Bitcoin Crashes Below $98K: Market Bleeds While Whales Buy Big on November 14, 2025

Bitcoin has taken a savage beating, dropping below $98,000 on November 14, 2025, dragging Ethereum and much of the crypto market into a sea of red. Yet, while panic grips retail investors with nearly $1 billion in liquidations, institutional giants like Anchorage Digital are snapping up Bitcoin by the thousands, betting on a rebound. Is this a disaster or a discount for the ages?

• Bitcoin hits $97,000, lowest since May 2025, down 4.07% in 24 hours.
• Ethereum sheds over 6%; DeFi, NFTs, and meme tokens also tank 2-7%.
• Anchorage Digital grabs 4,094 BTC ($405M) as Bitmine stacks $29M in ETH.
• Bitcoin ETFs bleed $867M in outflows, Ethereum ETFs lose $260M.

Market Carnage: Bitcoin and Ethereum Hit Hard in November 2025

The crypto market woke up to a nightmare today as Bitcoin (BTC) plummeted below $97,000 on Binance, its lowest level since May 8, 2025, posting a 24-hour loss of 4.07%. Ethereum (ETH), the second-largest cryptocurrency by market cap, fared even worse, shedding over 6% in the same period. The pain rippled across nearly every corner of the space—NFTs, Layer 1 blockchains, DeFi protocols, centralized finance (CeFi) platforms, and meme tokens all recorded losses between 2% and 7%. Only a few outliers like STRK and MOG managed to defy the bloodbath, showing flickers of resilience amid widespread despair. For the latest updates on this market downturn, check out today’s crypto news.

What’s driving this brutal Bitcoin price crash in November 2025? No single smoking gun has emerged, but a mix of culprits likely shares the blame. Rising U.S. interest rates could be spooking investors across risk assets, while profit-taking after recent rallies and ongoing uncertainty around SEC rulings on crypto ETFs may be fueling the selloff. The damage was compounded by jaw-dropping liquidations totaling $1.022 billion, with $887 million from bullish long positions and $135 million from shorts. For those new to the term, liquidations happen when leveraged trades—bets made with borrowed funds—are forcibly closed due to price swings wiping out margin, often leaving traders with nothing but regret. Retail investors hoping for a continued bull run got obliterated, a stark reminder of crypto’s unforgiving volatility.

Looking back, this isn’t Bitcoin’s first rodeo. Historically, BTC has weathered drops of this magnitude—or worse—only to recover stronger. Think back to the 2018 bear market or the 2021 crash post-$69K peak; each dip shook out weak hands before paving the way for new highs. Whether this downturn follows the same pattern remains to be seen, but history suggests volatility is just part of the game.

Whales Dive In: Institutional Buying Amid the Crypto Market Downturn

While retail traders nurse their wounds, institutional heavyweights are wading into the chaos with open wallets. Anchorage Digital, a leading crypto custody and financial services firm, made waves by accumulating 4,094 BTC—worth roughly $405 million—in a mere nine hours. These transactions, tracked via public blockchain explorers, came from major players like Coinbase, Cumberland, Galaxy Digital, and Wintermute. For the uninitiated, such large trades often occur through over-the-counter (OTC) desks—private, direct deals between big players to avoid market disruption. This kind of on-chain accumulation, where Bitcoin is bought and held directly on the blockchain rather than through intermediaries like ETFs, signals a belief that current prices are a steal, reflecting long-term confidence in BTC’s value as a decentralized store of wealth.

Similarly, Bitmine, a firm tied to Fundstrat’s perma-bullish crypto analyst Tom Lee, isn’t sitting on the sidelines. On-chain data from Lookonchain reveals a wallet likely linked to Bitmine received 9,176 ETH, valued at $29.14 million, via a Galaxy Digital OTC address. This move underscores a growing trend: institutions piling into Ethereum during market weakness, betting on its smart contract prowess and sprawling DeFi ecosystem to drive future gains.

