Ethereum

Digital asset markets experienced significant volatility as more than $2 billion in leveraged positions were forcibly liquidated. Bitcoin fell to $82,000 while Ethereum dropped below $2,700. Long position holders accounted for approximately $1.8 billion of the liquidated value across major exchanges, according to Coinglass data.

Ethereum fell 10.9% to a five-month low of $2,650 before rebounding to $2,720. Large holders accumulated $241.84 million worth of ETH during the decline, according to data from CryptoQuant and Onchain Lens. Exchange reserves dropped to a 55-month low of 15.6 million tokens, valued at $42.9 billion.

Glassnode co-founders Jan Happel and Yann Allemann attribute Bitcoin's recent downturn to systematic mechanical selling by one constrained participant rather than broad market repricing. They cite unusual momentum patterns—including an all-time low 1-day MACD despite only a 33% price drop—as evidence of forced liquidation absent typical macro stress or leverage shocks. The analysts argue the selling exhibits characteristics of rules-based unwinding rather than organic sentiment deterioration.

Layer-1 blockchain networks recorded significant decreases in daily active wallet addresses over the past year. Solana's daily active wallets dropped to 1.7 million–2.3 million from a September 2024 peak of nearly 32 million, while BNB Chain maintained the highest user activity at approximately 4.7 million daily users. Despite reduced wallet counts, value transfers and fee generation remained strong across leading networks.

The cryptocurrency market lost nearly $100 billion in market capitalization within 24 hours, pushing most corporate digital asset treasuries into negative territory. Bitcoin traded around $82,864 after declining as much as 10%, while Ethereum fell to $2,683. Strategy remains the sole major holder with an unrealized gain, holding 649,870 BTC worth more than $6.15 billion above cost.

Bitcoin (BTC) dropped below $100,000, trading at approximately $85,300 and triggering increased liquidations across the cryptocurrency market. Major cryptocurrencies declined alongside Bitcoin, with Ethereum falling 3.62% to $2,727.15, Solana dropping 5.02% to $125.95, and XRP declining 4.24% to $1.92. Cais Manai, Co-Founder and Head of Product at TEN Protocol, characterized the decline as a standard market reset following the summer rally, noting that institutional participants continue accumulating positions despite reduced retail activity.

BlackRock registered the iShares Staked Ethereum Trust in Delaware on November 19, establishing a legal structure for a staking-enabled Ethereum ETF pending regulatory approval. The Delaware filing does not constitute a formal SEC application but positions the asset manager to offer yield-bearing ETH products. Current spot Ethereum ETFs operate without staking functionality, causing investors to forfeit approximately 3% in annualized network rewards.

Monad is preparing for its initial coin offering exclusively on Coinbase, drawing significant attention in the cryptocurrency sector. Industry experts have raised concerns about the token's allocation structure, with over 50% of the supply designated for the team and investors. This distribution model has prompted questions about potential selling pressure once trading commences.

Public companies holding cryptocurrency treasuries have seen their combined market capitalization fall to approximately $99 billion from $176 billion in July. Strategy holds 649,870 BTC with an unrealized gain of $6.1 billion, while Ethereum-focused Bitmine faces a $4.52 billion unrealized loss on its 3.56 million ETH position.

Ethereum came under significant selling pressure as multiple factors converged within a 24-hour period. Binance executed substantial ETH transfers to market makers and exchanges while over $350 million in leveraged positions were liquidated, according to Arkham Intelligence data. The asset broke below the $2,800 support level, with price reaching the $2,650 zone.