SINGAPORE/LONDON, November 18, 2025 – Bitcoin found some footing on Tuesday, rebounding slightly after dipping below $90,000, its lowest level in seven months. The risk-sensitive cryptocurrency has now lost nearly all of its gains for 2025, trading approximately 26% below its peak above $126,000 in October. Bitcoin was last trading at $93,532, after briefly hitting a low of $89,286.75.

Market Volatility and Investor Sentiment

The recent downturn has wiped out about $1.2 trillion from the total cryptocurrency market over the past six weeks, according to CoinGecko. Investors remain cautious amid lingering macroeconomic uncertainty and doubts over the timing of future U.S. interest rate cuts, which have shaken broader financial markets.

Jean-David Pequignot, Chief Commercial Officer at Deribit, commented:
“Overall, downside fears are justified in the short term, and the path of least resistance remains lower for now. But extreme setups like this have rewarded the bold in crypto’s past.”

Joshua Chu, co-chair of the Hong Kong Web3 Association, noted that confidence in crypto can evaporate quickly when institutional and retail participants exit their positions simultaneously, amplifying the cascading selloff.

Outflows from Bitcoin ETFs

The rebound follows significant capital outflows from U.S. spot bitcoin ETFs. Since October 10, approximately $3.7 billion has exited U.S. spot bitcoin ETFs, with $2.3 billion withdrawn in November alone, according to Morningstar data. Market analysts say that some speculators who anticipated supportive U.S. regulatory frameworks have begun to pull back, contributing to ETF outflows and overall market pressure.

Joseph Edwards from Enigma Securities highlighted that the sell pressure is magnified at a time when retail buyers remain cautious after the October flash crash, which triggered $19 billion in liquidations across leveraged positions.

Impact on Crypto-Linked Stocks

Public crypto treasury companies and miners have felt the effects of Bitcoin’s downturn. Stocks such as Strategy (MSTR.O), Marathon Holdings (MARA.O), and exchanges like Coinbase initially slid but later rebounded in line with Bitcoin’s modest recovery.

The boom in corporate crypto holdings this year has added another layer of market complexity. Many small companies outside the crypto sector have purchased digital assets as a treasury strategy. Standard Chartered Bank warns that a drop below $90,000 could leave approximately half of these corporate bitcoin holdings “underwater”, meaning the assets are worth less than their purchase price.

Currently, listed companies hold about 4% of all bitcoin in circulation and 3.1% of ether. The largest corporate holder, Strategy, added 8,178 bitcoin on Monday, bringing its total holdings to 649,870 tokens at an average price of roughly $74,433 per bitcoin, according to founder Michael Saylor.

Ether and Broader Crypto Trends

Ether (ETH) has also faced prolonged pressure, losing nearly 40% of its value since its August peak above $4,955. Analysts suggest that crypto markets remain highly sensitive to macro factors, regulatory uncertainty, and profit-taking activities, making the short-term outlook cautious but offering potential opportunities for long-term investors.

Conclusion

Bitcoin’s recent rebound after falling below $90,000 highlights the cryptocurrency market’s volatility and sensitivity to investor sentiment. With substantial ETF outflows, corporate treasury exposure, and a cautious retail base, the crypto market faces near-term pressure. Yet history shows that extreme setups in crypto can provide opportunities for the bold, making careful risk management essential in navigating these turbulent conditions.