Bitcoin suffered a sharp selloff on Thursday, November 13, 2025, plunging below the psychologically critical $100,000 level as a broader liquidity crunch hammered risk assets across global markets. The world’s largest cryptocurrency dropped from an intraday high near $103,690 to a session low of approximately $98,191, representing a decline of more than 5% within a single trading day. The dramatic slide wiped out billions in market capitalization and triggered a wave of forced liquidations across derivatives markets.
TL;DR
- Bitcoin fell below $100,000 for the first time in weeks, dropping to an intraday low near $98,191
- The selloff was driven by a broad liquidity crunch affecting risk assets globally
- Crypto-related stocks were eviscerated, with Strategy (MSTR) plunging to its weakest level in 13 months
- Forced liquidations in derivatives markets amplified the downward pressure
- Market strategists noted that U.S. trading-hour weakness has become a persistent pattern
The Selloff Unfolds
The decline began accelerating during U.S. trading hours, continuing a troubling pattern that has emerged over recent weeks. Bitcoin opened the day trading near $101,800 and appeared relatively stable during the Asian and European sessions. However, as U.S. markets came online, selling pressure intensified dramatically. The price sliced through the $100,000 support level like a hot knife through butter, triggering a cascade of stop-loss orders and margin calls that pushed the price even lower.
At the heart of the sell-off was a broader liquidity crunch that extended well beyond the cryptocurrency market. Equities, particularly technology stocks and crypto-adjacent companies, were hammered throughout the session. The Nasdaq Composite posted significant losses, and crypto mining stocks were among the worst performers of the day. Traders described the environment as a perfect storm of deleveraging across multiple asset classes simultaneously.
Crypto Stocks Take a Beating
The carnage was not limited to spot cryptocurrency markets. Crypto-related equities suffered even steeper losses. Strategy, the company formerly known as MicroStrategy and the largest corporate holder of Bitcoin, saw its shares plummet to their weakest level in 13 months. Despite the steep decline, MSTR continued to trade at a premium to its underlying Bitcoin holdings, a dynamic that has puzzled some analysts and raised questions about whether the premium can be sustained in a prolonged downturn.
Other crypto-exposed stocks, including major exchange operators and mining companies, posted declines ranging from 5% to 12% on the day. Coinbase, Robinhood, and Marathon Digital were all swept up in the selling frenzy as investors rushed to reduce risk exposure across the board.
Liquidity Crunch Drives Forced Selling
Market analysts pointed to a liquidity crunch as the primary catalyst behind the coordinated selloff. As funding conditions tightened, leveraged positions across both traditional and crypto markets were forced to unwind. The derivatives market showed signs of significant stress, with the Bitcoin long-to-short ratio shifting dramatically as traders repositioned for further downside.
Open interest in Bitcoin futures contracts declined sharply as positions were liquidated, contributing to the velocity of the selloff. The funding rate for perpetual futures, which had been positive for weeks, briefly flipped negative, indicating that short sellers were willing to pay a premium to maintain their bearish positions.
Emory University Doubles Down Despite the Dip
In a notable contrarian move, Emory University disclosed that it had significantly expanded its Bitcoin exposure through a $52 million stake in the Grayscale Bitcoin ETF (GBTC). The Georgia-based university’s endowment fund appeared to be positioning itself toward hard assets, simultaneously opening a sizable position in a gold ETF. The move by a major institutional investor during a market downturn underscored the growing acceptance of Bitcoin as a legitimate component of diversified investment portfolios.
The university’s investment committee noted that the allocation reflected a long-term thesis about Bitcoin’s role as a store of value, rather than a speculative trading position. The timing of the disclosure, coming amid one of the sharpest single-day declines in months, highlighted the divergent views between short-term traders and long-term institutional allocators.
Retail Sentiment Sours, But Bottom Signals Emerge
The sharp decline soured retail sentiment considerably, with social media sentiment metrics and fear-and-greed indices dropping to levels not seen in weeks. However, some analysts viewed the extreme pessimism as a potential contrarian indicator. A fresh wave of pessimism sweeping across crypto markets can often signal that selling pressure is nearing exhaustion, and several on-chain metrics suggested that a short-term bottom may be forming.
Metrics tracking exchange inflows showed that the rate of Bitcoin being transferred to exchanges for potential sale had slowed during the latter hours of the selloff, suggesting that the most urgent selling was subsiding. Additionally, the Coinbase premium, which had turned negative during the crash, began to narrow, indicating that U.S.-based buying interest was starting to re-emerge at lower price levels.
Market Structure and Technical Outlook
From a technical perspective, the break below $100,000 represented a significant development. The level had served as a psychological anchor for the market, and its loss raised questions about whether Bitcoin could re-establish higher support levels before attempting another move upward. Key support was identified near $95,000, while resistance was expected near the $100,000 to $102,000 range in the near term.
Despite the bearish short-term price action, longer-term market structure remained intact. Bitcoin continued to trade well above its 200-day moving average, and the broader uptrend that had defined much of 2025 remained technically valid. Market strategists emphasized that corrections of 20% to 30% were not uncommon during Bitcoin bull markets and that the current pullout should be viewed within the context of a broader cyclical uptrend.
Why This Matters
The break below $100,000 on November 13, 2025, served as a stark reminder of the inherent volatility in cryptocurrency markets, even during periods of broader bullish momentum. The liquidity-driven selloff demonstrated how interconnected crypto markets have become with traditional finance — when liquidity dries up across asset classes, Bitcoin is no longer immune to the fallout. At the same time, the institutional conviction demonstrated by Emory University’s expanded position suggests that the long-term thesis for Bitcoin as a portfolio diversifier continues to strengthen. For investors, the key takeaway is that volatility cuts both ways: the same market dynamics that produce spectacular rallies can also generate painful corrections, and position sizing remains paramount.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and carry significant risk. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.
watched it go from 103,690 to 98,191 in real time. the liquidation cascade was brutal. billions wiped in hours
MSTR at a 13 month low on the same day. the leverage crowd is getting washed out completely.
the US trading hours weakness pattern is real. happens almost every dump now. asia buys, europe holds, NY sells. someone should study this
The liquidity crunch was not just crypto though. The Nasdaq was getting hammered too. This was a macro deleveraging event, not a BTC specific selloff.
^ exactly. the 100k level was obvious and stops were clustered right underneath it. market makers feasted