Market Signal Briefing

Bitcoin (BTC) fell to $80,600 on Friday, extending weekly losses to more than 10%. Its monthly drawdown has now reached 23%, the steepest decline since June 2022. The drop below $84,000 also pushed BTC to test the 100-week exponential moving average for the first time since October 2023, aligning exactly with the start of the current bull cycle.

Bitcoin one-week analysis. Source: Cointelegraph/TradingViewBitcoin futures liquidations surpassed $1 billion, underscoring the severity of this downturn, described by the Kobeissi Letter as the “fastest bear market ever.”

Key takeaways:

Crypto market cap has erased 33% since October, marking a rapid structural unwind.

A record fund outflow and negative ETF flows signal persistent institutional selling pressure.

A major macroeconomic liquidity indicator (NFCI) is trending lower, historically preceding BTC rallies by four to six weeks.

Crypto market cap collapses as “structural” selling acceleratesSince Oct. 6, the total crypto market cap has fallen from $4.2 trillion to $2.8 trillion, a 33% drawdown. The Kobeissi Letter called it “one of the fastest-moving crypto bear markets ever,” with selling intensifying across all major sectors. The newsletter added that digital asset investment products are reflecting the same stress, with crypto funds recording $2 billion in weekly outflows, the largest since February. 

Crypto asset fund flows as a % of fund AUM. Source: Kobeissi letter/XThis marked the third consecutive week of net selling, resulting in total outflows of $3.2 billion over that period. Bitcoin accounted for the bulk of the withdrawals with $1.4 billion in redemptions, while Ethereum followed with $689 million, representing some of the biggest weekly losses either asset has seen in 2025.

Average daily outflows as a share of assets under management (AUM) hit all-time highs, dragging total AUM to $191 billion, down 27% from October. Analysts classified this as a clear structural decline, not just short-term panic.

US exchange-traded fund (ETF) flows worsen the pressure. Spot BTC ETF flows remain below zero, reinforcing the sell-off. Meanwhile, BlackRock’s spot ETF is on pace for its largest weekly outflow ever, close to surpassing the $1.17B record from February 2025.

iShares Bitcoin Trust weekly netflows. Source: SoSoValueA macroeconomic shift could give Bitcoin a liquidity lead While several analysts continued to call for a Bitcoin bottom based on technical charts and onchain data, Miad Kasravi took a different approach. Kasravi carried out a decade-long backtest of 105 financial indicators, indicating that the National Financial Conditions Index (NFCI) is one of the few metrics that reliably leads Bitcoin by four to six weeks during major macroeconomic regime shifts. 

National Financial Conditions Index (NFCI) data. Source: XThis dynamic was evident in October 2022, when easing financial conditions preceded a 94% rally, and again in July 2024, when tightening conditions signaled stress several weeks before Bitcoin surged from $50,000 to $107,000.

At the moment, NFCI sits at -0.52 and is trending lower. Historically, every 0.10 point decline in the index has aligned with roughly 15–20% upside in Bitcoin, with a deeper move toward -0.60 typically marking an acceleration phase. December also introduces a key catalyst: the Federal Reserve’s plan to rotate mortgage-backed securities into Treasury bills. 

Kasravi noted that although it is not labeled Quantitative Easing (QE), the operation could inject liquidity in a similar way to the 2019 “not-QE” event that preceded a 40% Bitcoin rally.

If the NFCI continues to decline into mid-December, it would signal the early stages of a new liquidity expansion window. Based on the index’s consistent four-to–six week lead time during past regime shifts, Bitcoin’s next major cyclical move would align with early to mid-December 2025, offering a potentially significant inflection point for market participants tracking macroeconomic conditions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

In a dramatic turn of events, the cryptocurrency market has been rattled as bitcoin's price nosedived to $82,000, leading to over $2 billion in liquidations. The total cryptocurrency market capitalization has now fallen below $2.9 trillion, raising concerns among investors and analysts alike.

Privacy coins lead 2025 as surveillance fears and capital controls drive renewed demand.Utility-focused sectors gain interest, but broad altseason rotation has not yet arrived.Experts outline key signals for spotting future narratives early, from capital flows to real usage.Privacy coins have taken center stage in the crypto sector throughout late 2025. Leading assets like Zcash (ZEC) have managed to outperform the market, resisting major drawdowns even as most cryptocurrencies continue to bleed.

BeInCrypto spoke to several experts to understand why privacy coins are surging now and whether it is possible to identify the next major crypto opportunity before it becomes mainstream.

Privacy Coins Maintain Lead as the Market’s Best-Performing SectorBeInCrypto reported a month ago that privacy-centric cryptocurrencies had emerged as the best-performing sector in the market. Notably, this still holds true today, even as the broader market extends its two-month slump. 

Privacy coins have surged 276.4% year-to-date, making them the strongest and one of only two sectors showing positive returns this year. 

Sponsored

Sponsored

Crypto Sector’s Performance. Source: ArtemisBy contrast, Bitcoin (BTC) and Ethereum (ETH) have both turned negative due to their recent drawdowns. Notably, since early October, the value of ZEC has appreciated by over 700%. DASH (DASH) has also experienced a nearly 200% uptick, indicating strong momentum.

What’s Driving The Privacy Coin Rally in 2025?According to Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, the rally is closely tied to a sharp rise in global surveillance and capital controls. 

He pointed to examples such as Turkey granting its financial watchdog broader powers to freeze crypto accounts. Furthermore, regulators worldwide are tightening oversight of digital assets.

Puckrin explains that Bitcoin and Ethereum no longer embody the original “cypherpunk” ideals of privacy and censorship resistance. Instead, they have become highly traceable.

They are even easier to monitor than cash, driving renewed interest in cryptocurrencies that offer stronger privacy protections.

“There’s an ideological element coming from the early adopters, who are losing faith in the Bitcoin narrative due to the overwhelming involvement of institutions. Privacy advocates who no longer see Bitcoin as a solution. And then there’s investors looking to surf the momentum wave – for example, Zcash is up over 1,500% over the past year. It’s natural that people want a piece of that,” he said.

Jamie Elkaleh, CMO of Bitget Wallet, shares a similar view. He suggested that as regulatory clarity improves and institutional adoption accelerates, users are becoming increasingly uneasy about AI-driven surveillance and the pervasive transparency of on-chain activity.

Elkaleh stressed that this tension is reshaping expectations across the industry. Clearer rules are attracting more mainstream participants to the market, but these users are arriving with a different set of demands. 

“What we’re seeing is the industry maturing: clearer rules bring more mainstream users in, and those users increasingly expect financial privacy, sovereignty, and secure tooling as baseline features, not fringe options,” he conveyed.

Meanwhile, Ray Youssef, founder and CEO of NoOnes, attributes the breakout in privacy coins to a combination of narrative rotation and macroeconomic tailwinds. 

Sponsored

Sponsored

He observed that, after years marked by the institutionalization of Bitcoin and Ethereum, as well as meme-driven altcoin cycles, capital is now flowing into assets perceived as “crypto by design,” with decentralization and user-controlled privacy at their core. 

