Crypto Market Update: Bitcoin Posts Weakest Month Since 2022
November 21, 2025 – By Meagen Seatter and Giann Liguid
The cryptocurrency market is experiencing significant turbulence as Bitcoin logs its steepest monthly decline since the 2022 crypto crash. On Friday morning (November 21) at 9:00 a.m. UTC, Bitcoin (BTC) was trading at approximately US$83,590.70, down 10.4% over the previous 24 hours. The price touched a low of US$81,868.75 during the day, with a high of US$91,971.75 seen earlier.
Bitcoin’s Struggles Continue
Bitcoin’s ongoing slide marks a roughly 23% drop for the month, its most pronounced monthly decline since June 2022. This downturn cuts deeply into the momentum Bitcoin built throughout October, when the major cryptocurrency reached record highs, before falling more than 30% from its peak.
The sharp pullback accelerated after October 10’s liquidation event, which wiped out approximately US$19 billion in leveraged positions in a single day, triggering widespread sell-offs across the crypto landscape. This event alone erased around US$1.5 trillion from the aggregate value of all cryptocurrencies.
Despite recent pro-crypto messaging from the Trump administration and growing institutional adoption through the year, market sentiment has soured. Institutional investors have shown caution, with US-listed Bitcoin ETFs seeing massive outflows totaling a record US$3.79 billion this month. BlackRock’s IBIT ETF experienced more than US$2 billion in redemptions alone.
Ether and Altcoins Also Face Sharp Declines
Ethereum’s native token, Ether (ETH), has also been hit hard by the downturn. As of Friday morning, Ether was priced at US$2,736.63—down 11.2% in 24 hours—with a daily low of US$2,675.70 and a high of US$3,033.20. Other notable altcoins have suffered severe losses: XRP (XRP) dropped 12.2% to US$1.94, and Solana (SOL) declined 13% to US$128. ### Crypto Market Cap Slips Below US$3 Trillion
Reflecting the widespread sell-off, total cryptocurrency market capitalization has shrunk back below US$3 trillion. This slump follows a period of growing uncertainty caused by large-scale liquidations and the return of so-called "whale" activity. Notably, a Bitcoin wallet dormant since 2011 recently moved over US$1.3 billion worth of BTC, stirring unease among investors.
According to CoinGecko data, around US$1.2 trillion has been wiped from crypto markets in the last six weeks. CoinGlass reports that liquidations have been especially heavy this week, with two days tallying over US$2 billion each in forced sales.
The Wider Financial Climate and Its Impact
Cryptocurrency markets have also been dragged down alongside equities. The S&P 500 index plummeted nearly 4% on Thursday, wiping out over US$2.7 trillion in market value. This equity market sell-off triggered risk-off sentiment that spilled into crypto, pushing Bitcoin to a seven-month low near the US$85,000 range, and contributing to daily liquidations surpassing US$800 million.
Investor Sentiment: Extreme Fear Prevails
According to CoinMarketCap’s Crypto Fear & Greed Index, market sentiment presently sits deep in “extreme fear,” at a reading of 11—the lowest level since late 2022. This sentiment is fueled by recent large-scale liquidations and uncertainty over upcoming Federal Reserve moves on interest rates.
The CME FedWatch Tool indicates diminishing expectations for a rate cut in December, with only 37.6% of market participants anticipating a 25-basis-point reduction and over 62% expecting no change. Prediction markets like Polymarket align with this view, pricing a 63% chance of no action, reflecting a shift just in the past week.
Coinbase Launches Ether-Backed Loan Feature
In a notable development amid the volatility, Coinbase has introduced a new lending service allowing eligible U.S. users to borrow up to US$1 million in USDC stablecoins by using Ether as collateral. Powered through the Morpho protocol on Base, this offering enables borrowers to maintain exposure to ETH price movements while accessing liquidity without needing to cash out.
Currently available in most U.S. states except New York due to regulatory restrictions, this product aims to provide enhanced flexibility for crypto holders in uncertain markets.
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About the Authors:
Meagen Seatter is an Investment Market Content Specialist with experience spanning markets in Australia and Southeast Asia. She is passionate about writing on tech, life sciences, and psychedelics, currently pursuing degrees in psychology and linguistics.
Giann Liguid holds an AB in Interdisciplinary Studies from Ateneo De Manila University and has diverse writing experience across security, food, and business sectors. His background includes governmental roles focusing on local administrative matters.
Disclaimer: The authors have no direct investment interest in the companies mentioned.
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