Bitcoin News Today: Bitcoin's Sell-Off: Corporate Deleveraging or Market Manipulation?

Bitcoin's recent price volatility has intensified debates over whether bearish market narratives are being amplified by sellers seeking to drive prices lower, according to analysts. As the cryptocurrency tumbled below $100,000 for the first time in three months on Nov. 4, 2025, liquidations exceeded $1.3 billion, with Bitcoin accounting for $445 million of the losses, according to Yahoo Finance. The sell-off coincided with increased offloading by large holders, or "whales," and corporate entities like Sequans Communications, which sold 970 BTC—worth $94.5 million—to reduce debt, according to CryptoNews.

Bitcoin analyst PlanC argued on the Mr. M Podcast that traders who have sold their holdings may be fueling bearish sentiment to benefit from lower prices. "The whole point of you selling is to think that the bear market is coming," PlanC said, noting that such actors often use social media to promote pessimistic forecasts, in a TradingView report. This aligns with broader market pressures, including a cooling corporate Bitcoin treasury strategy, where firms leveraging debt to accumulate BTC face heightened risks as prices fall, CryptoNews reported.

The recent downturn follows a broader correction in the crypto market, with Bitcoin losing 20% of its value from October highs near $124,500.

Contributing factors include macroeconomic concerns, such as U.S. Supreme Court deliberations on tariff enforcement reigniting trade war fears, as noted by Yahoo Finance, and declining institutional buying. U.S. spot Bitcoin ETFs recorded $187 million in outflows on Nov. 3, signaling profit-taking by institutions amid uncertainty, the same Yahoo Finance report said.

Corporate Bitcoin holdings, once seen as a stabilizing force, have also come under scrutiny. Sequans' deleveraging move and American Bitcoin Corp.'s recent purchase of 139 BTC to expand its strategic reserve to 4,004 BTC highlight diverging strategies, CryptoNews reported. While companies like American Bitcoin view dips as buying opportunities, others, such as Sequans, prioritize debt reduction amid tightening liquidity conditions.

Despite the bearish outlook, some analysts suggest the current correction could be a reaccumulation phase rather than the start of a new bear cycle. On-chain data from platforms like Glassnode indicates that unrealized losses are moderate compared to historical bear markets, with Bitcoin's stress levels at 3.1%, far below the 10% threshold that typically triggers capitulation, in a Yahoo Finance piece. PlanC posited that $98,000 could serve as a key support level, with a "decent chance" that the recent low marks a bottom, according to TradingView coverage.

However, not all experts share this optimism. Bloomberg's Mike McGlone warned that a break below $100,000 could trigger a cascade to $56,000, citing high correlation with the S&P 500 and broader market risks, as reported by Yahoo Finance. Meanwhile, Michael Saylor's Strategy (formerly MicroStrategy) continued its aggressive Bitcoin accumulation, raising $715 million via preferred shares to buy more BTC even as its stock price fell, as BeInCrypto reported.

The interplay between corporate actions, macroeconomic factors, and self-serving market narratives underscores the complexity of Bitcoin's current phase. While sellers may be amplifying bearish sentiment, institutional and on-chain indicators suggest the market could stabilize before entering a prolonged downturn.