Lead
Bitcoin hovered around the $90,000 mark as market structure metrics signaled lingering bearish pressure. Over the past 24 hours, 114,802 traders were liquidated for a total of $291.77 million, while an on-chain threshold breach added to risk sentiment now deep in “extreme fear.”
Key Developments
Price snapshot: Bitcoin (BTC) traded near $90,282, with Ethereum (ETH) around $3,007. Total crypto market capitalization stood at $3.09 trillion, BTC dominance at 58.94%, and the Fear & Greed Index at 15 (extreme fear).
Liquidations surged: In the last 24 hours, 114,802 positions were liquidated, totaling $291.77 million. The largest single liquidation was an ETHUSDT order worth $2.96 million on Binance.
Market structure remains fragile: A short-term market structure gauge improved from −41.89 (Nov. 17) to −27.82, suggesting some easing of bearish pressure as BTC stabilized around $91,000. However, the reading remains deeply negative (below −25%), indicating continued dominance of bearish drivers: negative investor inflows, derivatives pressure, and ongoing ETF outflows.
Longer-term trend deteriorates: A smoothed indicator worsened from −14.04 to −21.90 over the past three sessions, pointing to strengthening structural bearish tendencies despite the short-term uptick.
On-chain threshold breached: Bitcoin fell below the 0.75 cost quantile level—a metric some analysts associate with bull-market health—raising the risk of a developing bear-phase setup if sustained.
Market Context
Among large-cap tokens, Starknet (STRK) led gains in the past day, while Filecoin (FIL) saw the sharpest declines in the top-100 cohort.
Additional industry updates:
- Security: Ethereum co-founder Vitalik Buterin warned that advances in quantum computing could threaten Ethereum’s security before the 2028 elections, urging the community to further strengthen the blockchain.
- TradFi crossover: New Hampshire issued a $100 million municipal bond reportedly collateralized by Bitcoin held with BitGo custody.
- Institutional expansion: Kraken raised $800 million to scale institutional blockchain services.
- Policy scrutiny: U.S. senators are seeking an investigation into WLFI over alleged ties to Russia and North Korea.
- Corporate resilience: Michael Saylor said his company could withstand an 80–90% BTC drawdown and continue operating.
Market Impact
Short-term stabilization near $90K has not negated broader bearish factors, with mixed structure signals and heavy liquidations underscoring fragile sentiment. The breach of a key on-chain cost quantile, continued ETF outflows, and elevated derivatives stress keep downside risks in focus.
Looking Ahead
Traders are watching whether BTC can reclaim key on-chain thresholds and whether outflows from spot products slow. Volatility risk remains elevated as macro conditions, derivatives positioning, and risk sentiment—now at extreme fear—continue to drive price action.