Bitcoin market shaken by defi panic and institutional outflows

The cryptocurrency market faced renewed selling pressure on Monday, continuing the challenging finish to a difficult November. Leading tokens such as bitcoin, ether, and other major altcoins fell sharply amid a fresh wave of panic triggered by a security incident at the decentralized finance (DeFi) platform Yearn Finance.

Early losses in asian trading triggered by yearn finance issue

Bitcoin, the largest cryptocurrency by market capitalization, dropped over 3% early in Asian trading, pulling back to near $87,000. Ether declined about 5%, while Solana, Dogecoin, and XRP each fell more than 4%, according to CoinDesk market data.

The broad sell-off intensified following an alert from Yearn Finance’s X account, which announced an “incident” in its yETH liquidity pool. While affirming that its V2 and V3 vaults remained secure, the alert reported a vulnerability exploit that allowed an attacker to mint a huge amount of yETH tokens in a single transaction. Roughly 1,000 ETH—valued at around $3 million—were stolen via a liquidity drain and subsequently washed through mixing services to obscure their origin. The yETH token represents a user-governed liquidity pool composed of various Ethereum liquid staking derivatives (LSTs).

Impact of defi breach echoes alongside institutional market weakness

This security breach at Yearn Finance arrives shortly after a significant hack at the South Korean exchange Upbit, underscoring ongoing threats to the integrity of crypto infrastructure regardless of growing institutional investment inflows. The sell-off in Asian markets triggered leveraged crypto futures liquidations exceeding $400 million, primarily affecting traders holding long positions betting on a price recovery.

Monthly performances highlight heightened volatility and institutional flight

Bitcoin ended the month of November with a loss of 17.5%, its worst monthly decline since March. Ether posted an even steeper setback of 22%, marking its poorest showing since February. These performance figures reflect a sharply reduced appetite from institutional investors, with U.S.-listed bitcoin spot exchange-traded funds (ETFs) recording outflows of $3.48 billion during November. Similarly, Ether ETFs suffered record withdrawals totaling $1.42 billion, according to data from SoSoValue.

Outlook amid shifting macroeconomic and regulatory factors

The recent volatility reflects how macroeconomic uncertainties and ongoing regulatory challenges continue to shape crypto market behavior. Expectations for key decisions from the Federal Reserve and other central banks impact investment flows and price stability in cryptocurrencies. As the market adapts to these evolving dynamics, investors face both heightened risks and opportunities across the digital asset landscape.

Trump family crypto empire endures market storm

President Donald Trump's return to the White House has ushered in a new chapter for cryptocurrency, where digital currencies have fundamentally altered the Trump family's financial profile. These assets, once peripheral, surged to dominate their portfolio before delivering stark reminders of the sector's inherent instability. Initiatives in memecoins, Bitcoin extraction, and decentralized finance platforms have ridden waves of rapid appreciation followed by abrupt reversals, paralleling an industry contraction that obliterated more than $1 trillion in total capitalization.

The Bloomberg Billionaires Index records the family's wealth contracting from $7.7 billion at the start of September to roughly $6.7 billion by late November 2025, with the bulk of the reduction attributable to their expanding array of cryptocurrency engagements. These investments feature layered structures that transcend mere directional plays on token prices. Retail participants, empowered with fresh avenues into Trump-connected offerings, have absorbed outsized damage, exemplified by those entering the signature memecoin at its inauguration-adjacent summit, confronting near-complete capital impairment soon after.

Eric Trump, second son of the president, conveys resolute assurance despite the turbulence. He consistently encourages amplification of positions amid declines, describing them as premier acquisition windows in communications to media outlets. Individuals adept at capitalizing on retracements and tolerating price swings emerge victorious, he maintains, voicing unprecedented enthusiasm for cryptocurrency's capacity to reshape monetary infrastructure.

This stance aligns with Bitcoin's historical pattern since 2009, marked by repeated profound downturns succeeded by progressively elevated recoveries. The Trump portfolio embeds safeguards not available to standard market entrants. In tandem with faltering tokens and associated equities, alternative income from sectoral participation affords protection, as seen in jointly established platforms where token distributions yield allocations decoupled from spot quotations.

