The cryptocurrency market slipped into a severe downturn as major cryptocurrencies crashed once again. Bitcoin (BTC) fell over 7% in the past 24 hours, dropping below $90,000, with the correction deepening to a low of $85,201. The flagship cryptocurrency is down nearly 13% over the past week and is trading around the $85,175 mark, with sellers in control.
The selloff has raised concerns about broader market sentiment and whether digital assets are warning about an impending market crash. The crypto market capitalization is down 6.50% at $2.94 trillion.
BTC’s decline appears to be driven by a mix of liquidations, profit-taking, and renewed macroeconomic uncertainty. According to analysts, BTC’s plunge below $90,000 has triggered automatic sell orders, pushing prices even lower.
Meanwhile, Ethereum (ETH) is down over 9%, trading around $2,714. The world’s second-largest cryptocurrency’s downward slide is showing no signs of slowing down, with the altcoin down 16% over the past week. Ripple (XRP) is down over 10%, while Solana (SOL) is down over 12% at $125. Dogecoin (DOGE) is down over 11%, while Cardano (ADA) is down 13% at $0.408. Chainlink (LINK) is down nearly 12% at $12.25, while Stellar (XLM) is down over 9%. Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) have also recorded heavy losses over the past 24 hours.
Spot Bitcoin ETFs Struggle To Recover
US spot Bitcoin ETFs snapped a five-day outflow streak on Wednesday, recording $75 million in total inflows. However, the inflows were negligible compared to the over $500 million in outflows recorded the previous day. According to data from CoinShares, crypto ETFs recorded over $2 billion in outflows last week, the highest weekly figure since February. Bitcoin ETFs have shed over $3 billion since November, putting them on track for one of the weakest months on record.
Markets are bracing themselves for an uncertain December Federal Reserve meeting after the government shutdown delayed key labor and market data. Expectations of a rate cut have also fallen, while minutes from the October meeting revealed a highly divided committee. Liquidity has also become a concern, with analysts noting that the same conditions contributed to BTC’s sharp November drop.
Market Makers Behind Ongoing Crypto Crunch
Tom Lee, Chairman of BitMine Immersion Technologies, believes the downward pressure on the crypto market is the result of big gaps in the balance sheets of market makers. Lee suggested that the October 10 market crash, which led to a record $20 billion in liquidations, caught market makers off guard, leading to significant liquidity issues. Lee stated,
“With less capital to operate, combined with reduced capital from traders as their primary source of revenue, it’s a tough time for market makers. As a result, this has also led them to shrink their balance sheet further in a bid to free up more capital. And if they’ve got a hole in their balance sheet that they need to raise capital, they need to reflexively reduce their balance sheet, reducing trading. And if prices fall, they’ve got to then do more selling. So I think that this drip that’s been taking place for the last few weeks in crypto reflects this market maker crippling.”
Lee compared market makers to central banks and suggested the market could face more pain for a few weeks until liquidity issues are sorted.
“Today’s stock market looks a lot like an echo of what happened on October 10th. But on October 10th, that liquidation was so big [...] it really crippled market makers. And market makers are critical in crypto because they provide liquidity. I mean, they act almost as the central bank in crypto.”
SEC Enforcement Action Has Fallen Under Atkins
The United States Securities and Exchange Commission (SEC) has adopted a restrained approach under Chair Paul Atkins. A report by Cornerstone Research has revealed that enforcement action fell by 25% in 2025. According to the report, the decline in enforcement activity was “consistent with the general pattern for other fiscal years when the SEC administration changed.”
Regulatory actions against crypto firms have also seen a substantial decline, with the SEC dropping several investigations and lawsuits after former Chair Gary Gensler’s departure.
“Chair Atkins has signaled that a ‘top priority’ of his administration will be ‘to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is witnessing one of its largest selloffs in recent memory as on-chain data revealed the massive sale of a Satoshi-era BTC stash on Thursday. The flagship cryptocurrency has traded downwards since the beginning of the previous week, losing $100,000 on November 13. The current week has followed a similar trajectory, with BTC slipping below $90,000. Selling pressure intensified on Thursday as the price fell by over 5% and settled at $86,536. The selloff intensified during the ongoing session, with BTC dropping to a low of $81,385 before moving to its current level.
According to analytics platform CryptoQuant, BTC is in its most bearish phase of the current cycle as institutional demand dries up and key market indicators indicate a downtrend. The analytics platform’s Bull Score Index has declined to 20/100, and BTC has fallen lower than its 365-day moving average. Corporate demand has also waned, even with Strategy’s latest purchase of 8,178 BTC worth $835 million. This is the company’s largest acquisition since July 2025, but it remains significantly smaller than previous major purchases. CryptoQuant Head of Research, Julio Moreno, stated,
“ETFs have been net sellers of Bitcoin; they are not absorbing any supply. Treasury companies have basically stopped buying; some have even sold part of their holdings. Strategy's 8K BTC buy is small compared to previous ones.”
