Bitcoin dropped 23% in November, recording its steepest monthly decline since June 2022. Placeholder partner Chris Burniske said the selling phase has just begun. Alliance DAO co-founder QwQiao projected markets require another 50% drop before stabilizing.

Bitcoin's current downturn may stabilize around $83,000, where significant liquidation activity has accumulated over several months. If this level fails to hold, analysts point to $78,000 and $75,000 as subsequent support targets based on leveraged position clustering.

Tokyo-listed Metaplanet approved a $135 million perpetual preferred share offering on November 20 to fund Bitcoin acquisitions. The Class B shares carry a 4.9% annual dividend and a ¥1,000 conversion price. Strategy founder Michael Saylor stated his firm can withstand an 80%–90% Bitcoin drawdown while maintaining 1.15 times leverage with 4.5-year debt maturity.

Bitcoin dropped below $82,000 on Binance during early European trading Friday, trading near $84,000 at press time. The decline triggered extensive liquidations totaling $2 billion across exchanges over 24 hours, according to Coinglass. Long positions approaching $1 billion were liquidated within a single hour as selling pressure accelerated.

Bitcoin dropped below $84,000 on November 21, 2025, triggering approximately $962 million in liquidations within a single hour, market data show. The cryptocurrency traded around $83,900, down more than 33% from its October all-time high of $126,223. U.S. Bitcoin ETFs recorded $903.2 million in net outflows on November 20, intensifying selling pressure.

U.S. Bitcoin spot ETFs recorded net outflows of $903 million on November 20, 2025, marking the second-largest single-day withdrawal since their January 2024 launch. Ethereum ETFs posted $262 million in outflows the same day, extending their losing streak to eight consecutive sessions. The outflows come as institutional investors take profits and adopt risk-off positioning ahead of year-end, according to market analysts.

Strategy's approximately 650,000 BTC holdings are approaching underwater territory as Bitcoin trades at $84,171.85, down 33% from recent highs. The company's average acquisition cost of $74,433 per coin leaves an 11% buffer before paper losses materialize. MSTR shares have declined 56% over six months, while the company faces $5 billion in convertible bonds due in 2028.

Index provider MSCI is reviewing whether companies holding more than 50% of assets in cryptocurrencies should remain in its flagship equity benchmarks, according to a consultation running through December 31. JPMorgan analysts estimate that MicroStrategy could face up to $2.8 billion in passive fund outflows if excluded from MSCI USA and Nasdaq 100 indexes. MSCI will announce its decision on January 15, 2025, with any changes implemented in February.