Jim Angel, finance scholar at Georgetown University, delineates the distinction: commonplace traders wager exclusively on valuation upticks, but the Trumps originate instruments, disseminate them, and derive revenue from the exchanges themselves. Bitcoin recently advanced beyond $86,000 on a Monday session, rebounding from a Friday nadir slightly exceeding $80,500, exemplifying prompt recuperation potential.

Trump Media grapples with crypto treasury impact

Trump Media & Technology Group Corp., steward of the Truth Social network, experienced a severe equity depreciation, brushing all-time lows midweek. Substantial elements of this trajectory trace to a mistimed incursion into digital currencies. The president's controlling interest, administered through a trust guided by Donald Trump Jr., contracted by approximately $800 million post-September.

Perpetually unprofitable, the organization ventured into emergent domains, crypto foremost among them. Disclosures from July indicate disbursements approaching $2 billion toward Bitcoin alongside adjunct instruments such as options, aggregating circa 11,500 units procured near $115,000 apiece. Prevailing levels register about 25% notional impairment on this repository.

Supplementary accumulations encompassed CRO, the utility token of Singapore-headquartered Crypto.com. September-end appraisals valued this at $147 million, with subsequent devaluation halving the position. Synergies with Crypto.com advance via Truth Predict, a forthcoming mechanism for wagering on sporting contests and electoral developments, merging discourse forums with probabilistic finance.

2025's third fiscal quarter unveiled a $54.8 million deficit, laden with $20.3 million in merger litigation expenses against sub-$1 million inflows. Equity hovers proximate to $11.66, approximating yearly troughs. Commitments from institutions for $2.5 billion funding earmark augmented Bitcoin procurement, cementing the asset's treasury prominence under custodians including Anchorage Digital.

This reconfiguration casts Trump Media as an amalgamated media-blockchain entity, albeit proximate term reprisals illuminate operational hazards. ETF registrations for solitary Bitcoin, Bitcoin-Ether fusions, and diversified baskets incorporating Solana, Cronos, XRP signal expansive horizons. Integration of virtual currencies into legacy media may pioneer novel revenue paradigms notwithstanding flux.

World Liberty Financial token navigates sharp correction

World Liberty Financial, the family's cornerstone blockchain pursuit, introduced WLFI, which regressed from 26 cents early September to circa 15 cents. Attributed reserves, spanning 25% of issuance or 22.5 billion tokens, attained $6 billion nominal at zenith prior to $3.15 billion present assessment. Lockup protocols exclude these from Bloomberg computations pending tradability.

August's conveyance to Alt5 Sigma Corp., a niche public biotech-fintech concern, furnished $750 million liquidity coupled with participation rights at optimal juncture. Alt5 valuation subsequently dissipated 75%, curtailing the mediated Trump exposure by $220 million. Distribution entitlements nonetheless conveyed $500 million from this arrangement, augmented by $400 million antecedent WLFI realizations, yielding net positivity.

Unlock mechanisms and developmental roadmap

Genesis tranches persist non-transferable under graduated releases, moderating overhang. Prospective placements across centralized exchanges, DEXs, and DeFi consortia seek amplified functionality. Representatives reaffirm allegiance: foundational innovations herald profound fiscal advancements, World Liberty primed for precedence.

Conceived during 2024's contest, governance vests 60% in Trump apparatus. Primordial allotments at 1.5-5 cents garnered $500 million, elevating enterprise valuations past $26 billion inaugural. Donald Trump's itemized 15.75 billion WLFI mirrored $3.4 billion crest valuations, evidencing commitment.

Inaugural commerce encountered initial retreats, yet emeritus designations for Trump and collaborator Steve Witkoff presage governance sway. Yield-bearing primitives and interoperability protocols position beyond memetic speculation. Ecosystem refinement may vindicate foundational postures amid periodic lulls.

American Bitcoin operation sees stake erosion

Post-inauguration by two months, Eric alongside Donald Trump Jr. immersed in Bitcoin production through American Bitcoin Corp., allied with Hut 8 Corp. Reciprocity entailed Hut infrastructure for predominant equity in the Nasdaq-quoted ABTC. Eric retains 7.5%, sibling lesser quantum undisclosed.

