Bitcoin News Update: Bitcoin's Drop Intensifies as Major Holder's Deposit Unable to Halt Crypto Market Downturn

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Bitcoin News Update: Bitcoin's Drop Intensifies as Major Holder's Deposit Unable to Halt Crypto Market Downturn

Bitget-RWA2025/11/21 16:08

By:Bitget-RWA

- Bitcoin plunged 4.53% on Nov 21 as a 665.9 BTC whale deposit into Binance failed to halt a $120B crypto market crash. - Prices fell to $81,629 amid weak U.S. jobs data, fading macro optimism, and $3.9B in leveraged position liquidations across 24 hours. - Bitcoin ETFs saw $903M outflows while perpetual futures open interest dropped 35%, signaling institutional retreat from crypto. - Analysts warn of forced selling from leveraged holders like MicroStrategy as Bitcoin's $75K support level appears increasin

Bitcoin experienced heightened turbulence on November 21, after a major investor transferred 665.9 BTC—worth $55.18 million—to Binance, coinciding with a widespread downturn in the cryptocurrency market. This transaction, among the largest single-day deposits to the exchange in recent months, took place as

Bitcoin

plunged to $82,605,

representing a 4.53% decrease

for the day and pushing its monthly drop to 23%, the sharpest since June 2022. The price drop followed a rapid decline from a monthly high of $92,000, with

the overall crypto market value shrinking

to below $2.8 trillion after $120 billion was wiped out in just one day.

Bitcoin News Update: Bitcoin's Drop Intensifies as Major Holder's Deposit Unable to Halt Crypto Market Downturn image 0

The sell-off intensified following disappointing U.S. jobs data, which dampened hopes for Federal Reserve rate reductions and added to concerns already fueled by weakening macroeconomic sentiment and a series of DeFi security breaches.

More than $1.9 billion in long contracts

were liquidated within four hours, and another $2 billion in leveraged positions were closed in the last 24 hours, according to CoinGlass.

Ethereum

Solana

, and

BNB

all suffered double-digit percentage losses, highlighting the intense fear gripping the market. Bitcoin briefly touched $81,629 before rebounding to $84,166, but

its monthly drop remains

the most severe since the collapses of TerraUSD and FTX in 2022.

Institutional players also seem to be pulling back.

U.S.-listed Bitcoin ETFs saw $903 million

in withdrawals on Thursday—the second-largest daily outflow since their inception—while open interest in perpetual futures has dropped 35% from the October peak of $94 billion. This reduction in leverage and market activity stands in contrast to the earlier optimism that Bitcoin might surpass its October record of $73,000.

Experts are now cautioning

about potential forced liquidations by large leveraged investors, including MicroStrategy, whose shares fell 5% amid mounting margin pressures.

Although the whale’s deposit into Binance is notable, it has not been enough to halt the downward momentum. The 665.9 BTC inflow to Binance—amounting to 0.03% of all Bitcoin in circulation—comes as more traders move their assets to safer havens. “The market is facing a convergence of economic uncertainty, increased regulatory oversight, and technical fatigue,” one analyst commented,

suggesting that Bitcoin’s move toward $75,000 now appears

increasingly probable.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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