Bitcoin's sharp decline, erasing $1 trillion in value, is resetting excessive financial leverage rather than undermining its long-term investment case, according to Devere Group CEO Nigel Green on 18 November. He attributes the drop to rapid unwinding of borrowed bets, accelerating liquidations across exchanges and pressuring global risk sentiment. Green emphasized that the core case for Bitcoin and major digital assets remains intact, with leverage cycles distorting short-term prices but not structural trends.

The broader macro environment is amplifying volatility, driven by concerns over jobs, AI and tech momentum, tariffs, and Federal Reserve decisions. These factors shape sentiment but do not alter Bitcoin's trajectory or emerging opportunities in AI and technology. Green noted historical patterns show quick reversals once pressure eases, with deleveraging strengthening market foundations for sustainable future gains. Investors await renewed confidence as excesses clear.

On 17 November, Bitcoin ETFs marked their fourth consecutive day of outflows, totaling $254.51 million, led by BlackRock's IBIT ($145.57M loss), Grayscale's GBTC ($34.52M), ARK & 21Shares' ARKB ($29.67M), VanEck's HODL ($23.32M), Fidelity's FBTC ($11.97M), and Bitwise's BITB ($9.46M). Ether ETFs saw fifth-day outflows of over $193 million from BlackRock's ETHA, with net assets falling. In contrast, Solana ETFs bucked the trend with inflows: Bitwise's BSOL ($7.31M) and Grayscale's GSOL ($0.9478M).

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### Bitcoin Market Analysis: Short-Term vs. Long-Term Holders

In a November 18, 2025, analysis by Alessandro Adami, short-term Bitcoin holders (STH)—those moving coins within the last 155 days—face unprecedented losses. The STH Holder Supply in Profit/Loss Ratio indicates the highest historical level of supply in loss, surpassing the 2022 FTX crash panic. Recent months' anomalous price action and downside volatility have exacerbated this, with STH unrealized losses and red sales surging.

The Spent Output Profit Ratio (SOPR) shows STH unable to sell profitably (SOPR >1) since the October 10, 2025, collapse, mirroring local bottoms in April 2025 and August 2024, where they sold to "strong hands." In contrast, long-term holders (LTH, >155 days) maintain a positive SOPR, with an average cost basis of $66,000, weathering the -15% monthly drop calmly. LTH negative SOPR only occurs in late bear markets, signaling buy opportunities.

Adami advises against blaming "manipulation" for losses, urging STH to adopt patient, long-term strategies and balanced portfolios beyond crypto. He references Alessio Ippolito's Substack for allocation insights, noting speculation's role but warning against improvisation.

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A Vietnam War Veteran in Florida fell victim to a scam that began with a deceptive computer pop-up message, convincing him his money was at risk of theft. He attempted to deposit thousands of dollars in cash into a Bitcoin ATM to protect his funds.

Police intervened just as the man was loading the cash, persuading him to stop and recovering the money. The incident highlights a rising trend of scams exploiting Bitcoin ATMs, where criminals trick victims into converting cash to cryptocurrency.

The story was reported by NBC News correspondent Liz Kreutz on Nov. 19, 2025. (98 words)

Bitcoin (BTC) briefly slipped below $90,000, trading at $89,900 as of mid-November 2025, down from its October peak near $115,000. Traders monitor the $90K support zone, where historical liquidity accumulates, prompting defensive stops and opportunistic long entries. On October 27, expectations were for a drop to $100K–$90K; now at $89.9K, a rebound to $97K and potential breakout to $107K are anticipated if resistance at $96,000–$99,000 is breached with confirming volume.

Analyst Ali Martinez highlights a new death cross—50-day moving average crossing below the 200-day—via X. Over the past year, such crosses marked local bottoms, though in 2022 it triggered a prolonged bear market. A bearish ABCD pattern on the daily chart suggests correction completion, with key support at $83,800. Historical data from Coin Metrics shows post-high corrections lasting 12–18 months, forming accumulation zones at $50K and $30K; optimal entry is after a full correction into 2027+ with a green monthly candle, per illuminati K027 on TradingView. FadeMeIfYouCan on TradingView notes overshoots below $90K often precede 5–8% rebounds.

Institutionally, the Singapore Exchange (SGX) plans to launch perpetual Bitcoin and Ether futures for accredited investors, bridging traditional finance and digital assets. Cryptocurrency ETPs saw $2 billion outflows last week—the largest since February 2025—due to selling by large crypto-native investors and monetary policy uncertainty, per James Butterfill of CoinShares. BTC traded at $90,198.81, down 5.14% in the last 24 hours.

