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Fundstrat’s Tom Lee disclosed in a recent interview that last month’s flash event is still echoing through crypto markets, and that those ripples help explain Bitcoin’s recent slide.

According to Lee, the shock on October 10 damaged key market makers—firms that provide trading liquidity—forcing them to pull back and tighten activity.

That pullback, he said, has fed a slow drip of selling that continued into November as investors reassessed risk.

Market Maker Strain Triggered By Trading Glitch

Based on reports, Bitcoin traded near $125,000 on October 6 and held around $120,000 days later before tumbling to the mid-$80,000 range by November 20.

Lee pointed to a technical fault on one exchange where a stablecoin briefly lost its $1 peg amid thin liquidity and internal pricing errors.

That misquote was used by the exchange to price trades, which set off Auto-Deleveraging (ADL) events and a chain of forced liquidations across venues.

The result: several market makers saw their balance sheets weaken, and their reduced activity helped sustain selling pressure rather than absorb it.

ETF Outflows And Macro Forces Add Pressure

The market hit has not been only structural. Reports show Bitcoin fell about 23% this month, while ETF outflows have approached $3 billion, giving traders another reason to step back.

A stronger US dollar and talk of more Federal Reserve tightening have also weighed on sentiment, making it harder for risk assets to hold gains.

Technical indicators picked up by analysts show an RSI around 25.47, which many read as oversold, while MACD readings remain in bearish mode. That mix leaves traders divided between bargain hunters and cautious sellers.

Why Traders Might See A Swift Turnaround

Lee argued that past episodes of forced selling tended to reverse once pressured accounts were exhausted and patient buyers reentered the market.

He suggested Bitcoin could test $77,000 and that Ether might fall toward $2,500 before any steady rebound. Based on his view, the repair of market-making systems and code fixes should stop similar cascades from repeating.

Some funds, he noted, are holding large cash positions and are waiting for clearer signs that liquidity has returned.

A Narrow Window For Recovery Or Further Downside

Investors should watch several things in the coming days: the behavior of large funds, ETF flows, and whether exchanges change how they source prices for margin events.

Reports have disclosed that when automatic systems rely too heavily on internal quotes during low-liquidity moments, risk can amplify rapidly.

Lee thinks volatility isn’t done, though he also argues that once the market’s core problems are patched up, the rebound toward old highs could race ahead of the recent slide.

Featured image from Pexels, chart from TradingView

Crypto pundit Cobb has explained why a supply shock could be imminent for XRP. This follows the launch of two ‘33 Act XRP ETFs, including Bitwise’s fund, with more set to launch next week. 

Why XRP Could Soon Witness A Supply Shock

In an X post, Cobb declared that a supply shock is coming for XRP. This came as he noted that the market is not pricing in the impact the XRP ETFs could have, like they did with Bitcoin and Ethereum. Notably, BTC had rallied to new highs following the launch of the Bitcoin ETFs last year. ETH also saw a significant price increase this year, as Ethereum ETFs experienced a massive spike in inflows. 

Cobb’s statement came in response to crypto pundit Chad’s prediction of the funds taking in a net inflow of a billion daily, with 500 million of the altcoin sent to storage daily. He stated that the token’s price won’t remain at $2 as that happens. It is worth noting that there are currently two existing ‘33 Act spot XRP ETFs issued by Canary Capital and Bitwise. 

SoSo Value data shows that these two funds haven’t come close to recording daily net inflows. So far, their highest daily net inflows have been $245 million, which was what Canary recorded on the first day of trading. However, since then, the daily net inflows have dropped despite the launch of Bitwise’s fund earlier this week. 

The drop in net inflows for the funds comes amid the crypto market decline, which may be contributing to this development. Notably, Canary Capital CEO Steven McClurg had predicted that the funds could take in $10 billion in inflows in their first month, depending on the market conditions. 

More Funds Set To Launch

More XRP ETFs are set to launch, which could further boost the inflows into these funds as a group. Bloomberg analyst Eric Balchunas revealed that Grayscale has received approval from the NYSE Arca to launch its fund on November 24. Meanwhile, his colleague James Seyffart had earlier stated that Franklin Templeton was also likely to launch its fund next Monday. 

Asset manager 21Shares has also filed a Form 8-A for its fund and could begin trading as soon as next week once it gets certification from CBOE. Crypto pundit Chad recently claimed that the altcoin’s price could rally to as high as $220 as these funds continue to accumulate more coins. He noted that BTC’s price nearly doubled following the launch of Bitcoin ETFs and expects the impact of the funds on XRP to be far more significant. 

At the time of writing, the altcoin’s price is trading at around $1.91, down over 2% in the last 24 hours, according to data from CoinMarketCap.

In a market renowned for its volatility, Bitcoin is currently navigating a particularly challenging period that is poised to mark an unfortunate milestone. As the trading week draws to a close, BTC is on track to post its worst weekly performance in over a year. 

Will This Week Mark A Capitulation Point For Bitcoin?

Bitcoin is now firmly on track to log its worst weekly performance in over a year, and it’s also shaping up to become its second-worst November in history. A full-time crypto trader and investor, Daan Crypto Trades, has mentioned on X that historically, November is the best-performing month in terms of average returns. This sharp deviation from the norm is a significant disappointment for many, making 2025 a challenging year so far for the crypto market.

Daan believes that BTC will shine again in the decade to come. These unexpected downturns in the market may not always be enjoyable, but they are essential in the long run. The most crucial thing you need to do is survive. It is worth noting that red rectangles usually come with a lot of green rectangles. Thus, Daan claims investors need to endure the red for long enough.

The CEO of SwanDesk Financial, Jacob King, has highlighted that one of the biggest red flags signaling the Bitcoin bubble was about to burst when Jamie Dimon, CEO of JPMorgan, suddenly flipped bullish on BTC earlier this year. For years, Dimon told investors to stay away from BTC, calling it a giant fraud. The reality is that these Wall Street banks probably bought billions worth of BTC early on and needed more time to accumulate their positions quietly, without driving up the price against themselves.

At the peak, when they need exit liquidity, they would promote it to their customers to buy, and push extreme price targets to draw in fresh demand. King stated that “Wall Street is sleezy, and anything they say should be taken as a direct cue to expect the opposite, especially when it comes to crypto.”

A Capitulation Event Bitcoin Has Never Seen Before

An analyst known as the Master of Crypto has offered insights into investors’ action, noting that short-term Bitcoin holders are experiencing pressure at a level the market has never recorded before. During the COVID-19 crash in March 2020, when BTC swiftly slipped to about $3,850, roughly 92% of recent buyers were sitting on losses. 

