Bitcoin breaks below $100,000… major virtual assets fall 8~16%

Bitcoin (BTC) slipped below $100,000, with major virtual assets (cryptocurrencies) broadly showing declines. A slowdown in exchange-traded fund (ETF) inflows and increased selling by long-term holders were cited as the main factors for the bearish shift.

On the 17th (local time), according to CoinDesk, Bitcoin fell to as low as $96,600 in early Asian trading, marking its lowest level since May. The adjustment in risk assets centered on U.S. technology stocks and weakening institutional demand appeared simultaneously, increasing downward pressure.

Ethereum (ETH) was $3,182, down 12% over the week, and XRP (XRP) was $2.25, down 8.8%. Solana (SOL) slid to $140, down 16.5%, the largest drop among major assets. Dogecoin (DOGE) and Cardano (ADA) stood at $0.161 and $0.491, respectively.

Market structure deterioration was also observed. 10x Research said, "ETF inflows have slowed for two consecutive weeks and selling by long-term holders has increased, putting the market into a bearish phase." Retail investor flows also remain at limited levels.

Technically, key support levels have also been breached. The crypto derivatives platform Bitunics analyzed, "Bitcoin fell below the monthly close price of $100,266, making the $93,000~$95,000 range a short-term support level," and added, "If that range is lost, the market could open down to $89,600." On a rebound, $100,200 and $107,300 were cited as resistance levels.

Nick Ruck, an analyst at LVRG Research, forecasted, "For Bitcoin to be supported around $92,000, the FOMC minutes to be released next week must confirm a dovish tone."