Bitcoin Drops to $94.7K as ETF Outflows Trigger Market Reset, Says 10x Research
📉 Bitcoin Slides to $94.7K Before Rebounding — 10x Research Says “Market Reset Is Underway”
ETF outflows, macro pressure, and thinning liquidity push BTC into a reset phase — with order book depth now the key to stabilization.
Bitcoin briefly dipped to $94,755 before bouncing toward the $96,000 zone, a move that highlights just how sensitive the market has become to ETF redemptions, macro signals, and liquidity shifts. Analysts at 10x Research say this isn’t a crash — it’s a market reset driven by structural factors rather than panic. The firm outlined this view in a recent update shared on X.
After early-November highs near $110,000, BTC has posted a streak of weaker closes, signaling a transition away from momentum into repair mode. With hawkish macro cues and nearly $1B in ETF outflows during the week of November 3, spot BTC pairs have led the downside while ETH and altcoins lag behind.
🔎 Quick Facts
- 📉 BTC low: $94,755 (24h)
- 📈 Rebound zone: $96,000
- 🏦 ETF outflows: ~$1B in the first week of November
- 📉 Order books: thinner depth across BTC and ETH pairs
- 📊 Market mood: fear rising, dip-buying fading
- 📡 Key analyst source: 10x Research
🏦 ETF Outflows + Macro Pressure = The Reset Phase
ETF redemptions have been the dominant stress point in this pullback. With almost $1B in net outflows, BTC has taken the hit directly — while ETH and altcoins followed with lower beta and weaker liquidity.
Across trading forums and research feeds, conversations revolve around:
- 📤 ETF redemptions draining spot demand
- 📉 thinner order books causing larger wicks
- 📕 tighter basis during U.S. hours
- 😨 fear metrics tilting toward protection instead of dip-buying
The consensus? This isn’t a violent panic — it’s a structural reset.
💧 Liquidity, Depth & Recovery Mechanics
10x Research says one thing matters most right now: order book depth on BTC and ETH pairs.
When market makers widen spreads and hold smaller inventories, markets become fragile. When they thicken order books and take risk again, recoveries become durable.
10x highlights three key metrics to watch:
- 1) Funding & Basis Neutral or slightly negative funding typically precedes stable rallies.
- 2) Stablecoin Supply Trends Positive net issuance → stronger spot demand Flat or negative issuance → weak recoveries.
- 3) Exchange Balances Track flows to determine whether demand is organic or just temporary covering.
📊 10x Research’s Track Record & Outlook
10x has accurately called year-end BTC inflection points in 2022, 2023, and 2024. Their latest update says this reset phase requires stabilization in three areas:
- 🧱 BTC order book depth
- 🔁 funding + basis normalization
- 📉 reduction in on-chain realized losses
If these stabilize, the current reset could turn constructive. If not, volatility may extend — limiting the strength of relief rallies.
Importantly: ETH, SOL, and other large caps follow BTC’s depth improvements. BTC remains the leading indicator for risk appetite.
🧭 The Bigger Picture
This pullback isn’t just a price event — it’s a liquidity event. ETF outflows, thinner order books, and cautious market makers create weak patches that look dramatic on charts but are often part of a normal reset.
The next several sessions — especially during U.S. trading hours — will determine whether:
- 📈 BTC rebuilds depth → constructive recovery
- 📉 indicators diverge → extended volatility
For now, Bitcoin is balancing on key round-number support, with structural signals suggesting consolidation rather than collapse.
✅ TL;DR
- 📉 BTC dipped to $94.7K before rebounding.
- 🏦 Nearly $1B in ETF outflows triggered pressure.
- 📉 Market entering a reset phase — not a panic event.
- 💧 Liquidity + order book depth = key to recovery.
- 📊 Funding, basis, stablecoin supply will determine next trend.
- 🧠 10x Research says BTC must rebuild depth before any real bounce sticks.
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