This data reveals the true extent of the crypto crash
Bitcoin is attempting a comeback, but it is far from its record high of nearly 126,000 dollars. Following a drop of about 30 percent, the cryptocurrency is now at around 91,400 dollars. Optimists see a normal correction in the bull market, while skeptics warn of the next threshold for a downturn. The five most important data signals reveal how deep the crisis truly extends.
1. The market is highly speculative – and prone to chain reactions
On October 10, Donald Trump's tariff announcement against China triggered an avalanche: Within a few hours, leveraged positions worth $19 billion were forcibly liquidated. The liquidation data shows: Below the rate were massive call bets – when these tipped over, a sell-off cascade ensued.
Noticeable: Many short positions are in areas between $95,000-$100,000 and around $120,000. If Bitcoin were to break out there, a short squeeze looms – but the effect would be purely technical, not fundamentally driven.
2. Chart Technique Sends Clear Warning Signals
On November 16, a death cross formed in Bitcoin – a classic bear market signal. The 50-day trend fell below the 200-day line, and the distances between the lines are widening further. There were initial signs of weakness as early as the end of September. From a technical chart perspective, the downward movement remains intact.
3. Fear Dominates – Without the Typical Crypto Volatility
The Crypto Fear and Greed Index is at 22, last week even at 10 – the lowest value in a long time. Instead of hectic mood swings, the indicator shows an unusually steady downward trend. This indicates sustained risk aversion, not panic fluctuations.
4. ETF Outflows Worsen the Situation
2025 was supposed to be a boom year: Trump, crypto reserve fantasies, and massive ETF inflows drove the market. The BlackRock ETF rose to $65 billion in volume. However, since the beginning of November, the inflows have been tipping – a structural warning signal.
The data shows: Not only does the ETF leader turn negative, the entire ETF/ETP market records significant outflows.
5. The Lead Wolf Falters – and Pulls the Rest Along
Other cryptocurrencies like Ether or Solana have fallen significantly more than Bitcoin since the beginning of the year, but since the beginning of October, the charts have been almost identical. The pattern is clear: Without Bitcoin, no recovery in the broader market.
The situation is particularly delicate at Strategy (formerly MicroStrategy). The company holds nearly 650,000 Bitcoins – more than all other publicly traded companies combined. The stock price has plummeted and is now below the value of the Bitcoin holdings. The interest burden is high, and Saylor cannot afford lower prices for long.