Youssef added that institutional participation in crypto continues to increase. Thus, many retail traders and crypto-native users are seeking projects that restore a sense of autonomy and privacy. 

Still, he stressed that this shift is not an outright rejection of institutional capital. Rather, both forces can coexist and reinforce each other when a compelling narrative gains momentum.

“The ideological thread of privacy and sovereignty supplies a strong narrative and helps committed users. The economic thread of short-, mid-, and long-term returns attracts both traders and allocators. For a cycle to sustain, the market needs to overlap, ensuring a narrative that attracts believers and metrics/flows that attract capital. What’s happening now is ideology igniting the flame and economics fueling the fire,” the executive commented.

Rob Viglione, Founder of zkVerify and CEO of Horizen Labs, emphasized that the renewed interest reflects a broader market shift. He noted that users are increasingly recognizing privacy as a core requirement for real-world usage rather than a niche feature. 

He explained that the current momentum goes beyond isolated token rallies. It signals a deeper reevaluation of how privacy should function across the entire crypto stack.

“Early privacy coins were groundbreaking, but they were also isolated. They proved powerful cryptography was possible, but they lived outside the environments where most economic activity actually happens,” Viglione mentioned.

What differentiates the setup today is that privacy is now being integrated directly into Ethereum-based environments. Developers are no longer pursuing standalone privacy chains. 

Instead, they are seeking privacy solutions that plug into existing ecosystems where liquidity, users, and applications already operate.

Sponsored

Sponsored

“That’s why this moment matters. The price action is just the surface-level signal of a much deeper shift: privacy is becoming an expectation, not an exception,” the CEO remarked.

Is Utility Becoming Crypto’s Next Meme-Level Trend? The surge in privacy-focused assets has also revived another question: is this just another short-term pump cycle, akin to past meme coin rallies, or does it reflect a genuine shift toward utility-driven narratives? Analysts suggest the answer may lie somewhere in between.

Youssef stated that meme coin rallies tend to be rapid, highly speculative, and short-lived, often burning out quickly. Once that momentum fades, the market typically rotates toward narratives with more durable value. 

This includes areas such as payments, privacy, real-world transaction layers, DeFi infrastructure, and more. In this context, privacy tokens are attracting renewed interest because they offer clear autonomy, protection from censorship, and the ability to transact without exposure or the risk of unilateral freezes. He shared that,

“If users and allocators conclude that these features represent lasting utility rather than short-term hype, capital flows into the sector can persist well beyond a temporary narrative rotation,”

Puckrin detailed that meme coins generally thrive during periods of market euphoria. Meanwhile, utility-driven tokens tend to perform better when investors are more cautious or looking to reposition profits. 

“But the caveat here is that we aren’t seeing a broad rotation into utility tokens. There are pockets of outperformance, but most altcoins are still underperforming Bitcoin. We still haven’t seen anything like the traditional altseason, and until we do, utility tokens rallying is more of an exception than a rule,” he disclosed to BeInCrypto.

How To Spot the Next Big Crypto NarrativeAs new narratives emerge faster than ever, identifying an early breakout trend has become one of the biggest challenges and opportunities for crypto investors. Puckrin explained that,

Sponsored

Sponsored

“It’s as much about luck as it is about diligence. You can look at inefficiencies in the market, or developer migration to new chains or projects. You can look at where the demand is. But ultimately, crypto narratives are often as much about speculation as they are about fundamentals, and that can be hard to call. It’s often simply about being in the right place at the right time.”

Nonetheless, the analyst outlined institutional investment trends as a good starting point for evaluating any sector.

“If I had to pick one narrative for this cycle, it would be RWAs. Institutional capital is flowing into RWA tokenization – don’t forget this sector also includes stablecoins – and we’re seeing collaborations between RWA projects and institutions. Institutional capital flows are a key indicator to watch this cycle, because it’s based on a long-term need rather than hype,” Puckrin suggested.

Youssef took a more structured view, framing the process as “pattern recognition with signal triangulation.” He outlined key signals, including real user demand, on-chain activity, protocol feature usage, and expanding market access.

“For privacy, look for a shielded tx adoption, exchange accessibility, wallet integrations, and regulatory headlines. For DePIN, watch the device deployment rates, partnerships with infra players, real-world data feeds, and revenue per device. As for AI and on-chain models, the developer integrations, API demand, and token capture of value play a significant role. For DeFi / RWA, its TVL, yield sustainability, quality of counterparties, and custody structures have the potential to drive the next cycle. Bottom line is, across all sectors, investors should watch tokenomics durability, security history, and check for real usage,” he elaborated.

The executive also revealed that regulatory sentiment plays a crucial role. New narratives gain traction far more easily when the environment is favorable. Finally, capital flows, whether from retail traders, whales, or institutional allocators, could also be a signal.

“If these traits are moving together, we’re probably looking at a nascent meta,” he stressed.

Lastly, Elkaleh believes that identifying emerging metas starts with tracking early indicators, such as developer activity, new exchange listings, and social momentum on platforms like X. Low-cap tokens with solid fundamentals often provide the earliest signs of narrative formation.

He asserted that investors who blend behavioral signals with fundamental analysis gain the clearest view of where traction is building before it becomes visible to the broader market. Elkaleh specified that,

“The strongest signals today are institutional inflows, sector-level market cap expansion, and the early convergence of categories like RWA, DePIN, AI, and DeFi. These verticals are delivering tangible utility — from real-world infrastructure to AI-enabled financial automation — which positions them as credible candidates for leading the next cycle. For privacy coins specifically, the breakthrough will come from integrating zero-knowledge and privacy tooling directly into everyday wallets and DeFi products, making privacy effortless rather than optional.”

While these indicators don’t guarantee success, they offer a useful framework for spotting early momentum. When user demand, developer activity, regulation, and capital flows begin to align, a new narrative may be forming, long before it becomes mainstream.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

The XRP price has spent the past week struggling with bearish momentum, and the latest dip below the $2 price level has further added to the bearish sentiment. The cryptocurrency briefly slid under this psychological level in the past 24 hours, continuing a multi-week sequence of lower highs and lower lows. 

Despite this pullback, one crypto analyst on X proposes that the current movement is not as alarming as it appears. His price chart, which maps XRP’s weekly candles, shows the XRP price falling to a familiar support area inside a larger descending channel.

XRP Price Still Trading Inside A Year-Long Range
XRP’s break below $2 might be the final blow for many bullish traders, but some are still holding on. In his breakdown, the analyst reminded followers that XRP has been moving within the same broad range between $1.90 and $3.50 for nearly a year. According to him, the recent drop to the lower boundary of this range is simply the market revisiting an already-established zone. 

He highlighted the green support region around $1.90, which has repeatedly prevented a deeper collapse throughout late 2024 and early 2025. The chart he shared shows XRP’s weekly candles inching toward that support, touching the edge of the descending yellow channel that has shaped price action since the last major rejection near the red resistance band above $3.

Keeping this price action and the price range in mind, the analyst noted that nothing meaningful changes unless XRP breaks below $1.90 A breakdown beneath this area, in his words, would send XRP “back to McDonald’s,” which is a far more severe retracement.  However, as long as the green support is in place, the ongoing decline can be categorized as noise inside a larger consolidation phase. 

