Crypto’s Great Escape: Bitcoin’s Desperate Dash to the Exits 🏃♂️💸

by

What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

The Czech National Bank became the world’s first central bank to buy bitcoin, and a spot XRP ETF debuted in the US with an impressive trading volume. Naturally, this coincided with bitcoin falling below $100,000 and a crypto market crash so dramatic, it could make a dragon weep. The CoinDesk 20 (CD20) index slumped 8.35% in 24 hours, while the Dow Jones and Nasdaq joined the party with losses of 1.65% and 2.29% respectively. Classic.

Spot bitcoin ETFs? They’re currently experiencing outflows so severe, it’s like a bank run… but with digital coins and fewer actual queues. Investors pulled $869 million on Thursday alone, and over three weeks, we’re talking $2.64 billion lost to the void. Wintermute, a crypto market maker, noted: “We’re seeing steady interest in owning long-dated BTC vol around 80-120k, paired with selective short-term call selling (classic covered call activity).” In other words, everyone’s playing it safe like it’s a board game and the board just caught fire.

Ether options? Traders are hedging downside risks “into year-end” and selling calls like they’re discount vouchers for a post-apocalyptic barter system. Wintermute’s take: “Positioning leans neutral-to-cautious but shows no appetite to chase big downside.” Translation: Everyone’s got their heads in the sand, but at least the sand is slightly less dangerous than the current market.

The sell-off triggered $1.11 billion in liquidations in 24 hours. Meanwhile, U.S. rate-cut hopes are cooling like a panini left in the snow, and AI bubble fears are bubbling like overpriced kombucha. The CME’s FedWatch tool says December rate cuts are a 50-50 gamble, while Polymarket traders are still clinging to a 52% chance-down from 90% last month. Clearly, optimism is as rare as a sunny day in Ankh-Morpork.

And just to spice things up, the White House hinted that October inflation data might not see the light of day due to a government shutdown that’s now ended… but not forgotten. Wintermute’s final thought: “Now that the AI excitement is cooling and more questions are raised around spending, concerns around the K-shaped economy in the US are raised again.” A K-shaped economy? Sounds like a graph that’s been through a blender.

Despite all this chaos, the crypto sector is hitting milestones-spot ETFs, central bank BTC purchases, and more. But macro headwinds are still strong enough to blow a dragon’s hat off. Stay alert! Or don’t. Either way, you’ll probably lose money. 🌪️

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
    • Nothing scheduled.
  • Macro
    • Nothing scheduled.
  • Earnings (Estimates based on FactSet data)
    • Nov. 14: American Bitcoin (ABTC), pre-market.
    • Nov. 14: Hive Digital Technologies (HIVE), post-market.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Day 3 of 3: Blockchain Summit Latam 2025 (Medellin, Colombia)
  • Day 2 of 2: Bitcoin Amsterdam
  • Nov. 14: ICAEW’s Crypto and Digital Assets Conference (London)
  • Day 1 of 2: Adopting Bitcoin 2025 (San Salvador, El Salvador)

Market Movements

  • BTC is down 1.87% from 4 p.m. ET Thursday at $104,909.52 (24hrs: -6.05%)
  • ETH is down 0.56% at $3,160.31 (24hrs: -9.6%)
  • CoinDesk 20 is down 1.17%at 3,096.79 (24hrs: -8.14%)
  • Ether CESR Composite Staking Rate is up 2 bps at 2.88%
  • BTC funding rate is at 0.0082% (8.944% annualized) on Binance

  • DXY is up 0.2% at 99.36
  • Gold futures are down 0.56% at $4,170.90
  • Silver futures are down 1.08% at $52.60
  • Nikkei 225 closed down 1.77% at 50,376.53
  • Hang Seng closed down 1.85% at 26,572.46
  • FTSE is down 1.35% at 9,675.09
  • Euro Stoxx 50 is down 1.01% at 5,684.85
  • DJIA closed on Thursday down 1.65% at 47,457.22
  • S&P 500 closed down 1.66% at 6,737.49
  • Nasdaq Composite closed down 2.29% at 22,870.36
  • S&P/TSX Composite closed down 1.86% at 30,253.64
  • S&P 40 Latin America closed down 1.32% at 3,103.60
  • U.S. 10-Year Treasury rate is up 1.8 bps at 4.129%
  • E-mini S&P 500 futures are down 0.23% at 6,744.50
  • E-mini Nasdaq-100 futures are down 0.48% at 24,974.25
  • E-mini Dow Jones Industrial Average Index are down 0.15% at 47,476.00

Bitcoin Stats

  • BTC Dominance: 59.77% (-0.67%)
  • Ether-bitcoin ratio: 0.0327 (0.84%)
  • Hashrate (seven-day moving average): 1089 EH/s
  • Hashprice (spot): $40.31
  • Total fees: 2.96 BTC / $300,582
  • CME Futures Open Interest: 140,275 BTC
  • BTC priced in gold: 22.8 oz.
  • BTC vs gold market cap: 11.46%

Technical Analysis

  • The chart shows daily moves in Volmex’s 30-day bitcoin implied volatility index, BVIV.
  • The index has formed a pennant pattern, marking a triangular consolidation following the recent bullish trendline breakout.
  • Such patterns usually indicate a temporary pause that refreshes higher. Therefore, the pennant could soon resolve bullishly, paving the way for more gains in the index.
  • In other words, BTC price volatility expectations could continue to rise in the near-term.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $283.14 (-6.86%), -1.82% at $277.99 in pre-market
  • Circle Internet (CRCL): closed at $82.34 (-4.59%), -0.62% at $81.83
  • Galaxy Digital (GLXY): closed at $27.24 (-12.89%), -3.34% at $26.33
  • Bullish (BLSH): closed at $41.02 (-9.85%), -2% at $40.20
  • MARA Holdings (MARA): closed at $12.78 (-11.31%), -2.11% at $12.51
  • Riot Platforms (RIOT): closed at $13.88 (-10.22%), -2.59% at $13.52
  • Core Scientific (CORZ): closed at $15.16 (-7.79%), -2.97% at $14.71
  • CleanSpark (CLSK): closed at $11.98 (-10.13%), -3.09% at $11.61
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $41.97 (-12.07%)
  • Exodus Movement (EXOD): closed at $18.15 (-8.84%)

Crypto Treasury Companies

  • Strategy (MSTR): closed at $208.54 (-7.15%), -1.89% at $204.59
  • Semler Scientific (SMLR): closed at $23 (-10.61%)
  • SharpLink Gaming (SBET): closed at $10.99 (-5.01%), -2.37% at $10.73
  • Upexi (UPXI): closed at $3.22 (-4.73%), -0.62% at $3.20
  • Lite Strategy (LITS): closed at $1.9 (-5.47%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: -$866.7 million
  • Cumulative net flows: $59.33 billion
  • Total BTC holdings ~1.34 million

Spot ETH ETFs

  • Daily net flows: -$259.6 million
  • Cumulative net flows: $13.33 billion
  • Total ETH holdings ~6.48 million

Read More

2025-11-14 15:39