Additionally, a Satoshi-era whale has sold their BTC holdings, estimated to be valued at around $1.3 billion. The move garnered significant attention from the crypto community, with the whale making an additional $230 million transfer to Kraken. While there is no clarity behind the transactions, the move likely indicates Bitcoin whales continue selling from long-dormant wallets. The latest transfer is one of the largest long-term holder liquidations, sparking intense discussions among traders. It has also fueled concerns about its impact on an already jittery market.
BTC’s decline has been attributed to a mix of liquidations, profit-taking, and renewed macro uncertainty. The flagship cryptocurrency’s drop below $90,000 has triggered automatic sell orders, driving prices even lower and dragging the rest of the market with it.
BTC ended the previous weekend in positive territory, rising over 2% and settling at $104,694. The price continued pushing higher on Monday, rising 1.23% to cross $105,000 and settle at $105,979. BTC reached an intraday high of $107,482 on Tuesday. However, it lost momentum as bear market conditions set in. As a result, it fell nearly 3% and settled at $103,009. Sellers retained control on Wednesday as the price fell 1.33% to $101,639. BTC faced substantial selling pressure and volatility on Thursday. As a result, it slipped below the crucial $100,000 mark, falling to a low of $97,870 before settling at $99,614. Selling pressure intensified on Friday as the price plunged over 5%, falling to a low of $93,951 before settling at $94,503.
Source: TradingView
Despite the overwhelming selling pressure, BTC recovered on Saturday, rising 1.10% to reclaim $95,000 and settling at $95,544. Selling pressure returned on Sunday as BTC fell to a low of $92,943 before settling at $94,183, ultimately dropping 1.42%. Bearish sentiment persisted on Monday as the price fell by over 2% and settled at $92,100. Selling pressure intensified on Tuesday as BTC slipped below $90,000, falling to an intraday low of 89,183. However, it rebounded from this level to reclaim $90,000 and settle at $92,914, ultimately rising nearly 1%. BTC slipped below $90,000 again on Wednesday, falling to a low of $88,483 before settling at $91,461. Selling pressure intensified on Thursday as the price dropped by over 5% and settled at $86,536. BTC is down over 4% during the ongoing session, trading around $82,814, with sellers in control.
Ethereum (ETH) Price Analysis
Ethereum’s (ETH) attempts to retain the $3,000 level failed as selling pressure registered a substantial uptick. The crypto market’s sharp decline saw major cryptocurrencies, including BTC and ETH, slump to multi-month lows. ETH is down nearly 11% over the past 24 hours, and over 15% in the past week. An analysis by VanEck blamed the selloff on medium-term holders aggressively liquidating their positions. The analysts noted a 32% drop in coins held by medium-term holders, triggering a collapse in open interest and lowering funding rates.
ETH has been routed as overall crypto market liquidations surge. Liquidations are currently at $933 million, with BTC leading the losses at $380 million, followed by ETH with $239 million in liquidations. Expectations and optimism about a December rate cut have also declined in recent weeks, with analysts now betting against rate cuts. According to CME’s FedWatch, too, only 37.6% of interest rate traders expect a 0.25 bps rate cut in December, while 62% expect rates to be unchanged.
Analysts have urged traders not to panic despite the market crash, arguing that the pullback reflects a consolidation phase rather than a market capitulation. The CoinSwitch Markets Desk stated,
“The recent decline was accompanied by liquidations of leveraged long positions, with the break below $89,000 prompting additional forced selling.”
Analysts believe ETH could extend its decline after losing the $3,000 support level. The altcoin is down nearly 11% over the past 24 hours, with analysts hopeful of support between $2,500 and $2,600.
ETH ended the previous weekend in positive territory, rising over 5% and settling at $3,583. It faced selling pressure and volatility on Monday before registering a marginal decline and settling at $3,567. Bearish sentiment intensified on Tuesday as the price fell over 4%, slipping below $3,500 to $3,417. ETH reached an intraday high of $3,586 on Wednesday. However, it lost momentum after reaching this level and settled at $3,414, ultimately registering a marginal decline. Bearish sentiment intensified on Thursday as ETH fell 5.34% to $3,231. Sellers retained control on Friday as the price fell nearly 4% and settled at $3,111.
