Bitcoin’s Bounce After Last Week’s Crash

27th November 2025 • 10mins read

This Week’s Recap

  • Crypto Bulls See $1.7B Liquidations as Bitcoin Swiftly Nears $80K: Bitcoin’s slide toward the low 80,000s triggered about $1,700,000,000 in liquidations and pushed the Crypto Fear & Greed Index deep into extreme fear. The article highlighted how futures open interest dropped sharply, thinning market liquidity as forced sellers exited. NYDIG and other analysts focused on derivative positioning and ETF flows rather than sentiment as the main driver.
  • Bitcoin ETFs Have Bled a Record $3.79B in November: U.S. spot Bitcoin ETFs collectively recorded about $3,790,000,000 in net outflows for November, surpassing the previous monthly record. BlackRock’s IBIT led the redemptions, while newer Solana and XRP ETFs attracted net inflows. The piece pointed investors toward relative strength in these altcoin products as a key flow signal to monitor.
  • BlackRock Bitcoin ETF Sheds $2.47B in November as Outflows Hit Record $3.79B: Cointelegraph reported that IBIT alone accounted for about 63 % of the November outflows from U.S. spot Bitcoin ETFs. The article framed the move as a sharp reversal from earlier months, when IBIT dominated spot ETF inflows. Analysts in the piece said they were watching whether outflows stabilized or accelerated as macro pressure persisted.
  • Ethereum Faces Death Cross After 9 Months Despite $4B Accumulation: BeInCrypto reported that Ethereum’s chart printed a death cross even as long term holders accumulated nearly $4,000,000,000 of ETH at lower levels. The analysis noted that recent ETF outflows and macro risk weighed on price momentum. Technical commentators in the piece said they were watching the 3,000 zone as a key level for any sustained recovery.
  • BitMine Immersion Sitting on $4B Unrealized Loss on Ether Bet as Analyst Warns of Structural Issues: CoinDesk highlighted that BitMine Immersion’s Ether heavy strategy left it with roughly $4,000,000,000 in unrealized losses after the recent price crash. The piece raised concerns about high fees, opaque structure, and limited staking yield relative to risk. Analysts quoted in the article said they were scrutinizing NAV discounts and governance before committing new capital.
  • DeFi’s $55B Plunge Wasn’t the Disaster It Looked Like: DeFi total value locked fell about $55B from recent highs, but CoinDesk showed that most of the drop came from ETH and governance token price declines. Structural metrics such as DEX volumes and protocol activity held up better than headline TVL suggested. The article argued that ETH’s drawdown still mattered for DeFi valuations, yet it did not signal a mass exit of on chain liquidity.
  • State of Crypto: What Congress Had Left to Do This Year: CoinDesk reviewed how U.S. lawmakers still had several unresolved crypto bills on market structure, stablecoins, and taxation. Legislative activity slowed as election season uncertainty and other priorities crowded the agenda. The piece said industry lobbyists were focusing on narrow, achievable tweaks rather than sweeping reforms.
  • ‘Bitcoin for America Act’ Would Let Americans Pay Federal Taxes in Bitcoin: A Republican congressman introduced a bill that proposed allowing U.S. taxpayers to settle federal obligations in Bitcoin via a Treasury managed reserve. The measure also aimed to formalize government level BTC holdings as part of that reserve framework. Observers in the article noted that the bill’s passage prospects remained uncertain but that it signaled ongoing political interest in Bitcoin.
  • Anchorage Digital Aimed to Pay Rewards on Ethena’s Tokens Under GENIUS Act: Anchorage Digital outlined a structure to pass through Ethena related rewards to clients while staying within the new GENIUS Act framework. The proposal illustrated how U.S. institutions navigated restrictions on paying yield on certain stablecoin like instruments. Regulators and lawyers quoted in the article said they would be closely watching how similar products handled disclosure and risk.
  • Grayscale Filed to List First Zcash ETF in the US Amid 1,000% Rally: Grayscale submitted a filing to convert its Zcash trust into what would be the first spot ZEC ETF in the U.S. The move came after a sharp ZEC price run, raising questions about liquidity, surveillance, and regulatory comfort with privacy coins. The article noted that the SEC’s response would provide a fresh read on how it viewed privacy oriented assets in public markets.