Fast forward to the devastating fallout from the FTX collapse in November 2022, and that number rose to roughly 94% as BTC tumbled to the $16,000 mark. The current data show an even sharper shock as over 99% of all short-term holders are in the red near the $89,000 level. Analysts across the board are calling this the most intense wave of capitulation that the BTC market has ever experienced.

Bitcoin’s series of bearish swings has evidently instilled in its market participants a wave of pessimism bordering on flat-out fear. After losing almost 28% of its value this November, the flagship cryptocurrency looks set for the onset of a full bearish cycle. Interestingly, recent on-chain data has been released, which explores a few key metrics to explain the landscape of liquidity pushing Bitcoin’s price, with implied mentions of what to realistically expect in the near term.

Available Liquidity Tapers As Long-Term Demand Rises

In a QuickTake post on CryptoQuant, analytics platform Arab Chain highlights the growing divergence between Bitcoin’s seasoned investors and its ‘smart money’ market players.

The DeFi firm begins its report with readings obtained from the Total Sell-side Liquidity metric, which tracks the amount of Bitcoin available to be sold into the market, based on the behavior of parties that usually serve as liquidity sources. Per Arab Chain, this metric’s reading has recently dropped to about 975,000 BTC, indicating a decline in the amount of coins available for sale by active market participants.

In tandem, the Accumulator Address Demand indicator has shown a surge above 355,000 Bitcoin. For context, this metric reveals how much persistent buying pressure is coming from reputable Bitcoin accumulation wallets over an extended period of time. A surge to 355,000 and levels above reflects a growing accumulation appetite amid the premier cryptocurrency’s strongest holders. Typically, a positive accumulation behavior displayed by market participants helps foresee a sustainable price action in the long term. 

On the other hand, Arab Chain also cites a confluence of two indicators, the Liquidity Inventory Ratio and the ETF Demand. The first, which is a measurement of how long extant liquidity can sustain market activity, shows a reading of 2.74 months, thus indicating there is slower replenishment of active supply. The latter metric, which indicates the net outflows from US spot ETFs, has dropped to -51,000 BTC, indicating sustained net outflows. Taken together, both metrics point to weakening institutional demand, which stands in clear contrast to the rising on-chain accumulation seen elsewhere.

Notably, Binance data reveals that there has been a visible downturn in the price-to-net buying correlation. At the time of the DeFi firm’s report, when Bitcoin was around $83,000, the correlation had seen a decline to as low as 0.72. A weakening correlation typically signals declining inflows relative to price action, thereby implying that the market’s movement is based only on the increasingly fragile liquidity available. Historical data points out that in such conditions, a slight introduction of downward pressure could trigger an exaggerated price crash.

Bitcoin Price Overview 

As of the time of writing, Bitcoin is worth approximately $85,100, with about 1.81% lost over the past day.

Strategy, a business intelligence company founded by Michael Saylor, has released new data outlining how its Bitcoin (BTC) position holds up under current market conditions. This disclosure raises the question of whether the company could ever be forced to sell its $54.59 billion in Bitcoin holdings. Its latest internal projections, shared publicly, highlight the firm’s expectations for long-term sustainability while also inviting scrutiny of its historic aggressive accumulation strategy. 

Strategy Confirms BTC Reserves Cover Dividends For Decades

The Strategy team stated on X this Thursday that with Bitcoin trading below $85,000, the company has more than enough coverage to maintain its dividend obligations for 71 years even if the price remains flat. Additionally, if Bitcoin’s price grows by more than 1.41% annually, that growth alone would completely neutralize the firm’s dividends without requiring additional funds.  

Strategy shared its internal credit dashboard, which tracks details such as debt maturities, durations, interest exposure, and Bitcoin risk. The report shows a total debt of $8,214 and a matching cumulative national value. Most of this comes from the company’s Bitcoin-linked preferred instruments, including various STR-series tranches, totaling $7,779 and with a combined notional value of $15,993. 

Durations across these instruments range from under 2 years to nearly 10, with BTC risk concentrated in the low single digits. Overall, the combined debt and preferred structure totals $15,993. The company’s model also assumes a Bitcoin price of $87,300, a volatility of 45%, and an expected annual return of 30%. 

According to Strategy, these numbers indicate that the firm has plenty of financial flexibility. The company has shown that its dividend security does not rely on aggressive Bitcoin price growth. Although its balance sheet is tied to BTC’s market performance, Strategy’s internal credit analysis suggests it can withstand extended periods of sideways price action without liquidating its core holdings. 

Saylor Faces Criticism For Persistent Bitcoin Buys

In a separate update, Strategy highlighted its actions during the 2022 crypto winter, which was marked by a widespread market collapse. When the price of Bitcoin dropped to $16,000, roughly 50% of Strategy’s then-average cost basis of $30,000, the firm increased its position rather than pulling back. 

This reminder resurfaced longstanding criticisms from market participants who argue that the company’s approach relies too heavily on constant averaging up. The CEO of SwanDesk, Jacob King, criticized Saylor, claiming that the Strategy founder has not shown any real investment ability. 

King pointed out that since Saylor’s first BTC purchase at around $11,000, the cryptocurrency has surged roughly 1,000%. In contrast, Strategy has generated only a 22% return over five years, equating to about 4.4% per year. King described this performance as “horrible,” attributing it to the firm’s seemingly flawed strategy of persistently buying Bitcoin at higher prices. 

The SwanDesk CEO also highlighted Saylor’s history in the tech sector, noting that he had wiped out nearly 99% of his net worth during the dot-com era by chasing underperforming tech stocks and restating the firm’s financials under the scrutiny of the US SEC. 

Featured image from Getty Images, chart from TradingView

The total crypto market cap declined by over 10% in the past week as widespread price correction continues among various digital asset classes. In particular, crypto investment funds, i.e, ETFs, have been significantly impacted by this extended price downswing, with institutional investors pulling out deposits in droves. 

According to XWIN Research Japan, this development, among other factors, points to a budding bearish market as investors structurally rotate capital to seek less-risky and more stable ventures.

Crypto Market Entering A Structural Demand Decline – Here’s Why

In a QuickTake post on CryptoQuant, XWIN Research Japan, a digital asset market analysis firm, postulates that Bitcoin’s recent price losses may be indicative of a structural change in market trend rather than a mere correction. This claim is based on several factors that suggest that investors are systematically deleveraging in the crypto market.

