Bitcoin, Ethereum lead the decline

Bitcoin fell below $86,500, dropping 4.63% in 24 hours, while Ethereum sank over 5% to $2,830. XRP, Binance Coin and other large-cap assets also slipped sharply, deepening the market’s 30-day downtrend.

With volatility returning to the forefront, investors are asking one question: Why is crypto down today?

Top Reasons Why Crypto Is Down Today

1. Heavy leveraged liquidations

One of the biggest triggers behind today’s fall is the unwinding of highly leveraged positions.

• Over $16 million in Bitcoin long positions were liquidated in a single day.

• Previous liquidations in October wiped out nearly $19 billion of levered bets after Bitcoin hit an all-time high.

As these long positions are force-sold, prices drop sharply, creating a chain reaction across the market.

2. Bitcoin breaks critical support levels

Bitcoin slipped below key technical supports:

• $90,954 support zone

• $87,000 Fibonacci levels

Losing these levels accelerates selling pressure as traders cut losses or exit positions. Market participants are now watching whether Bitcoin will retest $80,659, its October low.

3. Risk-off sentiment hits global markets

Sean McNulty, APAC derivatives trading lead at FalconX, described today as a “risk-off start to December.”

Low inflows into Bitcoin ETFs and an absence of dip buyers are adding pressure. With investors turning cautious:

• Safe-haven assets see inflows

• Crypto sees outflows

• Liquidity thins, making price swings sharper

4. Macroeconomic fears intensify

Broader macroeconomic concerns amplified the selloff.

• Fears of a Bank of Japan rate hike

• Japanese government bond yields hitting a 15-year high

• Volatile Asian market sentiment impacting global risk assets

As global markets turn cautious, crypto—already a high-risk domain—feels the heat immediately.

5. Weekend low liquidity worsened the move

The drop occurred early Sunday–Monday when liquidity is naturally weaker.

Low liquidity amplifies every sell order, causing:

• Faster declines

• Longer red candles

• Higher volatility

This is why major cryptos fell within minutes, triggering panic across social media.

6. Investor sentiment turns negative

The decline has pushed trader mood firmly into “fear mode,” with many still recovering from the recent 20% monthly drop.

Posts on X (Twitter) reflected real-time panic:

• “What is Bitcoin down today?”

• “Crypto is going to zero rn.”

• “$400 million longs liquidated in minutes.”

Negative sentiment accelerates selling and keeps buyers cautious.

Is this the start of a deeper crash?

Analysts remain divided. While some see this as a healthy correction, others warn that if Bitcoin breaks below $80,000, a larger selloff could follow.

For now, the market remains volatile, and traders are watching:

• ETF inflow trends

• U.S. economic data for 2026

• Federal Reserve rate expectations

• Asian market reactions

• High-yield bond movements

According to the exchange’s announcement, the rollout will take place in three waves:

Wave 1 – November 27
New listings: HBAR/IDR, MANTA/IDR, SCR/IDR, WLD/IDR

Wave 2 & 3 – November 29
Pairs include: ASTER/IDR, FLOKI/IDR, WIF/IDR, ADA/IDR, BTC/IDR, DOGE/IDR, XRP/IDR, among many others.

IDR — the official currency of Indonesia — will now serve as a direct quote currency for dozens of top crypto assets, making it easier for Indonesian traders to buy and sell tokens without converting to U.S. dollars or stablecoins first.

Indonesia remains one of the world’s most active crypto markets. Chainalysis ranks the country 7th globally in crypto adoption, ahead of major economies like the UK, Turkey, and Russia.

Despite Binance’s reputation for triggering major market moves with new listings, the announcement had little effect on the price of the involved digital assets. Unlike first-time token listings, new fiat trading pairs generally do not spark volatility.

Alongside its expansion, Binance will also conduct routine maintenance on trading pairs with weak performance. The exchange confirmed it will delist BMT/FDUSD, GMT/BTC, ME/BTC, and TOWNS/FDUSD on November 28 due to low liquidity.

Binance clarified that delisting a pair does not affect the availability of the underlying tokens:
“Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the exchange noted.

Earlier in October, Binance fully terminated support for Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP), triggering steep price declines as assets typically face reduced liquidity and visibility post-delisting.

The latest IDR expansion underscores Binance’s ongoing effort to strengthen its presence in Indonesia — a market that continues to show strong retail and institutional demand for digital assets.

Glassnode’s Percent Supply in Profit metric for ETH, XRP, and SOL has continued to decline since October. The indicator tracks the share of tokens last moved at a lower price than today; when it falls, it signals that fewer holders are in profit and more are carrying losses.

According to Glassnode, the percent of supply in loss for major assets is:

• BTC: 34.91%

• XRP: 36.70%

• ETH: 38.37%

• SOL: 74.84%

The situation is reinforced by rising Realized Loss, which measures the total USD value of coins moved when their previous cost basis was higher than the current price. This reflects the behaviour of newer traders who entered during recent declines.

As of November 25, ETH, SOL, and XRP all posted their highest 7-day average realized loss since the April market drop. Glassnode notes that losses among new altcoin investors are increasing as prices struggle to rebound, signalling “growing stress across the speculative end of the market.”

The mounting loss pressure may prompt more investors to exit in order to preserve capital, potentially deepening downward momentum. Meanwhile, attention within the market appears to be shifting toward altcoins with stronger narratives, including Privacy Coins and Neobank Coins.

Short-term holders continue to accumulate

HODL Waves data shows short-term holders remain supportive.
• The 1–3 month holding band increased from 8.80% to 9.48% since November 11.
• The 1 week–1 month band rose from 4.97% to 6.99%.

These are typically the first groups to sell during volatility, but instead they have been adding to their positions.

Long-term holders turn net negative

The pressure point comes from long-term holders.
Hodler Net Position Change shows:
• On November 23, long-term wallets sold 54 million XRP.
• By November 25, selling increased to 84 million XRP — a jump of 56%.

This mirrors a similar selling spike between November 16–18, which was followed by a 12% drop in XRP from $2.22 to $1.96.

NUPL signals rising profit-taking pressure

Long-term holder NUPL is now near 0.50, placing it in the belief–denial zone — historically a region associated with local tops and profit-taking behavior.

The last time NUPL touched this area, on November 18, XRP corrected shortly after.

Red flag: conviction among long-term holders is weakening

With long-term holders holding substantial unrealized profits and selling accelerating, on-chain data indicates a growing incentive to take profits, even as short-term holders accumulate.

For now, XRP’s price remains steady — but long-term holder selling is the key risk metric to watch.