Bitcoin extends its slide as risk sentiment weakens across markets – London Business News | London Wallet

Bitcoin slumped to its lowest levels since May, briefly testing the $97,000 area and closing below $100,000 for the first time in months.

The drop reflects a broader unwinding in risk assets as markets reassess the fragility of the macro backdrop.

Bitcoin’s sharp decline acceler­ated as relief from the U.S. government reopening faded and the odds of a December rate cut fell sharply.

The token is effectively mirroring the drawdown in stock market and other growth-sensitive assets, with deleveraging pushing long liquidations higher and reducing buyers’ willingness to defend key levels.

This combination leaves prices more vulnerable to sharper downside pressure and creates an environment where shorts can take control more easily.

Flows confirm the fragility of positioning. According to SoSo Value, spot bitcoin ETFs saw $277.98 million in outflows yesterday, the largest for November. CoinGlass data shows over $586 million in long futures positions were liquidated yesterday and another $330 million today. Total crypto futures open interest has dropped toward $140 billion, near July lows, underscoring how traders are stepping back from directional exposure.

The move in bitcoin has unfolded alongside a broader reversal in equities as shutdown relief quickly gave way to anxiety over incoming economic data. Investors are bracing for a wave of delayed releases that could reshape expectations for monetary policy. Wall Street Journal quoted experts saying that markets have been “in the dark for 40 days,” and the sudden return of data could increase volatility across major asset classes.

The expensive valuation of stocks is accelerating this downturn in the broader market. According to Mark Malek of Siebert Financial, investors remain invested in equities but are increasingly unwilling to pay peak valuations for premium tech, particularly with uncertainty returning to the macro landscape.

To make things worse, CME FedWatch Tool now places the chances of a December cut near 50 percent compared with around 70 percent a week ago and more than 90 percent a month earlier. The shift has added pressure on high-valuation tech names that had driven much of this year’s rally.

Bitcoin remains deeply tied to this macro narrative and broader stock market sentiment. Rising uncertainty around the policy path, combined with renewed equity volatility and long-term holders selling heavily, reinforces a market where conviction is scarce. With liquidity thin and leverage resetting, bitcoin’s path will continue to depend heavily on how the broader market digests the coming data releases and shifting rate expectations.