The global crypto market entered a deeper risk-off phase this week, with Bitcoin holding below the $100,000 threshold for a third consecutive day.
According to CryptoQuant analyst JA Maartun, the industry’s Fear & Greed Index fell to 10, signaling Extreme Fear. This marks the lowest reading since July 2022, highlighting growing anxiety among investors.
Bitcoin Extends November Slump
That unease has only intensified as Bitcoin extends its mid-November slide. The asset once again fell below $100,000 psychological mark on November 13, 2025, and today marks the third day it has remained under this critical level.
At press time, Bitcoin was trading near $95,560, down 0.51% over the past 24 hours and nearly 10% for the week.
The downturn began last month and continued into November, with Bitcoin’s price dipping to $92,900 over the weekend.
The weakness has rippled across major altcoins. Over the past week, Ethereum fell more than 11% to roughly $3,188, Solana recorded a sharper 15% drop to $141.21, and XRP declined 9.14% to $2.26.
Liquidations Mount as Longs Get Hit Hardest
Market volatility led to heavy liquidations across derivatives platforms. Data from CoinGlass showed that traders absorbed $616.94 million in forced liquidations during the past 24 hours. Long positions accounted for $397.17 million, while shorts made up $219.77 million.
The largest single liquidation involved a $30.60 million order on Hyperliquid tied to the BTCUSD pair.
CryptoQuant CEO Says Bear Market Not Confirmed
Despite the downturn, CryptoQuant CEO Ki Young Ju stated that the market has not entered a confirmed bear phase. He argued that inflows continue to support the network.
Earlier this month, Ju noted on X (formerly Twitter) that Bitcoin’s realized capitalization reached $1.1 trillion, its highest level ever. He said this figure shows ongoing capital movement into the asset.
Ju also acknowledged that early large holders have been selling. He believes the strain may ease if their sales slow and global macroeconomic sentiment improves.
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