Ether (ETH) extended losses below the $2,900 mark as a broader crypto sell-off weighed on risk appetite, with thin liquidity and elevated leverage amplifying intraday swings. The move left ETH down more than 5% on the day and kept the market’s second-largest asset pinned beneath the psychologically important $3,000 level.

Market snapshot: Broad risk-off hits majors

Bitcoin (BTC), the largest cryptocurrency by market value, fell over 3% to near $87,000 during early Asian trading hours, while ETH slid roughly 5%, according to CoinDesk data. Other large-cap tokens including SOL, DOGE, and XRP declined more than 4%.

The total crypto market capitalization fell below $3 trillion amid reports of thin order books and high leverage, conditions that exacerbated price moves and helped trigger an estimated $400 million in long-position liquidations over the weekend.

Key ETH levels: $2,882 liquidation risk and $3,000–$3,140 resistance

ETH is attempting to defend the $2,800–$2,900 zone after a sharp correction that has reset bullish momentum. Sellers repeatedly capped rebounds beneath former support in the $2,900 area, now acting as resistance. Market structure remains fragile unless price can reclaim $3,000 and, more decisively, $3,140 on convincing volume.

Derivative indicators underline the stakes around current levels. According to Coinglass data, if ETH falls below $2,882, the cumulative long liquidation volume across major centralized exchanges could reach approximately $962 million, potentially intensifying downside volatility.

From a momentum perspective, traders are watching the mid-line of key volatility bands as a pivot. A sustained move above the mid-band could open a gradual grind toward the upper band, while rejection risks a return to lower support to test the durability of the rebound.

Flows, positioning, and on-chain context

Despite the pullback, some metrics point to stabilizing conditions: gas fees have eased and derivatives positioning has reset, while several desks report renewed whale accumulation near the $2,800–$2,900 area. Analysts also note institutional interest remains active, citing recent ETF inflows that have supported medium-term narratives; one widely watched technical view argues ETH is nearing a longer-term breakout, with targets around $3,200 if momentum builds.

At the same time, market structure still reflects caution. ETH has tracked BTC lower in recent sessions, forming a series of lower highs and lower lows. Attempts to briefly reclaim the $3,000 handle have been short-lived as overhead supply persists.

Outlook

• Support: $2,800–$2,882 remains the immediate area to watch given liquidation clusters and recent reaction lows.
• Resistance: $2,900–$3,000 is near-term resistance; a stronger shift in structure likely requires a close above $3,140 with rising volume.
• Risks: Thin weekend liquidity and high leverage could magnify moves in either direction.
• Catalysts: ETF flows, derivatives positioning, and upcoming listed-products activity (including new futures launches) may influence liquidity and price discovery.

For now, ETH remains range-bound below $3,000, with liquidation thresholds and resistance layers set to dictate near-term direction as traders gauge whether a base can form above $2,800.

The crypto market closed November on the back foot, with Bitcoin sliding roughly 20% from recent highs as forced liquidations accelerated and stablecoin capitalization declined by an estimated $2 billion. A mix of macro headwinds, thinning liquidity and leveraged positioning drove sharp intraday swings across major assets.

Liquidations surge as volatility returns

Derivatives-driven moves dominated trading through November, culminating in multiple liquidation waves that intensified price declines.

• Analysts described parts of the sell-off as a “2-sigma long liquidation event,” wiping out speculative long positions and exacerbating downside momentum.
• Market trackers recorded late-month totals approaching $920 million in liquidations, with several 24-hour windows ranging from about $143 million to $184 million across major exchanges.
• A prior shock on October 10, 2025 — an 18.26% one-day drop in Bitcoin — remained a key reference point for risk management, after more than $19 billion in open interest evaporated in 24 hours.

Intraday lows saw Bitcoin trade near $82,000 at one point, while technical signals turned cautious. Several analysts cited a 200-day moving average “death cross” and persistent bearish momentum, though some noted a hidden bullish divergence on higher timeframes that could imply easing selling pressure if supported by improving flows.

Institutional flows, derivatives structure and positioning

The unwind extended into institutional channels. Exchange-traded funds tied to Bitcoin posted net outflows during the month, with reported episodes of more than $1.4 billion in redemptions and cumulative multi-week outflows nearing $3.8 billion. On-chain data also showed large holders moving tens of thousands of BTC out of long-term storage, signaling profit-taking and adding to short-term supply.

