Bitcoin fell to $89,253 on Tuesday, its lowest level since April, breaking the key psychological support at $90,000. Altcoins held up slightly better during the decline, but overall market sentiment stayed negative.
More than 184,000 traders were liquidated in the past 24 hours, with losses exceeding $1 billion, according to market data. The Fear and Greed Index fell to 11 on Nov. 18, signaling “extreme fear.” The index was at 14 on Monday, 26 a week ago and 51 in late October. Some traders described the move as the “funeral” of the crypto market, while others pointed to buying opportunities at discounted prices.
El Salvador used the dump to increase its holdings, buying an additional 1,090 BTC — worth about $100 million, according to Jinse Finance.
ETF Flows and Market Positioning
The downturn coincided with sharp ETF outflows. As of Nov. 18, Bitcoin ETFs recorded $372 million in withdrawals, while Ethereum ETFs saw $74 million in outflows, according to SoSoValue data.
Solana remained an outlier with $30 million in inflows. Combined inflows into BSOL, VSOL, and GSOL have reached roughly $390 million since their launch in late October. XRP also showed strength, adding $33 million to its ETF since the beginning of this week.
The rapid price decline pushed the average U.S. spot Bitcoin ETF investor into negative territory for the first time since the products launched.
Analyst Outlook
Analysts remain divided on the broader market direction. Some point to the traditional four-year cycle and argue that the bull phase may have ended.
The Kobeissi Letter said current conditions do not resemble the setup before a major crash in traditional markets, which often correlate with crypto.
The publication noted that every historical Bitcoin downturn of similar size has eventually led to new highs and encouraged investors to focus on long-term patterns rather than short-term volatility.
“This is a ‘routine’ crypto bear market which we believe is already closer to its end than its beginning. Volatility brings opportunity.”
