Bitcoin’s price plunged to its weakest level in more than six months, sliding below $80,000 after peaking above $120,000 in October. The fall is part of a steep November sell‑off that has wiped out more than a fifth of Bitcoin’s value and erased all of its gains for 2025.
By the trading session’s close, the cryptocurrency was trading around $84,500, after briefly dropping near $80,600. As Bitcoin slipped, the broader crypto market lost over $1 trillion in market cap since October. The drop also triggered more than $21 billion in leveraged liquidations across two major wipeouts, which traders say have damaged liquidity and trading conditions.
“Bitcoin’s current slide is the direct result of October’s massive sell‑off,” said Armando Aguilar, head of capital formation at TeraHash. “The market still feels very unstable.” That instability followed one of the largest single‑day liquidations in crypto history on October 10, when roughly $19 billion of leveraged positions were forced off‑book. Liquidity dried up after that event, ETF flows went negative, and volatility spiked.
Adding to the pressure, a major Bitcoin holder sold $1.3 billion worth of coins in late October and cleared its remaining holdings this week. “We’re seeing a forced seller in the market, and it’s unclear how deep this goes,” noted Apollo Crypto portfolio manager Pratik Kala.
Spot Bitcoin ETFs posted record withdrawals during the week, with BlackRock’s IBIT pulling out heavily. Hong Kong‑listed Bitcoin funds also fell nearly 7 percent. Experts say these outflows reflect a broader risk‑aversion climate, not a fundamental rejection of crypto products. Still, the sales have taken liquidity at a bad time, fuelling the price crash.
Cryptocurrency traders flagged a suspected pricing glitch on several exchanges as Bitcoin fell below $81,000, a reminder that market technology can amplify human fear.
With the crypto market still scarred from the October melt‑down, investors watch closely to see whether Bitcoin can regain footing or if forced selling and institutional outflows push the market further down.
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