Bitcoin fell below $100,000 in early November, nearing six-month lows and extending losses that began during the crypto market’s so-called Black Friday in mid-October, as a global risk-off wave gripped financial markets. Global stocks and other risk assets came under heavy pressure amid mounting concerns over stretched AI valuations and lingering uncertainty about a potential US rate cut in December. Spot bitcoin ETFs saw significant outflows, with BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, and Grayscale’s Bitcoin Trust collectively shedding about $1.3 billion since October 29, according to industry data. Altcoins such as ether and solana suffered deeper declines, while bitcoin-related stocks including Coinbase and MicroStrategy also slumped.