Blockspace Podcast: Bitcoin Collapse: Here's Who's Bleeding In The Street

8 snips

Nov 22, 2025

Bitcoin has plummeted 30%, leaving ETF holders in a tight spot. Colin and Charlie dissect the November 2025 crash's fallout for miners and treasury companies like MicroStrategy. They explore whether this downturn is mere volatility or something deeper. Discussions also cover the struggles of treasury firms facing capital access challenges and the risks of leverage. With hash prices at record lows, the pressure on miners is immense. Tune in for insights on what this means for your portfolio and the ongoing crypto landscape.

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INSIGHT

Volatility Is Bitcoin's Core Feature

Bitcoin's 30% drawdown is well within historical ranges and common for the asset's volatility.
Many newcomers and ETF holders are now underwater and feeling the shock of expected volatility.

INSIGHT

ETF Holders Are Now Underwater

On-chain data suggested many investors' cost basis sits in the mid-90ks, amplifying pain when price falls.
Jim Bianco noted the average spot BTC ETF holder is now in the red, shifting investor psychology.

INSIGHT

ETFs Changed Market Structure

ETFs changed Bitcoin's market structure by adding passive holders in 401(k)s who treat holdings as long-term allocations.
That structural shift may affect sell pressure if these investors react to short-term drawdowns.

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