Bitcoin News Update: Bitcoin's Drop Intensifies as Major Holder's Deposit Unable to Halt Crypto Market Downturn
- Bitcoin plunged 4.53% on Nov 21 as a 665.9 BTC whale deposit into Binance failed to halt a $120B crypto market crash. - Prices fell to $81,629 amid weak U.S. jobs data, fading macro optimism, and $3.9B in leveraged position liquidations across 24 hours. - Bitcoin ETFs saw $903M outflows while perpetual futures open interest dropped 35%, signaling institutional retreat from crypto. - Analysts warn of forced selling from leveraged holders like MicroStrategy as Bitcoin's $75K support level appears increasin
Bitcoin experienced heightened turbulence on November 21, after a major investor transferred 665.9 BTC—worth $55.18 million—to Binance, coinciding with a widespread downturn in the cryptocurrency market. This transaction, among the largest single-day deposits to the exchange in recent months, took place as
The sell-off intensified following disappointing U.S. jobs data, which dampened hopes for Federal Reserve rate reductions and added to concerns already fueled by weakening macroeconomic sentiment and a series of DeFi security breaches.
Institutional players also seem to be pulling back.
Although the whale’s deposit into Binance is notable, it has not been enough to halt the downward momentum. The 665.9 BTC inflow to Binance—amounting to 0.03% of all Bitcoin in circulation—comes as more traders move their assets to safer havens. “The market is facing a convergence of economic uncertainty, increased regulatory oversight, and technical fatigue,” one analyst commented,
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