BTC is down $15,000 in a week.
Bitcoin cannot catch a break on Tuesday as its adverse price movements continue to hit new lows, the latest of which stood at just under $101,000.
Now that the asset is on the verge of its first price drop below $100,000 since June, whales and treasury companies have begun to unwind, while some analysts believe this is the official start of a bear market.
Sequans Communications, one of numerous BTC treasury firms, announced today that it had exchanged 50% of the convertible debt issued to buy bitcoins by selling 970 units of the cryptocurrency. Thus, it reduced its total outstanding debt from $189 million to $94.5 million. Your BTC reserve has fallen from 3,234 to 2,264.
In another bearish development, which intensified immediate selling pressure on the asset, whales had offloaded the asset worth $272 million, as reported by the popular analyst Alí Martínez.
These moves have only added to the overall negative outlook in the crypto industry over the past week. Recall that BTC challenged the $116,000 resistance last Tuesday only to be rejected and pushed south.
The beginning of the current work week has been particularly painful. Bitcoin stopped at $111,000 on Sunday and has dropped $10,000 since then to just under $101,000 hours ago.
Furthermore, the cryptocurrency has retreated approximately 20% from its all-time high marked less than a month ago. As such, the Kobeissi Letter listed it as the beginning of the bear market.
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BREAKING: Bitcoin officially enters bear market territory, now down -20% from its all-time high seen on October 6.
We live in the most exciting market in history. pic.twitter.com/EHoyb8xsZK
— Kobeissi’s letter (@KobeissiLetter) November 4, 2025
Altcoins have been in an even worse state over the past day. TAO leads the adverse trend with a massive 18% drop, followed by IP, APT, KAS, OKB, TON, SOL and many others.
Larger caps have also suffered greatly, with ETH falling 7%, XRP down 6%, BNB down 8%, and SOL down 8.5%.
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