Bitcoin traded above $90,000 on November 18 after briefly touching $89,200, as markets await the delayed September employment report due November 20. The jobs data will shape Federal Reserve rate expectations for December, with current pricing showing roughly equal odds for a 25 basis point cut or a pause. On-chain metrics indicate miner net buying and short-term holder capitulation at $427 million daily, levels historically associated with market bottoms.

The defunct Mt. Gox exchange transferred 10,600 BTC valued at $953 million from a cold wallet to a new address and sold 185.5 BTC worth $16.8 million through Kraken. The transactions mark the first major wallet activity in eight months. Mt. Gox currently holds 34,600 BTC worth $3.14 billion after distributing most of its holdings since creditor repayments began in July 2024.

U.S. spot Ethereum ETFs recorded $1.42 billion in outflows during November, the largest monthly withdrawal since their 2024 launch, data show. Treasury firm BitMine Immersion purchased 54,000 ETH worth approximately $173 million during the same period. ETH has maintained support above $3,000 for four consecutive days despite the institutional selling pressure.

Digital asset treasury firms holding Solana have seen their valuations decline 40% as SOL dropped from $253 to $135. DFDV's CIO Parker White views the correction as an accumulation opportunity. White projects SOL could reach $10,000 over the next decade as digital value transfer expands globally.

Fundstrat's Tom Lee characterized Bitcoin's recent decline as temporary market maker distress following the October 10 flash crash. He projected potential recovery 6-8 weeks after the deleveraging event, suggesting stabilization after November 27 or in early December. Spot Bitcoin ETFs recorded monthly outflows of $2.3 billion, the second-largest since launch.

Early Bitcoin investor Owen Gunden sold 700 BTC through Kraken on November 11, bringing his weekly total to 1,800 BTC worth $200 million. Long-term holders have distributed approximately 414,000 BTC in November, valued at roughly $43 billion. Negative ETF flows and increased options hedging activity signal mounting market caution as traders position for potential downside below $100,000.

Uniswap's native token rose 40% following the announcement of protocol fee switching plans for token buybacks and burns. The proposal includes burning 100 million UNI from the treasury, with co-founder Hayden Adams citing regulatory constraints under the previous SEC administration as the reason for earlier delays.

Bitcoin's weekly realized profit has declined to $1-$2 billion since late September, down from over $4 billion in July when long-term holders intensified distribution, data show. CryptoQuant CEO Ki Young Ju stated the asset remains under selling pressure but could represent a strategic buying opportunity for investors with conviction in the macroeconomic outlook. The moderation in sell-side activity suggests improved macro conditions could catalyze the next upward move.

Bitcoin has decoupled from global M2 liquidity trends since July, trading above $100,000 in November despite sitting 21% below its recent $126,000 peak. Analysts including Coinbase and BitMEX founder Arthur Hayes characterize the October 10 deleveraging event, which eliminated $20 billion in positions, as a healthy market reset rather than a cycle top. Options data show the market positioning for a $90,000 to $160,000 range over the next three to six months.