Daijiworld Media Network - New Delhi
New Delhi, Nov 18: Bitcoin, the world’s largest cryptocurrency, is under intense selling pressure, sliding to a six-month low and hovering near the $90,000 level on Tuesday. The downturn has wiped out all of Bitcoin’s gains from earlier in 2025.
From its October peak of $126,000, Bitcoin has shed nearly 30%, dragging its market capitalization back below the $2 trillion mark.
Vikram Subburaj, CEO of Giottus.com, noted that Bitcoin’s decline has been persistent and severe enough to erase the entire 2025 rally. He said the sell-off is visible across derivatives markets and exchange-traded products (ETFs), with Bitcoin ETF outflows jumping to $815 million and total weekly outflows nearing $2 billion.
Subburaj added that strong U.S. manufacturing data has lowered expectations of a December rate cut, causing investors to shift to risk-off mode. Even after the U.S. government shutdown was resolved, Bitcoin’s selling pressure continued unabated.
The slump is not limited to Bitcoin. The broader crypto market is experiencing a parallel downturn:
• Ethereum has slipped below $3,000, breaking a key support level.
• Solana has plunged more than 20% this week.
• XRP has fallen 16%.
• BNB is now below $900, Solana is nearing $130, Dogecoin trades around $0.15, and Cardano hovers close to $0.45.
Analysts say a combination of ETF withdrawals, deepening short positions from major investors, and thinning liquidity has intensified what began as a normal correction. “Whale-driven short positioning, ETF outflows, and weakening liquidity have turned a routine dip into a sharper drawdown,” said market observers.
Despite the market-wide plunge, a few tokens are holding their ground — XRP remains above $2.11, and Chainlink continues to trade above $13.11.
Overall, the global crypto market cap has declined nearly 6% over the past week, signalling a potentially extended bearish phase for the sector.