One of these factors is netflows into crypto investment funds, which dropped by $2 billion in the last week, representing the largest ever decline since February. Since the start of November, XWIN Research Japan notes that cumulative withdrawals from these ETFs have hit $3.2 billion, with Bitcoin and Ethereum experiencing net outflows of $1.4 billion and $689 million, respectively. However, the asset under management (AUM) of these has also declined by 27% from the October peak value, indicating that the recent heavy losses reflect a bearish shift in the market structure rather than a brief negative sentiment.

Meanwhile, the Coinbase Premium Gap, which has now turned negative for the past few weeks, adds some depth to this cautious insight. In particular, XWIN Research notes a resemblance with the previous decline seen from February to May, when US institutions maintained a steady selling pressure in the market. Another important bear market indicator highlighted by XWIN analysts is the Stablecoin Supply Ratio (SSR), which has crashed to near-yearly lows, suggesting there are many stablecoins relative to BTC. However, while this development may indicate a higher buying power among investors, it does not communicate a bullish signal.

XWIN Research explains this is because the low SSR is driven by a drop in Bitcoin’s market cap rather than a rise in stablecoins. Therefore, there has been no new liquidity, indicating a weak market buying power that could potentially result in a sustained downtrend.

Crypto Price Overview

At the time of writing, the total crypto market cap is valued at $2.89 trillion, reflecting a slight decline of 1.75% in the past 24 hours. Meanwhile, the daily trading volume is up by 20.93% and valued at $250.9 billion. 

According to XWIN Research Japan, a reversal in bearish fortunes can only come if the crypto market sees a resurgence in stablecoin inflows, coupled with a normalization of the Coinbase premium fall and rise in ETF netflows. Barring these developments, crypto investments hold high potential for sustained downswing. 

Featured image from Barron’s, chart from Tradingview

2025 has been a year of ups and downs for the cryptocurrency industry, with the performance of digital asset treasuries (DATs) a perfect example of this trend. While Bitcoin and Ethereum treasury firms like Strategy and BitMine seem to be weathering the recent storm, other companies have succumbed to the bursting bubble of DATs.

For instance, BitMine has disclosed its plans to become “the first large-cap cryptocurrency company to declare annual dividends.” This announcement came as the Ethereum treasury firm released its fiscal year results on Friday, November 21.

BitMine To Pay $0.01 Dividend Per BMNR Share

In a press release on Friday, the largest Ethereum treasury company, BitMine, reported a net income of $328 million—equal to $13.39 in fully diluted earnings per share (BMNR). The firm also shared its plan to become the first large-cap crypto company to pay dividends to its shareholders. 

The Ethereum treasury company intends to pay an annual dividend of $0.01 per BMNR share, as it looks to return some value to shareholders amid the weakening crypto market.  According to the press release, the payable date for the dividend is set at December 29, 2025, with BitMine’s next shareholder meeting to be held in January 2026.

BitMine’s Chairman, Tom Lee, said in the release:

BitMine continues to execute at the highest level. The company is well positioned in 2026 and we look forward to commencing ETH staking with our MAVAN, or Made in America Validator Network, in early calendar 2026.

The crypto treasury company explained its plans to launch the Made in America Validator Network (MAVAN) to stake its Ether holdings. After vetting several native staking providers, BitMine revealed that it has selected three initial pilot partners to test out their staking capabilities using a small portion of its ETH.

The BMNR stock is currently valued at around $26, reflecting an over 25% decline in the past week. Meanwhile, the share price is significantly away from its 2025 high of $135, reached shortly after Bitmine announced its Ethereum acquisition strategy.

The industry-wide struggles of these digital asset treasuries can be attributed to the pullback of the crypto market in the second half of the year, especially in the fourth quarter. While the price of Ethereum continues to show weakness, recently falling to around $2,650, BitMine’s chairman believes that a market recovery is inevitable.

BitMine Continues ETH Buying Spree

BitMine’s faith in the eventual recovery of the Ethereum price can be seen in its relentless acquisition strategy. As Bitcoinist reported, the firm purchased about 21,054 ETH (worth about $66.57 million) on Wednesday, November 19.

As of a Thursday report, the unrealized losses of BitMine’s Ethereum holdings were nearing $4 billion. Notably, the DAT company holds roughly 3.55 million ETH tokens—worth about $10 billion—acquired at an average cost of around $3,120.

A terse but provocative message by crypto CEO Jacob King has challenged the prevailing narrative around Bitcoin at a time when the asset’s price has reversed much of its 2025 gains. 

King contends that Bitcoin was never intended to function as a store of value or inflation hedge, two big labels widely used to describe Bitcoin in the past few years.

Whitepaper Never Described Bitcoin As Digital Gold

Bitcoin’s price decline in recent weeks has revived long-standing questions about what the cryptocurrency was meant to represent. Much of the price surge earlier in the year has now been erased, and sentiment across the market has shifted into a defensive posture. In light of this, Jacob King released a pointed critique challenging the main arguments that investors have attached to Bitcoin over the past decade.

King grounds his argument in the language of the Bitcoin whitepaper, which describes a peer-to-peer electronic cash system designed to facilitate direct online payments without intermediaries. He stresses that the whitepaper never discussed Bitcoin as a store of value, an inflation hedge, a geopolitical refuge, or any of the traits that dominate modern discourse.

In King’s view, high fees, limited throughput, and declining real-world use pushed supporters to adopt new perspectives that kept enthusiasm alive, even if those narratives had no connection to what Satoshi Nakamoto, Bitcoin’s creator, outlined in 2008. 

Satoshi explicitly described Bitcoin as a peer-to-peer system for online payments. The idea of Bitcoin as a form of digital gold was manufactured by maximalists to attract fresh waves of retail buyers.

Bitcoin’s Recent Price Crash Supports King’s Criticism

King’s comments land at a moment when Bitcoin’s price action is playing out anything but stability. The leading cryptocurrency has dropped massively from its 2025 highs, reversing most of the year’s gains and sending shockwaves through the broader market. 

The decline led to liquidations, weakened sentiment across major altcoins, and raised new doubts about Bitcoin’s defensive qualities during periods of stress. 

King’s view on Bitcoin clashes directly with the views of some of the most influential voices in global finance. Michael Saylor has repeatedly described Bitcoin as the superior successor to gold, calling it “digital property.” 

Larry Fink of BlackRock took the idea mainstream when he said Bitcoin had become a hedge to overcome and address local fears, a phrase that suggested the asset was maturing into a global store of value.

Tom Lee, Head of Research at Fundstrat Global, has also embraced this viewpoint, stating that Bitcoin’s valuation could climb to the $200,000 to $250,000 range if it manages to capture 25%  of gold’s market share. 

