Placeholder VC's Chris Burniske has identified a long-term opportunity in Bitcoin but cautions that accumulation may require a deeper pullback toward the 200-week simple moving average around $56,000. He states current pessimism creates favorable risk-reward for high-conviction positions, though aggressive deployment remains premature. Burniske views the ongoing repricing across crypto markets as necessary rather than destructive.

XRP futures open interest declined from 1.7 billion XRP in early October to 0.7 billion XRP by late November, a 59% reduction representing approximately one billion XRP in closed or liquidated derivative contracts. Funding rates dropped from around 0.01% to 0.001% on a seven-day moving average, indicating a shift from aggressive long positioning to near-neutral market sentiment. The deleveraging occurred as 58.5% of XRP supply remained in profit as of November 17, the lowest proportion since November 2024 when price stood at $0.53.

Michael Howell, a global liquidity specialist, said on the Bankless podcast that cryptocurrency assets are in a late-cycle position rather than starting a new expansion. He tracks a 65-month global liquidity cycle linked to debt refinancing patterns and projects the current cycle may be peaking, with implications for digital currencies and other risk assets.

Cryptocurrency markets have not fully priced the potential pace of Federal Reserve rate cuts under a Trump-aligned chair taking office in 2026, macro trader Alex Krüger said. Futures curves imply approximately 48 basis points of easing between late April and early December 2026. Krüger argues this falls short of the faster, larger cuts favored by Trump administration-aligned policymakers.

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.

Fundstrat co-founder Tom Lee projects Ethereum is approaching a cyclical bottom this week at $3,018, citing on-chain fundamentals and valuation metrics relative to Bitcoin. Lee attributes the recent decline to a broader crypto correction following an October 10 liquidation event. He maintains Ethereum's core investment thesis remains intact, supported by growing institutional interest in blockchain infrastructure for tokenization and stablecoins.

Dogecoin's Reserve Risk metric has compressed into the green "extreme value" band last observed during previous cycle lows, data show. The indicator, calculated as price divided by cumulative opportunity cost held by long-term holders, signals historically attractive valuation levels. Meanwhile, DOGE price structure has deteriorated below its two-year moving average and is testing mid-channel support near $0.15, with the next major reference at approximately $0.07.

Chris Kuiper, vice president of research at Fidelity Digital Assets, identified long-term holders as the primary sellers amid sustained buying pressure. On-chain data shows bitcoin held for over one year declining by roughly 10 percentage points of total supply, comparable to the 2021 cycle but with a slower tempo.

Bitcoin climbed above $106,000 during European trading hours on November 10, 2025, rebounding from weekend volatility. The rally followed Federal Reserve signals on balance sheet adjustments and rising market expectations that the U.S. government shutdown may end soon, potentially triggering Treasury General Account drawdowns that would increase bank reserves.