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- Bitcoin failed to break $110K as long-term holders increased exchange inflows and profit-taking pressure.
- Weak sentiment and ETF outflows of $1.5B left BTC without strong institutional buyers.
The Bitcoin rally that had previously excited the crypto market abruptly halted at $110,000. At the time, the market was flooded with positive news, ranging from Donald Trump’s $2,000 “tariff dividend” plan to a deal to reopen the US government.
However, according to XWIN Research Japan on CryptoQuant, all this euphoria wasn’t strong enough to break through a key psychological barrier.
Macro Pressure Meets Long-Term Selling
XWIN Research explains that the first obstacle comes from the macro side. Although the Fed cut interest rates in October, Chairman Jerome Powell emphasized that a subsequent cut in December was not guaranteed.
This statement dampened expectations of immediate monetary easing, and the effects were quickly felt in the risk asset market. It’s no wonder some investors chose to secure profits early.
On the other hand, regulatory uncertainty also persists. While the Trump administration appeared to be friendly to crypto through policies like the GENIUS Act, many states still have a tough stance on digital assets.
This situation has created confusion among institutions seeking to enter but worried about legal risks. “The crypto market is experiencing a push-and-pull phase between political support and legal tensions,” the XWIN report stated.
However, the most interesting factor comes from the behavior of long-term holders. Based on on-chain data, Bitcoin inflows from long-term holders (LTHs) to exchanges have nearly doubled compared to normal levels. The $107,000–$118,000 area has been identified as a major resistance zone.
Analyst Ali Martinez even added that long-term holders are now at the peak of their selling activity, with a total of 371,584 BTC dumped since July. This situation makes it increasingly difficult for market supply to be matched by new demand.
Long-term holders are currently at peak spending, having already sold 371,584 Bitcoin $BTC since July. pic.twitter.com/F4IcLib5lP
— Ali (@ali_charts) November 11, 2025
Bitcoin Confidence Wavers Amid Weak Sentiment
The LTH-SOPR indicator, which monitors profit-taking by long-term holders, is now around 1.6, down significantly from its mid-year peak.
According to XWIN, this figure indicates weakening confidence among long-term investors who sell when prices are strong, but with smaller profit margins.
“They’re still selling, but not with the same enthusiasm as before,” the research team stated.
Furthermore, market sentiment has not fully recovered. Last October saw record liquidations of long positions, followed by withdrawal issues at MEXC and several major hacks in the DeFi sector.
The ETF fund flows that had previously driven the rally reversed course at the end of the month, recording outflows of $1.5 billion. As a result, the market lost one of its strongest sources of liquidity.
However, there is some hope. CNF previously reported that banks and whales continued to accumulate quietly while retail investors panicked and sold.
This pattern resembles the bottom phase of previous market cycles, indicating that behind the mass fear, there are still significant hands that believe in Bitcoin’s future.
Meanwhile, as of the writing time, BTC is changing hands at about $105,266, down 0.87% over the last 24 hours and 1.17% over the last 7 days.
