Bitcoin and Ethereum logged combined inflows of $40 billion to centralized exchanges during the recent market pullback, data show. Bitcoin spot ETFs added 1,460 BTC worth $128.7 million in the past 24 hours. Ethereum spot ETFs received 26,620 ETH valued at $78.6 million during the same period.

Texas purchased $5 million of BlackRock's iShares Bitcoin Trust on November 20 and allocated another $5 million for direct Bitcoin custody. Bitcoin is trading near $87,000 after testing support from a long-term rising channel, with analysts watching the $78,000–$79,000 zone as a key technical threshold.

Deutsche Bank expects the Federal Reserve to reduce rates by 25 basis points in December before pausing through 2025 and into 2026. Polymarket data show the probability of a December cut has risen to 84%, up 13 percentage points intraday.

Bitcoin order books display diminishing bid-side liquidity as the U.S. Producer Price Index release approaches on November 25 at 8:30 a.m. ET. Large holders reduced buying positions while significant sell orders accumulated between $80,000 and $90,000. The concentrated resistance zones create heightened volatility conditions ahead of the October inflation data, with analysts projecting both headline and core PPI at 2.7 percent year-over-year.

A prominent trader who previously earned approximately $200 million shorting the market ahead of the October 10 crash has established a leveraged long position in Ethereum worth $44.5 million. The move comes as ETH tests the critical $2,800 support level. The whale transferred $10 million to Hyperliquid to enter the position, which showed over $300,000 in unrealized gains within the first hour, according to Arkham Intelligence.

Major institutional holders are executing conflicting strategies on Ethereum. Bitmine acquired 28,625 ETH valued at approximately $82.11 million from FalconX, according to blockchain data. BlackRock transferred substantial quantities of both Bitcoin and Ether to Coinbase Prime within the past hour. The ETH/BTC trading pair is testing a pivotal support level that analysts believe will determine Ethereum's near-term performance relative to Bitcoin.

U.S. Bitcoin spot ETFs recorded approximately $3.5 billion in net outflows during November, marking their largest monthly withdrawal since launch, data show. BlackRock's IBIT alone experienced about $2.2 billion in redemptions, its weakest monthly performance since inception. Despite the pullback, cumulative net inflows across all U.S. spot Bitcoin ETFs remain near $57.6 billion, with trading volumes reaching record highs of $11.5 billion on November 22.

Bitcoin traded near the mid-$80,000 level as the Coinbase Premium Index remained below zero, signaling reduced buying activity from U.S. institutional participants. The two-month Traders Dynamic Index formed a bearish crossover pattern similar to those observed near major cycle peaks in 2017 and 2021. The negative premium persisted even as offshore exchanges showed more stable pricing, suggesting U.S. traders may be reducing exposure during the current correction.

Polymarket contracts show traders pricing a 67 percent probability for a 25-basis-point Federal Reserve rate cut at the December meeting. Boston Fed President Susan Collins said monetary policy is at an appropriate level and additional data is needed before supporting further easing. The likelihood of no policy change stands at approximately 32 percent, according to Polymarket.