  • Private Equity Firm Bridgepoint to Buy Majority of Crypto Audit Specialist ht.digital: Bridgepoint agreed to acquire a controlling stake in ht.digital, a firm focused on auditing and attestation for crypto businesses. The deal reflected ongoing demand for specialist assurance providers as institutional clients pushed for higher standards. Sources in the article saw the transaction as part of a broader consolidation trend among crypto service firms.
  • Wall Street ETF Inflows Offered Modest Relief for Bitcoin Amid Its Institutional Stress Test: The Block noted that a burst of spot Bitcoin ETF inflows from Wall Street desks briefly eased selling pressure after weeks of outflows. Trading volumes hit record levels as institutions repositioned in response to the drawdown. The piece suggested desks were weighing whether to treat the move as capitulation or as a chance to reduce exposure further.
  • DAT Firms Sold Crypto to Save Their Stocks: BeInCrypto described how several digital asset treasury vehicles dumped BTC and ETH holdings to defend share prices and address widening NAV discounts. The report compared the behavior to past episodes where leveraged structures unwound during broader market stress. It suggested that equity market reactions and board level decisions now formed part of the crypto risk loop for these vehicles.
  • Crypto Liquidations Near $2 Billion as Bitcoin Rout Deepens: The Block reported that cross market crypto liquidations reached nearly $2,000,000,000 during one intense selloff, led by BTC and ETH long positions. The move coincided with weaker equities and a broad risk off shift in response to macro worries. Analysts in the piece treated the event as a classic leverage reset that could set the stage for more two sided trading.
  • JPMorgan Said Crypto Market Correction Appeared Driven by Retail Selling of BTC and ETH ETFs: JPMorgan research, cited by The Block, argued that recent crypto weakness stemmed mainly from retail driven ETF redemptions rather than institutional deleveraging. The bank pointed to flow data showing continued resilience in some professional venues. The report said it would monitor whether further macro shocks pushed more sophisticated players to reduce risk.
  • Bitcoin’s Demand Engines Reversed, but Long Term Trajectory Stayed Intact: NYDIG: Cointelegraph relayed NYDIG’s view that the same forces that previously powered Bitcoin’s rally, such as ETF inflows and corporate treasuries, had turned into net sellers. Stablecoin supply also dipped, underscoring capital leaving the system rather than simply rotating within it. NYDIG said it still viewed Bitcoin’s multi year thesis as intact while acknowledging a more volatile near term path.
  • Solana ETFs Post Second Biggest November Inflows as Demand Grew During Downturn: CoinDesk reported that spot Solana ETFs extended a multiday inflow streak and accumulated nearly half a billion dollars even as BTC and ETH ETFs saw redemptions. The divergence highlighted investor appetite for SOL exposure through regulated products despite price drawdowns. The article suggested allocators were treating Solana as a high beta but still institutional grade complement to BTC and ETH.
  • ETF Altseason? Solana, XRP Funds Bucked Crypto’s Market Sell Off: Cointelegraph showed that SOL and XRP focused ETFs attracted close to 900,000,000 in combined inflows while most other crypto funds leaked assets. Underlying token prices still fell, but ETF demand signaled concentrated conviction among certain investor segments. The piece said future flow data would reveal whether this relative strength persisted or faded with broader risk appetite.
  • Memecoin Market Sank to 2025 Low as $5B Was Wiped Out in a Day: Memecoins lost over $5,000,000,000 in market value in one day, dropping the sector’s capitalization to new yearly lows alongside NFTs. Cointelegraph linked the slump to traders de risking from speculative assets during the wider crypto selloff. The article pointed to memecoins’ sharp drawdown as a barometer of shifting risk tolerance across the market.
  • Is the November 2025 Crypto Crash Worse Than the FTX Collapse?: BeInCrypto compared the recent 30 % drawdown in total crypto market cap with the much deeper decline that followed the FTX failure. The piece noted that this cycle’s crash still left BTC and ETH well above prior cycle lows despite heavy losses. It concluded that while the current shock hurt, market structure and institutional participation looked more robust than in 2022.