Earlier this year, Federal Reserve chairman Jerome Powell echoed similar sentiment, noting that Bitcoin now acts as a legitimate competitor to gold.

At the time of writing, Bitcoin is trading at $84,130.

Featured image from Unsplash, chart from TradingView

Khurram Dara, a former policy counsel at cryptocurrency exchange Coinbase, officially announced his intention to run for the office of New York State Attorney General.

Former Coinbase Attorney Accuses New York AG Of Partisanship 

On Friday, November 21, Dara announced his candidacy on the social media platform X and revealed his agenda for the office of New York State Attorney General. According to his campaign message, the former Coinbase counsel intends to put an end to the “lawfare” by the current New York AG, Letitia James, on businesses and innovations.

Dara accused James of partisanship and putting her political ambitions first in the disposition of her duties as Attorney General. With his regulatory and policy experience in the crypto and fintech space—most notably at Coinbase and Bain Capital Crypto, Dara claims to have seen firsthand these companies being unfairly targeted by the government.

A part of the former Coinbase attorney’s campaign message read:

Dara’s platform includes ending lawfare, prioritizing public safety and making New York more business- and innovation-friendly. Dara says he plans to make specific changes to the office to address affordability and the cost of doing business, such as curbing the office’s use of the Martin Act, ending the practice of hiring private law firms on a contingency-fee basis, and fighting unlawful regulations.

The ex-Coinbase lawyer said that he intends to run under the Republican Party, speaking about tackling New Yorkers’ concerns about the cost of living and affordability.

Over the years, James has gained popularity for her enforcement of strict regulations on the cryptocurrency space. Since taking office in 2019, the Attorney General has filed lawsuits against several crypto companies, including Gemini, Genesis, KuCoin, and Nexo, while agreeing to significant settlement deals with some of these firms.

A New Dawn For Crypto In New York?

Interestingly, the New York Mayor-elect Zohran Mamdani seems to lean more towards James’s approach to consumer protection-focused crypto regulation. Such an instance was seen in 2023 when Mamdani, who was then a member of the New York City Assembly, agreed to AG James’s bill to protect vulnerable New York investors.

It is worth noting, though, that the New York Mayor-elect has never taken a clear public stance on cryptocurrencies, with his past comments suggesting improved regulation rather than unchecked scrutiny. All in all, the city administration’s influence over the state and federal crypto infrastructure is limited.

As of this writing, the total cryptocurrency market capitalization stands at around $2.87 trillion. With most large-cap assets under significant bearish pressure, the crypto market saw its value shrink by nearly 10% in the past week.

Featured image from Getty Images, chart from TradingView

With the recent conclusion of the government shutdown, the crypto industry is seizing the opportunity to present key regulatory requests to the White House before the year ends. 

December promises to be a pivotal month for digital assets, especially under President Donald Trump’s administration, which has shown positive momentum in advancing crypto regulations.

What The Crypto Industry Wants

In a letter released on Thursday, November 20, the Solana Policy Institute urged immediate action from the Treasury and the Internal Revenue Service (IRS) on several policy initiatives, placing the Institute at the forefront of this push.

The letter highlights that as Congress continues its legislative work, President Trump’s administration is capable of implementing significant changes that could provide quick victories for the industry.

Among the primary requests outlined in the letter is the need for tax clarity. The industry is seeking comprehensive guidance on various technical aspects, including staking, mining, airdrops, cross-chain transactions, collateral pledging, and charitable donations. 

Specifically, the crypto sector is advocating for clearer tax regulations that prevent taxation on unrealized income, promoting alignment of tax rules with economic realities. 

There’s a push for the Treasury Department to offer revisions that define staking and mining rewards as property taxed upon disposition, drawing from established tax principles governing asset sales.

Another crucial request focuses on regulatory certainty. The industry is calling for defined rules that would support developers, decentralized finance (DeFi) protocols, and self-custody of digital assets. The request includes provisions for no-action relief and safe harbors within existing regulatory frameworks.

The letter also emphasizes the need for DeFi protection and innovation. It calls for updated guidance from the Financial Crimes Enforcement Network (FinCEN) and robust cybersecurity measures to foster a thriving decentralized project ecosystem in the US. 

Additionally, there’s a proposal for the IRS to clarify that blockchain-related activities, such as cryptographic engineering and smart contract development, should qualify for research and development tax credits.

SEC’s Token Safe Harbor Framework Cited As Model

Another key point in the letter pertains to calling for justice for Tornado Cash developer Roman Storm, urging the Department of Justice to drop charges against him. 

The signatories argue that such a move would reaffirm the Administration’s commitment to protecting developers and recognize that the publication of open-source software is a form of speech protected under the First Amendment.

Furthermore, the letter articulates requests for enhancing US software development by advocating for the adoption of safe harbors and regulatory sandboxes for DeFi projects and developers. 

This would enable the launch of tokens and protocols, thus fostering digital asset innovation through the creation of user-friendly web interfaces. The industry references SEC Commissioner Hester Peirce’s Token Safe Harbor Framework as a model for such proposals.

In addition to these requests, anticipation is building around the forthcoming Market Structure bill, which aims to provide enhanced clarity in the digital asset landscape. 

Markup sessions for this important legislation are reportedly scheduled for early December, indicating that significant developments may be imminent as the year draws to a close.

Featured image from DALL-E, chart from TradingView.com 

Chinese Bitcoin mining manufacturer Bitmain Technologies Ltd. has reportedly been at the center of a months-long federal investigation in the US over concerns that its products could pose risks to America’s national security.

Chinese Bitcoin Mining Giant Faces US Scrutiny

On Friday, Bloomberg reported that Bitmain, the global leader in Bitcoin mining hardware production, has been under investigation by the US Department of Homeland Security (DHS) for several months due to national security concerns.

According to a US official and six other people familiar with the matter, the investigation, allegedly known as “Operation Red Sunset,” was launched to assess whether Bitmain’s Bitcoin mining hardware could be “remotely controlled for spying or to sabotage the American power grid.”

Reportedly, federal investigators have stopped some of Bitmain’s machines at US ports to learn more about them, occasionally pulling the machines apart to test their chips and code for “malicious capabilities.” Additionally, they examined potential tariff and import tax violations. However, details of what, if anything, was found were not disclosed.

Bloomberg sources claim that the probe was accompanied by policy deliberations at the White House’s National Security Council, with talks that began under the previous government and reportedly carried over into the early months of the Trump administration.

