Bitcoin fell below $100,000 during a sharp market pullback, but Bitfinex said the move looked more like a mid-cycle correction than a full market breakdown. The latest Bitfinex Alpha report said Bitcoin fell 21.46% from its October record before reaching $99,045.
The report said Bitcoin’s short-term holder cost basis of $112,500 failed to hold. This pushed the market toward lower support levels. About 72% of Bitcoin’s supply remained in profit, placing the market near the lower end of the 70% to 90% range that Bitfinex linked to mid-cycle slowdowns.
Bitfinex identified $88,500, the Active Investors’ Realised Price, as an important level to watch. A move back toward $112,500 could still happen, but the report said a stronger recovery would need fresh demand from both large and smaller investors.
🧵🇺🇸 A $2,000 payment for every American from @POTUS, funded through tariffs, would add serious spending power.
Even with hurdles in place, the signal is strong enough for traders to watch closely.
BTC volatility reflects that. https://t.co/lT3RIOSN37
— Bitfinex (@bitfinex) November 10, 2025
Macro signals add pressure to Bitcoin
The market pullback came as economic signals in the United States remained mixed. Corporate borrowing had recovered, but hiring data showed weakness. The October ADP National Employment Report recorded 42,000 new jobs, with most of the gains coming from large companies.
Consumer confidence also fell by 6% in November. This suggested that households were becoming more concerned about hiring conditions and policy uncertainty. For crypto markets, weaker economic data can affect investor risk appetite and the flow of money into assets such as Bitcoin.
At the same time, investors were moving part of their crypto holdings into dollar-pegged stablecoins during the market decline. Ethereum-based stablecoins recorded $2.82 trillion in monthly volume in October, according to the Bitfinex report.
That increase shows that investors are not necessarily leaving crypto markets during periods of weakness. Some may instead be moving between crypto assets and stablecoins while waiting for clearer market conditions.
Also Read: X’s Crackdown on Fake Bitcoin Influencers Exposes How Crypto Scams Thrive on Engagement
Stablecoins and regulation keep expanding
Stablecoin use is also becoming more closely linked to regulated financial markets. Bitfinex noted that Japan’s Financial Services Agency approved a stablecoin pilot involving major banks. Australia’s ASIC also relaunched its Innovation Hub with updated licensing work covering stablecoins and tokenized securities.
These developments matter because stablecoins can act as a bridge between traditional money and crypto markets. Greater regulatory oversight could make it easier for banks and other financial companies to work with these assets.
Bitcoin’s own market structure also showed signs of resilience. On-chain data indicates that Bitcoin miners had not shown major signs of capitulation. Miners facing weak prices may sell some Bitcoin to cover costs, so a lack of heavy selling can reduce one source of market pressure.
The report therefore points to a market that is adjusting rather than simply collapsing. Bitcoin still faces weak demand and important support levels, but stablecoin activity, miner behavior and growing regulatory work show that the crypto market continues to develop even during price corrections.
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