Crypto Downturn: BTC, ETH, SOL, XRP Drop

Market snapshot: a sharp pullback across crypto in late 2025

Cryptocurrency markets experienced a pronounced sell-off in mid-November 2025, with bitcoin slipping beneath the psychologically important $100,000 threshold and several large-cap altcoins posting double-digit weekly declines. The move erased a substantial portion of earlier gains that had accumulated during the year, and market structure indicators are signaling increased downside risk in the near term.

Price action and short-term technicals

Key price observations from the latest sessions:

• Bitcoin dropped under $100,000 and traded around the mid-$90,000s, marking its weakest levels since the spring of 2025.
• Ether declined noticeably, pulling back from resistance zones and retreating into the low thousands.
• Solana and XRP were among the worst performers, with Solana falling into the low hundreds after a steep weekly slide.
• Other notable tokens such as Cardano and several layer‑1 and memecoin names also recorded significant downward moves.

From a technical perspective, bitcoin’s breach of the monthly mid-range cleared a nearby liquidity shelf and left thinner orderbook regions below, increasing the probability of a fast move into lower support bands. Near-term support for BTC is clustered in the $93,000–$95,000 band, with a deeper liquidity gap near $89,600 carrying downside significance if the first support zone fails to hold.

Resistance and potential bounce levels

Any rebound is likely to encounter sellers near the prior mid-range and intra-month highs. Short-term resistance levels to monitor lie around $100,000–$107,000, where prior rejections have concentrated. Traders should watch for shrinking market liquidity and elevated derivatives pressures that can amplify volatility on both bounces and breakdowns.

Macro drivers and market structure dynamics

Several macro and structural factors have converged in 2025 to shape this market environment:

• ETF adoption earlier in 2025 brought sizable institutional flows, but those inflows have decelerated in recent weeks.
• Federal Reserve communications and the evolving interest‑rate outlook remain primary macro catalysts. Markets are sensitive to any shift in guidance ahead of key FOMC minutes and economic data releases.
• Equity market weakness, particularly in high‑growth tech names, has triggered broader risk-off behavior across asset classes.
• Long-term holders and funds have been trimming exposure at an accelerating pace, increasing available sell-side pressure.

Together, these elements have reduced the structural support that had underpinned the 2025 rally. Slowing ETF flows, institutional de-risking and weak retail participation have combined to compress liquidity and raise the odds of further downside until a clear stabilization catalyst appears.

Derivatives and liquidity considerations

Derivatives markets are providing important early signals. Funding rates, open interest trends and the presence of large option expiries can all exacerbate price moves. Recent dynamics show:

• Lower market liquidity across spot and derivatives venues, which increases slippage and widens orderbook gaps.
• Elevated selling pressure from longer-duration holders who may be realizing gains after the earlier 2025 advance.
• Option-implied skew and large expiries concentrated around major round numbers that can attract short-term gamma-driven moves.

Traders should account for these liquidity conditions when sizing positions. Thin markets can produce outsized intraday moves that are not fully reflected by longer-term technical levels.

Altcoin performance: ether, solana, xrp and more

Altcoins generally lagged bitcoin in the recent drawdown. Key themes include:

• Ether’s correction has been notable after a period of relative outperformance tied to network and staking demand earlier in the year.
• Solana’s volatility remains a feature of its market profile, with larger relative moves compared with more established tokens.
• XRP and several other mid‑cap tokens saw pronounced weekly drops as risk appetite diminished.

Historically, altcoins tend to suffer greater percentage drawdowns during broad risk-off episodes. For investors, distinguishing between tokens with robust on-chain fundamentals and those driven primarily by speculative momentum can be crucial for risk management and re-entry planning.

What could stabilize markets — upside catalysts to watch

Markets are currently awaiting several potential stabilizers. Key upside catalysts include:

• Dovish cues from central bank commentary or unexpectedly weak economic data that lower the path for rates.
• Renewal of sizable ETF inflows or large institutional re‑allocations back into crypto products.
• Resolution of major macro uncertainties, including clarity around fiscal developments or policy events that have weighed on global risk assets.
• Technical base formation with confirmed buying interest in the $93,000–$95,000 range for bitcoin.

If these factors align, liquidity could return and markets may re‑test higher resistances. Until then, expect episodic volatility and a continued search for a clear market-turn signal.

Risks and downside scenarios

Bearish scenarios remain plausible given current indicators. Areas of concern include:

• Failure to hold the $93,000–$95,000 support band could open the pathway toward the lower structural pocket near $89,600.
• A continued slowdown in ETF flows, coupled with persistent profit-taking by long-term holders, could perpetuate the sell-off.
• Adverse macro surprises — such as stronger-than-expected inflation readings or hawkish central bank rhetoric — could revive broader risk-off dynamics.

Under these conditions, market participants should be prepared for accelerated downside moves that can occur quickly in thin liquidity environments.

Practical guidance for traders and investors

With heightened volatility and uncertain directional bias, consider these practical risk-management steps:

• Reduce leverage or avoid forced liquidations by sizing positions conservatively.
• Use staggered entries (dollar-cost averaging) if constructing long-term positions to mitigate timing risk.
• Set clear stop-loss levels aligned with technical support bands and your personal risk tolerance.
• Monitor derivatives indicators — funding rates, open interest and option expiries — for early signs of stress.
• Focus on fundamentals for longer-term holdings: network activity, developer engagement and tokenomics.

Short-term traders may find opportunities in volatility, but they should be mindful of liquidity gaps and sudden intraday swings that can trigger outsized losses if risk controls aren’t in place.

Looking ahead: the 2025 landscape and beyond

Across 2025, the crypto industry moved closer to mainstream adoption through institutional products and increased infrastructure development. Those advances helped fuel earlier gains, but the current pullback underscores that adoption alone does not immunize markets from macro shocks and liquidity rotations.

As the calendar turns into the final months of 2025, markets will be sensitive to:

• Policy signals from central banks and the narrative around interest-rate trajectories.
• Renewed institutional demand via ETFs or treasury allocations.
• Macro risk events that could shift investor appetite across correlated risk assets.

Investors who maintain a long-term view may see short-term weakness as rebalancing opportunities, but prudent position sizing and a clear plan for volatility remain essential.

Conclusion: prepare for two-way markets

The mid-November 2025 pullback illustrates how rapidly market sentiment can shift when liquidity thins and macro uncertainty rises. Near-term technicals point to additional downside risk unless supportive catalysts emerge. At the same time, markets can rebound quickly if ETF flows resume or policy expectations pivot.

For participants in crypto markets today, the emphasis should be on disciplined risk management, close monitoring of macro and flow indicators, and a readiness to adapt strategies as conditions evolve. Two-way markets favor those with a plan and the flexibility to execute it.

Disclaimer: This post is a compilation of publicly available information.
MEXC does not verify or guarantee the accuracy of third-party content.
Readers should conduct their own research before making any investment or participation decisions.