“BTC’s weak tone contrasted with moderate gains in major Asian equity indices, which drew strength mostly from expectations of fiscal stimulus.”, — write: www.coindesk.com
Selling pressure was concentrated in large-cap assets, particularly those with active ETF exposure, suggesting a shift in institutional positioning rather than broad retail capitulation.
Bitcoin BTC$86,966.16 slipped 1.5% to $86,580, partially reversing Tuesday’s gain. The weakness weighed over the broader crypto market, arresting XRP’s (XRP) recovery at around $1.90. Ether ETH$2,948.89 fell back to $2,930 from the overnight high of around $2,980, CoinDesk data show.
These major tokens, which benefited most from early-year institutional inflows, are now leading the downside as sentiment cools.
According to Alex Kuptsikevich, chief market analyst at FxPro, major coins are increasingly “victims of changing institutional sentiment” as investors reassess risk exposure into year-end.
BTC’s weak tone contrasted moderate gains in major Asian equity indices like Hang Seng, Shanghai Composite, Kospi, and IDX, which drew strength mostly from expectations of fiscal stimulus from Beijing after a string of weak November economic prints.
Meanwhile, the dollar index has recovered to 98.30 from the 2.5-month low of 97.87 hit Tuesday after US jobs data showed the economy added 64,000 jobs in November – above the 50,000 forecast – while unemployment unexpectedly jumped to 4.6%, its highest since 2021.
A strengthening dollar typically weighs over BTC and other dollar-denominated assets like gold, although as of writing, the yellow metal traded firm above $4,300 per ounce.
Crypto sentiment deterioratesThe market sentiment has deteriorated sharply alongside price action. The crypto fear and greed index has dropped to 11, its lowest reading in precisely one month, firmly inside the fear zone.
Unlike the short-lived pullbacks in February and April, the current decline shows signs of being more than a routine correction, with multiple large-cap assets breaking intermediate technical support levels.
From a technical perspective, the next notable support zone sits near $81,000, where November lows converge with March consolidation levels. A deeper retracement would expose the broader $60,000–$70,000 region, a historically significant zone that previously acted as resistance during the 2021 and 2024 cycles.
Thin liquidityLiquidity conditions are adding to the pressure. FlowDesk data shows declining market depth as year-end approaches, with leverage remaining subdued as traders close positions and reduce exposure. Lower liquidity has amplified price moves, particularly during US hours, while overall exchange volumes remain historically weak.
On-chain data presents a mixed backdrop. CryptoQuant suggests the recent Bitcoin rally may have exhausted itself, opening the door to a deeper corrective phase before the next sustained advance.
At the same time, Glassnode notes that long-term accumulation continues among corporations and financial firms, expanding beyond miners alone. Strategy’s latest purchase of 10,624 BTC – nearly $1 billion – is indicative of selective accumulation persisting even as short-term price momentum weakens.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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The safety net is the 100-week average, which has stalled the downtrend.
- Bitcoin trades near a critical 100-week simple moving average, a key support level for bulls.
- Strategy shares have already fallen below this average, signaling potential bearish trends for bitcoin.
- Bulls must defend this support to prevent further declines similar to Strategy’s recent losses.
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