Bitcoin fell sharply to $93,500, briefly touching $92,980, marking its lowest level in six months. The decline comes as global risk-off sentiment triggered nearly $900 million in outflows from Bitcoin investment funds. With this drop, Bitcoin is close to erasing its 2025 gains after closing 2024 at $93,715 and previously hitting a record $126,245 in October.
Bearish Shift in the Options Market
The options market has seen a notable shift in sentiment:
- Demand for downside protection has increased sharply.
- Open interest in $85,000–$90,000 puts now exceeds bullish $120,000–$140,000 calls.
- This marks a reversal from early 2025, when traders heavily favored calls above $100,000 as Bitcoin set new highs.
The data shows a clear turn toward bearish expectations among traders.
Strategy Increases Its Bitcoin Holdings
Despite market weakness, Strategy continues to accumulate Bitcoin:
- Purchased 8,178 BTC worth around $835.6 million at an average price of $102,171.
- Achieved a 27.8% BTC yield year-to-date (2025).
- As of November 16, 2025, Strategy holds 649,870 BTC, acquired for approximately $48.37 billion at an average cost of $74,433 per BTC.
Market Outlook
Bitcoin’s latest drop shows rising caution across global markets. If selling pressure continues, traders may test lower support levels. However, strong institutional buying, such as Strategy’s recent accumulation, could provide some stability in the longer term.
Bitcoin Drops Sharply as Traders Prepare for Deeper Fall
Bitcoin slipped below $91,500, extending its decline and erasing all gains for the year. The drop has sparked heavy demand for bearish options, with traders loading up on contracts targeting $90,000, $85,000, and even $80,000. More than $740 million in downside options set to expire in late November were purchased.
Analysts say weak spot buying, pressure on corporate crypto holdings, and rising “extreme fear” across the market are driving the selloff. With sentiment turning sharply negative, traders are bracing for the possibility of a deeper correction ahead.
MicroStrategy’s Unrealized Profit Shrinks to ~$6.09 Billion
MicroStrategy’s unrealized profit has now reduced to about $6.09 billion with Bitcoin trading at $83,800. The company holds 649,870 BTC at an average purchase price of $74,433, giving it an overall gain of roughly 12.6%.
Around $300 million was wiped out from the crypto market in the last 15 minutes.