Bitcoin Market Analysis

Bitcoin traded this week in a recovery channel after the prior flush into the low $80,000s, with a weekly range defined by a spike low near $80,500 on 21 November and a high around $91,900 on 27 November. Daily closes stepped up from roughly $85,000 toward the mid $90,000 area, leaving an estimated gain of about 6 percent from the previous Friday while the month still shows a drawdown of roughly 20 percent from the October all-time high near $126,000. This behaviour fits the profile of a retracement inside a broader corrective phase rather than the start of a new upside impulse, because prior losses remain large in both absolute and percentage terms. As a result, the week has been characterised by short covering and mean reversion flows against a more cautious medium-term backdrop, rather than by aggressive new risk taking.

Source: https://altfins.com/technical-analysis 

Price action remained confined within a clearly defined downward channel that has been in place since the October peak, with successive lower highs and lower lows still visible on the daily chart. The 200 day moving average near $110,000 and the broken horizontal level around $107,000 stayed overhead, so the medium term trend continued to be classified as down even as the short term bounce unfolded. Daily RSI readings moved from oversold territory near 30 toward the mid 30s and low 40s, MACD remained below zero but showed contracting negative momentum, and average true range hovered around $4,000 to $4,500, consistent with wide yet more orderly daily candles. Together, these indicators point to a market that has shifted from a liquidation phase into a stabilisation phase, while a decisive trend reversal signal has not yet been delivered.

Key levels were respected during the week, as the $82,000 support band was tested and held and the $88,000 region functioned as the first meaningful shelf above those lows. Resistance continued to cluster near $94,000, then $100,000, and finally $107,000, with each level aligning with prior consolidation zones and with the underside of the broken 200 day average, while a broader support zone between $74,000 and $76,000 remained visible closer to the prior fifty two week low near $74,500. As long as price trades below roughly $100,000, the broader structure can be described as a counter trend rally inside a downtrend, whereas a sustained close back above $100,000 would be required for the bear phase to be reassessed. On the downside, a clean daily close through the $74,000 to $76,000 area would increasingly be associated with a transition from orderly correction toward more disorderly capitulation, so the current configuration continues to justify a cautious but not yet outright catastrophic interpretation.

Spot Bitcoin ETF flows provided an important structural context around this price action. Over the last seven trading sessions, United States spot funds recorded net outflows of roughly $1.2B, including a single day print of about $0.9B in redemptions around 20 November and smaller alternating inflow and outflow days on either side of that event. For November as a whole, cumulative outflows of approximately $3.8B have been registered, already matching or exceeding the previous worst month since launch, with a majority of those redemptions concentrated in the largest fund, where withdrawals in the region of $2.2B to $2.5B were recorded, and additional selling seen in other major products. Despite this pressure, cumulative inflows since launch remain firmly positive and total ETF assets still sit well above $100B, while newer Solana and XRP products have attracted modest net inflows, so the current pattern is more consistent with an aggressive de risk and rotation phase than with a structural abandonment of the ETF channel.