It’s worth noting that the Beijing-based Bitcoin mining manufacturer has faced scrutiny over the past few years, with previous federal reviews raising national security concerns over the use of Bitmain’s machines near military bases in the US.

In July, a report from the US Senate Intelligence Committee alleged that the Bitcoin mining giant’s hardware could be manipulated from China and presented “several disturbing vulnerabilities” to the nation.

Additionally, members of the US House of Representatives have called for a federal investigation into Bitmain. In a September letter, Representative Zachary Nunn asked Treasury Secretary Scott Bessent to review the Chinese firm, citing potential links to foreign state actors.

Bitmain Rejects National Security Concerns

David Feith, senior fellow at the Hudson Institute and a former member of the Trump Administration’s National Security Council, told the news media outlet that “Bitmain has been a screaming challenge on national security grounds and, evidently, on law-enforcement grounds too.”

“This is something that our crypto industry and crypto policy should turn a lot more focus to,” Feith suggested. However, Bitmain rejected these concerns in a statement to Bloomberg, affirming that “it’s ‘unequivocally false’ to assert that the company can remotely control its machines from China.”

The firm stated that it “strictly complies with US and applicable laws and regulations and has never engaged in activities that pose risks to US national security,” adding that it “has no awareness of or any information at all regarding any alleged federal investigation purported to be called ‘Operation Red Sunset.’”

Moreover, the Bitcoin mining giant revealed that it was unaware of the investigation related to tariffs or import duties, noting that the detentions of its machines were due to concerns raised by the Federal Communications Commission and “nothing out of the ordinary was found.”

As Bloomberg reported, the status of the investigation remains unclear, and it could carry on for an extended period without resulting in public legal proceedings. Regarding the inquiry, a senior administration official said that “the US government is concerned about threats of this nature and are constantly and vigilantly monitoring them.”

Meanwhile, the Department of Homeland Security’s spokesperson, Mike Alvarez, told the news media outlet that the DHS “does not comment on open and active investigations.”

Coinbase (COIN), the largest cryptocurrency exchange in the US, is maintaining an aggressive acquisition strategy, recently committing to acquire the Solana-based trading platform Vector.fun. 

Max Branzburg, Coinbase’s Vice President of Product Management, confirmed to Fortune that the deal is expected to close by the end of the year, although he did not disclose the specific terms of the acquisition.

Coinbase’s Ninth Acquisition Of The Year

Vector.fun operates as a decentralized exchange (DEX) on the Solana blockchain, primarily catering to users trading memecoins. The platform features unique functionalities, allowing users to track and mimic the investments of other traders. 

As part of the acquisition process, Coinbase plans to shut down Vector.fun’s mobile and desktop trading applications while absorbing its team of 13 employees.

By integrating Vector.fun’s technology, the firm reportedly aims to enhance the range of assets available for trading on its own app through decentralized exchanges. 

This initiative is distinct from Coinbase’s core centralized trading operations, as the exchange currently permits users to trade tokens primarily on platforms built atop Base, Coinbase’s proprietary blockchain. 

Branzburg emphasized that the goal of the Coinbase app is to become an “agnostic platform” that facilitates trading across all asset classes, aligning with the company’s vision to become the “everything exchange.

The acquisition of Vector.fun marks the crypto exchange’s ninth purchase in 2025, a significant uptick compared to the previous year, during which the company made just three acquisitions. 

Record-Breaking M&A Activity

Coinbase is investing considerable sums in these ventures; for instance, it agreed to acquire the crypto derivatives exchange Deribit for $2.9 billion in May and spent $375 million on the initial coin offering platform Echo in October. 

Although Coinbase explored acquiring stablecoin company BVNK for approximately $2 billion, that potential deal was mutually shelved last week.

A Coinbase representative articulated the company’s ongoing commitment to expanding its mission and product offerings, noting that opportunities arise when companies reach a certain level of maturity and technological readiness, making collaboration with Coinbase appealing.

However, Coinbase isn’t alone in its acquisition pursuits; the third quarter of 2025 recorded 96 Merger and Acquisitions (M&A) transactions in the crypto industry, totaling over $10 billion.

In its latest earnings report, the exchange surpassed analysts’ expectations, reporting transaction revenue of $1.05 billion—an impressive increase from the $572.5 million achieved during the same period last year. 

Additionally, the company recently unveiled a new platform called, PRESALE, enabling retail investors to purchase digital tokens before they officially list on the exchange.

At the time of writing, the exchange’s stock, trading under the ticker name COIN on the Nasdaq, trades slightly above the $241 line, representing a 3% recovery in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

NewsBTC reported on Thursday that Strategy, formerly known as MicroStrategy, led by Michael Saylor, is facing increased scrutiny regarding its potential exclusion from major indices, such as MSCI USA and the Nasdaq 100. This arises from the firm’s substantial exposure to Bitcoin (BTC).

While the cryptocurrency market was buoyant for much of the year, Saylor’s approach seemed to pay dividends. However, Bitcoin has now entered what could become one of its most challenging weeks since November 2022, experiencing a significant retracement of over 30% from its all-time highs.

Saylor Clarifies Strategy’s Role

As the largest public holder of Bitcoin, with over 650,000 coins, Strategy now confronts the real possibility of being removed from vital benchmark indices that have bolstered its visibility among investors. These indices are crucial for the firm as they help position it within various portfolios.

In response to the growing concerns about potential exclusion, Saylor took to social media platform X (formerly Twitter) to clarify that Strategy is not a fund, a trust, or a holding company. 

Instead, the long-time Bitcoin bull described it as a publicly traded operating entity with a $500 million software business, employing a unique treasury strategy that leverages Bitcoin as productive capital.

Saylor highlighted that in the current year alone, Strategy has executed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—totaling over $7.7 billion in notional value. 

Furthermore, the firm launched Stretch (STRC), a new Bitcoin-backed treasury credit instrument designed to generate variable USD yields for both institutional and retail investors.

He emphasized that while funds and trusts passively hold assets and holding companies simply sit on investments, Strategy actively creates, structures, issues, and operates financial products. 

According to Saylor, the company’s vision is to build a pioneering type of enterprise: a Bitcoin-backed structured finance entity capable of innovation across both capital markets and software development.

Saylor also believes that index classification should not define the firm’s identity. He reassured stakeholders that their long-term strategy remains intact, stating:

…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.

MSCI Proposes Excluding Digital Asset Firms 

Analysts at JPMorgan raised concerns about the potential consequences of MSCI’s upcoming decision on January 15, 2026. They suggested that exclusion could lead to Strategy-related outflows ranging from $2.8 billion to $8.8 billion. 