Derivatives structure amplified moves. Extreme leverage on some platforms contributed to cascade effects, with large single-position losses triggering follow-on liquidations and widening price gaps. The break of October’s parabolic advance introduced new resistance overhead, with analysts highlighting a cluster in the $98,000–$102,000 area that may cap rebounds until liquidity rebuilds.

Stablecoins under scrutiny

Stablecoin market capitalization contracted by about $2 billion over the month amid broader risk reduction. The Financial Stability Board reiterated that gaps remain in global stablecoin oversight, citing inconsistent reserve and redemption standards across jurisdictions, particularly problematic during thin weekend liquidity.

Against that backdrop, Tether’s leadership publicly pushed back on renewed skepticism around USDt, criticizing ratings commentary and social media narratives they argued were spreading fear, uncertainty and doubt. At the same time, payments initiatives continued: Visa expanded a partnership with infrastructure provider Aquanow to support stablecoin settlement across the CEMEA region, underscoring steady progress in real-world payment pilots.

Macro drivers and near-term outlook

Bitcoin’s correlation profile continued to resemble high-growth technology equities, leaving it sensitive to interest rate expectations and liquidity conditions. Analysts noted that shifting odds around central bank policy — including the U.S. Federal Reserve’s December 10 meeting — influenced risk appetite through November. The Crypto Fear & Greed Index fell into “deep fear,” consistent with rising realized losses and a preference for safer assets.

Even so, pockets of resilience emerged late in the month. Ethereum reclaimed the $2,900 level at one point, while XRP rallied double digits intraweek on improving liquidity forecasts. Whether these bounces can build depends on the path of institutional flows, the depth of order books after the recent deleveraging, and clearer policy signals into year-end.

By the numbers

• Bitcoin: down roughly 20% from recent highs during November; intraday lows near $82,000.
• Liquidations: approximately $920 million during late-month turmoil; multiple 24-hour windows in the $143–$184 million range, per market trackers including Coinglass.
• ETFs: episodes of net outflows exceeding $1.4 billion in November; multi-week outflows nearing $3.8 billion reported.
• Stablecoins: market cap down about $2 billion month over month amid risk reduction and regulatory scrutiny.

Bottom line: November’s drawdown exposed lingering leverage and liquidity fragilities. With macro policy decisions looming and risk indicators still fragile, markets are watching for stabilization in ETF flows, improved order book depth, and clearer regulatory footing for stablecoins to gauge prospects for a sustained recovery.

Tether CEO Paolo Ardoino condemned S&P Global Ratings’ downgrade of USDT’s ability to hold its U.S. dollar peg, arguing the decision misrepresents the stablecoin’s reserve quality and the company’s financial position. The rating agency cut USDT to the lowest level on its stablecoin stability scale, citing rising exposure to higher-risk assets and persistent gaps in disclosure.

S&P’s downgrade and rationale

S&P Global Ratings reduced its assessment of USDT, the world’s largest stablecoin by circulation, pointing to increased allocations to Bitcoin and gold and ongoing disclosure deficiencies. The agency warned that the stablecoin could face stress if Bitcoin prices were to sharply decline.

The move follows a period in which Tether’s public attestations have shown shifts in its reserve composition, including fewer U.S. Treasuries and greater exposure to Bitcoin and gold.

Tether’s response and reserve strategy

Ardoino rejected S&P’s assessment, portraying it as rooted in traditional finance’s misunderstanding of Tether’s model. He characterized the agency as a “propaganda machine” and said the conventional financial system is “broken,” while emphasizing Tether’s profitability and liquidity.

• Tether’s latest attestations indicate increased holdings of Bitcoin and gold alongside a reduction in Treasuries.
• Since mid-2024, the company behind roughly $100 billion in circulating USDT has invested more than $300 million in gold royalty equities, including significant stakes in Elemental Altus Royalties, Versamet Royalties, and Metalla Royalty & Streaming.

Tether’s growing exposure to alternative assets has been a focal point for critics, reviving long-running industry debates over the stability and transparency of USDT reserves—often referred to as “Tether FUD” in crypto circles.

