Bitcoin News Today: Executives Load Up on ETH, BTC Amid $1.1B Sell-Off, Cite 100x Potential

Bitcoin fell below $90,000 on Friday, marking a fresh decline in a volatile market amid growing speculation that the bottom could emerge within weeks. Executives from BitMine and Bitwise, two major players in the crypto space, signaled cautious optimism, with BitMine's Tom Lee predicting a long-term "supercycle" for Ethereum and Bitcoin. The sell-off, which saw $1.1 billion in liquidations over 24 hours, has intensified scrutiny on institutional demand and macroeconomic factors, including Federal Reserve policy and ETF outflows.

BitMine Immersion Technologies, the publicly traded Ethereum treasury firm, added 54,156 ETH ($170 million) to its balance sheet last week, bringing its total holdings to 3.559 million ETH-nearly 3% of the circulating supply. Despite Ethereum's 11% weekly drop and a 35% decline from its August peak, BitMine Chairman Tom Lee remains bullish. He cited a 100x price potential for Ethereum over the long term, mirroring Bitcoin's trajectory since 2017. "Both of these suggest a crypto cycle top likely 12-36 months away," Lee said. His comments follow a broader market correction triggered by a $19 billion liquidation event in October, which he attributed to a "wounded market maker" reducing liquidity.

Meanwhile, Bitcoin-focused firms are doubling down. Hyperscale Data, an AI data center company, purchased 59.76 BTC ($6 million) during November 10–14, averaging $100,405 per coin. The firm's dollar-cost-averaging strategy underscores confidence in Bitcoin's long-term value, even as prices remain below $100,000. Bitwise Asset Management CEO Hunter Horsley echoed this sentiment, calling current Bitcoin levels a "reasonable entry point" for institutional investors. Bitwise reported its largest quarterly inflows in seven years, despite ETF outflows totaling $870 million in a single day.

Market fundamentals remain bearish. U.S. spot Bitcoin ETFs recorded their second-largest outflows since launch, while Ethereum ETFs saw $260 million in withdrawals. On-chain data reveals intensified selling pressure, with long-term holders (LTHs) offloading 815,000 BTC in 30 days-the highest since early 2024. The 365-day moving average at $102,000 has become a critical support level; breaking below it could accelerate a deeper correction.

Federal Reserve officials have also weighed on market sentiment. Dallas Fed President Lorie Logan reiterated opposition to a December rate cut, emphasizing that inflation remains too high. Minneapolis Fed's Neel Kashkari, though undecided on the next move, noted the economy's resilience. These signals have kept interest rates elevated, dampening risk-on sentiment and exacerbating crypto's underperformance against traditional assets.

Despite the near-term turbulence, structural catalysts persist. BitMine highlighted asset tokenization and favorable regulation as long-term drivers, while RockToken and FY Energy introduced infrastructure-backed investment models to attract institutional capital. These innovations aim to position crypto as a stable, yield-generating asset class amid regulatory clarity and growing adoption.