They noted that while active managers are not required to follow index changes, exclusion from these key indices would likely be interpreted negatively by market participants, ultimately leading to a decrease in liquidity and raised funding costs.

In its discussions with stakeholders, MSCI has indicated that some market participants view digital asset treasury firms (DATs) as operating similarly to investment funds, which would disqualify them from index inclusion. 

To reflect this perspective, MSCI is proposing to exclude companies with digital asset holdings constituting 50% or more of their total assets from its global investment market indices.

Featured image from Bloomberg, chart from TradingView.com

On-chain data shows Realized Loss has spiked on the XRP network, with investors taking the highest daily loss since April 2025.

XRP Blockchain Is Going Through A Capitulation Event

In a new post on X, on-chain analytics firm Glassnode has discussed about the latest trend in the Realized Loss for XRP. This indicator measures, as its name suggests, the total amount of loss that traders on the XRP network as a whole are “realizing” through their transactions.

The metric works by going through the transaction history of each token being sold to see what price it was moved at prior to this. If the last transaction price for any coin was more than the value that it’s now being moved at, then the token’s sale is realizing some net loss.

The exact amount of loss harvested in the transfer is naturally equal to the difference between the two prices. The Realized Loss sums up this value for transactions across the network to find the total situation.

Like the Realized Loss, there is also an indicator called the Realized Profit, keeping track of the transactions of the opposite type. That is, it accounts for the sales involving a cost basis lower than the latest price.

Now, here is the chart shared by Glassnode that shows the trend in the 30-day exponential moving average (EMA) XRP Realized Loss over the last few years:

As displayed in the above graph, the XRP Realized Loss has witnessed a strong surge recently, indicating investors have ramped up loss taking. This trend has emerged as the cryptocurrency’s price has gone through its crash.

The indicator’s 30-day EMA value is now sitting at around $75 million, which is the highest that it has been since April 2025. Back then, the spike in loss realization led to a bottom for the asset.

Historically, this same pattern has often appeared, with spikes in the Realized Loss coinciding with or forming near price lows. The explanation behind the pattern could be that such capitulation events result in coins moving from weak hands to more resolute entities, who hold off on selling, allowing the bearish trend to reach a state of exhaustion.

For now, the metric is still notably under the highs from earlier in the year, so it only remains to be seen whether XRP investor capitulation has been of a sufficient degree to force at least a local bottom or not.

XRP Price

Bearish momentum has continued in the cryptocurrency sector during the past day, and XRP has been no exception as its price has plummeted to the $1.89 mark. In fact, the coin has been among the worst weekly performers, sitting 17.5% down, better than only Cardano’s return among the top 20 coins by market cap.

According to reports, more than 65 crypto firms and advocacy groups have sent a joint letter to US President Donald Trump urging immediate action to clarify tax and regulatory rules for digital assets.

The groups said agencies can move now to protect US innovation without waiting for Congress, and they laid out a set of specific fixes they want applied quickly.

The letter was signed by some of the biggest names in the blockchain and crypto industry, including Coinbase, Uniswap Labs, Exodus, Pantera, the Blockchain Association, the Solana Foundation, and the Solana Policy Institute, which helped lead the effort.

Reports also say other groups such as Block, Paradigm, Multicoin Capital, and the Crypto Council for Innovation joined the call for immediate action.

1/ Today, 65+ crypto organizations, from major trade associations to builders, investors, and advocates, spoke together with one voice: it’s time for federal agencies to act.

Our letter to @POTUS outlines immediate steps @SECGov, @CFTC, @USTreasury, and @TheJusticeDept can take.… pic.twitter.com/44zY97eeXe

— Solana Policy Institute (@SolanaInstitute) November 20, 2025

Tax Rules And Developer Protections

The letter asks for clearer tax treatment for everyday crypto activity, including a call to treat staking and mining rewards as self-created property that would be taxed only when sold or converted, not when received.

The groups also proposed a “de minimis” carve-out — an example figure mentioned in coverage was $600 — to avoid taxing tiny transfers that users don’t think of as taxable events.

The signers want rules that say routine operations like bridges, forks, airdrops, collateral moves, and liquidations should not automatically trigger tax events.

Regulators Urged To Move First

Industry leaders told the White House that agencies such as the SEC, CFTC, Treasury and DOJ can grant interim guidance, “no-action” letters, or exemptive relief to give builders room to work.

Reports say the groups pressed for targeted safe harbors and regulatory sandboxes to protect developers who publish open source code and to support self-custody options for everyday users. The push is framed as a short-term administrative fix while longer rulemaking proceeds.

A Call Over A High-Profile Case

The coalition also asked the administration to urge the Department of Justice to drop or reconsider charges against Roman Storm, the developer tied to Tornado Cash, arguing that his work should be treated as publishing software rather than a criminal act.

That request reflects broader industry concern about cases that, they say, blur the line between building code and committing a crime.

Where This Fits In The White House Agenda

The letter lands in the context of an executive push on crypto that began with an order signed on January 23, 2025, which set up a Presidential Working Group on Digital Asset Markets to coordinate a whole-of-government approach.

The industry frames the new letter as a practical follow-up: these are steps agencies could take now to make the rules clearer while the working group’s longer reports and proposals move forward.

Featured image from CP Image/Policy Options, chart from TradingView

Bitcoin is back in the danger zone after plunging below $85,000, marking its lowest level since April and intensifying fears that the crypto market’s month-long downturn is far from over.

Related Reading: Total Crypto Open Interest Crashes To June Levels, Will Bitcoin Repeat The Same Trend?

The flagship crypto asset slid as much as 10% in the past 24 hours, reaching $82,172, as selling pressure from whales, ETF investors, and shaken retail participants continued to mount.

Market Suffers Deepening Sell-Off as Bitcoin Breaks Key Support

Analysts trace the latest decline to a cascading unwind that began in October, when over $19 billion in leveraged positions were wiped out in a single liquidation wave. Liquidity has struggled to recover ever since.

According to CoinShares’ James Butterfill, large holders have unloaded more than $20 billion in Bitcoin since September, turning what began as a normal correction into a structurally fragile market environment.

Volatility has been made worse by wider macro pressure, the Fed’s uncertain policy path, doubts about December rate cuts, and fading appetite for speculative assets. Wall Street’s swingy reaction to Nvidia’s earnings added another layer of instability, further weakening crypto’s ability to attract fresh bids.

