Key Takeaways
- •10x Research indicates Bitcoin has entered a confirmed bear regime.
- •Selling pressure stems from long-term holders, declining ETF flows, and weak retail participation.
- •Analysts stress the importance of Bitcoin defending the $93,000 level to prevent further downside.
- •Increased volatility is driven by intensifying macroeconomic concerns, including tariffs, government shutdowns, and adjustments in interest rate cut expectations.
According to 10x Research, several of Bitcoin’s strongest structural indicators—including ETF demand, realized profitability, and long-term holder behavior—now confirm that the market has transitioned into a bear regime, rather than experiencing a temporary correction.
Their models, which issued a warning in mid-October, point to worsening sentiment beneath the surface, even as price volatility masks the underlying trend. The next critical level, they state, is $93,000, a threshold that must hold to prevent the current downturn from accelerating.
“Bitcoin was already under pressure from heavy spot selling and corporate-hedging activity, with traders avoiding altcoins almost entirely,” said Jake Ostrovskis, head of OTC trading at Wintermute. “When crypto-specific narratives thin out, correlations to traditional assets increase.”
Long-Term Holders Flip to Distribution: A Historically Bearish Shift
One of the most striking signals in the 10x Research report is the change in behavior among long-term holders. For months, deeply entrenched wallets had been absorbing supply. That trend has now reversed.
The Coin Days Destroyed momentum indicator shows a clear spike in older coins being spent, signaling strategic profit-taking rather than panic selling. Historically, this phase usually marks the transition from the late bull to the early bear cycle.
Profit Erosion and Weak Momentum Show Cracks Forming Beneath the Surface
Multiple profitability metrics now sit below neutral lines—an area typically associated with the beginning of multi-month weakness.
Profit exhaustion has affected both short-term and active investors. While the market technically remains in profit, the pace of profit erosion is accelerating, a condition that has preceded every significant drawdown in prior cycles.
ETF Inflows Slow as Retail Sits Out – Leaving Markets Vulnerable
Throughout 2024 and early 2025, spot ETF inflows acted as a stabilizing force during Bitcoin corrections. However, 10x Research notes that this cushion has weakened noticeably.
Retail momentum—historically the final driver of blow-off tops—has also failed to return. This lack of marginal buyers has left the market almost entirely dependent on institutional demand to sustain prices.
If that capital rotation slows, the structural backdrop becomes fragile.
Macro Storm Adds Fuel to the Sell-Off
The deterioration in crypto market structure has coincided with an increasingly hostile macro backdrop:
- •Surging volatility following the U.S. government shutdown.
- •Threats of tariffs, such as Trump’s proposed 100% tariff on China, signaling possible trade escalation.
- •The selloff in AI stocks on November 5, which dragged risk assets lower.
- •A rapid repricing of December rate-cut expectations.
Each of these events pushed implied volatility higher—but collectively, they triggered a cascading risk-off rotation that has washed through crypto markets.
Bitcoin’s Line in the Sand: $93,000
Ki Young Ju of CryptoQuant recently highlighted that investors who entered Bitcoin 6–12 months ago have a cost basis near $94,000, making the $93,000–$94,000 zone a psychological and structural battleground for the current cycle.
Those who entered Bitcoin 6 to 12 months ago have a cost basis near 94K.
Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions. pic.twitter.com/i9a5M0xnMW
— Ki Young Ju (@ki_young_ju) November 14, 2025
If that level fails, 10x Research calculates that Bitcoin would descend toward the True Market Mean Price, currently hovering near $82,200—the point where most active coins shift from profit to loss.
Regulatory Updates Provide a Silver Lining — But Not Enough to Stop the Sell-Off
On the same day markets turned lower, the SEC confirmed it is working with lawmakers to pass comprehensive Bitcoin and crypto market structure legislation before year-end.
💥BREAKING:
SEC SAYS IT'S WORKING WITH LAWMAKERS TO PASS BITCOIN & CRYPTO MARKET STRUCTURE LEGISLATION BEFORE THE END OF THIS YEAR. pic.twitter.com/MWWut723Bd
— Crypto Rover (@cryptorover) November 14, 2025
Under normal market conditions, such news might have catalyzed a relief rally. However, the risk-off environment overwhelmed it—suggesting sentiment is now more reactive to macro fear than crypto-specific progress.
Outlook: Capitulation Risk Before Recovery
Despite the grim tone of the latest research, analysts emphasize that Bitcoin is not entering the kind of prolonged winter seen in 2018 or 2022. Institutional dominance, derivatives hedging mechanics, and a more mature investor base mean downturns tend to be shorter and shallower.
However, 10x Research suggests markets may need to flush out weak hands before a sustainable recovery can form.
If Bitcoin holds above $93,000, a long consolidation range becomes likely.
If it breaks below, a final capitulation drop into the low-$80,000s could follow — but historically, those moves generate major long-term buying opportunities.
At the time of writing, Bitcoin is trading at $96,693.82, down 6.20% over the past 24 hours and 3.70% on the week, according to the latest market data. The decline has pushed BTC closer to the key $93,000 support zone highlighted by analysts. Market sentiment remains cautious as traders await the next major catalyst to determine whether the current downturn stabilizes—or evolves into a deeper leg of the bear trend.