Source: TradingView
ETH recovered on Saturday despite the overwhelming selling pressure, rising 1.78% to $3,167. Price action returned to bearish territory on Sunday as ETH fell 2.20% to a low of $3,009 before settling at $3,097. The price reached an intraday high of $3,220 on Monday. However, it lost momentum after reaching this level and settled at $3,029, ultimately dropping over 2%. ETH fell to an intraday low of $2,950 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $3,000 and settle at $3,125, ultimately rising over 3%. The altcoin returned to bearish territory on Wednesday, falling to an intraday low of $2,873 before settling at $3,023. Bearish sentiment intensified on Thursday as ETH fell over 6% to $2,832. The price dropped by over 5% during the ongoing session, trading around $2,689.
Solana (SOL) Price Analysis
Solana (SOL) stalled after an impressive recovery on Tuesday, falling nearly 3% on Wednesday and settling at $137. It reached an intraday high of $144 on Thursday but fell 2.48% to $133. Selling pressure has intensified during the ongoing session, with SOL down over 6% at $124.
While SOL is struggling to find its footing, SOL ETFs have continued attracting capital. Solana ETFs have attracted $476 million in net inflows since launch, extending their streak to 17 days despite market struggles. Bitwise’s BSOL ETF has accounted for $424 million in net inflows, representing 89% of cumulative inflows. BSOL recorded $35 million in net inflows on November 19, its third-largest intake since November 3. Bloomberg ETF analyst Eric Balchunas also highlighted the 21Shares Solana ETF, with over $100 million in assets under management.
SOL ended the previous weekend in positive territory, rising over 4% to $164. Buyers retained control on Monday as the price rose 1.66% and settled at $167. However, selling pressure returned on Tuesday as SOL plunged nearly 8% to $154. Sellers retained control on Wednesday as the price fell 0.78% and settled at $153. Buyers attempted a recovery on Thursday as SOL reached an intraday high of $157 before losing momentum and settling at $144, ultimately dropping 5.67%. SOL’s downtrend continued on Friday as it fell 4% and settled at $138.
Source: TradingView
Price action was mixed over the weekend as SOL registered a marginal increase on Saturday before dropping 1.66% on Sunday and settling at $137. Selling pressure intensified on Monday as SOL fell 4.55% and settled at $130. SOL made a strong recovery on Tuesday, rising over 7% and settling at $140. Selling pressure returned on Wednesday as the price fell nearly 3% and settled at $137. SOL reached an intraday high of $144 on Thursday. However, it lost momentum after reaching this level and fell 2.48% to $133. Selling pressure has intensified during the ongoing session, with the price down nearly 6% at $125.
Ripple (XRP) Price Analysis
The brutal market selloff has pushed Ripple (XRP) to the brink as it plummeted below $2. The altcoin fell over 10% in the past 24 hours, trading around $1.90, with sellers in control. Analysts believe a bear market is unavoidable for the token, with 24-hour trading volumes spiking 27%, indicating mounting pressure.
The launch of XRP ETFs has done little to stem the decline, as the token continues to suffer because of the broader market rout.
XRP started the previous week in positive territory, rising nearly 7% and settling at $2.524. However, it lost momentum on Tuesday and fell by over 5% to $2.391. The altcoin registered a marginal decline on Wednesday before falling almost 3% on Thursday and settling at $2.322. Selling pressure persisted on Friday as XRP fell 3.36% to $2.244.
Source: TradingView
Price action remained bearish over the weekend as XRP fell 0.41% on Saturday before dropping nearly 1% on Sunday and settling at $2.216. Sellers retained control on Monday as the price rose 2.37% and settled at $2.164. Despite the overwhelming selling pressure, XRP recovered on Tuesday, rising 2.49% to $2.218. However, it returned to bearish territory on Wednesday, dropping 4.99% and settling at $2.107. Sellers retained control on Thursday as the price fell 5%, slipping below $2 and settling at $1.998. XRP is down 5% during the ongoing session, trading around $1.898.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) started the previous weekend on a bearish note, dropping over 8% and settling at $0.403. However, it recovered on Saturday, rising over 5% before dropping 3.30% and settling at $0.410. Sellers retained control on Monday as the price fell by over 5% and settled at $0.388. Despite the selling pressure, WIF recovered on Tuesday, rising over 7% to reclaim $0.40 and settle at $0.417.
Source: TradingView
Selling pressure returned on Wednesday as WIF fell to an intraday low of $0.325 before settling at $0.397, ultimately dropping 4.80%. The price reached an intraday high of $0.424 on Thursday before losing momentum and settling at $0.378. Selling pressure has intensified during the ongoing session, with WIF down over 10% at $0.340.