ETF Outflows Hit Record Levels, Raising Liquidity Concerns

The pain is intensifying in the ETF arena. Spot Bitcoin ETFs in the U.S. recorded their largest single-day outflow ever, about $523 million, as institutional investors pulled back amid growing volatility and macro uncertainty.

November’s cumulative outflows are now nearing $3 billion, a stark reversal from the inflow-driven rally that pushed Bitcoin to near-record highs earlier this year.

JPMorgan analysts say retail traders, not institutions, are driving this exit. Nearly $4 billion has been withdrawn from Bitcoin and Ether ETFs in November alone, marking an unprecedented shift in behavior from smaller investors typically viewed as long-term holders.

The ETF retreat has wide implications like thinner liquidity, wider spreads, and heightened volatility. While advocates argue regulated funds remain a critical entry point for institutions, the current stress test highlights how quickly sentiment can flip in a leveraged ecosystem.

Critics Call for ‘Chaos’ Ahead, but Long-Term Bulls Stay Confident

Market commentator Jacob King warned that Bitcoin is entering “months of chaos,” pointing to what he says is the most unprofitable mining environment in a decade. Others argue that a liquidity crisis is spreading beyond crypto into correlated assets, echoing long-time critic Peter Schiff’s stance.

Some analysts even suggest Bitcoin may be slipping into a full bear market, noting its 32% decline from its recent all-time high. Options traders are now heavily hedging around $85,000 and $82,000, bracing for more downside.

Related Reading: Ethereum Co-Founder Highlights Threats From BlackRock’s Institutional Influence

Former U.K. Chancellor Kwasi Kwarteng shrugged off the panic, calling the pullback a “chance to stack more Bitcoin for less.” Long-term believers like investor Mike Alfred maintain that volatility is part of BTC’s natural cycle, projecting a future rebound toward $150,000–$200,000 once market conditions stabilize.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Veteran trader Peter Brandt on Thursday offered a much slower timetable for Bitcoin’s next big rally, saying the cryptocurrency may not hit $200,000 until around the third quarter 2029.

According to his post on X, Brandt remains a long-term supporter of Bitcoin but warned the climb to $200,000 will take time.

After An October Peak, A Steep Drop?

Bitcoin reached a fresh high of $125,100 on October 5. Since then it has slid more than 25%, erasing roughly $710 billion in market value.

Based on Coingecko data, the token was trading at $83,500 at one point and briefly dipped to $82,650 as markets moved. Prices have bounced and fallen again, leaving many traders uneasy about timing and risk.

Full disclosure folks Of my maximum ever Bitcoin position I still own 40%, at a price 1/20th of Saylor’s avg buy. I am a long-term bull on Bitcoin. This dumping is the best thing that could happen to Bitcoin. The next bull market in Bitcoin should take us to $200,000 or so. That…

— Peter Brandt (@PeterLBrandt) November 21, 2025

Brandt referenced past commodity patterns to make his point. He compared Bitcoin’s behavior to the 1970s soybean market, which saw a rapid top followed by a sharp fall when supply outpaced demand. In that episode, soybeans dropped about 50% after the peak, Brandt reminded followers.

Technical Signals Turn Bearish

Meanwhile, market analytics firm CryptoQuant has flagged the pullback as the most bearish phase since the current bull run began in January 2023.

Its Bull Score Index fell to 20 out of 100 last week, a level that signals weak spot demand, negative price momentum, and thinner stablecoin liquidity.

The platform also pointed out that Bitcoin slipped below its 365-day moving average, a technical mark that had held through earlier corrections in this cycle.

Still, CryptoQuant’s CEO Ki Young Ju recently suggested the market may not have officially entered bear territory, showing how readings and interpretations can differ.

Institutional Selling Adds Pressure

Capriole Investments founder Charles Edwards warned that institutional selling has been unusually heavy, saying he has “never seen this much institutional selling as a percentage of Coinbase Volume in all history.”

That flow, according to several analysts, has made the present reset deeper than prior pullbacks during the same rally.

Bitcoin has _never_ seen this much institutional selling as a percentage of Coinbase Volume in all history. pic.twitter.com/YzSzpGQmBN

— Charles Edwards (@caprioleio) November 21, 2025

Veteran Trader’s Cautious Timeline

Brandt’s outlook stands in contrast with more optimistic calls from the crypto industry. Reports have disclosed that BitMEX co-founder Arthur Hayes and market veteran Tom Lee were among those who reiterated hopes for $200,000 before the year closed.

Pullback Seen As Healthy By Some

Despite Bitcoin’s current sluggish state, Brandt described the recent dumping as beneficial. He argued a cleanse now could clear excesses and set up stronger moves later.

Other well-known figures have given much sooner targets — some expected $200,000 by year-end, and a few, including ARK Invest’s Cathie Wood and Coinbase chief Brian Armstrong, have forecasted $1 million by 2030.

Other analysts pointed to historical patterns where painful corrections were followed by renewed gains, though they added that timing those turns is difficult.

Featured image from Unsplash, chart from TradingView

Ethereum (ETH) has plunged sharply in the past 24 hours, falling more than 10% and slipping below the crucial $3,000 mark for the first time in months.

The drop mirrors the wider sell-off hammering global risk assets, from unprofitable tech stocks to high-flying AI companies, where investors are increasingly uneasy about aggressive spending and stretched valuations.

According to market data, Ethereum tumbled as much as 5.5% earlier in the session, driven primarily by a wave of fear-driven liquidation flows. ETH currently trades around $2,701, marking a steep weekly decline of over 15% and placing the asset more than 45% below its August all-time high.

Leverage Wipeout: $150M in Liquidations Accelerate the Fall

What separates Ethereum’s slide from the rest of the market is the sheer amount of leverage being unwound. Nearly $150 million in long liquidations were recorded within 24 hours, a massive spike that forced bullish positions to close automatically as prices dropped.

Thinning market depth, increased volatility, and aggressive price swings. Analysts note that leveraged perpetual futures, widely used for both hedging and speculation, are a double-edged sword. When sentiment flips, liquidations compound downward pressure, pushing prices even lower.

Technically, Ethereum is now trading inside a descending wedge, with the lower boundary near $2,930 repeatedly tested. While this structure often precedes bullish breakouts, the window for sideways consolidation is narrowing fast. Key resistance levels at $3,000 and $3,200 must be reclaimed before buyers gain momentum.

Whale Behavior and On-Chain Metrics Signal More Weakness

Adding to the worries, Ethereum whales have slowed accumulation. Large addresses holding between 1 million and 10 million ETH, previously net buyers, have paused their purchases, suggesting fading confidence in a near-term recovery.

