Bitcoin fell to around $79,500 in mid-November before recovering toward $88,000, but wallets holding over 1,000 BTC continue selling. Mid-sized holders with 10–1,000 BTC accumulated during the decline, while futures liquidations reached levels comparable to the FTX collapse in November 2022.

Bitcoin dropped from approximately $107,000 to near $81,000 between November 11 and November 21, triggering widespread market turbulence. Data show Ethereum experienced comparatively restrained losses due to its post-Merge staking mechanics and token burn features. These supply dynamics reduced available tokens during the correction, cushioning the decline relative to historical patterns.

Short-term Bitcoin holders capitulated as BTC declined to test $80,000 support, marking a 36% drop from its October peak. On-chain data show investors holding for under 155 days shifted sentiment from positive to negative, a pattern previously observed near local market bottoms within the current cycle.

Bitcoin dropped below $90,000, trading under $81,000 for the first time in six months. Analyst CryptoOnchain identifies the $70,000-$73,000 range as the next critical support level. This zone aligns with the average cost basis of major holders controlling 100-1,000 BTC, positioned at approximately $71,000.

The Bitwise XRP ETF began trading on the New York Stock Exchange with approximately $26 million in first-day volume across more than 1.1 million shares. The launch represents the third-largest ETF debut of 2025, following Canary's XRP ETF which recorded nearly $60 million in opening-day volume one week earlier.

Ethereum fell to $2,870 on Wednesday, reaching an on-chain support level that analyst MAC_D identifies as a potential bottom formation. Smaller wallets reduced positions during the decline, while whale addresses holding over 10,000 ETH continued accumulating. The price drop occurred amid risk-off sentiment before Nvidia's earnings, with markets rebounding after the chipmaker's results exceeded expectations.

Bitcoin short-term holders are selling at significant losses, with the STH-SOPR dropping to approximately 0.97 and remaining below 1.0 for multiple weeks. More than 65,000 BTC have been transferred to exchanges at a loss. Long-term holders show increased selling activity through elevated STXO data.

Bitcoin recorded over 29,000 transactions exceeding $1 million this week, marking potentially the most active whale activity of 2025. The surge occurred as BTC price declined to approximately $91,700. Data show 102,900 transfers above $100,000, according to Santiment.

New Hampshire's Business Finance Authority approved a $100 million municipal bond secured by Bitcoin on Monday, the first such instrument in U.S. municipal finance. The structure allows companies to borrow against over-collateralized BTC held by a private custodian without triggering taxable events. Transaction fees and earnings will support the state's Bitcoin Economic Development Fund.