Bitcoin dropped below $93,000 on November 17, 2025, erasing all its year-to-date gains and marking a 27% decline from its October record high. The sell-off intensified bearish sentiment across cryptocurrencies, with altcoins plunging to five-year lows and related stocks tumbling. Analysts suggest a local bottom may be forming as short-term holders capitulate.
On Monday, November 17, 2025, Bitcoin fell to a fresh six-month low of $92,079.12, down 2.4% over the past 24 hours and nearly 13% over the week. This erased all of Bitcoin's 2025 gains, leaving it 27% below its October record high of around $125,000. Ether hovered above $3,000 at $3,030.82, off 2% in 24 hours and 15% weekly.
The decline stemmed from stronger-than-expected U.S. economic data, including the New York Federal Reserve’s Empire State Manufacturing Survey, which jumped to 18.7—far above forecasts of 6. This reduced expectations for a Federal Reserve rate cut in December, with Polymarket assigning 55% odds of rates holding steady and the CME FedWatch Tool at 60%.
Crypto-related equities suffered, with Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) dropping around 7%. MicroStrategy (MSTR) slid 4%, while other firms like BitMine (BMNR) and ETHZilla fell 8% and 14%, respectively. Solana-linked Upexi (UPXI) and Solana Company (HSDT) declined 10% and 7%.
Altcoins fared worse, with the MarketVector Digital Assets 100 Small-Cap Index—tracking the 50 smallest of 100 digital assets—hitting its lowest level since 2020 on November 16. Over five years, this index has fallen nearly 8%, contrasting with a 380% surge in its large-cap counterpart. The broader market reeled from an October 10 U.S. tariff announcement that triggered $19 billion in liquidations and erased over $1 trillion in value.
Bitfinex analysts noted stabilizing realized losses, suggesting a local bottom. 'Across multiple historical cycles, sustainable bottoms have only formed after short-term holders have capitulated into losses and not before,' they said. This marks the third-largest pullback since 2023. Meanwhile, XRP slumped 5% to $2.18 amid profit-taking and $28 million in liquidations, mostly longs.
Some Bitcoin miners bucked the trend: Hive Digital (HIVE) rose 10% after an AI cloud partnership with Dell Technologies, while IREN and Hut 8 posted modest gains.