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Arthur Hayes, a prominent market analyst, argues that Bitcoin is suffering from reduced U.S. dollar liquidity. He attributes Bitcoin's support this year to hedge funds engaging in "basis trades" with Bitcoin ETFs, including BlackRock’s IBIT. Hayes predicts further declines before a potential boom, contingent on the U.S. government expanding the money supply.

The crypto market's outlook has deteriorated, with Bitcoin falling below $90,000 for the first time since April on Tuesday morning. It dropped 4.5% over the past 24 hours, according to CoinGecko data, amid transfers from Mt. Gox wallets—roughly 185.5 BTC worth $16.8 million, per Arkham Intelligence. However, renewed buying pressure has lifted Bitcoin 2% in the last five hours, recovering from an intraday low.

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Bitcoin has experienced a volatile week, dropping over 13% in the last 30 days, marking the first negative October close in six years and double-digit November declines. Amid this dip to $89,189 before rebounding toward $94,000, the return of McDonald's McRib sandwich on November 17, 2024, in select U.S. locations has reignited a long-standing crypto meme. Introduced in 1981 and discontinued in 1985, the barbecue pork rib patty has periodic comebacks, tracked by the "McRib Locator" app. Crypto enthusiasts on X (formerly Twitter) jokingly link its returns to Bitcoin pumps, citing past alignments like 2017 (BTC from $6,500 to $19,500 post-October rollout), 2020 halving-era rally, 2021 peak at $68,742 on November 10 after November 1 return, and 2024's six-figure ATH. However, it failed in 2018 bear market, 2019 cooldown, 2022 FTX/Terra crash (BTC below $17,000), and was neutral in 2023 recovery. The meme persists as comedic coincidence, not market driver.

On November 17, Bitcoin ETFs saw $254.51 million in outflows for the fourth straight day, led by BlackRock's IBIT ($145.57 million), Grayscale's GBTC ($34.52 million), ARK & 21Shares' ARKB ($29.67 million), VanEck's HODL ($23.32 million), Fidelity's FBTC ($11.97 million), and Bitwise's BITB ($9.46 million). Trading volume hit $7.66 billion, with net assets at $121.01 billion. Ether ETFs faced $193.04 million outflows from BlackRock's ETHA, extending five-day losses, while Solana ETFs bucked the trend with $7.31 million inflows to Bitwise's BSOL and $947,800 to Grayscale's GSOL.

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### Bitcoin Mining Stocks Amid Market Volatility

Bitcoin mining stock BMNR has declined 24% this week, trading at $30.95. Despite the drop, Bitmine accumulated 54,156 ETH worth over $170 million in the past seven days, indicating strong long-term conviction. With RSI nearing oversold, BMNR could rebound from $30.88 support to $34.94 or $37.27 if conditions stabilize. However, further Bitcoin weakness might push it below $27.80 toward $24.64, invalidating bullish views.

BTDR suffered steep losses, falling 53% over seven sessions to $10.63, amid broad market pressure on miners. Its RSI is deeply oversold, suggesting a potential reversal. Buyers could drive it from $9.56 to $11.92 or $15.24. A breakdown below $9.56 risks a slide to $7.96, extending bearish momentum.

HIVE dropped 29% last week but rose 7.5% today to $3.56, fueled by 285% Q2 revenue growth boosting confidence. It may recover to $4.04 or $5.09 with sustained momentum. Failure could see it fall to $3.00 support, signaling renewed weakness.

For more insights, sign up for Editor Harsh Notariya’s Daily Crypto Newsletter. This analysis is informational only; conduct your own research.

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Bitcoin has entered backwardation, with futures trading below spot prices, signaling market stress and "extreme fear" amid a 30% drop from its all-time high. The three-month annualized basis has fallen to about 4%, its lowest since November 2022, reflecting reduced demand for leveraged long exposure. This compares to a peak of 27% in March 2024, when Bitcoin hit $73,000.

Historical episodes align with market bottoms: November 2022 during the FTX collapse at around $15,000; March 2023 amid SVB and USDC depeg below $20,000; and August 2023 following Grayscale ETF news, driving prices toward $25,000 before a rebound. Thomas Young, Managing Partner at RUMJog Enterprises, notes via X that backwardation is rare and often marks capitulation, leading to reversal or a final flush bottom.

In the Asia Morning Briefing (Nov 14, 2025), Bitcoin's slide under $90,000 showed no deep correction, with stable XRP/BTC and ETH/BTC ratios and balanced top-20 rankings indicating a fundamentals-driven market. Tokens with utility, staking, or institutional demand hold value, while speculative assets weaken. Asia-Pacific markets were mixed, with Japan's Nikkei 225 up 0.5% despite Wall Street tech declines.

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