Bitcoin fell below $95,000 for the first time in nearly six months as a wave of risk aversion swept through the market and investors withdrew nearly $900 million from exchange-traded funds.
Bitcoin fell to a low of $94,455 on Friday, extending its decline from the November 11 high of $107,482 into its fourth day.
With the current decline, Bitcoin is on the verge of erasing this year's gains, dropping as much as 7% in the past 24 hours. Bitcoin traded at an all-time high of $126,251 in early October, and last year 2024 closed at $93,714.
“Black Friday for Bitcoin,” Tether CEO Paolo Ardoino tweeted, in an apparent reaction to Bitcoin’s stunning price drop.
bitcoin black friday
— Paolo Ardoino🤖 (@paoloardoino) November 14, 2025
According to Coinglass, the overall crypto market decline resulted in more than $1.38 billion in liquidations, about half of which occurred in Bitcoin trading pairs. Of this total, Bitcoin accounted for $676 million. The largest single wipeout in the market was a $44 million BTC long on HTX.
Cryptocurrency market under stress
The crypto market remains tense after a $19 billion liquidation on October 10 wiped out more than $1 trillion from the total market value of all cryptocurrencies.
According to CoinGlass data, the recent liquidation event primarily affected longs accounting for $1.21 billion, while shorts amounted to $157.36 million. A total of 278,152 traders were affected during the last market downturn.
Economic indicators from China and fading expectations for interest rate cuts from the US Federal Reserve (Fed) contributed to the slump in the virtual currency and stock markets.
Meanwhile, Tether's dominance has reached its highest level since April. This remains important as the sudden rise in USDT dominance is often highlighted as a key feature of the Bitcoin bear market.
According to Ki Young Ju, CEO of CryptoQuant, it may be premature to call it a bear market for Bitcoin unless it breaks the $94,000 cost threshold. “For those who got into Bitcoin 6-12 months ago, the cost base is close to 94,000. Personally, I don't think a bear cycle is confirmed unless we drop that level. I'd rather wait than jump to conclusions,” said the CryptoQuant CEO.