Market context and outside commentary

BitMEX co-founder Arthur Hayes warned that Tether could face balance-sheet insolvency if the value of its Bitcoin and gold holdings drops by 30%, underscoring market concerns around asset volatility. Tether disputes that such scenarios threaten USDT’s peg, citing strong financials and liquidity management.

USDT plays a central role in global crypto markets, including in emerging economies where access to U.S. dollars can be limited. Any perceived change in its stability can have broad implications for crypto trading and liquidity.

Uruguay operations paused amid dispute

Separately, Tether has paused its Uruguay operations. A company representative confirmed the halt and reiterated long-term regional interest. Local media previously reported that Tether was exiting Bitcoin mining activities in the country following a $4.8 million debt dispute with the state-owned utility UTE. Reports also indicated layoffs after negotiations failed; Tether had invested over $100 million and committed an additional $50 million to infrastructure in Uruguay before winding down operations.

Leadership note

Ardoino, formerly Tether’s chief technology officer, was promoted to CEO in October 2023 and has led the company since December 2023, succeeding Jean-Louis van der Velde.

BlackRock’s spot Bitcoin exchange-traded funds (ETFs) have become the asset manager’s largest revenue source, according to a senior company executive, underscoring the scale and pace of institutional demand for bitcoin exposure via regulated fund structures.

BlackRock says Bitcoin ETFs now its top revenue driver

Speaking at the Blockchain Conference 2025 in São Paulo on Friday, November 28, Cristiano Castro, BlackRock’s director of business development in Brazil, said the firm’s Bitcoin ETFs now generate more revenue than any other product line. The shift is notable given BlackRock’s breadth—more than 1,400 ETFs globally—and its position as the world’s largest asset manager, with over $13.4 trillion in assets under management.

Castro said the Bitcoin ETFs have surpassed legacy products that have been producing revenue for over two decades. Industry-wide, assets in U.S.-listed spot Bitcoin ETFs have grown rapidly, with allocations approaching $100 billion, according to market estimates.

IBIT’s rapid ascent

BlackRock’s flagship iShares Bitcoin Trust (IBIT) has been cited by industry trackers as one of the fastest-growing ETFs on record, even amid recent price volatility. The fund has led category trading activity and, by some estimates, now holds more than 3% of bitcoin’s circulating supply.

Heavy trading meets shifting flows

U.S.-listed spot Bitcoin ETFs recorded roughly $40 billion in trading volume last week, with IBIT leading activity, according to industry data. Despite the elevated turnover, flows have been volatile:

• IBIT posted approximately $2.2 billion in net outflows month-to-date as of Monday, according to FactSet.
• Across the broader U.S. spot Bitcoin ETF cohort, investors withdrew about $3.5 billion so far in November, nearing the previous monthly outflow record of $3.6 billion set in February, Bloomberg data show.

Why it matters

The revenue milestone highlights how rapidly crypto-linked ETFs have scaled within mainstream portfolios and fee pools. While net flows can swing with market conditions, the combination of sizable assets, sustained trading volumes, and management fees has made Bitcoin ETFs a meaningful line of business for BlackRock.

U.S.-listed spot crypto ETFs closed November with their worst monthly withdrawals on record, even as a late-week rebound delivered modest net inflows and hinted at stabilizing demand. Bitcoin products shed roughly $3.8 billion for the month, while cumulative net inflows since launch remain positive at about $57.71 billion. Ethereum ETFs showed signs of recovery after weeks of mild outflows, and spot Solana funds snapped a brief setback with renewed buying into Friday.

Record November Outflows, Then a Late-Week Turn

Spot Bitcoin ETFs ended November with approximately $3.8 billion in net redemptions, setting a new monthly record for outflows as institutions trimmed risk and locked in year-end profits. Despite the drawdown, providers still show cumulative net inflows of about $57.71 billion since launch, underscoring the longer-term bid that has supported the market this cycle.

Flows turned tentatively positive into month-end. Spot Bitcoin ETFs posted roughly $70 million in net inflows for the week, snapping a four-week run of outflows. According to data cited by CryptoniteUae, one session recorded $129 million into spot Bitcoin ETFs and $78 million into Ethereum ETFs—over $207 million in a single day—marking the first combined positive week for the pair in weeks.

