Bitcoin has been in a slump over the last three days, losing about 10% of its market value as the main cryptocurrency fell from around $108,000 to about $97,000. The market went down fast, hitting key short-term levels and pushing out positions that had been untouched since October.
Samson Mow, the face of the ongoing $1 million Bitcoin debate, dismissed the whole decline with one comment, calling it an “obvious bear trap.”
Glassnode recorded the largest realized-loss print of the quarter during the drop, when coins in the 3-6 month age band moved and roughly $600 million were lost within one hour. This cohort usually reflects holders who are not highly reactive, so seeing them exit in size signals that frayed nerves finally broke.
The Bitcoin price is behaving in a similar way. When it fell to $97,000, it was snapped up straight away by the spot markets once the forced liquidation waves had passed. Most of the pressure came from overextended positions rather than widespread distribution.
Cleanup
Derivatives desks pointed to three concentration zones — around $101,000, $99,500 and $97,800 — where old longs were wiped out. Once those pockets were cleared, the tape no longer showed the aggressive follow-through that you would normally see with a deeper unwinding.
When you put it all together, the mix of local capitulation, liquidation-driven flow and fast spot response makes it look like the move was more of a cleanup than a structural break.
That is the background behind Mow’s comment, and it keeps the focus on how Bitcoin is doing around the $97,000 mark now that forced selling has passed.