Why Is Crypto Down Today? – November 20, 2025
The crypto market is down today, with the cryptocurrency market capitalisation largely unchanged by the time of writing, decreasing by 0.2%, now standing at $3.22 trillion. 65 of the top 100 coins have gone down over the past 24 hours. At the same time, the total crypto trading volume is at 188 billion.
- The crypto market capitalisation is largely unchanged on Thursday morning (UTC);
- 65 of the top 100 coins and 8 of the top 10 coins decreased today;
- BTC increased by 0.4% to $91,757, and ETH fell by 2.2% to $3,008;
- BTC fell to its lowest level in months and could decrease further;
- The market is reacting to wider economic uncertainty;
- The market is searching for stability: demand can re-emerge or bear could appear;
- Large BTC holders are still buying, which is a sign of underlying strength;
- Kenya has rolled out Bitcoin ATMs inside major Nairobi malls;
- US BTC spot ETFs broke the read streak with $75.47 million in inflows, while ETH spot ETFs saw $37.35 million in outflows;
- There’s likely to be a surge of new ETFs in 2026;
- Bitwise’s Matt Hougan said that demand for regulated crypto products is ‘huge’;
- Crypto market sentiment dropped again within the extreme fear territory.
Crypto Winners & Losers
At the time of writing, only two of the 10 coins per market capitalization have seen their prices rise over the past 24 hours.
Bitcoin (BTC) has appreciated by 0.4% since this time yesterday, meaning it’s mostly unchanged, currently trading at $91,757.
Ethereum (ETH) is down by 2.2%, now changing hands at $3,008. This is the second-highest drop in the category.
The highest decrease is 2.3% by Binance Coin (BNB), which currently stands at $900.
The only other green coins is Solana (SOL), which appreciated 1.9% to $142.
When it comes to the top 100 coins, 65 are red at the time of writing. Among these, one saw a double-digit gain.
Cosmos Hub (ATOM) appreciated by 13.5% to the price of $3.1.
It’s followed by Zcash (ZEC), which is up 8.7%, trading at $670.
On the other hand, Canton (CC) fell the most in this category: 13.8% to $0.094.
Cronos (CRO) is in the second place, having dropped 3.8% to $0.1081.
According to Glassnode, the market is “searching for stability, where the path forward depends on whether demand can re-emerge around key cost-basis levels or whether current fragility gives way to a deeper corrective phase or bear market.”
‘Bitcoin Could Fall Further’
Zondacrypto’s CEO Przemysław Kral commented on Bitcoin’s price moves, saying that the coin has fallen to its lowest level in months. Moreover, “there is potential for it to decrease further.”
“The market is reacting to wider economic uncertainty, in particular concerns about a potential AI-driven stock correction and diminishing hopes for interest-rate cuts from the Federal Reserve,” Kral writes.
However, large BTC holders are still buying. “This is a sign of underlying strength and confidence in the project, even though the price is falling. For some, this could be a chance to enter the market at a lower price than we’ve seen recently. Therefore, it is important to recognise the risks. Volatility is high and the macro environment can change quickly.”
Kral concludes that “in times like these, remaining informed and taking a thoughtful, steady approach is far more effective than trying to react to every big market shift.”
Moreover, Björn Schmidtke, Chief Executive Officer of Aurelion, Nasdaq’s first Tether Gold treasury, stated that the recent volatility across digital asset markets has renewed focus on foundational assets.
“While market sentiment frequently fluctuates, this shift presents a strategic opportunity to capitalize on proven value and structural resilience,” says Schmidtke, adding that the future will see gold and digital assets converging, not competing.
Levels & Events to Watch Next
At the time of writing on Thursday morning, BTC stood at $91,757. The coin moved between the intraday high of $92,943 and the low of $88,540. This dip into the $88,000 territory was brief though, with the price swiftly recovering to the current level.
BTC is now down 11.5% in a week and 14.8% in a month. Additionally, it’s 27.1% away from its all-time high.
If BTC manages to break through to the $99,000 level, it could retest $115,000. However, should it move lower, it could test critical zones between $83,800 and $75,000.
Bitcoin Price Chart. Source: TradingView
Ethereum is currently changing hands at $3,008. Over the past day, it has moved within the range of $2,872 and $3,103.
Overall, the coin is now down nearly 15% in a week, 22.6% in a month, and 39% from the ATH.
ETH could move above $3,100, further breaking through the $3,250 zone, should the bulls run the market. Conversely, the price could decrease to the $2,800 level and then towards $2,730.
Meanwhile, the crypto market sentiment stands unmoved within the extreme fear zone. The crypto fear and greed index has gone back to 15 today, compared to 16 yesterday.
The last time the level was this low was in mid-April 2025.
It seems that both new and old hands are selling this time around. Many are concerned over the dropping prices, worried about an incoming bear market. That said, once oversold, the market may be ready for a rebound.
Source: CoinMarketCap
ETFs See Mixed Picture
On Wednesday, the US BTC spot exchange-traded funds (ETFs) broke the latest outflow streak with $75.47 million in inflows. This raised the total net inflow slightly to $58.3 billion.
Two of the 12 BTC ETFs saw positive flows, and two recorded negative flows. BlackRock and Grayscale took in $60.61 million and $53.84 million, respectively.
At the same time, Fidelity and VanEck let go of $21.35 million and $17.63 million, respectively.
Source: SoSoValue
At the same time, the US ETH ETFs have continued their outflow streak for the ninth day in a row, seeing another $37.35 million leave on 19 November. The total net inflow pulled back to $12.84 billion.
One of the nine funds recorded minor inflows, and two saw outflows. Invesco recorded $2.93 million in positive flows.
At the same time, BlackRock released $24.59 million, followed by Grayscale’s $15.69 million.
Source: SoSoValue
Meanwhile, analysts are predicting that there will be a surge of newly approved cryptocurrency ETFs in 2026.
Notably, Bitwise CIO Matt Hougan told CNBC that demand for regulated crypto products is “huge,” and that more than 100 new ETF filings could come next year.
Moreover, Kenya has rolled out Bitcoin ATMs inside major Nairobi malls to test its new crypto law.
Quick FAQ
- Why did crypto move against stocks today?
The crypto market has seen a very minor decrease over the past day, while the stock market closed higher on Wednesday, anticipating Nvidia’s data. By the closing time on 19 November, the S&P 500 was up by 0.38%, the Nasdaq-100 increased by 0.56%, and the Dow Jones Industrial Average rose by 0.1%. Market participants are waiting for the US September jobs report, coming today, which was delayed by the government shutdown.
- Is this drop sustainable?
The market has been quite indecisive over the past day, remain largely unchanged compared to this time yesterday. Participants await further signals on the market direction. At this point, we may see it swing either way, though larger moves are less likely.
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