Bitcoin and Ethereum saw notable price action over the weekend as over $100 million worth of positions were liquidated across exchanges, according to a report from QCP Capital. Despite the dip, Bitcoin is trading at $94,414 as of November 25, down 3.95% in the last 24 hours, while Ethereum remains above its $3,200 support level, per CoinMarketCap.

The recent downturn in Bitcoin coincides with a net outflow of $438 million from Bitcoin spot markets, marking the first outflow after five consecutive days of inflows, according to SoSo Value. In contrast, BlackRock’s Bitcoin ETF recorded a daily inflow of $268 million, pushing its total net asset value to $102.23 billion.

QCP Capital noted that backend volatility remains elevated, with market sentiment suggesting Bitcoin may trade sideways until December. While Bitcoin remains under pressure from a significant sell wall at $100,000, Ethereum has gained attention, with risk reversals skewed heavily in favor of frontend call options.

QCP further highlighted that Bitcoin dominance has dropped from 62% to 59% in the past week, potentially signaling a rotation toward Ethereum and other altcoins as Bitcoin struggles to surpass the $100,000 milestone.

Meanwhile, Michael Saylor, executive chairman of MicroStrategy, hinted at plans to purchase additional Bitcoin. MicroStrategy’s past acquisitions have been instrumental in driving Bitcoin’s price surges, and market participants are closely monitoring whether a new purchase could propel Bitcoin to six-digit territory.

The potential influence of macroeconomic factors, such as pro-crypto policies expected to take effect next year under former President Donald Trump, has also been cited by QCP Capital. Bitcoin call options have seen increased bids for December 27, 2024, reflecting optimism about long-term price growth.

With strong spot ETF inflows and increasing interest in Ethereum and altcoins, the market appears divided on whether Bitcoin will reach its $100,000 target soon or cede attention to other digital assets.