Strategy Inc., Michael Saylor's Bitcoin treasury company, traded below its net asset value for the first time in nearly two years as Bitcoin dropped under $100,000. The company's market capitalization reached $57.40 billion while its 641,205 BTC holdings are valued at approximately $61.3 billion. This creates roughly a 6% discount for investors purchasing MSTR shares compared to direct Bitcoin acquisition.

Bitcoin's roughly 25% drop from its all-time high near $126,000 represents a short-term correction rather than a cycle-peak downturn, according to Bernstein analysts. The firm points to rising institutional ownership in ETFs—from 20% to 28%—and substantial absorption of long-term holder supply through $34 billion in combined ETF inflows and corporate purchases. Strategy's conservative leverage and structural tailwinds including political support and favorable liquidity conditions suggest a shallower consolidation than the 60-70% drawdowns of previous cycles.

U.S. spot Bitcoin exchange-traded funds recorded net outflows of $866 million on November 13, marking the second-largest single-day redemption since these products began trading in March 2024. The withdrawals occurred as Bitcoin's price fell below $95,000. Grayscale's GBTC led with $318.2 million in redemptions, followed by BlackRock's IBIT at $256.6 million and Fidelity's FBTC at $119.9 million.

US spot Bitcoin ETFs posted $1.11 billion in net outflows for the week ending November 14, marking the third consecutive week of withdrawals, according to SoSoValue data. BlackRock's IBIT fund led exits with $532 million, while Grayscale Bitcoin Mini Trust saw nearly $290 million depart. Bitcoin traded near $95,647, a six-month low, as cryptocurrency markets recorded $617.45 million in liquidations within 24 hours.

US spot Bitcoin exchange-traded funds recorded net outflows of $1.11 billion during the week ending November 14, 2025, data show. BlackRock's IBIT fund led withdrawals with $532.41 million in net outflows. Grayscale Bitcoin Mini Trust saw nearly $290 million in net weekly outflows, while total net assets under management for spot Bitcoin ETFs reached $125.34 billion.

Bitcoin briefly dropped below its January 1 opening price during weekend trading, eliminating year-to-date gains. The cryptocurrency touched $93,100 before recovering to approximately $94,500, marking a 25% retreat from its October record high. The decline occurred despite favorable regulatory developments and the resolution of the U.S. government shutdown.

Bitcoin dropped to $93,000 on Sunday, its lowest level in six months and 25% below its early October all-time high. The Kobeissi Letter analysts attribute the decline to institutional outflows and excessive leverage, noting that crypto-focused funds recorded $1.2 billion in net outflows during the first week of November. Despite the price drop, analysts say fundamentals have improved, with declining U.S. inflation and supportive policy signals from Washington.

Bitcoin could experience upward movement in early 2026, but analysts caution this bounce may precede a deeper downturn in the second quarter. Market structures show similarities to March 2025 patterns. Liquidity conditions and investor sentiment indicators suggest challenges ahead, according to analyst EndGame Macro.