The cryptocurrency market endured a sharp downturn over the past 24 hours, losing nearly $130 billion in value as Bitcoin tumbled below the key $100,000 psychological level, extending its losing streak for the third consecutive day.
Crypto market plunges as Bitcoin revisits midyear lows
The total global crypto market capitalization slid 5.7% to $3.28 trillion, down 7.6% from its Nov. 11 high of $3.66 trillion. Bitcoin (BTC) fell 4.2% on the day to an intraday low of $97,117, before settling at $97,523 by press time. The world’s leading cryptocurrency is now trading nearly 9.1% lower than its Tuesday high of $107,357 and 22.8% below its all-time high of $126,080 reached on Oct. 7. It briefly touched $95,933 earlier today before recovering to $97,340.
Ethereum (ETH), the second-largest crypto by market value, suffered even steeper losses, dropping 8.6% to $3,176. Other top altcoins followed suit: XRP fell 8.68%, Solana (SOL) declined 9.09%, Dogecoin (DOGE) dropped 7.03%, and Cardano (ADA) lost 8.76%. Nearly all of the top 100 cryptocurrencies were in the red as profit-taking swept across the market after Bitcoin failed to reclaim six-digit territory.
Market sentiment remains gloomy, with the Crypto Fear and Greed Index registering at 16, signaling “extreme fear.”
Fallout from U.S. government shutdown and shifting Fed expectations
The selloff followed the official end of the U.S. government shutdown on Nov. 12, the longest in the nation’s history, which had stalled key economic data releases and rattled investor confidence. Though federal operations have resumed, market participants appear more focused on lingering economic damage and potential Fed policy implications.
According to the CME FedWatch Tool, the likelihood of a 25 basis-point rate cut in December has dropped to 52%, down from more than 80% earlier in November. Analysts warn that rising Treasury yields and diminishing rate cut expectations have dampened demand for risk assets, including cryptocurrencies.
As Colin, a market analyst, explained,
“The projected Bitcoin ‘Death Cross’ (50 day crossing below 200 day SMA) is a timing element for when the bottom might be in.”
Bitcoin “death cross” about to occur in a day or two.
— 𝙲𝚘𝚕𝚒𝚗 𝚃𝚊𝚕𝚔𝚜 𝙲𝚛𝚢𝚙𝚝𝚘 🪙 (@ColinTCrypto) November 13, 2025
Will it mark the next bottom, as it has done before?
(See post below for more details) https://t.co/wPnbIVqbom pic.twitter.com/iFe6OGT1eR
Colin expects Bitcoin to decline further before the pattern forms in the coming days, indicating a possible local bottom ahead.
Liquidations and ETF outflows add fuel to the fire
Data from CoinGlass shows more than $1,1 billion worth of crypto positions were liquidated over the past 24 hours, including $979 million in long positions. These forced liquidations intensified selling pressure, accelerating Bitcoin’s fall as it broke key technical support levels at $100,000 and $99,000.
At the same time, institutional appetite for Bitcoin and Ethereum exchange-traded funds (ETFs) has weakened considerably. U.S. spot Bitcoin ETFs suffered $870 million in net outflows over the past day, pushing total redemptions in November to $1.84 billion. Ethereum ETFs have faced even tougher conditions, with no new inflows this week and nearly $1.6 billion in outflows over the past five weeks.
The shift marks a stark contrast to October, when Bitcoin ETFs attracted more than $3.4 billion in capital inflows, helping support prices through much of that month. Analysts cautioned that these outflows further undermine price stability, particularly as exchange liquidity remains thin and derivatives markets unwind leveraged positions.
Weak Nasdaq weighs on sentiment amid AI concerns
The broader risk-off mood intensified as equities sold off sharply on Thursday. The tech-heavy Nasdaq Index fell 2.3% after Palantir CEO Alex Karp warned that not every AI application would “create enough value to justify the actual cost.” Shares of Palantir, Intel, and CoreWave all dropped more than 6% in a single session, sparking broader concerns about slowing U.S. growth and overextended valuations in the technology sector.
Bitcoin mirrored this move lower, falling as much as 6.5%, triggering another $350 million in leveraged position liquidations. Analysts suggest the correlation between Bitcoin and the Nasdaq has strengthened in recent months, with BTC reacting more sharply to downturns in risk assets than to rallies, a pattern characteristic of maturing but risk-sensitive markets.
Analysts see possible bottom formation near current levels
Despite the carnage, some analysts expect Bitcoin may be nearing a cyclical bottom as the long-awaited “death cross” approaches. Historical patterns indicate that BTC often finds a local low within one to two weeks of this technical event before rebounding sharply.
Others, however, caution that macroeconomic headwinds, from Fed policy uncertainty to weakening ETF inflows, could keep prices under pressure in the coming weeks.
For now, traders remain cautious as Bitcoin hovers just below $97,500, with close eyes on whether it can hold above the $95,000–$96,000 support zone. As the market awaits fresh liquidity from the government’s reopening, investors are bracing for either a quick relief rally, or further downside if confidence fails to recover.
Matvii Diadkov
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