Early September apexes propelled ABTC to $9.31, ascribing $630 million to Eric's allotment. Succeeding 50+% abatement excised exceeding $300 million familial valuation. Debut acquirers incurred 45% diminutions, juxtaposed against deal-forged multimillion accruals.

$220 million mobilization, inclusive $10 million virtual equity, furnishes public Bitcoin proxy via Hut operations. Yearly trajectory registered 97% escalation, recent epochs -20% reversals. Energetics and epochal halvings intensify infrastructural precariousness.

Eric's strategical oversight propels scaling, harnessing enterprise-grade computation. This ingress crystallizes expeditious affluence from crypto periphery, interweaving tangible apparatus with intangible yields for robustness.

Memecoin vesting counters valuation retreat

Inauguration proximate Trump memecoin, emblematic hypothesis, prolonged antecedent descents with 25% late-August forfeiture, surmounting 85% from $14.5 billion debut capitalization. Proprietary ambiguity endures, Bloomberg imputing 40% aggregate to Trumps through World Liberty nexus. Originator addresses retained 17 million post-emergence, remitting parity to venues; July discharged 90 million supplementary.

Imputed depots aggregate $310 million contemporarily, depreciated $117 million terminal August. Offsetting, vesting cascades liberated circa 90 million adjunct, 40% Trump-ascriptive at $220 million, augmenting corpus contra depreciation. Post-July dispositions unverified.

Genesis accruals neared $100 million levies, minnows sustaining impairments as capitalization bisected thrice. Anteceding unlock, World Liberty contemplated 50 million assimilation valued $520 million epochally, demand attenuated. $6.06 strata perpetuate partisan resonance.

Resilience mechanisms underpin continuity

Eric's retracement endorsement resonates Bitcoin cyclicity, contractions prelude magnified restitutions. Architectures—levy captures, barter equities, staggered liberations—alleviate unidirectional jeopardy. Retail restricts appreciation gambles, Trumps origination windfalls.

World Liberty incarnates: nominal impairments coexist disbursement constancy. Configuration mitigates $1.2 trillion dominion ablation post-October, tariff aggressions on China precipitating $7 billion extirpations, Bitcoin infra-$110,000 transients.

Correctionary catalysts in panorama

Commercial impositions perturbed equanimity, reverting instruments to pretenurial equilibria despite facilitative edicts like Zhao clemency, sectoral ordinances elevating majors to pinnacles. Artificial intelligence froth apprehensions, decrement anticipations supplanted inaugural rapture. November oscillations—$80,500 to $91,500—emblematize volatility archetype.

Trump Media's 11,500 Bitcoin averaging $102,176 sustain $48 million impairments from $118,000 accessions; CRO bisected anew. Lineage $1 billion abatement dual months evicted Bloomberg elite-500 at $6.6 billion contra $7.6 billion antecedence. Virtual superseded tangible estate primacy September inventories.

Decemberian Federal Reserve transpositions augur $66 trillion redistributions, Bitcoin reclamation supra-$110,000 feasible as precedents expedite post-purgation. Latent assimilation pursues capitulation dispersions, privileging forbearance.

Participant disparities spotlighted

Inaugural sequencers confronted 85-100% contractions: memecoin virtual obliteration, ABTC 45% abatement, Alt5 75+% evisceration. Lineage conversely liquidated summits via effusions, liberations replenish devoid infusion.

Truth Social repository audacity procured institutional affirmation yet equity castigation amid shortfalls. WLFI immobilized gigascale portends fluidity bounties, effusions sequestered centumillions. Extraction furnishes apparatus bulwarks transcending instantaneous flux.

Sector duality crystallizes: genesis opulences progenitors, terminal devastation tailenders. Trumps stratified codex—emblem exploitation, zenith withdrawals, polyform wagers—paradigmatizes undulation dominion progressing crystallization.

Assimilation impetus under Trump aegis

Incumbency galvanizes normalization, lineage ensigns manifesting DeFi disbursements, prognostic amphitheaters, industrialized derivation. Truth Predict inaugurates conformant contingency instrumentation, American Bitcoin magnifies caloric arbitrage.

Diminutions, ETF augmentations, etatic procurements corroborate optimists. $620 million virtual infusion post-reelection quantifies deregulatory zephyrs. Perils persist: endurance assays temperamentally labile protagonists.

