Bitcoin Reverses Sharply As Year To Date Gains Evaporate

20th November 2025 • 11mins read

This Week’s Recap

  • Bitcoin Slips Back Below $90K: Crypto Correction Now Ranks Among Worst Since 2017, K33 Says: Bitcoin has slipped back below $90,000, with K33 Research saying the ongoing correction now ranks among the worst since 2017. An analyst cited in the report is watching the $84,000 to $86,000 zone as a potential local bottom. Traders are assessing whether the latest leg down has flushed out enough weakness for price action to stabilise.
  • Retail Mood Sours Amid Crypto Selloff, Flashing Short-Term Bottom Signals for BTC, ETH, XRP: Retail sentiment across Bitcoin, Ether, and XRP has turned sharply negative as prices slide and volatility picks up. Positioning and mood indicators show a fresh wave of pessimism, with many smaller traders de risking or moving to the sidelines. Historically, similar capitulation style sentiment has sometimes aligned with short term bottom formations once leverage is flushed out.
  • Record $2.5 Billion Flees Bitcoin ETFs as BlackRock’s IBIT Sheds $1.6 Billion: US spot Bitcoin ETFs have seen about $2.57 billion in net outflows, with BlackRock’s IBIT alone losing nearly $1.6 billion. The withdrawals mark one of the largest collective pullbacks since these products launched, signalling a sharp shift in institutional positioning. Market participants are watching whether continued redemptions keep pressuring Bitcoin or start to slow as prices reset.
  • Solana Slides 5% to $145 as Technical Breakdown Overshadows ETF Momentum: Solana fell about 5 percent to roughly $145 after breaking below a key technical support zone. The drop came despite elevated trading volumes and continued institutional inflows into spot Solana ETFs. Analysts warn that the breakdown leaves SOL vulnerable to further downside if broader risk sentiment and ETF flows do not stabilise.
  • First XRP Spot ETF Opens for Trade With Canary Capital’s XRPC: Canary Capital launched the first US listed spot XRP ETF under the ticker XRPC, wrapping XRP into a regulated exchange traded product. The fund’s debut adds XRP to the growing list of crypto assets with spot ETF access after Bitcoin, Ether, and Solana. Market participants are watching trading volumes and flows to gauge how much incremental institutional demand XRP can attract.
  • First Spot XRP ETF is LIVE: Recording $36M Volume on Debut, Challenges BSOL Record: Canary Capital’s new spot XRP ETF recorded about $36 million in trading volume within its first few hours on market. That opening day performance puts it in contention with Bitwise’s Solana ETF debut and highlights strong initial interest in XRP exposure via ETFs. Commentators note that the launch also tests appetite for XRP following years of legal uncertainty around Ripple and US securities rules.
  • Emory University Doubles Down on Bitcoin With $52M Grayscale BTC ETF Stake: Emory University’s endowment has increased its holdings in the Grayscale Bitcoin Mini Trust to roughly $52 million. The latest 13F filing shows the Georgia based institution more than doubling its position quarter on quarter as it tilts further toward hard assets. The move is being interpreted as another signal that long term academic and institutional investors are willing to stomach Bitcoin’s volatility for potential upside.
  • BNY Eyes $1.5T Stablecoin Market With New Reserve Fund for Issuers: BNY Mellon has launched a new money market style reserve fund aimed at stablecoin issuers. The vehicle is designed to hold cash and cash like assets so token issuers can meet regulatory reserve requirements while parking assets at a large global custodian. BNY projects the stablecoin market could reach $1.5 trillion by the end of the decade, positioning the bank to capture a key slice of that infrastructure.
  • JPMorgan Just Put JPM Coin Bank Deposits on Base – and Beat the Fed to 24/7 Settlement: JPMorgan has converted its internal JPM Coin system into a deposit token called JPMD and deployed it on Coinbase’s Ethereum layer 2 network Base. The token represents insured bank balances and allows instant, round the clock settlement between participating JPMorgan clients, sidestepping Fedwire’s limited operating hours. Pilot transactions with firms like B2C2, Coinbase, and Mastercard highlight how large banks may use public chain infrastructure for always on dollar settlement.
