Overview
- Bitcoin fell to an intraday low under $87,000 on Thursday after a brief rebound above $90,000, extending a roughly 30% drop from October’s record high near $126,000.
- Spot bitcoin ETFs remain a headwind despite a modest $75 million net inflow on Nov. 19, with November’s net redemptions near $2.9 billion and BlackRock’s fund logging a record $523 million single-day outflow on Nov. 18.
- Forced unwinds continue to thin market depth, with hundreds of millions of dollars liquidated in 24 hours and a $236 million one-hour spike as bids failed to absorb selling.
- The broader crypto market has shed about $1 trillion in value since early October, and sentiment gauges have sunk to extreme fear levels around 11–15.
- Analysts see near-term risk defined by ETF flow direction and the Fed outlook, with scenarios ranging from stabilization around $89,000–$95,000 to potential tests toward the mid-$80,000s or lower if outflows and macro pressures persist.