Bitcoin News Today: Bitcoin's $90K Battle: Institutional Skepticism vs. Whale Accumulation

Bitcoin's price slide below $90,000 has intensified a bearish correction, with Galaxy Digital Inc. (NASDAQ:GLXY) selling 2,800 BTC in a move that underscores growing institutional caution. The stock gapped down on Friday, opening at $25.13 after closing at $27.24, amid heavy volume of 3.81 million shares traded. The sale comes as Bitcoin's total market value has erased $600 billion since its October peak of $126,000, with the cryptocurrency now down more than 26% from those highs.

The selloff has been fueled by a confluence of factors, including fading hopes for a Federal Reserve rate cut, inflationary pressures, and escalating global trade tensions. Bitcoin briefly hit a six-month low of $92,971 on Friday, erasing all year-to-date gains and marking its third consecutive weekly decline. Meanwhile, exchange-traded funds (ETFs) tracking Bitcoin saw net outflows of $870 million on Thursday - the second-largest daily withdrawal since their debut - compounding downward pressure.

Institutional and whale activity has also shifted. While U.S. spot BTC ETFs like BlackRock's IBIT and Fidelity's FBTC initially drove demand, recent inflows have reversed. TradingView and CoinGlass analysts noted a $240 million net inflow on November 6, a rare positive sign in an otherwise bearish environment.

On-chain data reveals that Bitcoin whales (wallets holding 10,000–100,000 BTC) have continued to accumulate, purchasing an average of $1.96 million per order in October despite the market's volatility.

Analysts remain divided on the outlook. Galaxy Digital recently lowered its 2025 BTC price target to $120,000 after observing whale sell-offs during October's crash, while others like JPMorgan and Michael Saylor have maintained bullish forecasts, citing historical halving cycles and potential monetary easing. Conversely, Bloomberg Intelligence warns of further downside, noting Bitcoin's current status as the weakest segment of the risk-asset spectrum despite healthy network fundamentals.

Retail sentiment has deteriorated sharply, with the fear and greed index on CoinMarketCap nearing "extreme fear" levels. Institutional participation has also waned, with liquidity in the crypto market thinning by 30% from its 2025 peak. Traders are now hedging against volatility, with options markets showing surging open interest for bearish contracts at $85,000 and $90,000 strike prices.

The market's fragility is further highlighted by the struggles of Bitcoin accumulator companies like Strategy Inc., whose enterprise value now risks falling below its $60 billion BTC holdings. Michael Saylor, the firm's co-founder, has urged investors to "hodl" amid the selloff, though his stock has dropped over 30% this year.

As Bitcoin grapples with its worst performance since the 2024 halving, the path forward hinges on macroeconomic clarity and renewed institutional inflows. With support levels near $90,000–$100,000 closely watched, the cryptocurrency faces a critical juncture in its quest to reclaim mainstream legitimacy.