rewrite this title 10x Research: Forced Unwinding By ETF Investors Drives Bitcoin’s Decline

by
Alisa Davidson

Published: November 21, 2025 at 9:40 am Updated: November 21, 2025 at 8:44 am

by Ana

Edited and fact-checked:
November 21, 2025 at 9:40 am

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10x Research, a firm focused on digital asset analysis for wealth managers and cryptocurrency service providers, has published a report examining recent market activity in Bitcoin. 

Analysts highlight that Wall Street investors 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 part of a structural adjustment rather than being driven by long-term, early adopters. Liquidity is tightening in critical price zones while institutional flows are showing signs of stress, and shifts in wallet behavior indicate broader changes in market dynamics. 

Since mid-2024, wallets holding between 100 and 1,000 BTC have been accumulating at an accelerated pace, increasing their combined holdings from 3.9 million BTC to 5.17 million BTC, largely sourced from mega-whales, including legacy holders, miners, and early investors. 

This growth is thought to reflect institutional participation, such as from firms like MicroStrategy and BlackRock, which distribute their holdings across hundreds of wallets. 

Analysts note that the current sell-off is being driven by these newer, institutional participants, particularly ETF investors, who are liquidating positions regardless of price. 

The market is experiencing a forced unwinding of trades that did not perform as expected, with risk management interventions determining the pace of liquidation.

Bitcoin Falls To $83K Amid $2B Liquidations And ETF Outflows

As of the latest update, Bitcoin is trading at $83,327, reflecting a 9.14% decline over the past 24 hours. During this period, the price fluctuated between a low of $80,760 and a high of $91,757, according to CoinMarketCap. The overall cryptocurrency market capitalization stands at $2.87 trillion, down 8.08% over the same timeframe, while the total trading volume across all digital assets reached $279.97 billion, marking a 52.64% increase.

The market experienced volatility, with nearly $2 billion in leveraged positions liquidated as Bitcoin briefly dropped to around $82,000. Data from CoinGlass indicates that over 396,000 traders were affected, including the largest single liquidation of $36.78 million on the Hyperliquid decentralized exchange.

This sell-off comes amid consecutive market disturbances this month, driven by accelerating ETF outflows and mixed macroeconomic sentiment, pushing Bitcoin to multi-month lows. 

Bitcoin ETFs recorded $903 million in net outflows on Thursday, the second largest since their inception, with analysts suggesting that redemptions from Wall Street investors contributed to the decline.

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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