Bitcoin’s Wild Ride: From Moon to Oops, There Goes My Yacht 🚀💸

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Markets

What to know:

  • Bitcoin decided to take the stairs instead of the elevator, plummeting below $85,500-a 7% drop in 24 hours and a 20% nosedive over the past month. 🛑📉
  • Apparently, long-dormant wallets woke up from their crypto naps and decided it was time to flood the exchanges. Who knew bitcoins could have FOMO too? 😴💤💸
  • Traders are now betting on more doom and gloom, with puts outshining calls like a sad clown at a birthday party. 🎪🤡

Bitcoin continued its dramatic spiral Friday morning Hong Kong time, dipping below $85,500, according to CoinDesk. The market, it seems, is having a midlife crisis, complete with a fresh wave of selling pressure and a sudden shift in global rate expectations. Because nothing says “happy holidays” like watching your portfolio take a swan dive. 🦢💔

This leaves BTC down more than 7% in 24 hours and over 20% in the past month, outpacing even the most dramatic equity losses. Meanwhile, equities are holding their ground thanks to Nvidia’s strong earnings, which somehow managed to fend off AI bubble fears. Go figure. 🤖💪

In a Telegram note that probably sounded more dramatic than a soap opera, market maker FlowDesk said the market is still reeling from a flood of coins hitting centralized exchanges. Tens of thousands of bitcoins, after years of hibernation, decided it was time to stretch their legs and cause chaos. 🌊🦖

These flows have overwhelmed the bid, leaving spot activity firmly in seller territory. Fund managers are now in full defensive mode, more focused on protecting their gains than chasing new ones. Liquidity at key support levels? Thinner than a supermodel’s patience. 👛🚫

FlowDesk also noted that derivatives flows are mirroring the spot market’s weakness, with traders rolling put positions lower to keep their protective blankets snug. Volatility curves are tilted so heavily toward puts, it’s like watching a lopsided game of musical chairs. 🎢🪑

Options data from Deribit shows a similar sentiment shift, with the once-mighty $140,000 call now overshadowed by the $85,000 put. Traders are clearly bracing for more downside, because who doesn’t love a good doom-and-gloom party? 🎉💔

As the market continues its slide, all eyes are on MSTR, with BTC’s price inching toward MicroStrategy’s average break-even point of $74,430. Meanwhile, JPMorgan chimed in, saying MSTR’s underperformance reflects growing anxiety over a possible MSCI index removal in January. Because nothing says “happy new year” like billions in passive outflows and extra stress in an already fragile crypto market. 🎊💥

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2025-11-21 06:53