Bitcoin is hovering around $90,000 as the wider crypto market slips again, with risk appetite fading and anxiety rising across traders. Total crypto market value sits near $3.18 trillion, while Ethereum briefly lost the $3,000 mark as selling pressure picked up.
ETF money turns negative
Flows into spot crypto exchange-traded funds (ETFs) leaned risk-off on Tuesday, Nov. 18. Spot Bitcoin ETFs saw $372.8 million in net outflows, while spot Ethereum ETFs recorded $74.2 million in net outflows, according to SoSoValue. Total net assets now stand at $122.3 billion for BTC products and $19.6 billion for ETH.
Pullbacks like this can amplify intraday swings because ETFs are a major source of demand. When redemptions rise, market makers often sell underlying coins to balance their books, which can weigh on prices.
On-chain signals flash caution
Analytics firm Glassnode says Bitcoin has slipped below a key cost basis marker — the 0.75 cost-basis quantile — a level that has lined up with bear-market conditions in past cycles. Reclaiming it has typically marked the start of healthier trends, the firm noted in an update on X.
Short-term holders — wallets that recently bought coins — are realizing heavier losses. Glassnode reports the 7-day Exponential Moving Average (EMA) of realized losses hit $427 million per day, the most since November 2022, per a second post on X. In simple terms: more traders are selling below their purchase price, and they are doing it faster.
Sentiment hits ">extreme fear"
The Crypto Fear & Greed Index stayed in extreme fear for a fourth straight day, showing low risk appetite after the latest drawdown.
Stretches of extreme fear can sometimes mark turning points if sellers exhaust, but they can also linger when macro uncertainty builds. Traders will look for confirmation from price reclaiming key levels, not just sentiment gauges.
Liquidations jump as volatility returns
Roughly $276 million in positions were liquidated over the past day, per Coinglass. Longs accounted for $150 million and shorts $126 million. BTC led with $86.6 million in wiped positions, while ETH saw $79.6 million and other altcoins $21.5 million.
Liquidations occur when leveraged bets can't meet margin requirements — like a forced sale when a loan goes underwater. Clusters of liquidations can accelerate big moves in both directions.
Standout tokens today
Among the top 100, Starknet (STRK) led gainers, up 33% as its recent rally extended. WhiteBIT Coin (WBT) rose 16%, and Zcash (ZEC) added 7.7%.
On the downside, Hyperliquid (HYPE) and Kinetiq Staked HYPE (KHYPE) fell around 7%, with Monero (XMR) down 4.8%. Within the majors, Ethereum (ETH) slipped 3.3% and traded under $3,000 intraday, while XRP led losses among the top 10, down 4.8% to about $2.10.
Macro watch: late-cycle vibes
Traders are watching a batch of U.S. data due this week — including the Conference Board's Leading Economic Index and fresh labor indicators — as clues for the Federal Reserve's path into 2026, according to QCP Capital. They describe a K-shaped backdrop: stronger spending among higher earners while lower-income households face more strain, a mix that looks more "late-cycle" than outright recession.
Why this matters
ETF outflows, rising realized losses, and extreme fear point to a fragile spot in the cycle. For long-term investors, these periods often come with better entry points — but only if risk is sized carefully. For active traders, reclaimed technical levels and a slowdown in liquidations can be early signs that selling pressure is easing.
Key levels to watch
- Bitcoin: Support near $90,000; a push above $92,000 would be the first step in rebuilding momentum.
- Ethereum: The $3,000 round number remains a sentiment line for bulls and bears.
- On-chain: Reclaiming the 0.75 cost-basis quantile cited by Glassnode would suggest improving cycle health.
- Flows: A switch from net ETF outflows to inflows could signal returning demand.