Bitcoin has slumped over the past three days, with the leading cryptocurrency dropping from about $108,000 to about $97,000, losing about 10% of its market value. The market fell rapidly, hitting key short-term levels and pushing out positions that had been untouched since October.
Samson Mo, the face of the ongoing $1 million Bitcoin controversy, dismissed the entire decline in one word: “A clear bear trap.”
Glassnode posted its largest realized loss in the quarter during the downturn. During this time, coins ranging from 3 to 6 months old were moved, and approximately $600 million was lost within an hour. This cohort typically reflects a less reactive holder, so seeing them exit with great size is a sign that a frayed nerve has finally broken.
What an obvious bear trap.
— Samson Mo (@Excellion) November 13, 2025
The price of Bitcoin is also moving in a similar manner. When it fell to $97,000, it was immediately spiked by the spot market once the wave of liquidations passed. Most of the pressure came from overextended positions rather than widespread distribution.
cleaning
The Derivatives Desk pointed to three concentration zones near $101,000, $99,500, and $97,800 where old longs were wiped out. Once these pockets were resolved, the tape no longer exhibited the aggressive follow-through typically seen when unwinding deeper.
Putting it all together, the combination of localized surrenders, liquidation-driven flows, and rapid spot reactions makes it appear that this movement was more of a cleansing than a tectonic disruption.
This is the background to Mr. Mo’s comments, and now that the forced sell-off has passed, all eyes are on how Bitcoin is trending around $97,000.