Source: https://sosovalue.com/assets/etf/us-btc-spot 

News over the period reinforced a risk off, positioning driven environment. The October decision by the United States to impose new tariffs on China remained a key macro reference, because that move coincided with an intraday fall of roughly $20,000 in Bitcoin and an estimated $16B to $19B in liquidations, as outlined in a detailed review of that tariff shock, and the November slide toward the low $80,000s has been widely linked to that earlier shock through weaker global risk appetite. During the latest leg lower, around $1.7B in crypto liquidations were reported, with a recap of the move toward $80,000 highlighting a drop of the Crypto Fear and Greed Index deep into extreme fear and a sharp decline in futures open interest, while commentary focused on derivatives positioning and ETF outflows as primary drivers and treated sentiment surveys as reflections rather than causes. At the same time, uncertainty around the timing and scale of future Federal Reserve rate cuts, concerns over stretched valuations in artificial intelligence related equities, and a firm United States dollar index all contributed to reduced demand for risk assets, while policy responses from China were seen as cautious and incomplete. In combination, these elements describe a late cycle stress phase in which Bitcoin has been used as a source of liquidity, and any durable recovery is likely to depend on clearer macro signals alongside stabilisation in both derivatives positioning and ETF flows rather than on technical oversold conditions alone.

Ethereum Market Analysis

Ethereum spent the week climbing off the lows, trading between $2,620 and $3,070, after opening near $2,830 and finishing around $3,040. The move from last Friday’s $2,770 close to current levels works out to roughly a 10 percent rebound, while intraday swings of close to $200, or about 7 percent of spot, were common. Despite that volatility, the last four daily closes clustered in a tight $2,950 to $3,040 band. Taken together, the tape looks like a market that absorbed forced selling and is now pausing in a short term equilibrium rather than charging into a fresh impulsive trend.

Source: https://altfins.com/technical-analysis 

On the daily chart, price action sits inside a descending channel that followed the break from the earlier rising channel, with the lower boundary tested around $2,700 and the upper boundary projected near $3,450. A new death cross between key moving averages has appeared after roughly nine months without one, while most short and medium length SMAs and EMAs slope lower and the 100 day and 200 day lines still tilt higher. RSI on common lookbacks sits in a neutral band, momentum and MACD have turned mildly positive, and an ADX reading in the mid 40s confirms that a strong prior downtrend remains in the background even as pressure has eased. This mix of a fresh bearish trend signal, neutral oscillators, and only tentative momentum support points to a rebound inside a broader corrective phase, not yet to a fully confirmed new uptrend.

Structurally, the $2,700 zone has acted as the first meaningful support, lining up with the descending channel base, while a deeper layer sits near $2,390 from earlier consolidation. On the upside, the market still wrestles with the $3,000 band, with further supply expected near $3,450 at channel resistance, then around $4,000 and, higher again, in the prior $4,700 to $5,000 all time high area. So far, the bounce has stalled just below $3,100, which keeps $3,000 in the role of overhead supply rather than clean support, despite several intraday pushes above it. In practical terms, sustained daily closes above $3,000 with follow through toward $3,450 would strengthen the recovery narrative, while a decisive break back below $2,700 would reopen risk toward the low $2,000s.

In the ETF complex, about $325,000,000 of net redemptions have been logged over the last seven trading days, driven by heavy outflows of roughly $180,000,000 to $260,000,000 per day in the mid month stretch. The most recent three prints tell a different story, with inflows of about $55,700,000, $96,700,000, and $78,600,000, which add up to roughly $231,000,000 of dip buying. Total ETF net assets have slipped from roughly $23,400,000,000 in early November to around $18,300,000,000, while cumulative net inflows have eased to about $12,800,000,000, reflecting both price damage and the earlier redemption wave. This pattern suggests that ETF investors have materially cut risk but not capitulated, and that fresh allocations near $2,700 to $3,000 are starting to lean into the weakness rather than fleeing it.