  • Crypto Asset Manager Grayscale Files for IPO in the U.S.: Grayscale has filed an S 1 with the SEC for a proposed initial public offering, backed by about $35 billion in assets under management. The move would transition one of the largest digital asset managers into a publicly traded company, broadening equity market access to the crypto sector. Investors will watch the SEC review process closely as a signalling device for broader appetite toward listed crypto businesses.
  • Czech Central Bank Becomes First Central Bank to Buy Bitcoin: The Czech Central Bank has created a $1 million test portfolio of digital assets, primarily allocated to Bitcoin. This makes it the first central bank reported to add Bitcoin directly to its balance sheet as part of an experimental program. Market observers see the trial as a small but symbolic step toward potential sovereign level adoption of digital assets.
  • Bitcoin Holders Hit New Accumulation Benchmark As Demand Grows, Is A Rebound Underway?: Large Bitcoin holders, or whales, have accumulated nearly 45,000 BTC in recent days, marking a new accumulation benchmark. This buying comes against a backdrop of sharp price weakness and ETF outflows, suggesting some long term investors see current levels as attractive. Analysts are monitoring whether sustained whale accumulation can offset selling pressure and support a medium term price recovery.
  • Singapore’s Central Bank to Trial Tokenized Bills, Introduce Stablecoin Laws: The Monetary Authority of Singapore plans to trial tokenized government bills while rolling out a dedicated legal framework for stablecoins. Officials see a wholesale CBDC acting as an anchor asset in a system that also uses private settlement tokens. The initiative positions Singapore as a leading jurisdiction for regulated, institutional grade digital money infrastructure.
  • Taiwan Goes Bitcoin: Govt Eyes Strategic Reserve and Treasury Pilot: Senior Taiwanese officials have signalled support for studying Bitcoin as a potential strategic reserve asset. The government is exploring a Treasury pilot that would hold a limited allocation of BTC alongside traditional reserves. Market watchers view the discussion as an early step toward formalising Bitcoin’s role in sovereign balance sheet management.
  • dYdX Governance Approves Buyback Increase to 75% of Protocol Revenue: dYdX token holders have voted to raise the protocol’s revenue allocation for token buybacks from 25% to 75%. The proposal passed with about 59.38% of the community in favour, redirecting a larger share of fees to support DYDX demand. Supporters argue the change strengthens long term token value alignment, while critics highlight reduced funds for growth initiatives.
  • Chainlink Says It Finally Solved Crypto’s $3.4 Trillion Problem: The Privacy Fix Wall Street Has Been Waiting For: Chainlink introduced its “Confidential Compute” solution, aiming to enable private data processing on public blockchains. The project is pitched as a way to unlock trillions in institutional capital that require privacy and compliance for sensitive data. If adoption grows, it could strengthen Chainlink’s role as core infrastructure for banks and capital markets experimenting with tokenization.
  • Chainlink Breaks Below $14.50 Amid Broader Selloff; Reserve Adds 74K LINK Despite Losses: Chainlink’s token dropped below $14.50 during the recent crypto market selloff, tracking weakness across majors. On chain data showed Reserve adding about 74,000 LINK to its holdings despite the price drawdown. The combination of short term price pressure and accumulation by large holders suggests a divergence between trader sentiment and long term positioning.
  • List Of 16 Blockchains That Can Freeze Your Crypto On-Chain; Bybit Report”: A Bybit research report identified 16 major blockchains that include mechanisms allowing authorities or key entities to freeze assets on chain. These controls range from smart contract level pause functions to validator or issuer based blacklists. The findings highlight an ongoing trade off between censorship resistance and compliance features in many newer networks.
  • Only 10% Of Crypto Earns Yield Now, Why Most Investors Are Sitting On Dead Money Only about 8% to 11% of the total crypto market is currently generating any form of yield. The majority of assets sit idle on exchanges or in cold storage as users avoid lending, DeFi, or staking products after past blowups. Analysts note that clearer regulation and safer yield primitives would be needed before most investors redeploy idle balances.