On the opposite end of the chart sits the $3.60 resistance. The red zone marking this area was tested earlier in the year but rejected strongly, creating the broad range XRP has been stuck in ever since. Clearing this ceiling, the analyst said, would unlock what he called “the road to Valhalla.”

XRP Price Chart. Source: @stedas On X

The Road To Valhalla: What Comes After A Break Above $3.6
If XRP manages to break through the $3.60barrier, the analyst believes the path opens toward aggressive upside targets. His post listed potential milestones at $7, $12, and potentially even $25 if momentum expands into a full-scale rally. The yellow upward projection line in the chart illustrates how quickly XRP could move once that resistance is flipped into support.

These price targets are consistent with mid-scale predictions by other analysts. XRP price predictions on the high end range from three digits at $100, up until $1,000. At the time of writing, XRP is trading at $1.96, down by 8% in the past 24 hours.

Price moves lower as sell-offs continue | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

The Daily: Crypto selloff deepens, JPMorgan blames retail BTC and ETH ETF outflows, 24-hour liquidations top $2 billion, and moreMarkets
• November 21, 2025, 2:00PM EST

Partner offers

The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Quick Take
Bitcoin is trading near $84,000, recovering after plunging to new local lows of approximately $80,500 earlier on Friday, triggered by stronger-than-expected U.S. jobs data.
JPMorgan analysts said the latest crypto correction is being driven mainly by retail outflows from spot Bitcoin and Ethereum ETFs, with about $4 billion pulled from the funds so far in November.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! The ongoing crypto sell-off may be relentless, but we'll try to keep things upbeat as we dive into the latest news.

In today's market crash special, bitcoin plunges further as U.S. jobs data dampens rate cut hopes, JPMorgan says the correction appears to be driven by retail selling of BTC and ETH ETFs, crypto liquidations top $2 billion in 24 hours, and more.

Meanwhile, U.S. officials probe Chinese bitcoin-mining machine giant Bitmain over national security concerns.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Bitcoin plunges toward $80K as US jobs data dampens rate cut hopesBitcoin is trading near $84,000, recovering after plunging to new local lows of approximately $80,500 earlier on Friday, triggered by stronger-than-expected U.S. jobs data.

The delayed September payrolls report showed 119,000 new jobs versus the 50,000 estimate, reinforcing inflation concerns and weakening hopes for a December rate cut, Kronos Research CIO Vincent Liu said.
Liu added that thin liquidity and short-term profit-taking are amplifying the drop as traders recalibrate risk around shifting macro expectations.
Even if the Fed cuts in December, Liu argued that bitcoin needs fresh capital, renewed onchain demand, and a halt in quantitative tightening to sustain any meaningful rebound.
The Crypto Fear & Greed Index now sits at 11 — comparable to the 2022 bear market lows — signaling extreme fear as the broader crypto market cap slid below $3 trillion for the first time since May.
However, LVRG Research Director Nick Ruck said the pullback reflects a healthy repricing of overextended positioning, with onchain metrics hinting that capitulation may be nearing completion.
JPMorgan says correction appears driven by retail selling of BTC and ETH ETFsJPMorgan analysts said the latest crypto correction is being driven mainly by retail outflows from spot Bitcoin and Ethereum ETFs, with about $4 billion pulled from the funds so far in November.

Retail investors have simultaneously poured roughly $96 billion into equity ETFs this month, showing the crypto sell-off isn't part of a broader retreat from risk, they argued.
The analysts noted that while crypto-native deleveraging has stabilized since October, more traditional retail investors have shown this split before — selling crypto ETFs while buying equities.
"It would thus be a mistake to extrapolate the selling of crypto ETFs as a signal that retail investors are turning bearish on risk assets more broadly including equities," they wrote.
Spot Bitcoin ETFs see near-record outflows of $903 millionContinuing on the ETF theme, U.S. spot Bitcoin ETFs logged $903 million in net outflows on Thursday — their second-largest daily drawdown ever — marking a sharp sentiment reversal from earlier this month.

BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC led the exodus as Nvidia's accounts receivable scare hit both tech and crypto, BTC Markets analyst Rachael Lucas noted.
However, cumulative inflows into the funds still total $57.4 billion, with $113 billion in AUM, suggesting participants are trimming exposure rather than abandoning bitcoin outright, Lucas said.
Spot Ethereum ETFs saw $261.6 million in daily outflows, while newly launched altcoin ETFs bucked the trend with strong inflows led by $105.4 million into Bitwise's XRP fund and modest gains across Solana and HBAR products.
Crypto liquidations top $2 billion in 24 hoursOver $2 billion in leveraged crypto positions were wiped out in the past 24 hours amid bitcoin's latest plunge, triggering one of the largest liquidation waves of the year and the biggest since Oct. 10.

CoinGlass data shows that around 400,000 traders were wiped out, with the single-largest order — a $36.8 million BTC-USD position — taken out on Hyperliquid.
However, it's important to note that liquidation data is imperfect, with partial reporting from some crypto exchanges meaning headline totals likely understate the true scale of forced unwinds.
BRN Head of Research Timothy Misir said bitcoin is entering a capitulation zone, with short-term holders realizing losses at cycle-level extremes, and a failure to reclaim $88,000 to $90,000 risks a further slide toward $78,000.
Meanwhile, Bitwise's Andre Dragosch said bitcoin is nearing a potential "max-pain" reset, with institutional cost bases clustered around $84,000 and $73,000 — zones where forced sellers historically exhaust and recoveries often begin.
Crypto treasury firms buckle as crash erodes nearly half of combined market capsDigital asset treasury firms are taking heavy damage, with their combined market caps nearly halving from a $176 billion peak in July to about $99 billion today, tracking the sharp decline in crypto prices.

The combined value of crypto holdings held by DATs has also fallen from $141 billion when bitcoin made an all-time high on Oct. 6 to $104 billion as of Nov. 21, according to The Block's data dashboard.
Strategy, Bitmine, and Forward Industries are all seeing steep stock drawdowns as their respective BTC, ETH, and SOL positions unwind, and although Michael Saylor's firm remains above water, many DATs are now sitting on deep unrealized losses.
Meanwhile, Saylor said Friday that Strategy's conviction in bitcoin is "unwavering," pushing back against the idea it may be removed from MSCI indexes amid the stock's sell-off.
Looking ahead to next week
U.S. PPI data are out on Tuesday. U.S. jobless claims, PCE, and GDP figures follow on Wednesday, alongside the UK budget statement.
ECB President Christine Lagarde will speak on Monday.
Tornado Cash, Euler, Monad, Blast, and Wormhole are among the crypto projects set for token unlocks.
Devconnect concludes in Buenos Aires. The Australian Crypto Convention gets underway.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TAGS

AUTHOR James Hunt is a Senior Reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected]. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
Follow us on Google News
More by James Hunt

Tom Lee's BitMine to begin offering annual dividend as ETH treasury mNAV dips

Partner offers

The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Quick Take
BitMine posted its fiscal year results on Friday, showing $328 million in net income or $13.39 in fully diluted earnings per share.
The largest ETH-focused digital asset treasury has seen its mNAV dip below 1x amid a weakening crypto market.
BMNR, down nearly 50% over the past 30 days, though up significantly year-to-date, will offer a dividend of $0.01 per share.
The largest Ethereum treasury company, BitMine Immersion Technologies, said it will become "the first large-cap crypto company to declare an annual dividend," as the firm posts its first earnings report since the crypto market pullback in the second half of the year that has seen digital asset treasuries struggle.

BitMine will offer an annual dividend of $0.01 per BMNR share. The stock is trading around $26.49, up slightly on the day, but down significantly from a yearly high watermark of $135 set in early July, shortly after the firm announced its ETH acquisition strategy, according to The Block’s price page.

The dividend, payable on Dec. 29, is BitMine's latest attempt to return shareholder value through traditional equities engineering. In July, the firm became one of the first DATs to approve a share buyback plan to supplement its ongoing ETH purchases.

Backed by leading investors including ARK's Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, and individual investors like Wall Street titans Bill Miller III and Tom Lee, BitMine is the second-largest crypto treasury firm after Strategy, and by far the largest public ETH-focused DAT.

The firm recorded $328 million in net income for its fiscal year ending Aug. 31, equating to $13.39 in fully diluted earnings per share, according to Friday's release. It holds nearly $10 billion worth of ETH — 3.55 million tokens purchased at an average price of around $3,120.

Negative mNAVETH is trading around $2,730 on Friday, according to The Block's data, indicating BitMine’s multiple to Net Asset Value (mNAV) has fallen below 1.0x. With ETH sitting near multi-month lows, the company sits on an unrealized loss of roughly $4.52 billion.

A representative for a competing ETH treasury firm, the Ether Machine, told The Block that the outlook for crypto DATs that acquired tokens via at-the-money issuances is "grim."

"The way in which BitMine (BMNR) and Sharplink (SBET) have raised over $10B to buy more ETH over the last 6 months is a capital lever that breaks under the market conditions we find ourselves in now, leaving retail shareholders effectively exposed to a greater loss than if they just purchased ETH," the representative said.

According to Ether Machine’s calculations, "an August BMNR purchaser is down ~73%, compared to an outright ETH purchaser during that time frame, who would be down ~30%," considering that ETH was above $4,000 for much of that month.

Of course, BitMine is far from the only DAT to decline in value amid a weakening crypto market. The Block reportedly earlier Friday that the combined market capitalization of crypto treasury firms has plunged from $176 billion in July to roughly $99 billion today.

Despite BMNR’s performance, BitMine Chairman Tom Lee said the firm is "well positioned in 2026." BMNR is down nearly 50% over the past 30 days, though still up about 258% year-to-date.

The firm’s staking solution — dubbed the Made in America Validator Network, or MAVAN — will debut in the first quarter, boosting the firm’s mining operations. BitMine noted it operates Bitcoin mining operations in Trinidad and Texas.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TAGS

AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
Follow us on Google News
More by Daniel Kuhn

BitMine Immersion Inc. (NASDAQ:BMNR) is staring at a $4.21 billion Ethereum (CRYPTO: ETH) portfolio loss — a blow so large that BMNR has crashed back into its last major support zone.

Bitmine's ETH Holdings Sink As Portfolio Value Drops $4.21BDropstab data shows that Bitmine invested about $14.01 billion into its ETH Strategy Portfolio, accumulating 3.51 million ETH at an average cost of $3,997 per token. 

With Ethereum now trading around $2,790, the position has shifted deep into unrealized losses.

The portfolio's value sits near $9.81 billion, putting Bitmine down roughly $4.21 billion, or about 30% from its cost basis. 

The decline is fully mark-to-market — the firm has generated zero realized profit, confirming that none of the ETH has been sold.

The past week alone added pressure. 

The portfolio fell about $1.50 billion in seven days, tracking Ethereum's 12.33% weekly slide. 

The move shows how sensitive Bitmine's position is to even moderate ETH weakness due to the massive size of its exposure.

BitMine Immersion Stock Slips Toward Critical Support

BMNR Price Action (Source: TradingView)

Shares of BMNR have dropped sharply over the past two months after the stock failed to hold the mid-$40s in early October. 

Price is now sitting inside the $25–$27 support zone, the same area that acted as the base for the entire summer move.

The trend is still down as every bounce since September has been weaker than the one before it, and the stock continues to trade under short-term moving averages — a simple sign that demand has faded and sellers are still in control.

The key level is $25. If this floor holds, BMNR can attempt a basic rebound toward the low $30s. 

If it breaks, the stock falls back into the $20–$25 range that existed before the July rally.

For buyers to take back control, BMNR needs to break the downtrend from September and push above $33–$35. Until that happens, the chart favors downside risk.

Ethereum Weakness Keeps Pressure On Bitmine Exposure

ETH Price Dynamics (Source: TradingView)

Ethereum dropped almost 7% earlier in the session before bouncing slightly, but the overall trend is still down. 

ETH remains below all major moving averages, and the 20-day and 50-day EMAs continue to act as firm resistance on every rebound attempt.

A clean downtrend from the November high is still rejecting price. 

ETH already lost the $2,900 support band and is now sitting on the $2,750 demand zone. 

If this level breaks, the next major area sits much lower between $2,450–$2,300.

The Parabolic SAR is still above price, which simply means sellers are in control. 

For bulls to regain any traction, ETH needs to reclaim $3,050. 

Until that happens, the pressure on Bitmine's massive ETH position — and on BMNR sentiment, will stay heavy.

Read Next:

China’s $1.5 Trillion Ecommerce Race Heats Up — ATRenew Outperforms, PDD Delivers, JD Goes All-In On Expansion
ImageL Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

As expected by the XRP community, the spot XRP ETF issued by Bitwise, which launched yesterday, has achieved an impressive first day inflow, according to a recent post from Bitwise’s CEO, Hunter Horsley.

According to Horsley, $XRP has met the expectations of analysts, pulling in a massive $107 million in inflows on its first day of trading despite the broad crypto market slowdown.

While this marks a successful launch for the Bitwise XRP ETF despite the prolonged crypto market downturn, it has also emerged as one of the notable and strongest ETF launches this year.

HOT Stories

With this impressive first day performance, it appears that the demand for spot exposure to XRP among institutional investors has continued to grow.

$XRP hits $25.7 million in first day trading volumeThe launch report showcased by the firm also shows that the fund recorded an impressive $25.7 million in trading volume on day one of its trading.

Notably, this strong trading activity follows massive total assets under management, which reached $107.6 million by the close of the session.

While this strong first day performance has been attributed to the hype and optimism surrounding the fund even before its official launch, the fund’s friendly fee structure appears to have also contributed to the large trading volume.

Notably, the firm only requires investors to pay a zero percent management fee for the first month on the first $500 million in assets. 

While the move seeks to accelerate adoption and attract both retail and institutional capital during its early trading phase, it has helped the fund amass notable first day inflows and trading volume.

Bitwise’s XRP ETF flips BSOLWith a massive $107,000,000 in inflows on its first day of trading, the Bitwise XRP ETF has nearly doubled the record inflows of $69.5 million achieved by the Bitwise Solana ETF on its first day.

This unmatched performance suggests that U.S. investors are more interested in gaining exposure to Ripple’s associated cryptocurrency, XRP, than in Solana.

Dogecoin price has broken through several major support levels, with price action turning sharply bearish and a new yearly low at $0.08 now at risk if sellers continue to dominate.

Summary

Market confidence in DOGE continues to fade as sellers dominate
Trading behaviour reflects growing uncertainty across meme-asset markets
Investor sentiment remains cautious with limited signs of recovery so far

Dogecoin’s (DOGE) market structure has deteriorated significantly after losing the $0.16 support region. This level aligned with the value area low and had acted as a structural base throughout much of 2025. With price now trading inside a zone that has not seen meaningful activity for an extended period, sellers remain firmly in control.

This breakdown has raised concerns that Dogecoin may be on track to revisit its yearly low, even as services like Oak Mining promote simple mobile cloud mining to earn daily BTC and DOGE, highlighting the disconnect between falling market prices and rising retail interest.

Dogecoin price key technical points

Dogecoin breaks below $0.16, losing a major structural support
Price now trades in an untested region with no clear support levels
Downside target sits at the yearly low of $0.08

ETHUSDT (1D) Chart, Source: TradingView
Dogecoin’s loss of the $0.16 level marks a critical shift in momentum. This region previously acted as the value area low and provided support across most of the price action during 2025. Breaking below it indicates a decisive rejection from prior structure and suggests that the market is now searching for new demand zones.

Price has entered a region that has remained untouched for a long period, and thin support in this area increases the probability of a continued decline.

The current technical outlook remains bearish as Dogecoin consistently prints strong bearish engulfing candles. These signals show ongoing aggressive sell-side pressure, with sellers absorbing any attempt at relief. The market structure confirms this weakness, as no meaningful higher lows have been established, and all prior support levels have failed to hold.

With price now in a vacuum-like zone, the next major area of interest lies at $0.08, which marks the yearly low created during the capitulation on Friday, October 10th. If the market continues to trade lower and takes out this level, Dogecoin will establish a fresh yearly low, further reinforcing the bearish trend.

A break of this magnitude would also suggest that the broader market remains in risk-off mode, with liquidity thinning across speculative assets.

For Dogecoin to invalidate the bearish breakdown, the first step would be reclaiming the $0.16 resistance level. However, the current price action does not support this scenario. Momentum indicators, candle structure, and volume flow all point toward sustained downside unless a major shift occurs, especially as Dogecoin continues to fall amid the Federal Reserve’s ongoing hawkish rate stance. Until then, the risk of deeper capitulation remains elevated.

What to expect in the coming price action
As long as Dogecoin trades below $0.16, the likelihood of a move toward the $0.08 yearly low remains high. Failure to reclaim resistance will keep the bearish structure intact. Only a strong reversal in market structure would challenge the downside trajectory.

In brief
Michael Saylor addressed the prospect of Strategy’s removal from stock indices.
He said the company isn’t something that purely resembles an investment fund.
JPMorgan highlighted MSCI’s consultation of crypto-buying firms in a report.
Strategy co-founder and Executive Chairman Michael Saylor downplayed concerns on Friday that the company could be excluded from certain equity indices next year, highlighting aspects of the firm’s business model, as its shares wavered close to a 13-month low.

On X, Saylor contrasted Strategy’s business model against investment funds, following a report from JPMorgan that highlighted how crypto-buying firms with similar qualities could be removed in February from index provider MSCI’s products, which guide activity among investment professionals. 

“Strategy is not a fund, not a trust, and not a holding company,” Saylor said. “We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”

Over the past month, Strategy’s shares have plunged 42% to $175, while outpacing Bitcoin’s decline from record highs, according to Yahoo Finance. Meanwhile, Strategy’s market cap has slipped below the value of its Bitcoin holdings, complicating its ability to raise funding.

On Oct. 10, MSCI said that it was debating its treatment of crypto treasury firms, “including cases where capital-raising activities are primarily used to fund digital asset accumulation,” and companies “whose digital asset holdings represent 50% or more of their total assets.”

Historically, Strategy has issued common shares to add to its Bitcoin stockpile, but as that move has grown less lucrative, Strategy has embraced preferred shares offering dividend payments. MSCI is set to announce a decision on Jan 15.

On X, Saylor highlighted the products that Strategy has introduced this year, and how that reflects how the company is building “a Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software.”

What’s more, Saylor said the company’s commitment to Bitcoin is unwavering, and “index classification doesn’t define" the world’s largest corporate holder of Bitcoin.

On Friday, Strategy’s stockpile was worth $55 billion. At its peak, Strategy’s Bitcoin was worth nearly $80 billion on Oct. 7, according to Bitcoin Treasuries.

Strategy was added to the tech-heavy Nasdaq-100 late last year. Around that time, Bloomberg ETF Analyst James Seyffart estimated that the milestone would result in $2.1 billion worth of net buying for Strategy’s shares.

In September, Strategy had qualified for inclusion in the S&P 500, but the Bitcoin buying firm was passed over. Robinhood joined Coinbase, which was added in May.

In a Myriad prediction market, just 6% of respondents believe that Strategy will sell Bitcoin this year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Compliance pays: Pi coin is set to debut on top European exchanges soon, based on this new whitepaper.

Former BitMEX CEO Arthur Hayes has opined that Bitcoin might be close to bottoming out following a truly violent sell-off that took place earlier this week. 

That said, Hayes has cautioned traders not to buy the dip prematurely, claiming that they have to wait for a steeper sell-off in the stock market.

A "weathervane" for liquidity  In a Nov. 17 blog post, Hayes explicitly attributed the cryptocurrency market plunge to reduced US dollar liquidity, which is the amount of money circulating in the system. 

HOT Stories

According to him, Bitcoin’s price primarily reflects expectations about future USD liquidity.

You Might Also Like

Earlier this year, the cryptocurrency managed to rally to all-time highs due to a combination of strong ETF inflows, liquidity-positive rhetoric, as well as treasury companies buying a lot of coins.

Now, however, liquidity is contracting once again, and Strategy's premium has collapsed. Hence, Michael Saylor's company is no longer capable of raising capital efficiently.  

Will the Fed change course? Bitcoin's plunge has coincided with the fading odds of the Fed implementing another rate cut this year.  

However, Hayes is convinced that a significant stock market correction could potentially restart QE-like liquidity injections. 

Once money printing resumes, Bitcoin could potentially surge all the way to $200,000.

Fundstrat's Tom Lee recently predicted that the BTC price could reach the aforementioned as early as January 2026 despite the severity of the ongoing sell-off.  

Earlier today, Bitcoin briefly plunged below $81,000 on the Bitstamp exchange before paring some losses. 

Kraken's customers have until December 12 to transfer their Luna Classic holdings elsewhere. Another dip coming?

TL;DR

Polygon will carry out a deep network upgrade that requires a temporary pause of deposits and withdrawals on Binance to ensure stability.
Users will be able to continue trading normally on the exchange, although they will not be able to move funds on-chain while the network adjusts its validation logic.
The upgrade will activate at block 80,084,800 and will introduce a hard fork with improvements in performance, security, and capacity for high-volume applications.

Polygon is preparing a network upgrade that modifies the internal structure of the protocol and requires a temporary pause of deposits and withdrawals on Binance.

Users will continue operating without restrictions, buying and selling Polygon-linked assets as if it were a normal trading day, but they will not be able to move funds on-chain during the intervention. The interruption aims to protect balances and prevent stuck transactions while the network adjusts its validation logic.

Binance will halt deposits and withdrawals on December 9 at 11:00 AM. Service will automatically resume once the network confirms stability after the synchronization process. There will be no emails, messages, or additional confirmations. Users will not need to approve migrations, backups, or actions related to their wallets. The exchange will handle the upgrade, patch nodes, and verify that the network is once again processing blocks normally.

Polygon Prepares Its Infrastructure to Support High-Volume Applications
Polygon will deploy the upgrade when block 80,084,800 is finalized. It includes a hard fork and internal modifications that will improve overall performance, offering greater processing capacity, lower latency, and a stronger security framework. The goal is to build a more efficient network for developers and high-transaction applications, something that requires deep interventions and a controlled environment.

Fortunately, infrastructure upgrades are no longer rare events that bring the ecosystem to a halt for days. Blockchains evolve while fully operational, and exchanges that safeguard assets and move liquidity act as buffers that shield users from technical complexity. An exchange that anticipates an upgrade of this scale reduces the operational risk of sending funds at a time when the network is reconfiguring its block order and is not yet fully stabilized.

Polygon is building a more robust infrastructure, and Binance is ensuring that the market continues functioning without distortion while the network rebuilds its internal components.

The cryptocurrency market has entered a tense phase this week, and XRP is one of the assets under the spotlight. After maintaining strength through most of 2025, the coin has now shifted into a retracement phase, losing nearly 19% of its value since October 27.

Bitcoin (CRYPTO: BTC) isn't failing as a hedge — it was never meant to be one, argues industry veteran Samson Mow, who says the market still misunderstands what Bitcoin actually is.

What Happened: Mow explained that Bitcoin's current fiat-denominated price looks irrational only because the world continues to treat BTC like a tech stock or a risk asset.

Even above $110,000, Bitcoin was only modestly outpacing inflation, and at current levels he believes it is deeply oversold relative to fundamentals.

According to Mow, nothing has changed about the long-term thesis: Bitcoin is still on its path toward becoming a global reserve asset.

The macro backdrop, rising liquidity, expanding fiat supply, fixed issuance, halving-driven supply squeeze, and growing corporate and nation-state adoption, continues to support that trajectory. Merchant acceptance and Lightning Network integration are also steadily increasing.

Also Read: Bitcoin Down Over $40,000 From Its Peak: Is Now The Time To Start Buying?

Why It Matters: Mow emphasized that the fiat system is structurally unsound, weighed down by runaway debt and unchecked government spending. This is why major accumulators like Strategy (NASDAQ:MSTR) continue to buy aggressively: they believe the window to accumulate cheap BTC is closing fast.

Mow's conclusion was blunt: "Bitcoin is not a protective hedge. It's the final destination, the endgame."

He added that Bitcoin has never been this close to true mass adoption and urged investors to prepare accordingly.

Read Next:

Tom Lee Says Bitcoin, Ethereum Crash Wasn’t Macro But A ‘Software Bug’
Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto pundit Jake Claver recently drew XRP investors‘ attention to important tax information he believes could help them protect their wealth. Claver also offered a solution, which he indicated could help these investors even as they watch XRP potentially appreciate to as high as $100. 

Crypto Pundit Draws XRP Investors’ Attention To Important Tax Information
In an X post, Claver alluded to tax information from his company, Digital Ascension Group (DAG), which he said would become very important for XRP holders to understand. DAG explained how the IRS’s classification of crypto as property in 2014 changed everything for crypto wealth. 

The company stated that most people holding six or seven figures in XRP do not understand the implications. DAG noted that, because crypto is classified as property, every wallet is vulnerable to court orders, and that any incident relating to one’s personal life can warrant a judge ordering holders to hand over the keys to their wallets. 

 However, on the other hand, DAG stated that crypto’s classification as property also unlocked every wealth strategy that real estate families have used for centuries. This creates a step-up basis at death, allowing the heirs of XRP holders to inherit the crypto at its current market value with no capital gains owed. The company stated that this way, investors can buy XRP at $0.50, die when it hits $100, and their heirs get it at $100, with the entire capital gains eliminated. 

Meanwhile, DAG revealed that XRP holders can borrow against their holdings without selling their XRP. The company explained that these holders can take a loan at a reasonable interest rate and keep the asset while they avoid the tax bill and still have liquidity. The firm added that this was how Elon Musk bought Twitter with $40 billion borrowed against Tesla. As such, this will be the same playbook, though it is for crypto this time. 

Other Ways To Protect One’s XRP Holdings
DAG also proposed the transfer of one’s XRP holdings into a Wyoming LLC as a way to protect their crypto wealth. Investors transfer their coins into an LLC and then gain charging order protection, which means that creditors can’t touch their assets. The company explained that these creditors would have to get in line for distributions that investors never have to make, as the corporate veil protects these investors. 

Furthermore, DAG stated that investors could gift up to $13.6 million to family members without a gift tax by filing Form 709. These investors can also move their wealth out of the taxable estate while they are alive. Couples can transfer up to $27.2 million while avoiding the gift tax. 

The company also explained that investors would have to put the LLC into a revocable living trust, in which one’s spouse becomes trustee upon death and can skip the headache of probate. This eliminates the 6 to 24 months court delay and the 3% to 7% probate fees, while there won’t be public records showing what crypto assets were owned. 

DAG declared that retail investors are still treating crypto like lottery tickets while high-net-worth families are treating it exactly like commercial real estate. They are said to structure it, shield it, borrow against it, and never sell appreciating assets. The company added that property classification is the foundation for generational wealth if one actually understands what it unlocks. 

At the time of writing, the XRP price is trading at around $1.98, down over 7% in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $1.94 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Polygon News

Polygon Hard Fork Ahead — Binance to Temporarily Halt Deposits and Withdrawals

TL;DR Polygon will carry out a deep network upgrade that requires a temporary pause of deposits and withdrawals on Binance to ensure stability. Users will

Companies

Ripple CEO & Solana President Join Forces at Binance Summit: Market Shifts Ahead

TL;DR The Ripple CEO and the Solana president will participate in a panel at Binance Blockchain Week in Dubai to discuss the evolution of the

Companies

Game-Changer: PayPay by SoftBank Boosts Binance Japan’s Crypto Access

TL;DR Binance Japan users can now operate using PayPay Money without needing bank deposits, improving their daily experience. Linking both accounts allows moving funds with

Ethereum News

Ethereum’s USD Outlook Darkens as Market Turmoil Deepens

TL;DR Ethereum trades near $2724.25, falling 9.95%, pushed by broad market selling rather than isolated weakness. Capital rotates toward Bitcoin dominance, while ETH maintains strong

flash news

Ethereum Crashes to $2,700 as 10x Research Flags On-Chain Risks

Ethereum’s price fell to $2,700 today amid warnings from 10x Research, which highlighted on-chain risks and potential vulnerabilities in network activity, according to a post

flash news

Altcoins Dominate Binance: 60% of Trading Volume Surpasses BTC & ETH

Recent data from CryptoQuant reveals that Altcoin Trading on Binance has surpassed 60% of the platform’s total activity. This increase confirms Binance as a primary

19h05 ▪
5
min read ▪ by
Luc Jose A.

Summarize this article with:

While the crypto industry oscillates between volatility and hopes of a rally, Peter Brandt, a respected figure in technical analysis, cools down the enthusiasm. Unlike the euphoric forecasts of some sector leaders, he believes that bitcoin will not cross $200,000 before the third quarter of 2029. Such a projection questions the solidity of short-term bullish scenarios and invites a reconsideration of the real pace of market cycles.

In brief

Peter Brandt, veteran analyst, states that Bitcoin will not reach $200,000 before the third quarter of 2029.
This forecast strongly contrasts with those from figures like Arthur Hayes or Cathie Wood, who foresee much faster increases.
Brandt justifies his analysis with a technical reading of market cycles, supported by unexpected historical comparisons.
He views Bitcoin’s recent drop as a healthy phenomenon, necessary for a strong future rebound.

A forecast that breaks the mold: Peter Brandt bets on 2029
In a message published this November 21 on X, Peter Brandt, experienced trader and recognized technical analyst, cooled hopes of a rapid rise of bitcoin.

Contrary to the many optimistic predictions flourishing in the crypto ecosystem, he believes the $200,000 threshold will be reached only in the third quarter of 2029.

“The next bitcoin bull market should take us around $200,000. This should happen toward the third quarter of 2029,” he said.

Brandt nevertheless specifies that he remains “convinced of bitcoin’s long-term bullish potential,” but his reading of market cycles remains cautious. This statement comes as several influential figures in the industry anticipate a much closer threshold, sometimes even in the very short term.

Here is an overview of competing projections to Brandt’s forecasts:

Arthur Hayes, co-founder of BitMEX, and Tom Lee, president of Fundstrat and founder of BitMine, recently bet on a bitcoin at $200,000 as early as the end of this year;

Brian Armstrong, CEO of Coinbase, and Cathie Wood, CEO of ARK Invest, aim for a BTC at $1 million by 2030, a projection five times higher than Brandt’s, with only a quarter’s difference;

These estimates have all been reaffirmed over the past few months, notably by Hayes and Lee last October.

Peter Brandt’s stance therefore contrasts sharply with the dominant trend, which sees every market dip as an opportunity for a rapid rise. His approach, rooted in the technical analysis of long-term cycles, serves as a reminder that excess enthusiasm can be premature.

Far from giving in to herd mentality, Brandt takes the opposite view of the dominant narrative and proposes a slower, more structural, and possibly more realistic reading of the market’s evolution.

A salutary dumping: a technical reading of the current retreat
Beyond the quantified projections, Peter Brandt also offers a technical reading of the current context, marked by a strong market correction.

Bitcoin, after reaching an all-time high of $126,000 in October, began a gradual fall, losing more than 20% over the last 30 days, settling around $86,000.

Far from worrying, Brandt sees this as a healthy development. “This drop is the best thing that could happen to bitcoin,” he said, suggesting that a market purge phase is not only expected but necessary to lay the foundation for a future sustainable rally.

He strengthens his position by drawing an unexpected historical parallel with the soybean seed market in the 1970s. At that time, he explains, a sharp rise in prices was followed by a 50% collapse as global supply exceeded demand.

“In the 1970s, soybeans formed a similar peak, then fell by 50% in value,” he recalls, referring to a similar dynamic in the current BTC chart structure. This type of pattern, known to technical analysts, corresponds to deep consolidation cycles before a new bullish phase.

If Peter Brandt’s analysis proves correct, the bitcoin price could evolve in a much slower cycle than anticipated. Enough to reshuffle the cards for investors who are too impatient and remind that patience remains an essential component of this still young and unpredictable market.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TL;DR

XRP trades at $1.92, with a 16% weekly drop, but interest is focused on the $2.15 level.
A “liquidity zone” concentrated near $2.15 suggests a key short-term price interaction point.
Liquidation data shows a predominance of short positions ($24.44 million) over long positions, suggesting a possible short squeeze.

The market shows signs of a short-term movement, despite the bearish pressure of recent days, which has led XRP to trade at $1.92, falling 9.2% on Friday and 16% in the last 5 days. 24-hour volume data remains near $9.44 billion, underscoring constant activity around the Ripple asset.

Traders’ focus has shifted to the $2.15 level, a point where significant liquidity formation is observed. An XRP price analysis using Coinglass’s short-term liquidation heatmap has identified a dense liquidity band at $2.15. This zone, marked in bright yellow, indicates a concentration of leveraged positions.

This level was briefly tested on Friday when XRP reached $2.1531, with total leveraged liquidation amounting to $104.65 billion. XRP’s ability to overcome and consolidate above this threshold will be vital to confirm any short-term recovery.

Liquidation Imbalance: Short Positions in the Lead
Recent liquidation data reflects a clear imbalance. Short position liquidations have amounted to $24.44 million, far exceeding long position liquidations, which stood at $3.81 million. This pattern suggests that a greater number of bearish traders were caught off guard during recent volatility, exposing them to short liquidations.

This market trend, where short liquidations appear during price spikes, indicates that downward movements are facing occasional “short squeezes.” If the price manages to test resistance between $2.00 and $2.15, this pattern could consolidate as a turning point.

According to ChartNerdTA, despite short-term fluctuations, the long-term XRP price analysis at $2.15 shows that the asset remains above an ascending support. This structure resembles the cycle XRP experienced between 2013 and 2017, building an ascending triangle with flat resistance.

As long as the price remains above support, this macroeconomic structure remains in effect, suggesting that, in the long term, growth potential remains intact.

The market is now at a point where short-term liquidity intersects with the long-term structure. XRP’s future will depend on the demand generated around these key levels.

TradFi markets continue to move against broader bearish market sentiment – Solana price predictions remain bullish with institutions still committed.

Bitcoin ETFs suffered their second-largest outflow in history, while ether funds extended their losing streak to eight days. Solana ETFs once again delivered strong inflows, providing the day's lone bright spot. Solana Stays Green as Massive Bitcoin Outflows Hit Market Some days test the conviction of even the most resilient investors, and Thursday, Nov.

Peter Brandt has pushed Bitcoin's $200K target to 2029.

Veteran trader Peter Brandt has tempered near-term expectations for Bitcoin (BTC) amidst the crash. He predicted that the next major bull market will not take the world’s leading crypto asset to $200,000 until around Q3 2029.

His comments came at a moment of extreme turbulence, with BTC sliding almost 10% in the past 24 hours and the broader crypto market cap falling back below the $3 trillion mark.

Necessary Reset?
Brandt, who disclosed that he still holds 40% of his largest-ever Bitcoin position at an entry price roughly “1/20th of Michael Saylor’s average buy,” maintained his long-term bullish stance despite the ongoing sell-off. The acclaimed trader said that the current downturn is “the best thing that could happen to Bitcoin,” while framing it as a healthy reset before a more steady uptrend.