Polished scaffolds may sacralize originator tactics, segregating perdurable contestants. Subsidence yields to coalescence, Trump constellation prognosticates symbiotic discourse-finance metamorphoses, channeling hypothesis infrastructural perpetuity. Capitalization restitutions impend, remunerating undulation acolytes exponentially.

Precedential sagas illuminate tenacity

Bitcoin decennial chronicle logs quadrupled 70+% implosions, each transcended logarithmic elevations. Trump chronology harmonizes post-diminution rapture cresting assimilation. Lineage incursions—$1 billion pretax harvests spanning memetics, stabilizers, carded tokens, DeFi—authenticate prematurity.

World Liberty patrilineal, American Bitcoin Hut confluences, Media ETF quests interweave canvas. Undulation, deterrence antipode, essence incarnate; proficient mariners alchemize troughs bulwark. Eric's caveat—if turbulence intolerable, abstain—condenses doctrine.

Dominion's $1.2 trillion excoriation lustrates effervescence, concentrating essence fundaments. Trump periphery, fusing genesis virtuosity hodl certitude, paradigmatizes acclimation. Prospective annals pivot execution amid edictal catalysis, pledging reconfigured opulence canons.

International reverberations Trump virtual thrust

American hegemony cascades globally, inciting tokenomic mimicries. Lineage precedents equalize ingress yet illuminate asymmetries: architects contrive, multitudes trail. $TRUMP's $15 billion diurnal paroxysm to 76% diurnal cataclysm, 85% perduring debacle, anatomizes delirium morphology.

WLFI's 38% September retrogression halves $6 billion repository; ABTC's 53% post-zenith excises $300 million; DJT's 70% annuary plunge trails CRO's 45%. Unabated, proclamations endure, staking crystallization eclipses ephemerality.

Decemberian nexus—Federal gyrations, tariff arbitrations—may kindle $66 trillion torrent, Bitcoin recouping $110,000+ demesnes. Trump pursuits, revenue variegated, optimal weathering, auguring virtual entrenched pecuniary hierarchy.

Maturation trajectories delineated

Edictal frameworks Trumpian incumbency hasten institutional ingressions, ETF proliferations, guardianship orthodoxies. Lineage's multidimensional onslaught—extraction armatures, DeFi rudiments, memetic contagions—cartographs multifaceted crystallization.

Truth Predict contingency derivatives assay perimeters, WLFI disbursement protocols innovate fecundity. American Bitcoin fleets operationalize computation sovereignty. Cumulative $5 billion nominal surges, $1 billion materializations authenticate sustainability.

Novemberian maelstrom—imposition concussions, extirpation avalanches—probes sinew; restitutions affirm antifragility. Lineage buffered edifice—levies insulating repositories—models perdurability. Prospectus radiates trillionfold amalgamations, undulation adolescence relic.

Strategic profundities Trump playbook

Originator asymmetries pivot issuance monopolies, levy apparatuses, barter ingenuities. Retail unidirectional, lineage omnidirectional. Memecoin $100 million levy genesis, WLFI $900 million effluvia aggregate, mining apparatus hedges exemplify sophistication.

Policy catalysis—Zhao absolution, ordinance liberations—amplifies tailwinds, $620 million accretion attests. Volatility literacy, phased liberations, infrastructural tangibles constitute perdurable tenets. November troughs forge entrants, lineage summits monetized fortify reservoirs.

December inflectional Fed, tariff detentes potentiate inflectionals, Bitcoin $91,500+ trajectories plausible. Trump constellation, revenue resilient, exemplifies mastery. Sector maturation pivots volatility domestication, insiders asymmetrically advantaged.

Ecosystem evolutions prospective

DeFi primitives, prediction derivatives, extraction industrializations coalesce utility vanguard. Truth Predict compliant contingencies, WLFI yield bearers, ABTC caloric optimizations pioneer frontiers. Familial $1 billion pretax, $5 billion nominals blueprint scalability.

Halving cadences, ETF conduits, sovereign assimilations underpin logarithmics. Tariff transients, AI efflorescences notwithstanding, fundament reassertion prevails. Trump narrative chronicles flux fortune forging, digital precedence supplanting analog reservoirs.

