Crypto markets extended losses as Bitcoin slid toward key support, derivatives hedging picked up and U.S. spot ETF flows turned sharply negative for BTC and ETH, even as Solana and XRP funds drew fresh capital.
Market sell-off deepens; support levels in focus
Bitcoin faced heavy selling pressure, putting the spotlight on support near $73,777. Prices fell below $90,000 earlier in the week and briefly traded near $83,000, erasing most year-to-date gains and fueling concerns that bears remain in control. Several major altcoins dropped alongside Bitcoin, with tokens including XRP, BNB, SOL, DOGE and ADA falling roughly 5%–9% over the past 24 hours. A separate cohort of altcoins such as INJ, NEAR, ETHFI, APT and SUI lost 16%–18% amid thin liquidity.
“Fundamental and technical indicators are both pointing in the same direction: we are in a bearish phase,” an analyst at on-chain analytics firm CryptoQuant said, noting that Bitcoin had held its 365-day moving average during prior corrections. The firm added on X that failing to reclaim that level “historically indicates a deeper bearish trend or confirms a bear market.”
Capital Formation Lead at TeraHash, Armando Aguilar, cited excessive leverage, profit-taking and a slowdown in corporate accumulation as drivers worsening the near-term outlook. Approximately $2 billion in leveraged positions were liquidated during the latest leg lower, according to derivatives market data.
Derivatives positioning turns cautious
Options flows reflected growing defensive positioning. Deribit data showed traders adding hedges after this week’s sharp drawdown. The exchange said overall positioning does not signal a major risk-off event, but noted caution following the market meltdown.
More than 185,000 ETH options, with a notional value near $525 million, were scheduled to expire, with a put–call ratio of 0.72. Put volume doubled over the past 24 hours, indicating traders were leaning bearish into expiry.
ETF flows diverge across assets
Spot Bitcoin and Ether ETFs saw heavy net outflows, while Solana and XRP funds attracted inflows. On Nov. 20, Bitcoin ETFs posted $903.2 million in net outflows and Ether ETFs recorded $261.6 million in outflows, for a combined drawdown of more than $1.1 billion in a single day. By contrast, Solana ETFs recorded $23.66 million in net inflows and XRP ETFs saw $118.15 million in inflows that day.
Despite broader risk aversion, Solana funds have logged over two weeks of consecutive inflows and now hold $714.8 million in net assets. However, institutional investors have notably reduced exposure to Bitcoin and Ether ETFs over the past week as prices slid.
JPMorgan analysts suggested the early price performance of SOL and XRP ETFs could outpace Ether ETFs during the first six months after their U.S. debuts, according to a report cited by industry media. Meanwhile, market participants said positive headlines around new Solana vehicles, including a Fidelity-branded product and staking-enabled offerings mentioned in industry reports, have been overshadowed by poor price action and risk-off sentiment. (These product details could not be independently verified at press time.)
Institutional and treasury trends
CryptoQuant said institutional demand for Bitcoin has cooled, reinforcing the bearish tilt. The combined value of digital assets held by publicly disclosed corporate and fund treasuries declined from $141 billion at Bitcoin’s Oct. 6 all-time high to $104 billion as of Nov. 21, according to The Block’s data dashboard. A number of digital asset holding companies have seen steep equity drawdowns as BTC, ETH and SOL positions unwind, leaving many with sizable unrealized losses.
Ether traded around $2,835, down marginally over 24 hours, while Solana hovered near $130. XRP inched higher on the day, with traders pointing to sustained ETF inflows as a potential support. Even so, analysts at CryptoQuant cautioned that both technical and on-chain signals “are pointing in the same direction,” with a sustained break of cycle-long moving averages raising the risk of a deeper downside phase for the broader market.