Ethereum and Solana ETF Flows Diverge

Ethereum-based ETFs have seen mild outflows in recent weeks as investors reduced ETH exposure, but activity has begun to improve. Select sessions showed net inflows exceeding $60 million, contributing to the broader weekly turnaround alongside Bitcoin funds.

Spot Solana ETFs broke a 21-day inflow streak with about $8.1 million in net outflows on Wednesday, then logged approximately $5.4 million in net inflows on Friday. Prior to the setback, demand for SOL exposure had been consistent. By issuer, estimated cumulative flows since launch include roughly $528 million for Bitwise’s BSOL, about $30 million for Fidelity’s FSOL, and around $8 million for VanEck’s VSOL, with Grayscale near $74 million; a recent outflow from a 21Shares product turned the group’s daily tally negative before Friday’s modest rebound.

Institutions Rebalance as Macro Uncertainty Persists

November’s outflows were driven by profit-taking, year-end rebalancing, and ongoing interest-rate uncertainty. Several large asset managers appear to have paused net accumulation, with one estimate suggesting roughly $1 billion in fresh inflows each week would be needed to lift BTC-USD by about 4%—a pace not yet reflected in recent data. Even so, on-chain and custody activity points to continued institutional engagement: BlackRock transferred approximately $422 million in Bitcoin and Ethereum to Coinbase Prime in late November, a move market participants interpreted as ETF liquidity management.

ETP flows remain a real-time gauge of institutional and adviser appetite. A four-week outflow streak signaled a meaningful cooling of risk appetite in November, even as long-term positioning—evidenced by cumulative inflows and ongoing whale accumulation—helped limit downside into month-end.

Key Numbers

• Spot Bitcoin ETFs: about $3.8 billion in November net outflows; roughly $57.71 billion cumulative net inflows since launch.
• Weekly flows: roughly $70 million net inflows for Bitcoin ETFs, breaking a four-week outflow run.
• Single-day snapshot (per CryptoniteUae): $129 million into Bitcoin ETFs; $78 million into Ethereum ETFs; $207 million combined.
• Solana ETFs: approximately $8.1 million out on Wednesday; about $5.4 million in on Friday; steady cumulative interest by leading issuers.

Bitcoin held steady above $91,000 on Friday, extending a Thanksgiving-week rebound as traders increased wagers on a Federal Reserve interest-rate cut in December. Prices moved within a tight range through the shortened U.S. session, reflecting improving risk sentiment tied to softer policy expectations.

Price action

Major data providers showed Bitcoin trading close to $91,000 after the U.S. equity market’s early close at 1 p.m. ET on Friday, with intraday moves largely contained between the low $90,000s and just under $93,000. Earlier in the day, the cryptocurrency briefly reclaimed the $93,000 level before easing toward the low $92,000s.

Rate-cut expectations intensify

Odds of a December policy move continued to firm. As of Friday, CME’s FedWatch Tool indicated an implied 84.9% probability of a rate cut at the Federal Open Market Committee meeting scheduled for December 9–10, 2025. Analysts at JPMorgan have also raised the likelihood of a cut, adding to the tailwind for risk assets, including cryptocurrencies.

Lower interest rates typically support speculative assets by reducing funding costs and improving liquidity conditions, a dynamic that has historically benefited Bitcoin during easing cycles.

Key factors to watch

• Spot Bitcoin ETF flows and net inflows/outflows as a gauge of institutional demand.
• Derivatives positioning, including funding rates and open interest, for signs of sustained momentum.
• Technical levels, with traders highlighting resistance in the $92,000–$95,000 zone as the next hurdle.
• Upcoming U.S. macro data and Fed communications ahead of the December FOMC meeting.

BlackRock’s iShares Bitcoin Trust (IBIT) is on track for its worst month of outflows since launch, with approximately $2.3–$2.35 billion withdrawn in November 2025, according to fund flow estimates. The world’s largest spot bitcoin ETF has seen sustained redemptions amid heightened market volatility, even as late-month trading produced a mix of inflows and outflows.

Record monthly redemptions for IBIT

IBIT’s November withdrawals are the largest on record for the fund since it began trading in January 2024. Multiple trackers show IBIT’s net outflows topping $2.2 billion for the month and approaching roughly $2.35 billion as the period draws to a close. The heaviest selling arrived mid-month, including one session with an estimated $523 million in redemptions.