Convulsion subsidences yield consolidation, originators harvesting disproportionately. Endurance trials temper, maturation canonizes. Crypto imperium, Trumpian inflectioned, thresholds trillion capitalization restitutions, volatility vestigial.

Bitcoin signals a potential recession despite contrasting economic data

Bitcoin currently appears to be pricing in the possibility of an imminent recession, even as conventional macroeconomic indicators show a more neutral outlook. Market research from Bitwise Asset Management reveals that bitcoin’s pricing reflects a far more bearish global growth expectation than many traditional economic surveys suggest.

Bitcoin’s Bearish Pricing Versus Traditional Economic Indicators

On Friday, André Dragosch, European Head of Research at Bitwise Asset Management, noted that bitcoin embeds the most pessimistic global growth outlook since the Federal Reserve’s tightening cycle in 2022 and the initial COVID-19 market crash in 2020. His analysis uses data from macroeconomic confidence surveys such as Sentix, ISM, and the Philadelphia Fed’s regional indicators. When comparing these data with bitcoin’s implied growth outlook, the comparison reveals a sharp divergence.

The chart reveals that bitcoin’s growth expectations have plummeted below one standard deviation from the mean, indicating much more bearish market sentiment than the survey-based indicators, which remain near neutral. Dragosch highlights that this type of divergence has occurred before, most notably in March 2020 and November 2022, moments preceding significant rallies for the cryptocurrency.

Risk-Reward Dynamics and Historical Precedents

According to Dragosch, bitcoin’s price is “essentially pricing in a recessionary growth environment.” He describes the current risk-reward profile as asymmetric, implying that caution among investors may be excessive. He suggests that the recovery potential could mimic the approximately sixfold rally bitcoin experienced following the COVID-19 shock in March 2020, an unprecedented rebound after sharp declines.

Investor Sentiment Remains Fragile but Stabilized

The CMC Crypto Fear and Greed Index, a popular gauge of investor sentiment, stood at 20 on Saturday, indicating “Fear.” This level is consistent with the previous day and slightly above the annual low of 10 reached on November 22. For perspective, the index was at 39 one month ago and had soared to 84—indicating “Extreme Greed”—in late November 2024. These numbers reflect a cautious but relatively stable mood among crypto investors.

Bitcoin’s Price Movements and Year-To-Date Performance

As of 11:30 a.m. UTC on November 29, bitcoin was trading at $90,559, down 0.8% over the previous 24 hours. Year-to-date, the cryptocurrency has declined roughly 3% and remains 28% below its record high of $126,080 reached on October 6. These figures underscore how bitcoin’s price is sensitive to a blend of macroeconomic influences and market sentiment shifts.

Shifting Expectations on Federal Reserve Policy

Market predictions about future Federal Reserve monetary policy appear to be evolving. The CME FedWatch Tool indicates that traders currently assign an 86.4% probability that the Fed will reduce its benchmark interest rate by 25 basis points to a range between 3.5% and 3.75% at the December policy meeting. Such a rate cut could potentially influence the broader economic environment and, by extension, crypto market dynamics.

Bitcoin holds $90K but on-chain data screams contradiction

Bitcoin has successfully climbed back above the $90,000 psychological barrier, and Ethereum continues to trade comfortably north of the $3,000 mark. At first glance, the price charts look clean and bullish — Bitcoin is currently sitting at $90,418 (up 3.12 % over the past 24 hours), while Ethereum is priced at $3,023.74 (up 1.74 %). Bitcoin remains approximately 30 % below its all-time high of $126,080 reached on October 6, 2025, and Ethereum is still roughly 39 % off its 2025 peak of $4,946 hit in August. Last week’s brief drop toward $80,000 caused widespread panic and liquidations, yet the subsequent rebound has been accompanied by enormous trading volume: Bitcoin recorded $69.56 billion in 24-hour turnover, and Ethereum clocked in at $21.27 billion.

However, when we move beyond surface-level price action and examine on-chain data in detail, an entirely different and highly contradictory picture emerges. The market is deeply split: one camp of large holders is aggressively moving coins onto exchanges (classic distribution behavior), while another camp — possibly even overlapping — is executing one of the largest accumulation moves ever recorded. Stablecoin reserves, meanwhile, have ballooned to never-before-seen levels, indicating massive sidelined capital waiting for the next decisive trigger.

