Another Leg Down...

DAILY MARKET OVERVIEW

Pressure Builds at $80k

👋 Hey, Crypto Enthusiasts! Conditions aren’t improving and momentum still feels weak. Let’s explore.

🔻 The market continues bleeding after Nvidia erased all the gains it made from its strong earnings report. The broader tech sector took a hit too, with the NASDAQ deeply in the red since yesterday, and crypto followed right behind.

Bitcoin has now touched an almost unreal 80k after sitting at record highs only a month ago. The shift has been fast and unforgiving. Buyers did step in at 80k and managed to push price to 85k, but momentum still feels noticeably weak.

ETF flows remain a major headwind. Yesterday brought roughly $900 million in BTC outflows. Even more concerning is the slow, steady grind down. It does not resemble a classic capitulation move, which is something many expect to see before a real bottom forms.

Weekends usually offer at least some stability since ETF shares cannot be sold, but so far the market is not showing signs of relief.

One level to watch: Strategy’s crypto treasury’s average BTC cost sits near $74,433. This is becoming an important psychological zone for traders as price drifts closer.

While $80k is holding for now, the setup suggests it may not do so for long. The next major support sits near 75k.

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SOCIAL SENTIMENT

Volume Shrinks as Confidence Fades

Since the massive liquidation event on 10.10, both open interest and trading volume have failed to recover. In fact, they continue sliding. The liquidation wave left a real gap in market structure, and it is still being absorbed.

Confidence took a hit, and that damage is showing in current price action. There is little incentive for buyers to step in while reasons to sell keep accumulating.

• Money moving through the economy is slowing, government spending is tightening, and banks are not increasing credit.

• Most AI stocks outside Nvidia look expensive and still are not generating meaningful profits.

Investors have plenty of reasons to de-risk and very few reasons to add exposure.

The environment is still deteriorating, so patience remains crucial. Avoid forcing trades or trying to pinpoint the exact bottom.

NEWS OVERVIEW

The Latest Crypto Headlines 📰 

Retail Selling Behind Crypto Pullback, JPMorgan Says
JPMorgan says retail outflows from bitcoin and ether ETFs hit 4 billion dollars this month, driving the latest crypto correction while equity ETF inflows remain strong.

21Shares Debuts Leveraged DOGE ETF After FalconX Deal
21Shares launched a 2x leveraged Dogecoin ETF as FalconX completes its acquisition, expanding its growing lineup of retail crypto products.

US Probes Bitmain Over National Security Risks
US officials have been investigating whether Bitmain’s mining machines pose espionage or grid threats, though the company denies all claims.

Kalshi Hits 11B Dollars Valuation After 1B Dollars Raise
Prediction market Kalshi jumped to an 11 billion dollar valuation after a major funding round, with trading volume soaring past competitors.

YOUTUBE INFLUENCER SUMMARY

Summary From The Top Influencers 📷️ 

Benjamin Cowen – Navigating Bitcoin Bear Markets (21.11.2025 Summary)

Benjamin Cowen warns that Bitcoin may already be deep into a bear market. Based on historical cycles, macro signals, and technicals, he outlines why the top may have come in October - and what to expect if that’s the case.

Cowen’s Outlook - Key Points

• Bear markets often begin in Q4 post-halving – Previous cycles saw tops in October or December. He now gives a 60-70% chance that October 2025 was the top.

• Lack of euphoria is a red flag – Unlike past cycles, this rally lacked retail mania. The PMI is low, showing Main Street doesn't have the cash to fuel a proper bull market.

• RSI breakdown confirms weakness – The weekly RSI has broken down, usually signaling a confirmed cycle top.

• 50% drop still in play – Bitcoin could revisit the 200-week EMA, possibly dropping to $60K-$70K by mid-2026.

• Bear markets take time – Based on past patterns, Cowen expects a 6–12 month downtrend, with October 2026 as a potential bottom.

Final Takeaway
If this is a true bear market, the smart money will be made by accumulating during the downturn. Cowen advises caution, patience, and awareness of where we are in the cycle.

Bankless – Is It All Over? What The Markets Are Saying For 2026 (21.11.2025 Summary)

Ryan and David unpack the recent wave of extreme fear in crypto markets and ask the hard question: is the bull market already over? With Bitcoin down 31% from its high and ETH down 43%, investors are on edge. But depending on who you listen to, 2026 could be either a continuation of the downturn - or the start of something big.

Bankless Outlook - Key Points

• Raoul Pal remains bullish – He believes this is a regular correction, similar to earlier dips this cycle. Oversold technicals and poor sentiment suggest a strong rebound is still possible.

• Arthur Hayes expects a final dip – He’s short-term bearish and sees Bitcoin falling to $80K. But once liquidity returns in 2026, he expects a “raging bull” fueled by money printing and rate cuts.

• Michael Nadeau is more cautious – His on-chain data shows long-term holders selling. If Bitcoin can’t reclaim the 50-week moving average, he believes a long bear market is likely.

• Retail is disengaged – Unlike past cycles, there’s no hype or euphoria. Institutions are still buying (Harvard, El Salvador), but crypto feels forgotten amid AI hype and stock market gains.

Final Takeaway
Whether it’s a short correction or a full reset, 2026 could go either way. But for now, the market feels heavy - and retail isn’t showing up.

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