The selling pressure was not isolated to a single issuer. U.S.-listed spot bitcoin ETFs collectively saw more than $3 billion in redemptions in November, reflecting broader de-risking and profit-taking by investors following sharp swings in bitcoin’s price.

Late-month flows turn mixed

Daily flows around the U.S. Thanksgiving week highlighted two-way demand:

• Nov. 24: roughly $149–$151 million in outflows
• Nov. 25: approximately $83 million in inflows
• Nov. 28: about $114 million in net inflows
• Later in the week: roughly $113.7 million in outflows, leaving IBIT with an estimated $137 million net weekly outflow despite midweek inflows

Across the two sessions of Nov. 24–25, IBIT posted a net outflow of more than $66 million. While inflows resumed on select days, they were not sufficient to offset the month’s cumulative redemptions.

Analysts: outflows are small versus AUM; short interest declines

Despite the headline figure, analysts noted November’s redemptions equate to less than 3% of IBIT’s total assets. Bloomberg senior ETF analyst Eric Balchunas emphasized that the bulk of investors remained invested through the pullback, and highlighted a collapse in short interest as traders who typically short into strength covered positions during the downturn.

Market backdrop and investor positioning

November’s ETF outflows arrived alongside a sharp drawdown in bitcoin, with several issuers citing profit-taking and macro uncertainty as drivers of redemptions. On-chain analytics firm Arkham said in an X post that the combined unrealized profit for IBIT and ETHA holders swung from nearly $40 billion at a peak on Oct. 7 to about $630 million recently, underscoring how quickly paper gains were erased.

While IBIT recorded its first sustained month of net outflows since launch, intermittent late-month inflows suggest continued two-way interest. Absent a significant reversal on the final trading days, November 2025 will stand as IBIT’s largest monthly outflow since inception.

Apple Pay Integration Expands Bitcoin Buying Options as Market Tests Mid-$80K Support

Apple Pay support is appearing on more cryptocurrency platforms, streamlining retail access to Bitcoin purchases. The broadened payment options arrive as Bitcoin trades in the mid-$80,000s following a sharp pullback, with analysts watching key technical levels for confirmation of the next trend.

Retail On-Ramps Broaden With Apple Pay and Local Payment Rails

Several crypto services have added consumer-friendly payment methods alongside traditional bank transfers. For example, Cryptorino allows users to purchase crypto with Apple Pay, Google Pay, Visa, or Mastercard, subject to standard know-your-customer verification. Wallet-to-wallet deposits on such platforms are typically processed quickly.

Exchanges are also expanding fiat gateways. Bitget, for instance, supports deposits via Advcash, SEPA, Faster Payments, and Brazil’s PIX to fund fiat balances before converting to Bitcoin through its cash conversion tool.

How the New Payment Flows Work

• Users can top up balances via supported fiat channels, then place Bitcoin buy orders within the platform’s “Buy Crypto” or similar modules.
• Apple Pay and other card-based options may require identity verification and are subject to regional availability and compliance rules.
• Settlement speeds vary by provider and method; many wallet-to-wallet transfers clear quickly, while bank transfers can take longer depending on the payment rail.

Market Snapshot: Key Levels and Mixed Signals

Bitcoin has retreated from recent highs into the low $80,000s and was trading around $86,000 on Monday morning. CoinSwitch’s market desk noted a roughly 2% bounce fueled by “buying the dip,” but said a move above $94,000 would be needed to confirm a sustained uptrend.

After a steep November drawdown, several analysts say Bitcoin faces critical support in the $84,000–$86,000 zone. Some market watchers, including Crypto Patel and The Boss, highlighted that Bitcoin has regained important support areas and closed a fair value gap between $81,000 and $85,000, which they view as constructive for a potential continuation. Others remain cautious: Tallbacken Capital Advisors CEO Michael Purves warned that a bearish technical signal—seen previously in several instances—could imply further downside. Scenarios involving a drop toward $70,000 have not been ruled out.

Broader Context and Outlook

The pullback comes as U.S. equities hover near all-time highs, a divergence that some crypto commentators say bears watching. Institutional flows and whale accumulation continue to be cited by analysts as signs of underlying cycle resilience, though near-term direction hinges on whether Bitcoin can hold mid-$80,000 support and reclaim higher resistance levels.