Whale-Sized Deposits Now Dominate Exchange Inflows

According to detailed CryptoQuant analytics, deposits of 100 BTC or larger have steadily risen since November 24 and now represent approximately 45 % of all Bitcoin flowing into centralized exchanges — the highest share since the end of October. On November 21 alone, roughly 7,000 BTC in whale-scale transactions landed on trading platforms. Over the course of this week, total combined inflows of Bitcoin and Ethereum across every major exchange have already surpassed $40 billion, with Binance and Coinbase absorbing the overwhelming majority of that volume.

Such persistent elevation in large deposits has historically proven to be one of the most reliable leading indicators of upcoming selling pressure. When major holders consistently move significant amounts onto trading venues, it typically precedes profit-taking, portfolio rebalancing, or outright distribution phases that can push prices lower in the short-to-medium term.

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Counter-Signal: The Largest Single-Day Bitcoin Outflow in History

Almost simultaneously with the surge in deposits, the market witnessed a truly historic counter-event: an estimated 1.8 million BTC — valued at approximately $162 billion at current pricing — were withdrawn from exchanges within a single 24-hour window. This remains one of the biggest daily outflows ever documented across the entire Bitcoin network.

As a direct result, total Bitcoin reserves held on centralized exchanges have plummeted to roughly 1.83 million BTC, marking a multi-month low. Movements of this magnitude are almost universally interpreted as long-term holders and institutions transferring coins into private cold storage or institutional custody solutions — behavior that has preceded every major bull market leg in Bitcoin’s history.

Binance Stablecoin Reserves Reach an Unprecedented $51.1 Billion

Adding yet another layer of complexity and tension, Binance — the world’s largest cryptocurrency exchange by volume — is now sitting on a record-breaking $51.1 billion in stablecoin reserves. This represents the highest amount of dollar-pegged “dry powder” ever recorded on a single platform.

Massive stablecoin accumulations of this scale typically indicate that large traders, funds, and institutions have positioned themselves on the sidelines with immediate buying power, ready to deploy capital the moment a clear directional trend confirms itself. Spot trading volume across the broader market briefly spiked above $120 billion before stabilizing at still-elevated levels, confirming that liquidity remains extremely high and participants are anything but dormant.

Ethereum Mirrors Bitcoin’s Mixed Signals

Ethereum has followed Bitcoin’s price path almost tick-for-tick throughout this entire period. It faces the exact same dichotomy: increased large deposits signaling potential distribution, active trading across both spot and derivatives markets, and the same overarching uncertainty about whether the next dominant move will be driven by sellers or long-term accumulators.

The Current State: A Coiled Spring Ready to Explode

In summary, the market is experiencing one of the clearest and most dramatic on-chain splits in recent memory: record-level whale deposits occurring simultaneously with record-level withdrawals, while the largest exchange on earth holds the largest stablecoin war chest ever recorded. Price action may appear relatively calm and constructive on the surface, but beneath it lies an intense behind-the-scenes battle between distribution and accumulation forces. The resolution of this conflict — whenever it finally arrives — is almost certain to produce an extremely sharp and high-conviction move in one direction or the other.

Bitcoin price rises again as holiday bull run begins

Bitcoin is firmly back above $91500. In the last 24 hours the entire crypto market gained more than $130 billion, pushing total capitalization once again comfortably exceeding $3.2 trillion.

The move feels almost seasonal: low holiday volumes often produce these calm, upward drifts, and today is no exception. Most traders are sitting on their hands until Sunday or Monday, treating the long weekend as a natural pause rather than a moment to force new positions.

Bitcoin Surges Past $91500 — Holiday Rally Kicks Off

Why the surge right now?

Pre-holiday pumps like this are almost tradition. Trading volume drops, big players step away for the long weekend, and price often makes a quiet but steady upward move. Most traders are staying patient and keeping powder dry until Sunday or Monday.

Key levels to watch in the coming days

Short-term traders are eyeing the $91000 – $92000 zone as potential near-term resistance. Many would actually welcome a healthy pullback toward $88000 — it would offer a much better risk-reward entry. Lower down, significant liquidity is stacking in the $85–86K area, exactly where the real fireworks could restart after the holidays.