Source: https://sosovalue.com/assets/etf/us-eth-spot 

Narrative flow over the week has revolved around the clash between weakening trend signals, large balance sheet exposures, and still resilient on chain activity. One widely cited analysis highlighted that the new death cross arrived just as long term holders reportedly accumulated close to $4,000,000,000 of ETH at lower levels, linking earlier ETF outflows and macro pressure to softer momentum while flagging the $3,000 region as a make or break line for any durable recovery. Separate coverage of a large Ether focused vehicle pointed to roughly $4,000,000,000 in unrealized losses and raised concerns about high fees, governance, and modest staking yields, which has pushed institutional attention toward the relative cleanliness of spot ETF wrappers. A deeper look at DeFi showed an apparent $55,000,000,000 slide in total value locked that was driven mainly by price declines in ETH and governance tokens rather than by users pulling liquidity, implying that valuations have reset sharply while protocol activity and on chain liquidity have held up better than headline TVL alone suggests.

Altcoin Market Analysis

Altcoins were treated as higher beta risk during the recent BTC and ETH downtrends, with broader indices ex BTC and ETH sold harder during the initial tariff shock and early November flush, then stabilising marginally faster once forced deleveraging had passed. In that phase, deep drawdowns in names such as SUI, SOL, and WLD were followed by partial retracements, which left a pattern more consistent with liquidation and position cleansing than with orderly rotation. Since then, breadth has remained weak but less extreme, while altseason gauges such as the Altcoin Season Index have moved from clear altseason readings near prior highs into a Bitcoin season trough and then back toward a neutral mid range, suggesting that selective risk taking in altcoins has reappeared, although decisive leadership has not yet been established.

Source: https://www.blockchaincenter.net/en/altcoin-season-index/ 

Altcoin market capitalisation excluding BTC and ETH has been repriced meaningfully lower from peak levels, with estimates indicating a drop of close to 30 percent, even as total crypto market capitalisation has held near the multi trillion range. BTC dominance rose from the low 50s to above 60 percent at the height of the stress before easing back toward the high 50s, which fits a sequence where capital first rotated defensively into BTC, then began to re engage in higher beta names as volatility cooled. When this dominance profile is set alongside global market cap and dominance data and stablecoin metrics that show a stable, slightly growing stablecoin float above 300,000,000,000 dollars, the picture that emerges is one where altcoins are starting to catch and recycle some liquidity on rebounds, but where the bulk of structural sponsorship still resides in BTC, ETH, and cash like instruments rather than in the long tail.

Source: https://www.coingecko.com/en/charts 

Within listed products, new spot ETFs have provided a clean window into where more durable, wrapper based flows are being directed inside the altcoin market. Spot Solana ETFs in the United States have built a sustained streak of daily inflows since launch, with flow dashboards showing cumulative subscriptions in the hundreds of millions of dollars, while spot XRP ETFs have also accumulated several hundred million dollars of net buying across multiple issuers in the months following their debut. By contrast, smaller products such as DOGE themed vehicles have seen muted price impact around listing news, and when this selective ETF sponsorship is set against heavy November redemptions in BTC and ETH spot funds, the result is an altcoin segment that is being supported in a narrow, ETF mediated fashion that complements, rather than fully replaces, the classical altseason pattern of broad, indiscriminate chasing of high beta names.

Mark Your Calendars

Economic Data Releases:

  • December 4, 2025 (Thursday): Initial jobless claims

Token Unlock

  • November 28, 2025 (Friday): JUP (JUP) unlocks $13.98 M (1.76 % of market cap)
  • November 29, 2025 (Saturday): HYPE (HYPE) unlocks $353.73 M (2.66 % of market cap)
  • November 29, 2025 (Saturday): SVL (SVL) unlocks $10.50 M (3.68 % of market cap)
  • November 29, 2025 (Saturday): OP (OP) unlocks $10.24 M (1.68 % of market cap)
  • November 30, 2025 (Sunday): KMNO (KMNO) unlocks $14.12 M (5.65 % of market cap)
  • November 30, 2025 (Sunday): SUI (SUI) unlocks $68.07 M (1.19 % of market cap)
  • November 30, 2025 (Sunday): EIGEN (EIGEN) unlocks $22.45 M (10.79 % of market cap)
  • December 2, 2025 (Tuesday): ENA (ENA) unlocks $11.37 M (0.58 % of market cap)