The Breakdown Bitcoin’s Bottom Watch Begins
11 snips
Nov 20, 2025 Traders are buzzing about whether Bitcoin has hit its bottom as it tests $90K amid extreme fear and ETF outflows. Analysts debate exhaustion signs and potential rallies, while whale and long-term holder activity adds intrigue. Kraken's recent $800M fundraise with Citadel's backing raises eyebrows about market stability. Tether's investment in Ledn hints at expanding crypto services, and new OCC guidance allows banks to hold crypto for gas fees. The launch of Solana ETFs adds another layer to the already choppy market.
AI Snips
Chapters
Transcript
Episode notes
Weak Demand Despite Price Tests
- Bitcoin's price action shows weak demand despite brief bounces and repeated tests of $90k support.
- Market signals like negative Coinbase premium and extreme fear suggest institutions and retail are largely absent.
Positioning Shows Stress
- Futures flipping into backwardation and ETF outflows show short-term positioning is deteriorating.
- Sentiment measures like the fear and greed index confirm exhaustion rather than healthy consolidation.
Drawdown Fits Past Corrections
- Large drawdowns this cycle (around 30%) are consistent with prior corrections, not necessarily cycle endings.
- Veteran investors urge against joining the bullish grave-dancing and note technicals look oversold.