Bitcoin's down 30%, ETF holders are underwater, and treasury companies are struggling. Colin and Charlie break down the anatomy of the November 2025 crash and what it means for miners, leverage plays, and your portfolio.

Colin and Charlie break down the brutal November 2025 Bitcoin selloff. With BTC trading at $87K, the average ETF holder is now underwater, hash prices are at all-time lows, and treasury companies like MicroStrategy and Nokia are facing serious headwinds. We discuss whether this is just typical Bitcoin volatility or something more concerning, analyze the dangers of leverage in crypto, and examine what happens when treasury companies can no longer access capital markets.

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**Notes:**

• Bitcoin trading at $86-87K (red for the year)

• Average BTC ETF holder now underwater

• Hash price at all-time low for miners

• MicroStrategy convertible notes taking haircuts

• 30% drawdown within historic BTC range

• Treasury companies face capital access issues

Timestamps:

00:00 Start

00:34 Number Go Down WTF!

04:15 Bitcoin is volatile, strap in!

09:02 But why go down?

16:50 NAKA

20:20 Treasury company bubble

21:50 Metaplanet

25:09 Leverage will break you

28:32 Hashprice

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