Bitcoin extended its decline on November 15, dropping over 1% intraday, while other cryptocurrencies also saw broad-based losses. This follows Bitcoin’s fall below $95,000 on November 14—marking its first dip below this level in six months.
The sell-off represents Bitcoin’s third consecutive weekly decline and its fifth weekly drop in the past six weeks. Market data shows the total cryptocurrency market capitalization has shed over $1 trillion since October 10.
According to Coinglass, nearly 180,000 traders faced liquidations in the past 24 hours, totaling $680 million—$510 million from long positions and $170 million from shorts. Analysts note Bitcoin’s year-to-date gains have narrowed to less than 8%, potentially turning 2025 from a record-breaking year into one of fizzling momentum.
Max Gokhman, Deputy CIO of Franklin Templeton Investment Solutions, commented: “The current sell-off aligns with broader risk-asset weakness, but cryptocurrencies are falling harder due to their higher volatility.”
Multiple factors are pressuring Bitcoin. Notably, “whales” (holders of 1,000+ BTC) and long-term investors have accelerated selling. Blockchain data reveals long-term holders offloaded approximately 815,000 BTC over the past 30 days—the highest since early 2024. Particularly striking, wallets holding Bitcoin for over seven years have been selling at a rate exceeding 1,000 BTC per hour.
Market speculation also surrounds potential Bitcoin sales by MicroStrategy, the largest corporate holder. Arkham Analytics data shows on-chain fund movements, raising concerns. MicroStrategy’s stock has plunged nearly 32% in a month, reducing its market cap to $59 billion—below its $62.3 billion Bitcoin holdings. However, Executive Chairman Michael Saylor reiterated the company’s “always buying” strategy, clarifying it only pauses purchase announcements at quarter-end.
Meanwhile, cautious Fed rhetoric on December rate cuts has further dented risk appetite. Policymakers’ heightened warnings about stalled inflation progress have clouded the outlook for additional easing, exposing deepening divisions within the Fed. Polymarket now assigns a 70% probability to Bitcoin falling below $90,000 this year, with a 26% chance of dipping under $80,000.