Alyssa Davidson
Posted: Nov 21, 2025 9:40 AM Updated: Nov 21, 2025 8:44 AM
Correction and fact check date: November 21, 2025, 9:40 AM
briefly
10x Research reports that Bitcoin’s recent sell-off reflects structural stress caused by institutional ETF liquidations rather than long-term holders.
10x Research, a company focused on digital asset analysis for asset managers and cryptocurrency service providers, has released a report examining Bitcoin’s recent market activity.
Analysts say Wall Street investors have experienced one of the largest liquidations since the introduction of Bitcoin exchange-traded funds (ETFs), signaling more than a typical market correction.
On-chain data suggests that the current sell-off is not driven by long-term early adopters, but rather is part of a structural adjustment. While institutional flows are showing signs of stress, tightening liquidity in key price areas and changes in wallet behavior are indicative of a broader shift in market dynamics.
Since mid-2024, wallets holding between 100 and 1,000 BTC have been accumulating at a rapid pace, increasing total holdings from 3.9 million BTC to 5.17 million BTC, largely sourced from big whales including legacy holders, miners, and early investors.
This growth is thought to reflect the participation of institutions such as companies such as MicroStrategy and BlackRock, which spread their holdings across hundreds of wallets.
Analysts note that the current sell-off is being driven by new institutional players, especially ETF investors who are liquidating their positions regardless of the price.
Markets are experiencing situations where trades that do not perform as expected are forced to be liquidated due to risk management interventions that determine the speed of liquidation.
Bitcoin falls to $83,000 due to $2 billion liquidation and ETF outflow
As of the latest update, Bitcoin is trading at $83,327, down 9.14% in the last 24 hours. During this period, prices fluctuated between a low of $80,760 and a high of $91,757, according to CoinMarketCap. The overall cryptocurrency market capitalization decreased 8.08% over the same period to $2.87 trillion, while the total trading volume of all digital assets increased 52.64% to $279.97 billion.
The market experienced volatility, with approximately $2 billion being liquidated from leveraged positions as Bitcoin briefly fell to around $82,000. According to data from CoinGlass, over 396,000 traders were affected, including $36.78 million, the largest single liquidation on the Hyperliquid decentralized exchange.
The sell-off comes as Bitcoin plunged to multi-month lows amid consecutive market turmoil this month due to accelerating ETF outflows and mixed macroeconomic sentiment.
The Bitcoin ETF recorded net outflows of $903 million on Thursday, the second-largest figure since its inception, which analysts suggested contributed to a decline in redemption prices from Wall Street investors.
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About the author
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles