Bitcoin has fallen below the critical psychological level of $90,000, marking a significant downturn for investors. This decline has pushed the average spot ETF investor into losses for the first time since the products launched, with the flow-weighted average cost basis now at approximately $89,600. The drop has erased all gains made in 2025, with Bitcoin now over 30% below its record high of $126,000 reached in early October. On November 17 alone, Bitcoin ETFs experienced outflows of $254.51 million, primarily driven by BlackRock’s IBIT, which shed $145.57 million.
The cumulative drawdown for Bitcoin ETFs has reached $3.29 billion from their peak, reflecting a broader trend of investor retreat amid macroeconomic uncertainties and rising interest rate concerns.
BlackRock's Bitcoin ETF, IBIT, recorded a staggering $463 million in outflows on November 14, marking the largest single-day withdrawal since its inception. This contributed to a total of $2 billion in weekly outflows from global crypto exchange-traded products (ETPs), the highest since February. U.S. funds accounted for 97% of these redemptions, indicating a significant shift in investor sentiment. Meanwhile, Strategy has made headlines with its largest Bitcoin purchase in over four months, acquiring $835 million worth of Bitcoin as prices fell.
This purchase brings Strategy's total holdings to nearly 650,000 Bitcoin, valued at approximately $61 billion, despite its shares declining by 35% over the month.
Bitcoin's recent price action has seen it dip to a six-month low of $90,190, reflecting a 5.1% decrease in a single day. The market is currently experiencing extreme fear, with the Crypto Fear and Greed Index dropping to 11. Additionally, liquidations across Bitcoin and Ethereum exceeded $70 million as both assets tested critical support levels. Whale activity has intensified, with large holders reportedly moving significant amounts of Bitcoin.
The recent transfer of 10,423 BTC by the defunct Mt. Gox exchange has raised concerns about potential selling pressure, though analysts suggest that such transfers do not necessarily indicate immediate market selling.
The current downturn in the crypto market, with Bitcoin losing over $450 billion in value in just a week, underscores the fragility of investor sentiment amid macroeconomic pressures. Analysts suggest that the ongoing volatility may lead to a consolidation phase, with Bitcoin potentially stabilizing between $90,000 and $110,000. As institutional investors like Strategy continue to accumulate Bitcoin, there remains a possibility for a rebound. However, the market's recovery will largely depend on macroeconomic indicators and ETF flows, as well as the resolution of current fears surrounding interest rates and economic growth.
Vitalik Buterin has introduced Kohaku, a suite of privacy-focused tools designed to bolster security and privacy within the Ethereum ecosystem. This initiative aims to address growing concerns over user data protection and transaction confidentiality, which are critical as Ethereum continues to expand its user base and application scope. The introduction of such tools is expected to enhance the overall utility of Ethereum, potentially attracting more developers and users who prioritize privacy in their transactions.
Coinbase has launched an ICO platform, marking a significant shift in its business strategy. This move could signal the onset of a new wave of Initial Coin Offerings (ICOs), potentially reshaping the fundraising landscape in the crypto space. As Coinbase enters this competitive arena, its rivals are closely monitoring the implications of this development, which may lead to increased innovation and investment opportunities within the ecosystem.
Ethereum is witnessing a notable increase in blockspace utilization, reaching all-time highs (ATH) amidst a broader market reset. This uptick in activity could indicate that Ethereum is gearing up for its next growth cycle, especially as dormant ICO wallets begin to show signs of movement. The interplay between increased blockspace demand and market adjustments suggests a potentially favorable environment for Ethereum's future performance and adoption.
Japan's Financial Services Agency is set to propose a significant reform that would reduce the tax rate on cryptocurrency gains from a maximum of 55% to a flat 20%. This change aims to align crypto taxation with stock market policies and is expected to be submitted for legislative approval in the 2026 Diet session. The reform addresses longstanding investor complaints regarding high tax rates that have previously discouraged domestic investment in the crypto sector.
Following the reopening of the government, the next 12 months are deemed critical for the U.S. Securities and Exchange Commission (SEC) under Chair Atkins. Analysts at TD Cowen emphasize the importance of this period for regulatory developments in the crypto space, suggesting that significant actions may be forthcoming as the SEC navigates its agenda post-shutdown.
Changpeng 'CZ' Zhao, the founder of Binance, has commented on the potential for the exchange to seek a refund of the $4.3 billion fine paid as part of its 2023 settlement with U.S. authorities. He described the question as "delicate" and noted that no formal request for a refund has been made. Any refunded amount would be reinvested in the U.S. to demonstrate appreciation.
In a notable development for the crypto market, stablecoins have seen an influx of $14 billion in new mints, primarily driven by Circle and Tether, with Solana also making significant contributions. This surge indicates a growing confidence in stablecoins as a viable alternative to traditional payment systems, particularly in comparison to established financial entities like Visa.
The Digital Chamber, a crypto advocacy group, is intensifying its efforts at the state level as the 2026 midterm elections approach. This expansion aims to enhance the influence of crypto stakeholders in legislative discussions and policy-making processes, reflecting a strategic move to bolster support for the industry during a pivotal electoral period.
The British hacker Joseph James O’Connor, 26, has been ordered to surrender more than £4 million ($5 million) in cryptocurrency after the value of his stolen digital assets surged during his time in prison. He was jailed in the United States in 2023 for orchestrating the July 2020 Twitter attack that compromised the accounts of global figures, including Barack Obama, Joe Biden, and Elon Musk. Prosecutors stated that the group collected more than $794,000 in the scam. The UK’s Crown Prosecution Service confirmed it had secured a civil recovery order targeting 42.378 BTC, 235.329 ETH, 143,273.57 BUSD, and 15.23 USDC linked to O’Connor, now valued at roughly £4.1 million.
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