With easier retail on-ramps via Apple Pay and expanded fiat gateways, market access is broadening. Whether that translates into sustained buying depends on macro conditions, liquidity, and how price behaves around the current support band.

Stablecoin yields remain subdued as crypto market liquidity shows mixed signals, with Bitcoin holding near recent highs and Solana attracting net inflows despite broad ETF redemptions.

Stablecoin yields point to cautious risk appetite

On-chain analytics firm Santiment said stablecoin yields across major lending protocols are “a gauge of market health” and are currently low, averaging roughly 3.9%–4.5%. The firm noted that surging yields typically coincide with increased leverage and risk-taking, while depressed rates suggest more muted demand for borrow-based positioning.

While low yields alone do not guarantee the start of a new bull phase, Santiment said similar setups in prior cycles have sometimes preceded at least temporary reversals. Analysts have also highlighted a historical pattern in which rising stablecoin supply preceded Bitcoin upside during both the 2021 bull market and the 2024–2025 recovery.

Liquidity shifts: exchange reserves and volumes

Liquidity dynamics remain uneven. CryptoQuant reported this week that stablecoin reserves on Binance have “skyrocketed,” contrasting with declining Bitcoin and Ether reserves on the exchange. Elevated stablecoin balances can indicate dry powder waiting on the sidelines, but outflows of BTC and ETH from exchange wallets often reflect reduced immediate selling supply or shifts to custody.

Elsewhere in the market, issuance of major dollar-pegged tokens USDT, USDC, and DAI has softened alongside lower spot trading volumes on centralized venues. Average daily turnover has slipped below $25 billion, down nearly 40% from early October, according to market data. Thinner spot activity reduces the stablecoin buffer available to absorb sell-side pressure, leaving Bitcoin more vulnerable to short-term volatility spikes. Santiment also pointed to diverging behavior among Bitcoin holder cohorts on-chain, a sign of mixed conviction during the consolidation.

ETF flows diverge as Solana draws yield-focused capital

Spot ETF flows underscore the shift in investor positioning. Data provider SoSoValue showed Bitcoin ETFs recording about $3.7 billion in net redemptions and Ether ETFs losing roughly $1.64 billion over recent weeks. In contrast, Solana-focused products drew approximately $369 million in inflows during November, with multiple days of net subscriptions even as crypto prices were under pressure.

Part of the appeal stems from staking yields. “Both institutions and retail holders are treating Solana as a yield-generating asset rather than a speculative trade,” Everstake co-founder and COO Bohdan Opryshko told Cointelegraph, citing native SOL staking rewards of roughly 5%–7%—an income profile that Bitcoin ETFs cannot replicate and that only a limited set of Ethereum products currently offer.

That said, momentum has cooled near resistance. SOL’s latest recovery stalled around $145 as Solana ETF flows turned negative for the first time since launch. Live dashboards from 99Bitcoins showed SOL up about 4.7% on the day with 24-hour volume above $5 billion, outpacing Bitcoin’s roughly 1%–2% move and Ether’s 3%–4% gain. Cointelegraph noted SOL has dropped from about $197 on Oct. 26 to the mid-$130s, a decline of roughly 30% over a month, despite a 14% rebound from Friday’s low near $121.50.

Market snapshot and policy developments

Bitcoin (BTC) held steady, reaching a high of $91,345—the strongest level since Nov. 20 and about 14% above this month’s low. Major altcoins including Ethereum (ETH) and Dash (DASH) also advanced alongside the broader market bounce.

On the policy front, South Korea’s National Assembly Political Affairs Committee is reviewing three bills related to stablecoin issuance submitted by ruling and opposition lawmakers, according to a report from local industry publication Bloomingbit. In Europe, the European Central Bank reiterated concerns that rapid growth in digital tokens could pose risks to financial stability, keeping regulatory scrutiny elevated even as institutional interest in tokenized and yield-bearing structures increases.

Despite the cross-currents, the broader takeaway from recent data is consistent: stablecoin metrics and ETF flows continue to shape crypto market liquidity. Low lending yields and softer spot volumes point to cautious risk-taking, while growing stablecoin reserves on major exchanges and selective inflows into yield-oriented altcoin products hint at latent demand and a rotation in investor preferences.