView showed the BTC price dipping further after reaching new November highs around $107,500.
This level represented a key resistance zone that bulls were unable to breach, leading to a reversal downward for BTC/USD. In the process, the pair filled its latest weekend gap in the CME Group's Bitcoin futures market, which was located at $104,000. As previously reported, such gaps often serve as short-term targets for the BTC price.
“Another gap closed within the first few trading days of the week. This has become an incredibly reliable and predictable pattern by now,” trader Daan Crypto Trades wrote in a post on X. “Most people are aware of this, so you'd assume at some point it would stop happening. Usually I'd agree, but this has been a high probability event for the past 4-5 years by now.”
“Most people are aware of this, so you'd assume at some point it would stop happening. Usually I'd agree, but this has been a high probability event for the past 4-5 years by now.”
However, with a rebound yet to materialize, trading resource Material Indicators warned that a significant sell-off by Bitcoin whales, amounting to $240 million, had contributed to the price decline.
FireCharts shows a massive $240M market dump in the $BTC order book.
— Material Indicators (@MI_Algos) November 11, 2025
Interestingly, Brown Mega Whales only account for about $3M of that. pic.twitter.com/Bm2TqrMldx
“Some size sold into $104K price area & renewed short interest,” trader Skew added regarding the situation. “Pivotal price point here.”
“Pivotal price point here.”
Earlier, market participants had outlined relevant BTC price support targets, including levels below $100,000.
Bitcoin Derivatives Eye Potential Buying Opportunity Amid Deleveraging
While the price fluctuated around the $100,000 mark, analysis revealed a notable shift towards risk aversion among derivatives traders. Open interest (OI) decreased by over 11% in just one week, according to a recent "Quicktake" blog post from on-chain analytics platform CryptoQuant.
“The 11.32% drop in OI over 7 days is a sign that the market is eliminating speculative risk, which has historically been a precursor to recovery,” wrote contributor GugaOnChain. “While volatility may persist in the short term, the metric suggests that the market is consolidating on a more stable base, setting the stage for a subsequent rally and confirming the thesis that the current region represents a buying opportunity for long-term investor.”
“While volatility may persist in the short term, the metric suggests that the market is consolidating on a more stable base, setting the stage for a subsequent rally and confirming the thesis that the current region represents a buying opportunity for long-term investor.”
The post further elaborated that the current deleveraging event "signals a strong buying opportunity."