Why Is Crypto Down Today? – November 21, 2025

The crypto market is down today, with the cryptocurrency market capitalisation plunging 7.6%, and below $3 trillion, now standing at $2.98 trillion. 99 of the top 100 coins have gone down over the past 24 hours. At the same time, the total crypto trading volume is at $269 billion.

Crypto Winners & Losers

At the time of writing, all top 10 coins per market capitalization have seen their prices fall over the past 24 hours.

Bitcoin (BTC) has dropped by 8.7% since this time yesterday, currently trading at $84,152.

Ethereum (ETH) is down by 10%, now changing hands at $2,729. This is the third-highest drop in the category.

The highest decrease is 10.9% by Solana (SOL), now trading at $127.

It’s followed by Dogecoin (DOGE)’s 10.6%, falling to the price of $0.1411.

At the same time, the smallest drop is Tron (TRX)’s 3.3%, now standing at $0.2778.

When it comes to the top 100 coins, a whopping 36 of them saw double-digit drops. The highest among these is 21.4% by Canton (CC), which now trades at $0.0763.

Provenance Blockchain (HASH) follows with a fall of 19% to $0.02449.

Zcash (ZEC) is the only coin that appreciated by the time of writing, going up 1.8%, trading at $679.

Some insiders are warning that BTC is on track for its worst monthly performance since 2022, and that the downturn and selling have only just begun.

Placeholder partner Chris Burniske argued that “the era of DAT selling has only begun.” Furthermore, Alliance DAO co-founder QwQiao argued that the next bear market will need another 50% fall before a strong foundation can form.

Veteran trader Peter Brandt commented that “this dumping is the best thing that could happen to Bitcoin. The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029.”

‘Macroeconomic Jitters May Turn Into Full-Blown Panic

Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, commented that BTC “has been all over the place in the last 24 hours, pulled in different directions by conflicting news.”

On the one hand, the analyst says, there are “the rapidly dwindling chances of a December rate cut” by the US Federal Open Market Committee (FOMC). On the other hand, there’s “a sign of relief that the AI bubble isn’t about to implode, after Nvidia’s forecast-beating earnings.”

“We’re seeing strong trading volume in the market, and now the question is whether the bulls or bears will win this tug-of-war. Bitcoin does tend to follow tech, and Nvidia’s shares have rallied 5% after hours.”

Per Puckrin, should there be positive mood over the weekend, Bitcoin may follow. However, “if macroeconomic jitters turn into full-blown panic and the sell-off intensifies, there is strong resistance around $75,000, which marks the April 2025 low. A move higher is more likely in the short term, though, given the current market dynamics.”

Levels & Events to Watch Next

At the time of writing on Friday morning, BTC stood at $84,152. Over the past day, the coin moved between $83,461 and $92,220, steadily dropping from the intraday high to the current price.

Over the past week, we see the price range of $83,851–$97,312. BTC fell 13.1% in a week, 22.5% in a month, and 33.4% from the all-time high of $126,080.

Bitcoin is moving toward the $74,500–$83,800 demand zone. A break below could lower the price to the $70,000 territory. Conversely, a rebound from the $86,000 region could trigger a retest of $97,500 and create an opportunity for a move towards $111,300.

Ethereum is currently changing hands at $2,729. The price fell from the intraday high of $3,033 to the intraday low of $2,703.

It has also dropped from the intraweek high of $3,237. Overall, ETH decreased by 14.1% in a week, 29.4% in a month, and 44.6% from the ATH of $4,946.

The price could see a further drop towards $2,500 and $2,380. Should the bulls prevail and ETH defends the $3,000, the price could climb back to $3,300.

Meanwhile, the crypto market sentiment dropped the lowest it’s been in years, falling deeper within the extreme fear zone. The crypto fear and greed index stands at 11 today, compared to 15 yesterday.

CoinMarketCap has never recorded a level this low since it started measuring this index in July 2023.

This indicates that market participants are worried and pessimistic, and that the market is driven by uncertainty. The selling pressure is increasing. Overall, this is a very bearish sentiment.

ETFs See Mixed Picture

On Thursday, the US BTC spot exchange-traded funds (ETFs) saw a whopping level of outflows, letting go of $903.11 million, the highest amount since February 2025. With this, the total net inflow fell to $57.4 billion.

Eight of the 12 BTC ETFs saw negative flows, and there were no positive flows. BlackRock recorded -$355.5 million, followed by Grayscale’s -$199.35 million and Fidelity’s -$190.37 million.

Moreover, the US ETH ETFs have continued their outflow streak for the tenth day in a row, seeing another $261.59 million leave on 20 November. The total net inflow pulled back again, this time to $12.56 billion.

Five of the nine funds recorded outflows, and none saw inflows. BlackRock leads with -$122.6 million, followed by Fidelity’s -$90.55 million.

Meanwhile, Tokyo-listed Metaplanet has approved a $135 million perpetual preferred share offering to fund BTC acquisitions.

The Class B shares, branded “MERCURY” for Metaplanet Convertible for Return & Yield, combine quarterly fixed dividends with equity upside through conversion rights into common stock.

Quick FAQ

The crypto market has seen a significant decrease over the past day, and the stock market closed lower on Thursday as well. By the closing time on 20 November, the S&P 500 was down by 1.56%, the Nasdaq-100 decreased by 2.38%, and the Dow Jones Industrial Average fell by 0.84%. Per the latest data from the US, despite the jobs added in September, the unemployment rate jumped to 4.4%, surprising many. It’s now uncertain whether the Federal Reserve will cut its interest rate in December.

Pessimism has overtaken the market, and the bearish sentiment rules at the moment. Additional decreases are possible. Participants still await further signals on the market direction short- and mid-term.

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