Overview
- Bitcoin touched a seven-month low near $89,000 and hovered around $88,000–$91,000, while Ether retested the $3,000 area after a roughly 20% November drop.
- U.S. spot Bitcoin ETFs saw multi‑billion‑dollar redemptions in November, including five straight sessions totaling about $2.3 billion and a single‑day record withdrawal from BlackRock’s fund.
- Derivatives signals turned defensive as implied volatility rose and 30‑day put skew deepened, with Derive.xyz estimating a 50% probability that Bitcoin ends 2025 below $90,000.
- On‑chain data indicate long‑term holders moved or sold roughly 800,000 BTC over 30 days and nearly 7 million coins now sit at unrealized loss, pushing sentiment into extreme fear.
- Technical damage intensified with a confirmed 50/200‑day ‘death cross’; K33 Research highlights potential support at $84,000–$86,000 as intraday liquidations reached hundreds of millions.