Weekly Crypto Market Recap: How Digital Assets Performed This Week
The cryptocurrency market experienced significant turbulence this week, marked by sharp declines and historic launches. Bitcoin fell below $100,000 for the first time since late June, dropping to approximately $97,312. The decline represented a 6.5% decrease over 24 hours and more than 24% from its recent peak of $126,200. This week proved particularly challenging for digital asset holders as broader market concerns weighed heavily on crypto valuations.
Bitcoin Faces Major Selling Pressure
Whale selling, or investors with large holdings, contributed significantly to the market weakness. Billions in Bitcoin have recently moved from private wallets to exchanges, presumably to be sold. The selling pressure intensified as cryptocurrency holders backed off risk-on assets amid growing concerns about stock valuations driven by artificial intelligence hype.
Over the past 24 hours, more than $1.24 billion in crypto longs were liquidated. US Bitcoin spot exchange-traded funds recorded $869.86 million in outflows on Thursday, marking the highest level since February and the second-highest on record. This substantial exodus reflects diminishing institutional and retail demand.
Altcoins Experience Deeper Losses
Ethereum and other major cryptocurrencies suffered even steeper declines than Bitcoin. Ether, the second-largest cryptocurrency by market capitalization, shed nearly 9% to trade at $3,275. The AI sector plunged 6.33% to lead the losses, with DeAgentAI tumbling nearly 27% after its recent rally.
The cryptocurrency market capitalization decreased by 5.6%, standing at $3.38 trillion. Most of the top 100 coins experienced price drops over the past 24 hours. Layer 1 tokens fell 4.82%, Meme coins 4.85%, and Layer 2s 5.38%.
Historic XRP ETF Launch
Canary Capital’s spot XRP ETF officially launched on Nasdaq on November 13, marking the first US spot XRP exchange-traded fund. Investors poured nearly $250 million into the fund, marking the largest crypto ETF debut of 2025. The XRPC ETF narrowly surpassed Bitwise’s Solana ETF in first-day trading volume with $58 million.
The ETF will custody XRP through Gemini Trust Company and BitGo Trust Company while using the CoinDesk XRP CCIXber benchmark for pricing. Several major financial institutions are preparing XRP funds, with Franklin Templeton scheduled for November 18, followed by 21Shares, Bitwise, and CoinShares between November 20 and 22.
Market Sentiment Shifts to Extreme Fear
The crypto market sentiment dropped again within the fear territory, with the crypto fear and greed index falling from 25 to 22. Bitwise chief investment officer Matt Hougan says that while the retail investor is in “max desperation” mode, he sees that as a reason to bet that a bottoming in crypto prices may materialize sooner rather than later.
Despite the current downturn, some analysts remain optimistic. Hougan said he doesn’t think it’s an outlandish call for Bitcoin to end the year at new all-time highs, meaning north of $125,000 to $130,000. The institutional adoption of Bitcoin and other cryptocurrencies continues to provide support for long-term bullish sentiment.
Conclusion
Bitcoin plunged under $97,000 as $880 million in bullish bets liquidated, with China’s latest dataset showing economic activity cooling far more than expected. Analysts set downside targets at $84,000, noting Bitcoin has tumbled nearly 9% this week.
The market remains vulnerable to further declines. Macroeconomic factors and large token movements continue contributing to uncertainty. Technical indicators support bearish sentiment in the short term.