Technical picture looks promising

On the 4-hour chart Bitcoin is forming a broadening descending wedge — a pattern that has repeatedly marked major bottoms in the past. A clean breakout and close above $100,000 would set the bulls up for an explosive December.

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New growth driver taking over

More and more analysts believe the classic four-year halving cycle is fading into the background. Global liquidity and fiscal policy are now the main forces moving Bitcoin. As long as central banks and governments keep the money flowing, risk assets — including BTC — continue finding strong support right when fear peaks.

Bottom line

The bounce is powerful, market structure is improving, and sentiment is unmistakably bullish. The post-holiday reaction at resistance will tell us whether six-figure Bitcoin arrives before the new year.

Bitcoin Faces Near-Term Pressure from Corporate Treasury Sales

On November 26, 2025, Bitcoin traded almost unchanged, hovering near the $87,300 level with noticeably lower volume ahead of the U.S. Thanksgiving holiday weekend. The leading cryptocurrency has been consolidating in a tight range for the past couple of days, but a significant downside risk is emerging: corporations that aggressively accumulated BTC as a treasury reserve asset throughout 2025 may soon turn into net sellers.

From Tailwind to Headwind: Corporate Bitcoin Holders Reconsider Their Strategy

One of the key drivers behind Bitcoin’s impressive rally earlier this year now threatens to become a major headwind. According to a recent Financial Times report, a growing number of publicly traded companies that loaded up on Bitcoin are questioning whether it still makes sense to hold the asset, especially as it continues to lag behind traditional performers such as gold and broad equity indices.

Some firms have already begun offloading their holdings. For instance, Sequans Communications recently liquidated approximately $100 million worth of BTC. More companies could follow suit, gradually increasing the available supply on the market and putting downward pressure on the price.

Data tracked by BitcoinTreasuries.net shows that more than 100 listed companies now hold Bitcoin on their balance sheets. The 100 largest corporate holders collectively own 1,058,564 BTC, while the remaining smaller players control an additional 2,759 coins.

Many of these firms originally adopted Bitcoin not out of ideological conviction, but because they were trying to emulate MicroStrategy’s highly publicized success. The software company (now rebranded as Strategy) turned itself from a struggling enterprise-software provider into a multi-billion-dollar vehicle largely tied to its Bitcoin holdings. However, that “Bitcoin premium” appears to be evaporating: Strategy’s market capitalization has slipped to around $49 billion, well below its recent peak of $56 billion.

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The same pattern is visible elsewhere. Japan’s Metaplanet, the most prominent Bitcoin treasury adopter in Asia, currently has a market cap of roughly $2.6 billion—meaning it trades at a sizable discount to the ~$3 billion fair value of its BTC stash. Several U.S.-listed companies, including GD Culture Group, Semler Scientific, and MicroCloud Hologram, are also valued by the market at less than the net asset value of their cryptocurrency holdings (NAV multiple < 1.0).

For many of these firms, selling Bitcoin to repurchase undervalued shares has become an attractive option, especially after sharp declines in their stock prices.

Additional Bearish Pressures: Slowing ETF Inflows

Beyond corporate selling, Bitcoin faces other challenges. Inflows into U.S. spot Bitcoin ETFs have slowed dramatically in recent months. Collectively, these funds have recorded net outflows of $3.57 billion in November alone—the worst monthly performance since February 2025, when they lost $3.56 billion.

Technical Outlook Points to Further Declines

From a chart perspective, the bullish momentum has clearly stalled. After reaching $88,985 on Monday, BTC has retreated to around $86,830 at the time of writing. The price remains below both the 50-day and 200-day moving averages, which formed a death cross earlier this month. It has also broken below the Supertrend indicator and the crucial resistance at $107,325—the neckline of a large double-top pattern that has its ultimate peak near $124,300.

Given the current setup, the path of least resistance appears to be lower. The initial downside target sits at $80,636, November’s swing low. A decisive break beneath that level would invalidate the broader double-bottom formation and open the door to a deeper correction, potentially toward the April 2025 low near $74,700.

In summary, mounting selling pressure from corporate treasury holders, combined with fading institutional inflows and an unfavorable technical picture, significantly raises the risk of a sharp Bitcoin pullback in the near term.