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.

Ethereum has reached a critical support zone that may determine its near-term price trajectory. Bitcoin is consolidating around key levels. On-chain data shows exchange reserves have fallen to all-time lows, suggesting long-term accumulation by holders.

Strategy's bitcoin premium has fallen to levels approaching those last seen during the 2021–2022 crypto winter, TD Cowen analysts said. The firm maintains its buy rating and $535 price target for MSTR, projecting the company will hold 815,000 bitcoin by fiscal year-end 2027. Potential removal from MSCI indices in February poses a near-term risk, with an estimated $2.5 billion in passive outflows expected.

Bitcoin's implied volatility has climbed toward 60% over the past two months, marking a shift after remaining subdued since US Bitcoin ETF approval, according to analyst Jeff Park. Options market activity may be amplifying price movements as traders rapidly adjust positions. Bitcoin fell below $85,000 on Thursday, triggering widespread liquidations and increased selling pressure across leveraged trades.

Bitcoin trading around $88,000 has intensified focus on Strategy's cost basis after the firm acquired over 8,000 BTC between November 10 and November 16 at an average of approximately $102,000 for that batch. Prolonged trading below recent purchase levels raises questions about the company's balance sheet flexibility and future funding capacity. Strategy's reliance on equity issuance for Bitcoin purchases links its operational scope directly to market sentiment in both crypto and equity markets.

Bitcoin's cyclical market structure remains intact despite recurring claims of fundamental change, with analysis of miner economics, fee revenue, and institutional flows pointing to a potential bear market bottom near $49,000 in early 2026. The framework examines security budget dynamics, hashrate elasticity from miner diversification into AI hosting, and ETF flow patterns to assess three scenarios for the next downturn. Key indicators include sustained hashprice below $40 per petahash daily, fee contributions dropping below 10% of miner revenue, and persistent negative ETF flows.

Institutional Bitcoin treasuries added 18,700 BTC to their holdings in November, data from Sentora show. The accumulation took place as Bitcoin's price fell 15.62% from $103,000 to approximately $86,000. Total treasury-held Bitcoin now totals 1,860,977 BTC, representing roughly 9% of circulating supply.

Short interest in BlackRock's spot bitcoin ETF has dropped to levels last seen in April, data show. The decline reflects traders closing bearish positions during the current market downturn. IBIT's short interest fell from approximately 2% of shares outstanding to a fraction of that level, according to Bloomberg Intelligence analyst Eric Balchunas.