“Despite the market downturn, Tom Lee(@fundstrat)’s #Bitmine is still buying $ETH. A new wallet 0x9973 — likely linked to #Bitmine — just received 9,176 $ETH($29.14M) from the Galaxy Digital OTC wallet.” – Lookonchain (@lookonchain) on Twitter

But let’s play devil’s advocate for a moment. Could this institutional Bitcoin buying during the crash signal something more sinister? Large-scale accumulation by whales might hint at market manipulation—think pump-and-dump schemes on a grander scale—or overconfidence in a recovery that may not materialize. While we champion decentralization and disruption, it’s worth questioning whether such moves always align with the little guy’s interests or if they risk widening the power gap in crypto.

ETF Exodus: Traditional Investors Flee as Sentiment Sours

Contrast the institutional gusto with the absolute panic in the ETF space, where investors are bailing faster than a sinking ship. Spot Bitcoin ETFs recorded a staggering $867 million in net outflows on November 13, the second-largest daily exit ever, according to Farside Investors. Ethereum ETFs took a similar beating, hemorrhaging $260 million for the third consecutive day. Meanwhile, Solana ETFs saw a tiny $1.49 million in inflows, barely a drop in the bucket but a rare bright spot. For newcomers, exchange-traded funds (ETFs) let investors gain exposure to crypto without directly owning it, often appealing to traditional finance types wary of self-custody. Outflows of this scale scream a loss of faith, likely driven by the same fears sparking the broader crypto market downturn in November 2025.

“Bitcoin ETF Flow (US$ million) – 2025-11-13 TOTAL NET FLOW: -866.7” – Farside Investors (@FarsideUK) on Twitter

Why the stark divide between ETF outflows and on-chain institutional stacking? Retail and traditional investors often lack the stomach—or the deep pockets—for crypto’s wild swings, succumbing to fear, uncertainty, and doubt (FUD) at the first sign of red. Institutions, on the other hand, may have access to better data, longer time horizons, or simply a contrarian mindset: buy low, sell high. Are ETF outflows a sign of weak hands, or is traditional finance still not ready for Bitcoin’s rollercoaster?

Solana’s Quiet Win and the Case for Altcoin Diversity

While Bitcoin and Ethereum dominate the headlines, Solana’s minor ETF inflows of $1.49 million hint at growing interest in alternative Layer 1 blockchains. Solana, known for its high-speed transactions and low fees, often fills niches Bitcoin wasn’t built for—think scalable NFT marketplaces or lightning-fast DeFi apps. As Bitcoin maximalists, we’ll always root for BTC as the ultimate decentralized money, but let’s not pretend altcoins like Solana or Ethereum don’t play vital roles in this financial revolution. Diversity drives innovation, even if it means enduring the occasional meme coin flop or protocol hack. Could Solana’s resilience signal a shift in investor focus toward scalable solutions, or is it just a fluke in a sea of red?

Ark Invest’s Bet: Acceleration Despite the Storm

Not all institutional players are bearish on the short-term chaos. Ark Invest, helmed by the relentlessly optimistic Cathie Wood, doubled down on crypto exposure by buying shares in blockchain-related firms. The firm scooped up $15.54 million in Circle (the company behind the USDC stablecoin), $8.84 million in BitMine, and $6.49 million in Bullish, a crypto exchange platform. These investments scream confidence in crypto infrastructure, aligning with the ethos of effective accelerationism (e/acc)—the push for rapid technological progress, damn the temporary setbacks. Ark seems to believe that building the rails for decentralized finance now will pay off massively later, even if prices are bleeding today.

Yet, acceleration isn’t without risks. Pushing for mass adoption at breakneck speed could inflate bubbles or outpace regulatory clarity, leaving users exposed to systemic flaws. While we cheer disruption of outdated financial systems, a reality check is warranted: innovation must balance speed with stability to truly empower the masses.

