Bitcoin weakens after a $25 billion outflow of funds.

Bitcoin is entering a period of weakness after a year of explosive growth. While not experiencing a sharp drop, Bitcoin is fluctuating around $100,000 and is no longer maintaining the upward momentum seen at the beginning of the year. Compared to gold or tech stocks, Bitcoin's approximately 10% increase since the start of the year is considered quite modest.

Bloomberg reports that approximately $25 billion that was previously invested in Bitcoin through ETFs and corporate funds is now being withdrawn. As this large amount of capital flows in the opposite direction, the Bitcoin market loses its key support and its price slows down significantly.

According to experts, a sense of fatigue has emerged among fund managers after months of waiting for Bitcoin to break new highs without success. Markus Thielen, CEO of 10X Research, said many professional investors are losing patience as Bitcoin returns have not met expectations.

He suggested that if Bitcoin continues to fall, risk management departments will require position reductions or complete closures. A portion of this capital could shift to technology stocks like Nvidia – a group that has been delivering outstanding performance this year.

Data shows that Bitcoin ETFs have sold approximately $2.8 billion worth of Bitcoin in the past month alone. If this trend continues until the December Fed meeting, the Bitcoin market could see further capital outflows.

On-chain analysis shows that many long-term investors have gradually reduced their positions while Bitcoin was still in the high price range. If Bitcoin falls below $93,000, there is a possibility of further technical selling pressure from large trading groups.

Citi Research notes a decrease in the number of wallets holding more than 1,000 Bitcoin. Meanwhile, retail investors have seen a slight increase, but not enough to offset the withdrawal from large investors. New money flowing into Bitcoin is slowing down, and the market is beginning to show signs of cooling down.

Even Michael Saylor—an icon of the Bitcoin hoarding business strategy—is under pressure as MicroStrategy's stock largely reflects the value of the Bitcoin the company holds.

Despite the weakening upward momentum, the Bitcoin market has not shown signs of panic. Bitfinex data indicates that the amount of Bitcoin in large wallets (over 10,000 BTC) decreased by only 1.5% in October, too low to be considered a sell-off.

Bitfinex experts believe this is merely a profit-taking phase after the strong rally earlier in the year. Such rebalancing phases typically help Bitcoin reduce volatility, thereby laying the groundwork for a new bull cycle when money flows back in.