Bitwise Chief Investment Officer Matt Hougan likens Bitcoin's current market behavior to the post-IPO consolidation seen in major tech stocks. BTC briefly fell below $100,000 on Tuesday, roughly one month after reaching a record above $126,000 in early October. Hougan contends the sideways movement reflects institutional absorption of early-holder exits rather than fundamental weakness, and that 5% allocations should now serve as the baseline for investors.

Bitcoin fell below $100,000 for the first time in months despite global M2 money supply hitting a record $95.8 trillion. As of November 5, BTC trades near $104,000, breaking its historical correlation with liquidity expansion. Data show Bitcoin has dropped below its 365-day moving average of approximately $102,000, with CryptoQuant's Bull Score Index reaching zero for the first time since June 2022.

Sequans Communications sold 970 BTC to redeem 50% of its $189 million convertible debt, reducing outstanding obligations to $94.5 million. The IoT semiconductor firm's remaining treasury holds 2,264 BTC, valued at approximately $240 million. Bitcoin trades near $102,000, down 2.45% in 24 hours, with technical indicators showing a descending wedge pattern and RSI at 31.

Bitcoin dropped 10% over the past week to retest $100,000, recording its weakest 30-day performance against the Nasdaq since July 2024. Despite bearish sentiment following October's $20 billion deleveraging event, easing monetary policy, potential 401(k) crypto access, and increased bank participation suggest the decline represents consolidation rather than a cycle peak, according to K33 Research.

Tokyo-listed Metaplanet withdrew $100 million on October 31 from its $500 million Bitcoin-backed credit facility. The loan represents approximately 3% of the company's $3.5 billion BTC reserves. Proceeds will fund additional cryptocurrency acquisitions, expand options trading operations, and potentially support share repurchases.

Bitcoin fell below $100,000 this week, pushing the Fear & Greed Index to 21 and erasing bullish forecasts in the $150,000–$200,000 range. Despite the sharp drop in investor confidence, on-chain data shows network fundamentals remain solid. Exchange withdrawals have increased, hash rate holds near 1.1 ZH/s, and $10.7 billion in stablecoins flowed into Binance, indicating the decline reflects sentiment rather than structural weakness.

Bitcoin fell below $100,000 on Nov. 5, 2025, touching an intraday low of $99,980 before recovering to around $101,700. The decline triggered over $1.7 billion in liquidations across exchanges, with more than $1.3 billion from long positions, data show. Analysts describe the move as a leverage reset rather than a fundamental market shift.

Bitcoin's sideways price action in 2025 represents a transition phase resembling a "silent IPO," with early holders selling to institutional buyers, according to Bitwise Chief Investment Officer Matt Hougan. He characterized this consolidation as a healthy maturation process that positions bitcoin for larger portfolio allocations as volatility declines and mainstream adoption expands.