Bitcoin slid toward key support levels on Thursday as ETF outflows accelerated and derivatives data pointed to rising hedging, while Solana and XRP funds bucked the trend with steady inflows.
Market sell-off deepens across majors
Bitcoin faced heavy selling pressure and risked a drop toward the closely watched support area near $73,777, according to on-chain analytics firm CryptoQuant. The latest leg lower came as roughly $2 billion in leveraged crypto positions were liquidated this week and liquidity thinned across order books.
Multiple large-cap altcoins also broke below near-term supports, signaling that bears remain in control. Select tokens including INJ, NEAR, ETHFI, APT, and SUI fell between 16% and 18% over the past 24 hours in what traders described as an “illiquid downdraft.” Broader majors such as XRP, BNB, SOL, DOGE, and ADA declined roughly 5%–9% over the same period.
Intraday, price action was mixed among the largest assets: Ether hovered near $2,835, XRP traded around $2.07, and Solana changed hands near $130, reflecting ongoing volatility but a generally risk-off tone.
ETF flows: Bitcoin and Ether out, Solana and XRP in
Spot ETF flows underscored the flight to safety. On Nov. 20, Bitcoin ETFs saw about $903.2 million in net outflows while Ether ETFs recorded $261.6 million in outflows. By contrast, Solana ETFs attracted roughly $23.66 million in net inflows, and XRP ETFs drew about $118.15 million in net inflows on the day.
In aggregate, Bitcoin and Ether products lost more than $1 billion in a single session, even as Solana and XRP funds posted steady subscriptions. Despite recent institutional product launches, including new Solana ETFs from major issuers, persistent outflows from BTC and ETH vehicles have worsened week over week.
JPMorgan analysts said the performance of SOL and XRP ETFs could overshadow Ether ETFs during the first six months following their U.S. debuts, citing shifting investor interest.
Derivatives and positioning point to caution
Crypto options markets reflected a defensive tilt. Deribit reported that more than 185,000 ETH options—nearly $525 million in notional value—were set to expire Friday, with a put-call ratio of 0.72. Put volume doubled over the prior 24 hours, signaling increased demand for downside protection. While Deribit said positioning did not indicate a major risk-off capitulation, traders remained cautious after the week’s sharp drawdown.
According to CryptoQuant, “fundamental and technical indicators are both pointing in the same direction: we are in a bearish phase.” The firm noted that Bitcoin had previously held its 365-day moving average during corrections earlier in the cycle; the latest breakdown marks a meaningful shift. “Failing to do so historically indicates a deeper bearish trend or confirms a bear market,” CryptoQuant wrote.
Analysts flag weakening demand and leverage risk
CryptoQuant said institutional demand has softened as key market indicators turn down. Excessive leverage, profit-taking, and an expected slowdown in corporate accumulation are compounding the pressure on Bitcoin, added Armando Aguilar, Capital Formation Lead at TeraHash.
The broader sell-off has also hit digital asset treasuries (DATs). The combined value of crypto holdings by listed DATs fell from about $141 billion when Bitcoin set its all-time high on Oct. 6 to roughly $104 billion as of Nov. 21, according to The Block’s data dashboard. Several crypto-exposed equities, including Strategy, Bitmine, and Forward Industries, saw steep drawdowns as their BTC, ETH, and SOL holdings declined.
With Bitcoin recently trading just above $83,000, the asset has nearly erased its year-to-date gains, while Ether remains down year to date. If support near $73,777 fails to hold, analysts warn the market could face a deeper retracement before any durable stabilization emerges.