Bitcoin slid to $72,801, its lowest level in 11 weeks, as the total crypto market capitalization dropped 4.24% in 24 hours to $2.41 trillion. Daily volume held at $59.45 billion — heavy turnover for a market that is clearly selling, not buying.
Ether lost 1.79% in the same window to $2,018, and the weekly ledger is uglier: minus 15.50%. Bitcoin shed 8.70% over seven days. The Fear and Greed Index fell to 28, squarely in “fear” territory, its third consecutive step down (32 → 29 → 28). Not a full-blown panic, but nobody is lounging by the pool either.
The tank is draining while the engine runs
The most important number of the day is not Bitcoin’s price — it is the minus sign in front of stablecoins. According to Glassnode, stablecoin supply shrank by $14.2 billion over 30 days, the largest contraction since June 2022, when the market lost nearly $30 billion. For comparison, a $9.5 billion drawdown was recorded on July 1, when Bitcoin dipped below $58,000. This one is 50% deeper.
“A shrinking supply means holders are redeeming stablecoins for dollars and taking that cash out of the market, which leaves less fuel for a rally,” Glassnode wrote. Tether (USDT) is trading slightly below its $1 peg, which the analytics firm attributes to the same pressure. Until the 30-day change flips back to growth, there is no first sign of new money. The car still runs, but the fuel gauge is in the red and the road slopes downhill.
IBIT bleeds $2 billion across nine sessions
US spot Bitcoin ETFs are on a nine-session outflow streak. BlackRock’s IBIT alone has bled $2 billion over that run, with $1.44 billion pulled in five sessions. Wednesday’s outflow reached nearly $300 million, up from $95 million the day before — the trend is not flattening, it is accelerating.
MSCI then added its own weight: Strategy (formerly MicroStrategy), Metaplanet and Upexi were removed from its indexes, with changes effective after the Nov. 30 close. For passive funds this is not an opinion, it is an order — they have to sell. Getting dropped from an index works like a membership that does not get renewed: not the end of the world, but everyone at the door sees it.
Demand evaporated by 284,000 BTC
CryptoQuant’s Bitcoin demand gauge fell by 284,000 BTC over 30 days, the deepest decline since March 2025. The Coinbase Premium Index — the spread between Coinbase’s BTC/USD and Binance’s BTC/USDT — stayed negative, hitting minus 0.27% on Oct. 29, the lowest since November 2022. The US institutional bid that carried the 2024 and 2025 cycle is currently standing at the exit.
Short-term holders sent 47,000 BTC, roughly $3.6 billion worth, to exchanges at a loss. That is the classic picture of retail capitulation: selling not because of conviction in further downside, but because the red portfolio has become unbearable to look at.
The largest exchange hack in history still echoes
Binance lost $6.3 billion in October — the biggest exchange hack in crypto history. Details from the preliminary investigation have now acquired an uncomfortable backstory: in September, a software engineer downloaded a malicious coding assignment onto his work laptop during a fake job interview. Binance CSO Jimmy Su described exactly that scenario in July, months before the incident, explaining how attackers use a “technical assessment” to get an employee to run code, after which credentials get harvested. Antivirus tools see every step as legitimate — because every step is legitimate.
Elliptic further reported that North Korean hackers are launching memecoins to launder proceeds from the attack. A billion-dollar theft, state-sponsored crime and meme tokens in one storyline sounds like a film script, but it is just another Tuesday in an industry that still treats security as a cost center rather than a product.
The AI trade wobbled, crypto felt the tremor
The WSJ reported that Nvidia is preparing to oust CEO Jensen Huang following allegations of a second extramarital affair. Tokenized Nvidia shares (NVDAx, NVDAB) dropped 8.64%, and the broader AI complex lost some of its shine. Crypto and AI equities have danced the same dance for years — same audience, same risk appetite, same habit of calling every drawdown “an opportunity.” When the partner stops mid-step, toes get stepped on.
Green islands are scarce, Midnight shines brightest
Despite the broad selloff, three names from the overnight winners report kept their gloss: aelf jumped 34% on a wave of Upbit liquidity, Metaplex rose 20.8% on the tokenized-gold narrative, and Midnight gained 13.5% on Hoskinson’s rhetoric. Midnight (NIGHT) is up another 7.58% today with a $783 million market cap — one of the few boats still sailing against the current.
On the other side, Humanity lost 22.89% in 24 hours and 54.76% on the week, Pepe fell 10.75%, and Bitway is paying the bill for its previous pump. Full breakdowns of those moves are published separately.
Market structure says more than headlines: Bitcoin dominance sits at 60.49%, Ethereum at 10.19%. When BTC falls while dominance rises, that is not rotation — it is a sprint into the biggest room in the house. Altcoins drove the 4.24% drop in total market cap, roughly double Bitcoin’s daily decline.
For context: Bitcoin is 42.26% below its all-time high of $126,080, and Ether is 59.2% below $4,946. At this pace, the year could close with two consecutive annual losses — something that has never happened in Bitcoin’s history. History does not repeat itself, but it does quote itself.
Market data
| Bitcoin (BTC) | $72,801 | 24h −1.51% | 7d −8.70% | MCap $1.46T | 24h Vol $23.13B | ATH $126,080 | ATL $67.81 | Supply 20.1M |
| Ethereum (ETH) | $2,018.12 | 24h −1.79% | 7d −15.50% | MCap $246.64B | 24h Vol $8.52B | ATH $4,946.05 | ATL $0.432979 | Supply 122.2M |
| BNB | $663.61 | 24h −2.51% | 7d −6.25% | MCap $87.27B | 24h Vol $0.55B | ATH $1,369.99 | ATL $0.0398 | Supply 131.5M |
| XRP | $1.038 | 24h −1.83% | 7d −20.47% | MCap $65.91B | 24h Vol $1.50B | ATH $3.65 | ATL $0.00269 | Supply 63.5B |
| Solana (SOL) | $82.29 | 24h −1.87% | 7d −14.33% | MCap $48.67B | 24h Vol $1.84B | ATH $293.31 | ATL $0.5008 | Supply 591.5M |
| Zcash (ZEC) | $967.33 | 24h −1.91% | 7d −25.46% | MCap $16.48B | 24h Vol $0.90B | ATH $3,191.93 | ATL $16.08 | Supply 17.0M |
| Dogecoin (DOGE) | $0.066456 | 24h −2.50% | 7d −13.04% | MCap $10.41B | 24h Vol $0.47B | ATH $0.7316 | ATL $0.0000869 | Supply 156.7B |
| Midnight (NIGHT) | $0.04727 | 24h +7.58% | 7d +11.18% | MCap $783M | 24h Vol $0.03B | ATH $0.1185 | ATL $0.01524 | Supply 16.6B |
| Pepe (PEPE) | $0.00000445 | 24h −10.75% | 7d −11.77% | MCap $1.87B | 24h Vol $0.48B | ATH $0.00002803 | ATL $0.0000000551 | Supply 420.69T |
Market snapshot: total capitalization $2.41 trillion (−4.24%), daily volume $59.45 billion, BTC dominance 60.49%, ETH dominance 10.19%, Fear and Greed Index 28 (fear).
📈 Daily Winners: aelf, Metaplex and Midnight · 📉 Daily Losers: Humanity, Pepe and Bitway
Disclaimer: This content is informational and does not constitute investment advice, a recommendation to buy or sell any asset, or a solicitation to invest. Crypto assets are highly risky and can lose their entire value.