Bitcoin falls under $101K: Analysts say BTC is 'underpriced' based on fundamentals

BTC just tanked to $100,800 on Tuesday — down 10%+ this week and tracking the Nasdaq 100 futures' 1.67% drop as risk assets got wrecked. When Nasdaq drops >1.5% in a day, Bitcoin has a 75% chance of going red with an average -2.4% slide, per Ecoinometrics data. But here's the plot twist: analysts say this weakness is straight up unjustified by fundamentals.

Spot Bitcoin ETF inflows have definitely cooled since early October — first two weeks of Q4 pulled in $5B+ net inflows, but the last four weeks saw ~$1.5B in outflows. Still, the overall net inflow balance stays positive, proving long-term investor appetite for BTC exposure is still alive and kicking.

Globally, crypto ETPs echoed the slowdown — last week saw $246.6M in net outflows, driven by $752M in Bitcoin exits. iShares Bitcoin Trust (IBIT) led the exodus with $403M out, while Grayscale's GBTC lost $68M.

Onchain metrics paint a nuanced picture: sell-side pressure eased from $835M to $469M week-over-week, while long-term accumulation stays strong. Bitcoin whales sent modest ~4,900 BTC to exchanges — cautious repositioning, not panic. Exchange-held reserves dropped to 2.85M BTC, reinforcing the accumulation trend even as BTC trades below its 200-day moving average ($108K) and short-term holder cost basis of $113K.

CryptoQuant data suggests the Stablecoin Supply Ratio (SSR) has dropped back to the 13–14 range — the same zone that triggered Bitcoin's rebound earlier this year. Historically, this level marks liquidity turning points where rising stablecoin balances signal growing 'buying power' on the sidelines.

With Bitcoin trading at $101,800, the low SSR hints that stablecoin liquidity is quietly building again — potentially setting up a relief rally or the final bullish leg of this cycle. But each successive SSR rebound has been weaker, suggesting while another upside phase is possible, the market's underlying liquidity momentum might be fading.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.