Bitcoin slips 4% to $103K amid sell-offs

Bitcoin slipped to a low of $103,100 in the past 36 hours, a 4.0% decline from its weekly high. The downturn coincided with a 10-point drop in the Crypto Fear & Greed Index, now sitting at 61, its lowest in the week.

According to a poll conducted by market intelligence platform Santiment Feed on social platform X, more than 50% of respondents are in support of “buying the dip.” Meanwhile, 28% said they expect prices to fall further below $100,000 and are prepared to sell their holdings.

Bitcoin Fear and Greed Index is 61. Greed
Current price: $104,493 pic.twitter.com/u3EeLb7fhN

— Bitcoin Fear and Greed Index (@BitcoinFear) June 13, 2025

Even after Friday’s sell-off, Bitcoin has recovered modestly to trade near $105,000, ahead of the expiration of roughly 28,000 Bitcoin options contracts, worth an estimated $3 billion. Similar expiries last week had minimal impact on the spot market, but BTC’s recent price action shows there could be a further pullback in prices.

On-chain data mulls accumulation amid pullback

On Tuesday, June 11, Bitcoin briefly surged back to $110,000, testing its all-time high last reached in late May. Yet, per CryptoQuant contributor Crypto Dan, whales refrained from profit-taking. 

On-chain data from the analytics platform showed that large holders added to their positions instead of exiting the market. That day alone, accumulation wallets received 30,784 BTC, worth approximately $3.3 billion, raising their collective holdings to 2.91 million BTC. The average entry price for these wallets now stands around $64,000.

Amr Taha, an on-chain analyst, indicated a growing divergence between Bitcoin’s price and Binance’s Open Interest (OI). 

Although the price retested all-time highs on June 11, Binance’s OI failed to match levels seen during the previous peak in late May. This discrepancy hints at weakening participation in the futures market, often a precursor to short-term volatility.

Stablecoin withdrawals and negative net taker volume spell red

Over $750 million worth of stablecoins were removed in recent days, a move reminiscent of similar outflows on May 29. Analysts say such large-scale withdrawals often reflect de-risking behavior or capital rotation when they align with price highs. 

Binance’s Net Taker Volume, a measure of selling versus buying, spiked to -$197 million, the most negative reading since June 6. The metric shows traders could be dumping Bitcoin at market prices rather than placing passive orders, also deemed as panic-selling.

The seven-hour moving average of this indicator has remained negative since June 12. Still, looking at previous occurrences, such extreme net-taker sell-offs have also marked short-term bottoms. For instance, after a similar reading on June 6, Bitcoin rebounded by 4% within 24 hours.

“The net taker volume and geopolitical panic have created a high-risk, high-reward setup. While short-term volatility may persist, the conditions resemble past recovery scenarios,” analyst Tah commented.

Friday’s downturn was compounded by an early morning military strike by Israel on Iran, triggering sell-offs across global risk assets. Crypto markets were hit especially hard, with leveraged long positions unwound en masse as traders scrambled to exit positions.

Analysts note that high-risk assets like Bitcoin are liquidity sources during times of crisis, which could be why exit positions and liquidations spiked during the early Asian trading sessions. The combination of fear and technical exhaustion may have driven Bitcoin’s drop from $110,000 to $103,000.

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