Bitcoin Market Analysis

During the latest week, Bitcoin has been traded between a high just below $100,000 and a low near $88,500, with the most recent close around 92,500, leaving the asset roughly 26 to 27 percent below the record level above $126,000 that was set on October 6, 2025. The correction has been described as one of the sharpest drawdowns since 2017, as prices briefly slipped back below $90,000 and erased year-to-date gains. This pattern has been interpreted as confirmation that a full corrective phase is in progress rather than a shallow dip, with the October flash crash and subsequent break below the $100,000 to 102,000 band viewed as the initial trigger. The overall structure is therefore being framed as a channel down sequence in which successive lower highs and lower lows are aligning with a deterioration in market confidence, while the $88,000 area is being monitored as the first significant support where selling pressure might start to exhaust if it continues to hold.

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

The technical backdrop has been characterised by price trading well below the 200 day moving average, with shorter moving averages aligned in a strong down configuration and daily ranges clustering around one average true range of roughly 4,000 dollars. Momentum gauges such as MACD have remained negative, although a modest rise in the histogram has been observed, which is typically associated with a slowing of downside momentum rather than an imminent reversal. Oscillators based on relative strength have been reported near or just above classical oversold thresholds, consistent with the “oversold at support” pattern identified around the 88,000 zone. This combination has been read as a backdrop in which further downside cannot be ruled out, yet the probability of a countertrend rally from current levels is considered to be rising, with any such move still expected to be treated as corrective while price remains capped below resistance in the 100,000 to 107,000 region.

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

On the flow side, spot Bitcoin exchange traded funds have been subjected to the first sustained withdrawal phase since launch, with roughly 2.57 billion dollars in net outflows recorded in November and the largest vehicle, IBIT, seeing about 1.6 billion dollars of redemptions between late October and mid November along with a single day record of more than 500 million. Daily data have shown a whipsaw pattern in which heavy outflow days have alternated with sizeable creations, leaving the most recent week close to flat on a net basis while assets under management have declined mainly because of price. This behaviour has been interpreted as a transition from the earlier structural inflow regime, which had provided a persistent spot bid, to a more neutral or mildly negative regime where ETF demand no longer offsets selling from other cohorts. As a result, ETF flows have been viewed as an important amplifier of the break below 100,000 but not yet as evidence of a disorderly exit, with the absence of multi week capitulation in the data suggesting that a core base of holders is remaining in place for now.

On chain and sentiment signals have presented a more nuanced picture, as large holder cohorts have been reported to reach a new accumulation benchmark even while prices have fallen, with whale wallets and longer horizon investors increasing their balances at a pace not seen in several months. At the same time, profit based metrics such as Net Unrealized Profit and various sentiment composites have moved back toward zones that previously coincided with local bottoms, while public commentary around Bitcoin, Ether, and XRP has turned distinctly negative. This combination has been synthesized as a classic late stage correction pattern in which short term participants realise losses and express pessimism while strategic buyers quietly absorb supply, tightening free float despite weak prices. It must be acknowledged, however, that such configurations have not always guaranteed durable lows in prior cycles, so the current accumulation wave is being treated as a constructive but not definitive sign that downside risk is fading.

Source: https://www.bitcoinmagazinepro.com/charts/relative-unrealized-profit–loss/ 

In the background, structural adoption have continued improve, as a major United States university endowment has reported an increase in holdings of a Bitcoin ETF to roughly 52 million dollars, a European central bank has created a 1 million dollar digital asset test portfolio that includes Bitcoin, and policymakers in Taiwan have begun formally studying the integration of Bitcoin into strategic reserves and a treasury account funded with seized coins. These developments have been interpreted as evidence that slow moving institutional and sovereign actors are incrementally deepening their involvement even as public prices correct and ETF flows wobble. Taken together with the on chain accumulation data, a picture has been formed in which long horizon capital continues to build exposure while market pricing adjusts to tighter liquidity conditions and shifting expectations around interest rate policy. The overall narrative that emerges is one in which Bitcoin is undergoing a significant yet historically familiar drawdown within an ongoing adoption cycle, with the 82,000 to 88,000 band and the behaviour of ETF flows around that zone likely to play a central role in determining whether this phase resolves as a durable base or as a staging point for a deeper leg lower.

Ethereum Market Analysis

Over the past week, Ethereum was traded in a range between about 2,873 and 3,260 dollars, and the latest session was completed near 3,025 dollars, leaving the seven day performance near minus 11 percent. On a one month and three month basis, declines of roughly 24 percent and 26 percent have been registered, while the six month performance still shows a gain close to 20 percent and the one year change remains slightly negative. From the all time high near 4,957 dollars that was set 88 days ago, a drawdown of about 39 percent is in place, although price is still positioned almost 119 percent above the 52 week low around 1,385 dollars. Taken together, the week can be characterized as another extension of a corrective phase within a still elevated multi month range rather than a complete loss of longer term altitude.