Regulatory Glimmer: FASB’s Crypto Accounting Push

On the regulatory horizon, a small but significant development is brewing. The U.S. Financial Accounting Standards Board (FASB) is mulling over whether to add “accounting for crypto asset transfers” to its agenda, building on its 2023 crypto accounting standards, per Bloomberg. Think of current crypto accounting as a chaotic ledger—different firms record digital assets in wildly inconsistent ways. New rules could act like a standardized bookkeeping system, making it easier for corporations to report holdings and transactions without guesswork. This might encourage more companies, perhaps even giants like Tesla, to hold Bitcoin on their balance sheets again, boosting mainstream adoption.

“According to Bloomberg, the US Financial Accounting Standards Board (FASB) is discussing whether to add ‘accounting for crypto asset transfers’ to its technical agenda.” – Wu Blockchain (@WuBlockchain) on Twitter

However, there’s a flip side. Stricter standards could saddle smaller firms or startups with compliance costs, potentially stifling innovation or pushing them out of the game. While clearer rules align with our vision of integrating decentralized tech into everyday finance, they mustn’t undermine the freedom and privacy crypto promises. Will FASB strike the right balance, or will bureaucracy dampen the revolution?

Retail Panic vs. Institutional Calm: A Tale of Two Mindsets

The split between retail and institutional sentiment couldn’t be starker. Social media is ablaze with despair—Reddit threads and Twitter posts drip with FUD as small-time traders lament liquidated positions or paper losses. Meanwhile, institutions like Anchorage Digital and Bitmine calmly accumulate, unfazed by a 4% Bitcoin drop that would send most newcomers packing. This dichotomy isn’t new; retail often operates on emotion—fear of missing out (FOMO) in bull runs, panic in crashes—while whales play a colder, calculated game. If a 4% dip has you sweating, you might not have the stomach for a true bear market. Crypto isn’t for the faint-hearted, and today’s carnage proves it.

A word of caution amid the chaos: market downturns often breed scammers promising fake recovery services or phishing for private keys. We have zero tolerance for such fraud. Protect your assets—never share sensitive info, and stick to trusted platforms. Education is your best defense in this wild west of finance.

Key Takeaways and Questions on the November 2025 Crypto Crash

• Why Did Bitcoin Drop Below $98K in November 2025?
  A cocktail of factors—rising interest rates, profit-taking after rallies, and uncertainty around SEC ETF rulings—likely sparked the crash, amplified by $1 billion in liquidations.
• Are Institutions Still Bullish on Bitcoin During Market Crashes?
  Absolutely. Entities like Anchorage Digital, buying 4,094 BTC ($405M), see dips as buying opportunities, banking on Bitcoin’s long-term value as decentralized money.
• What Does the Split Between ETF Outflows and Whale Buying Mean?
  It reveals a divide—ETF investors, often retail or traditional finance types, are fleeing due to volatility fears, while institutions position for future gains with on-chain accumulation.
• Could Solana’s ETF Inflows Signal a Shift in Crypto Investment?
  Possibly. Minor inflows of $1.49M suggest growing interest in scalable altcoins, filling niches Bitcoin doesn’t, though it’s too early to call it a trend.
• How Might FASB’s Crypto Accounting Rules Impact Adoption?
  Clearer guidelines could ease corporate uptake by simplifying reporting, but compliance burdens might hinder smaller players, risking innovation if rules are too rigid.

Navigating this latest storm, one thing is clear: volatility is crypto’s lifeblood, a brutal filter separating the committed from the casual. Institutional moves remind us that dips are often battlegrounds—where panic meets strategy. Despite the short-term gloom, the long-term vision of decentralization, financial freedom, and disruption of broken systems remains unshakeable. Bitcoin, Ethereum, Solana, and beyond aren’t just surviving; they’re forging a future, even if it’s paved with a few billion in liquidated dreams. Stay sharp, protect your stack, and remember: in this space, chaos is just another word for opportunity.