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[QCP: Bitcoin Tests $100,000 Support Level, ETF Redemptions Intensify Market Pressure] On November 5, QCP Capital stated that Bitcoin's price declined due to the strengthening of the US dollar and uncertainty surrounding Federal Reserve policies, testing the critical support level of $100,000. U.S. spot Bitcoin ETFs saw continuous redemptions totaling approximately $1.3 billion over four days, intensifying market pressure. When the price hit a low point, passive liquidations exceeded $1 billion, and market makers' short gamma positions amplified volatility. The $100,000 threshold has become a market watershed, with the stability of ETF fund flows potentially being the key factor.