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

Short term structure has been defined by a descending channel, and both short and medium term trends are classified as strong down, while the long term trend remains neutral. A downward slope has been observed in the 5, 10, 20, 30, and 50 day simple and exponential moving averages, whereas the 100 and 200 day measures continue to point higher, highlighting that recent weakness has been concentrated in the latest leg rather than across the entire lookback window. RSI on the 14 period setting has been observed to move from oversold readings near 30 at the recent low to slightly higher neutral territory, and MACD remains bearish with the line below the signal, although the histogram bars have been rising toward zero, indicating that downside momentum has been losing strength. With ATR near 234 dollars and ADX above 40, volatility is elevated and the prevailing trend retains strength, yet the combination of easing momentum and stabilizing oscillators suggests that the present downswing is maturing rather than freshly accelerating.

Key price references are clustered around clearly defined support and resistance zones, as price has been gravitating toward the 3,000 dollar level, which aligns with horizontal support, the lower boundary of the descending channel, and proximity to the lower Bollinger band near 2,848 dollars. Beneath that region, additional support has been identified around 2,700 dollars, while resistance is located first near 3,450 dollars, then around 4,000 dollars, and finally in a broader band between 4,700 and 5,000 dollars that brackets the prior all time high area. The 200 day simple moving average around 3,485 dollars now sits overhead rather than below price, so any recovery toward 3,450 would also encounter that longer term trend gauge, while a daily close above 4,000 would place price back inside the previous distribution zone. Until such moves occur, rallies are still classified as taking place within a strong downtrend, and a decisive break and daily close above at least 3,450 would be required before the short term bias could be formally re rated away from downside continuation.

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

In spot Ethereum ETF, a sharp deterioration has been recorded in recent sessions, as roughly 986 million dollars of net outflows have occurred over the last seven trading days, with the largest single day redemption near 260 million dollars. A retreat of the cumulative net inflow line from a late October peak around 14.7 billion dollars to approximately 12.9 billion dollars has been registered, and a fall in total net assets from about 26.6 billion dollars to roughly the high teens has also been observed, reflecting a meaningful reduction in capital allocated through these vehicles. Net assets are now reported near the 18 to 20 billion dollar area along with another daily outflow of about 37 million dollars, extending a sequence of consecutive redemption days that has coincided with the breakdown from the mid 3,000s into the low 3,000s. A shift of ETFs from structural demand source to significant marginal seller is indicated by these figures, and the weight of redemptions is likely to have contributed to the intensity of the price move within the existing downtrend, although the exact contribution cannot be measured precisely.

On the news side, the week has been dominated by coverage of spot Ethereum ETF outflows, with multiple reports highlighting consecutive redemption days, reduced net assets, and long liquidations in the derivatives market that have reinforced the impression of a de risking phase in leveraged and fund based positioning. At the same time, attention has been drawn to the development roadmap, with additional detail released on an interoperability layer intended to make activity across layer two networks feel more unified, and commentary on a leaner protocol direction that emphasizes simplified core code, modern cryptography, and future upgrades focused on data availability and security. These longer term initiatives have been presented while price trades well below the recent peak and while one year performance remains close to flat, so a contrast is being maintained between pressured near term flows and an active builder ecosystem. Overall, a view is supported by this information flow that the current drawdown is being driven more by positioning, ETF flows, and broader risk appetite than by any single negative protocol event, while the structural narrative around Ethereum as a settlement layer for rollups and as a platform for future upgrades remains intact.

Mark Your Calendars

Economic Data Releases:

  • November 26 2025 (Wednesday): PCE Index, Core PCE Index
  • November 14, 2025 (Friday): Core PPI

Token Unlock

  • November 20, 2025 (Thursday): ZRO (ZRO) unlocks $36.25 M (7.29 % of market cap)
  • November 23, 2025 (Sunday): SOON (SOON) unlocks $16.88 M (4.33 % of market cap)
  • November 25, 2025 (Tuesday): XPL (XPL) unlocks $22.15 M (4.74 % of market cap)
  • November 28, 2025 (Friday): JUP (JUP) unlocks $14.49 M (1.69 % of market cap)