Bitcoin Nears $100K as Bear Market Fears Intensify

The Bitcoin sell-off gained significant momentum as corporate treasury firms began liquidating their holdings. Sequans Communications, one of the prominent BTC treasury companies, announced it had redeemed 50% of its convertible debt by selling 970 units of the cryptocurrency. This strategic move reduced the company’s total outstanding debt from $189 million to $94.5 million, while simultaneously cutting its Bitcoin stash from 3,234 to 2,264 coins. The decision represents a substantial reduction in corporate Bitcoin exposure and signals growing caution among institutional holders.

The timing of Sequans Communications’ sell-off coincides with Bitcoin’s precarious position near the $100,000 psychological support level. By reducing its debt obligations through cryptocurrency liquidation, the company demonstrates a shift in risk management strategy that other corporate treasuries may follow. This development marks one of the most significant corporate Bitcoin divestments in recent months and adds substantial selling pressure to an already fragile market structure.

Adding to the corporate selling pressure, large Bitcoin holders known as ‘whales’ have significantly contributed to the downward momentum. According to popular analyst Ali Martinez, whales offloaded approximately $272 million worth of Bitcoin during the recent price decline. This substantial liquidation from major holders represents one of the largest single-day whale sell-offs in recent weeks and has intensified immediate selling pressure on the asset.

The coordinated selling from both corporate treasuries and large individual holders creates a perfect storm for Bitcoin’s price stability. When whales begin offloading positions of this magnitude, it typically signals diminishing confidence among the cryptocurrency’s most influential stakeholders. The $272 million sell-off represents a clear shift in sentiment from the market’s largest participants, who had previously been accumulating during price dips throughout 2025.

Bitcoin’s technical picture has deteriorated significantly over the past week, with the cryptocurrency now meeting the technical definition of a bear market. The asset has retraced by roughly 20% since its all-time high marked less than a month ago on October 6th. This decline prompted The Kobeissi Letter to officially categorize Bitcoin as entering bear market territory, noting the -20% drop from record highs as a critical technical threshold.

The current price action represents a dramatic reversal from Bitcoin’s recent bullish momentum. Just last Tuesday, BTC challenged the $116,000 resistance level only to be rejected and driven south hard. The beginning of the current business week proved particularly painful, with Bitcoin stopped at $111,000 on Sunday before dumping by $10,000 to just under $101,000. This represents one of the most significant weekly declines since Bitcoin’s June consolidation below $100,000.

The broader cryptocurrency market has mirrored Bitcoin’s weakness, with altcoins suffering even more severe losses. TAO led the adverse trend with a massive 18% decline, followed by IP, APT, KAS, OKB, TON, and SOL. Major large-cap cryptocurrencies including ETH, XRP, BNB, and SOL declined between 6-8.5%, indicating widespread market weakness beyond just Bitcoin’s specific challenges.