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)