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Crypto markets suffered a major washout Friday as more than $2 billion in leveraged long positions were liquidated over the past 24 hours, amid brutal dips for the majors. 
Bitcoin fell as low as $80,659 while ETH dropped as far as $2,626.
What’s the Scoop?
- Liquidations: About $2.2B in leverage was cleared out as prices fell – more than $2 billion of which from longs, according to CoinGlass.
- ETF Flows: Bitcoin ETFs saw $903M in net outflows Thursday, The Block reported, the second-largest since launch.
- Market Structure: Friday's low for BTC represented a 36% decline from its October all-time high. Meanwhile, ETH's Friday low represented a 46% drop from its August ATH.
- Macro Pressure: Better-than-expected U.S. jobs data added fuel to concerns that rate cuts could be paused in December.
FWIW —
— André Dragosch, PhD⚡ (@Andre_Dragosch) November 19, 2025
Think max max pain is reached the moment we tag either the IBIT cost basis at 84k or MSTR cost basis at 73k.
Very likely we’ll see a final bottom somewhere in between.
But these will be fire sale prices and akin to a full cycle reset imo.