The latest rout has been amplified by mounting macro uncertainty, particularly concerns over whether the US Federal Reserve will be able to deliver rate cuts amid sticky inflation and overheated AI-driven equity valuations. These pressures have pushed global markets into a tense, risk-off environment, which, in turn, ended up triggering a broad-based meltdown across asset classes, including cryptocurrencies.

With his latest remarks, Peter Brandt has effectively walked back his own bullish projection from last year, when he predicted Bitcoin could reach $200,000 by 2025 following what he identified as a decisive breakout from a 15-month price channel. Several prominent crypto figures had issued similarly ambitious predictions that now appear increasingly out of reach.

In April, Cardano founder Charles Hoskinson projected that Bitcoin could surge to $250,000 by late 2025, citing regulatory progress, geopolitical tensions, and rising global crypto adoption as crucial drivers. A few months later, longtime Bitcoin advocate Max Keiser doubled down on his call for $220,000 in 2025, and added that BTC’s rise since his 2022 forecast validated his view.

Trouble Brewing
Crypto analyst Ali Martinez also observed a technical warning flashing on Bitcoin’s weekly chart as the SuperTrend indicator has flipped bearish, a signal that has historically led to major downturns in the BTC market. The metric illustrates more than a decade of consistent behavior.

You may also like:

BTC Rebounds $3K in a Flash Thanks to Fresh Fed Rate Cut Optimism

Bitcoin’s Crash to $82K Liquidates Andrew Tate, the ‘Anti-CZ’ Whale, and More: Details Inside

Bitcoin Price Dips Toward $81K, Liquidations Approach $2 Billion

Martinez found that every time the SuperTrend turns red on the weekly timeframe, Bitcoin follows with a significant correction, which often ranges from double-digit to deep multi-month declines. This pattern stretches back to early cycles in 2014, 2018, 2021, and 2022, and each marked the beginning of significant retracements.

The analyst’s latest data now shows another bearish trigger emerging at current price levels, which further validates concerns that the latest pullback may be more than just short-term volatility, as “extreme fear” gripped the market.

Tags:

Trading volume explodes 98% above average as institutional sellers drive Hedera token through critical technical barriers.Updated Nov 21, 2025, 4:46 p.m. Published Nov 21, 2025, 4:46 p.m.

HBAR tumbled 11.5% on Tuesday as intense institutional selling overwhelmed the market, smashing the token from $0.1426 to $0.1281. A massive 250.3 million-unit sell wave at 07:00 GMT—nearly double the 24-hour average—erased the key $0.1350 support and unleashed a cascade of stop-loss triggers. The breakdown came despite ongoing network development efforts, underscoring that technical flows—not fundamentals—were driving the session.

The rout deepened as HBAR logged consecutive lower highs and heavier volume with each leg down, repeatedly testing the $0.1277 zone. With resistance now firm at $0.1400, market structure has tilted decisively bearish, reflecting broader crypto-market weakness. Tuesday’s failed defense of $0.1350 became the central turning point, highlighting how institutional positioning dictated price action.

STORY CONTINUES BELOW

Into the final hour of trading, capitulation pressure intensified. HBAR slid from $0.1317 to $0.1277 as sharp volume spikes hit 8.76 million and 11.13 million in rapid succession before activity abruptly stalled at the session low. The sudden freeze suggests either aggressive absorption or a technical halt—conditions that could set the stage for a reversal if buyers re-emerge, even as bearish momentum remains dominant.

HBAR/USD (TradingView)

Key Technical Levels Signal Breakdown Risk for HBARSupport/Resistance: Critical support holds at $0.1277-$0.1281 zone while resistance caps rallies at $0.1400. The $0.1350 break transforms former support into resistance.

Volume Analysis: Institutional selling explosion at 250.3M marks 98% surge above average, confirming smart money distribution over retail panic selling.

Chart Patterns: Descending channel locks in place with consistent lower highs and declining lows, breaking key Fibonacci levels throughout the session.

Targets & Risk/Reward: Next breakdown target sits at $0.1250 if current support crumbles, while recovery attempts face immediate resistance at former support near $0.1350.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

More For You

Michael Saylor Speaks Out Again as MSCI Concerns Mount

45 minutes ago

JPMorgan warning on potential MSCI exclusion sparks fresh pressure, prompting another public response from the executive chairman.

What to know:

JPMorgan warns an MSCI decision could force Strategy out of major equity indices, adding pressure to the stock.Michael Saylor insists Strategy is an operating company with a substantial software business, not a passive bitcoin vehicle.Saylor highlights $7.7 billion in digital credit offerings this year, arguing no fund or trust could replicate the companys structure or strategy.Read full story

‘Conviction in Bitcoin is unwavering’: Saylor rebuts MSCI removal risk amid Strategy stock selloffEquities
• November 21, 2025, 11:49AM EST

Partner offers

The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Quick Take
The Bitcoin treasury pioneer is included in key benchmark indices such as the Nasdaq-100, MSCI USA, and MSCI World.
“Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” Saylor said Friday.
As his company's share price keeps falling, Strategy chairman Michal Saylor has struck a defiant tone for the second time in as many weeks.

In a post on X Friday morning, Saylor addressed the possibility of Strategy (ticker MSTR) being removed from major equity indices by the MSCI. The Bitcoin treasury pioneer is included in major indices such as the Nasdaq-100, MSCI USA, and MSCI World.

"Strategy is not a fund, not a trust, and not a holding company," Saylor said. "We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital."

Last month, MSCI said it is reviewing whether to exclude digital asset treasury companies from its indexes, with a decision expected by Jan. 15, 2026. In a note out this week, JPMorgan analysts said Strategy could see about $2.8 billion in outflows if MSTR is removed from those equity indices, and another $8.8 billion if other index providers follow.

As of its latest purchase, Strategy holds a total of 649,870 BTC bought for a total cost of around $48.4 billion. The firm now holds more than 3% of Bitcoin's total 21 million supply. The price of bitcoin is now down about 24% over the past month, which JPMorgan analysts attribute largely to retail selling of spot bitcoin and ether ETFs.

"If MicroStrategy is excluded from these indices, it could face considerable pressure to its valuation given that passive index-tracking funds represent a substantial share of its ownership," the analysts wrote.

As Saylor continues to buy, Strategy investors continue to sell. MSTR shares are down about 13.5% over the past week and nearly 44% over the past month. At the time of publication, the stock traded around $173.50 per share — down from an all-time high of over $450 set in July.

"No passive vehicle or holding company could do what we’re doing. Index classification doesn't define us," Saylor said. "Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TAGS

AUTHOR Jason is a U.S. news editor at The Block. He previously worked as a staff writer and later served as managing editor at Benzinga, a financial news and data company. He led Benzinga's daily markets coverage as well as the expansion of the outlet's cannabis, cryptocurrency and sports betting verticals. He earned a bachelor's degree in journalism from Central Michigan University and resides in the suburbs of Detroit, Michigan. Follow him on X @JasonShubnell. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
Follow us on Google News