Crypto’s November 21, 2025, snapshot is grim: Total market cap below $3T, with Bitcoin plunging to $85,350 (down 2.1%) in a $1T wipeout. Ethereum follows suit near $2,800, as liquidations hit $831M. Yet, institutional dips-buying hints at a reset, not collapse.
Bitcoin’s Brutal Descent: Dips Below $86K in Risk-Off Rout
Crypto king craters amid trillion-dollar market erase.
Bitcoin tumbled to a seven-month low of $85,350, down 2.1% in Asia trading, as flight from risk assets accelerates. This extends a 21% monthly loss, with $1T wiped from the sector. Binance CEO notes volatility aligns with traditional assets, but souring Fed cut bets amplify pain. Whales accumulate, per CoinDesk, signaling potential mid-bull correction.
Ethereum’s Slide: Upgrade Hype Battles Outflows
ETH tests lows as Fusaka nears, but sentiment sours.
Ethereum dropped toward $2,800 amid heavy outflows and leverage wipes, part of the broader $1.5T intraday rout. Yet, the upcoming Fusaka upgrade promises scalability leaps, drawing whale interest for long-term $7K targets. Reuters highlights rebound potential if buyers step in post-$90K BTC lows.
Trillion-Dollar Wipeout: Crypto’s Great Crash Deepens
Market sheds $1T+ as BTC leads the plunge.
The crypto world erased over $1T in value, with Bitcoin below $87K extending month-long retreats. Bloomberg cites soured moods from jobs data and regulatory jitters, liquidating longs heavily. Pure players remain niche, but connections to finance grow via stocks and ETFs.
Institutional Resilience: Firms Buy the Dip Amid Chaos
Treasuries and ETFs hold firm despite volatility.
Amid the rout, corporate treasuries like MicroStrategy continue BTC adds, with Binance affirming bitcoin’s swings match asset classes. Reuters notes 23% three-month losses, but adoption via public firms signals maturity. CNBC highlights XRP and ether’s parallel slides.
Crypto Markets – Deep Dive (November 21, 2025)
Yes, it hurts. No, it’s not the end of the world.
Today we wiped out $1.5 trillion in a single session. Bitcoin ~$85,500. Feels apocalyptic, but on-chain data says this is a classic mid-cycle purge, not the bear-market finale.
Where We Are in the Cycle
Every metric I track (Puell Multiple, Reserve Risk, RHODL, 200-week heatmaps) screams “Late-stage bear inside an ongoing bull market” — exactly like mid-2019.
Key signals:
- Mid-term holders (people who bought 3–12 months ago) are panicking and selling — down 18% of their bags in weeks.
- Long-term holders are scooping it up at the fastest 90-day rate since early 2023 (+142k BTC).
- Exchange balances at 15-month lows → real supply shock forming again.
Valuation Check – Is Bitcoin Actually Cheap Right Now?
Four different models I run:
- Stock-to-Flow → 28% undervalued
- Metcalfe (network activity) → fair value $112k
- Realized price vs long-term holder cost basis → still healthy at 1.38
- Hash ribbons just flashed capitulation (miner pain over)
Average of all models says fair value $98k–$102k → 15–20% upside from here, with a decent chance we’re between $78k–$124k by year-end.
Ethereum Note
ETH/BTC back to April 2023 lows (0.0328), but the Fusaka upgrade in December is massive — 8× more blob space, L2 fees crashing 90%+. History says Ethereum outperforms Bitcoin hard after big upgrades. I’m giving that 72% odds for Q1 2026.
Bottom line: This dip is violent, but the on-chain health looks exactly like every other mid-cycle shakeout that preceded new highs. I’m buying spots below realized price (~$72k) and keeping some longer-dated calls.