On-chain metrics reinforce the bearish undertone. The MVRV Long/Short Difference has dropped to a four-month low, indicating that long-term holders are losing profitability. If they begin offloading to protect remaining gains, Ethereum’s decline could deepen further.

For now, ETH faces critical downside levels at $2,650 and $2,606. A rebound back above $3,000 would be the first sign of strength, but without renewed whale support and an easing of liquidation pressures, the market may remain fragile.

As liquidity resets and volatility spikes, traders are watching closely, because this move may only be the beginning.

Cover image from ChatGPT, ETHUSD chart from Tradingview

Bitcoin has officially lost the critical $85,000 level, triggering a wave of panic across the market as price briefly tagged the $81,000 zone. This breakdown has pushed the entire crypto ecosystem into a deep corrective phase, with fear escalating and liquidity rapidly evaporating. Analysts warn that the market is now entering full capitulation territory — a stage where short-term holders (STHs) are forced to realize heavy losses, often accelerating downward momentum.

On-chain data confirms the severity of the move. According to CoinGlass, the Coinbase Bitcoin Premium Index has remained negative for 21 consecutive days, marking the longest sustained sell streak of this cycle. A negative premium means US spot-based traders — historically among the strongest demand segments — are selling more aggressively than global markets. This persistent pressure confirms that sentiment among US investors has flipped decisively bearish.

With STHs capitulating and major spot venues showing sustained sell dominance, the market structure reflects a classic late-stage correction. Historically, similar conditions have appeared during significant macro washouts — moments that either precede deeper breakdowns or set the foundation for powerful recoveries. For now, Bitcoin must reclaim higher levels quickly to avoid sliding into a prolonged bear phase.

Understanding the 21-Day Negative Coinbase Premium

A 21-day streak of negative Coinbase Premium is not just another datapoint — it is a clear signal that US-based spot demand has flipped aggressively bearish. The premium compares Bitcoin’s price on Coinbase to global exchanges; when it turns negative for this long, it means American investors are consistently selling at a discount, exerting persistent downward pressure.

Historically, prolonged negative readings have coincided with market stress, liquidity withdrawals, and risk-off behavior — all of which fit the current environment.

This trend also reflects how deeply short-term holders have capitulated. With many sitting on losses, even small price drops trigger panic selling, reinforcing a feedback loop that pushes prices lower. Under these conditions, Bitcoin must hold current levels to avoid a deeper structural breakdown. If the price fails to stabilize, the market could enter a prolonged bear phase as confidence erodes and liquidity thins further.

Still, not everyone agrees on the bearish outcome. Some analysts argue that capitulation events like this — especially when aligned with extreme negative premiums — often mark late-cycle cleanses rather than beginnings of a bear market. They believe that if Bitcoin manages a fast recovery, the broader bull cycle could remain intact. But for now, the burden is on BTC to reclaim higher levels before sentiment deteriorates beyond repair.

Weekly Chart Signals a Critical Breakdown

Bitcoin’s weekly chart shows a sharp and decisive breakdown, with BTC falling to $82,571 after losing the $85K level. This move marks one of the strongest weekly sell-offs of the cycle, with the latest candle dropping more than 12% and closing well below the 50-week moving average. The rejection from the $110K–$120K zone has now escalated into a full breakdown, and momentum has flipped aggressively bearish.

Volume confirms the shift. The past two weeks show clear selling dominance, with red candles expanding as the price accelerates downward. This suggests distribution rather than a temporary shakeout. The 100-week moving average — currently near $80K — now becomes the next major line of defense. A weekly close below this area could open the door to a deeper flush toward the 200-week moving average, a historically powerful support level.

Structurally, BTC has broken below a year-long uptrend structure, invalidating higher-timeframe bullish setups and signaling that buyers have lost control. However, this area also aligns with the prior consolidation zone from late 2024, meaning it could become a key battleground for a potential bottom.

To regain strength, Bitcoin needs to reclaim $90K quickly. Otherwise, sentiment may deteriorate further as more holders move into loss and capitulation deepens.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin price action has shifted into a high-volatility zone, and a well-known crypto trader is reinforcing a bearish outlook that is unfolding almost exactly as he projected. Doctor Profit—who previously pinpointed the $68,000 peak in 2021 and this cycle’s $125,000 top—is now mapping out further downside, framing the current correction as only the first stage of a much deeper decline.

Crypto Trader Reveals Bitcoin Price Targets After $125,000 Peak

Bitcoin price has entered a pronounced downward cycle, registering losses of 8.4% in the past 24 hours and more than 17% over the last two weeks. Doctor Profit noted on X (formerly Twitter) that Bitcoin’s drop from $125,000 marks the first stage of a larger bear-market trend. He frames the current environment as a transitional zone marked by brief consolidation rather than true stabilization. Under his model, the next major move points toward a deeper retracement, with the Bitcoin price ultimately gravitating toward the $60,000 region as the cycle’s next critical target.

This call aligns with his historical cycle predictions. In earlier cycles, he anticipated the 2021 top near $68,000, projected a collapse toward $18,000, and then switched bullish at that bottom to forecast the rally toward $120,000. With the latest reversal forming directly at the levels he flagged months in advance, his bearish thesis has gained renewed credibility.

He also pointed back to a September warning that the crypto market was set for a 30% contraction. With about 25% already wiped out, he views the downturn as a broad repricing rather than a simple correction.

Grayscale And BlackRock Accelerate Massive Bitcoin Price Dump

In a separate post, Doctor Profit highlights unusually large outflows from top asset managers, framing the activity as aggressive bearish positioning rather than panic. On-chain data supports this, as transfer logs show deep, continuous outflows from Grayscale-linked wallets into Coinbase Prime. These transactions include batches ranging from roughly 14 BTC to nearly 500 BTC per transfer, with multiple consecutive sends above $47 million each. The sequencing indicates coordinated offloading rather than isolated reallocations.

Similarly, BlackRock’s IBIT vehicles executed a string of 300 BTC transfers repeatedly into the same exchange infrastructure, alongside other batches such as the 135.351 BTC movement captured in the logs. Each 300-BTC tranche reflects roughly $27–28 million in flow at recent prices.

Analysts observing these flows reported that more than $3 billion in Bitcoin hit exchanges within just 45 minutes on November 20, one of the most aggressive sell-offs of the cycle. As institutional selling grows and his cycle model tracks prices closely, the market is adjusting expectations. Bitcoin could stay well above the next predicted levels, keeping attention on the path from $125,000 down to his $60,000 target.