TLDR
- Total crypto market cap fell $161 billion to $2.92 trillion in 24 hours
- Bitcoin dropped nearly 6% to $86,122 with intraday low of $85,500
- Over $831 million in leveraged positions liquidated, affecting 227,500 traders
- Spot Bitcoin ETFs recorded nearly $3 billion in net outflows this month
- FG Nexus sold $32.7 million in Ethereum for share buybacks after 94% stock decline
The cryptocurrency market lost $161 billion in market capitalization over the past 24 hours, bringing the total to $2.92 trillion. Bitcoin fell nearly 6% to trade at $86,122 after touching an intraday low of $85,500.
The decline comes as Federal Reserve rate cut expectations diminish and tech stocks sell off. The Nasdaq experienced its own pullback, creating pressure across risk assets. Crypto markets moved in tandem with broader financial market weakness.
Over 227,500 traders saw their positions liquidated in the past day, totaling $831 million in forced closures. The liquidations accelerated as Bitcoin broke below $88,000 and Ethereum dropped under $2,900. Elevated leverage across the sector made the market vulnerable to rapid price movements.
Bitcoin is currently holding above the $85,204 support level. If selling pressure continues, the price could fall toward $82,503. Technical analysts are watching these levels as indicators of potential further declines.
The total crypto market cap remains above $2.87 trillion support. Breaking below this level could push values toward $2.80 trillion. Market participants are monitoring liquidity conditions and price action at these key thresholds.
This is one of the fastest moving crypto bear markets ever:
On October 6th, crypto hit a record $4.27 trillion in market cap.
Today, crypto's total market cap is back below $3 trillion.
That's -$1.3 trillion in 45 days. pic.twitter.com/y0REVRtuZU
— The Kobeissi Letter (@KobeissiLetter) November 20, 2025
Institutional Movement
Spot Bitcoin ETFs recorded nearly $3 billion in net outflows this month. BlackRock’s IBIT fund saw record daily redemptions as part of this trend. These withdrawals represent a shift in institutional positioning away from crypto exposure.
On November 20 (ET), Bitcoin spot ETFs saw a total net outflow of $903 million, the second-largest in history. Ethereum spot ETFs recorded a total net outflow of $262 million, marking eight consecutive days of net outflows. Solana spot ETFs had a total net inflow of $23.66… pic.twitter.com/ZYzyFtDEP4
— Wu Blockchain (@WuBlockchain) November 21, 2025
Bitcoin exchanges experienced more than $3.6 billion in outflows during November. Large holders are moving funds off exchanges and into safer assets. This withdrawal of liquidity makes remaining market participants more exposed to price swings.
FG Nexus sold $32.7 million worth of Ethereum to fund share buybacks. The company’s stock had fallen 94% over four months. This sale follows a similar $40 million Ethereum sale by ETHZilla, showing stress among digital asset treasury firms.
Market Sentiment
The Crypto Fear & Greed Index stands at 11 out of 100, indicating extreme fear among traders. This measurement reflects widespread bearish positioning. Altcoins fell less sharply than Bitcoin, suggesting an oversold market condition.
British prosecutors arrested two men in connection with Basis Markets. The Serious Fraud Office is investigating alleged fraud and money laundering related to $28 million in investor funds. The probe focuses on the project’s 2021 fundraising activities.
Federal Reserve policy expectations have shifted away from imminent rate cuts. The December meeting is expected to deliver a cautious outlook. Inflation concerns and weak payroll data reduced hopes for near-term monetary easing.
Bitcoin briefly traded at $85,500 during Thursday’s session. The cryptocurrency is attempting to hold support at current levels. A rebound above $86,822 resistance could push prices toward $89,800.
The total crypto market cap fell below $3 trillion for the first time in five months. Recovery to this psychological level would require improved sentiment and stronger capital inflows. Current conditions show thin order books and reduced trading activity making markets more volatile.
