Ethereum Breaks $3K Floor as Bears Press for Additional Downside

On-chain data shows the Bitcoin Stablecoin Supply Ratio has declined into the buy territory. Here’s what followed this signal in the past.

Bitcoin SSR RSI Is Giving A Buy Signal

In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Stablecoin Supply Ratio (SSR) for Bitcoin. The SSR is an indicator that measures how the market cap of BTC compares against the total supply of the stablecoins.

Stablecoins refer to cryptocurrencies that are pegged to a fiat currency. Investors generally park their capital in the form of these assets when they want to avoid the volatility associated with BTC and other assets.

Such holders also usually eventually invest back into Bitcoin and company, however, exchanging away their stablecoins in favor of them once they feel the time is right. Because of this reason, the stablecoin supply is often looked at as a sort of “available buy supply” in the cryptocurrency sector.

When the value of SSR is high, it means BTC’s value is high compared to the stablecoin supply. Such a trend suggests the market stablecoin buying power is low, which could be a bearish sign.

On the other hand, the indicator being low implies the sector may have a high amount of dry powder available relative to the Bitcoin market cap, which can naturally be bullish.

Now, here is the chart for the BTC SSR shared by the analyst that shows the trend in its Relative Strength Index (RSI) over the last couple of years:

As is visible in the above graph, the Bitcoin SSR RSI has witnessed a decline recently as the BTC spot price has crashed. This suggests that there may be a high amount of stablecoin buying power available in the market now.

The indicator’s drop has been so steep that it has entered into a zone that Maartunn has flagged as pertaining to a buy signal. From the chart, it’s apparent that past instances of this signal have often coincided with some sort of bottom or led into a price surge.

In a lot of the instances, however, the signal has only resulted in a temporary reversal. It now remains to be seen whether any bullish shift will follow the latest signal, and if one does, whether it will be lasting.

In some other news, a large movement involving dormant tokens has just occurred on the Bitcoin network, as Maartunn has pointed out in another X post.

“4,668 $BTC aged 3–5 years were just spent — a clear spike in dormant supply activation,” noted the analyst. Movement from dormant hands is often a sign of selling.

BTC Price

Bearish momentum hasn’t shown any signs of stopping for Bitcoin as its price has now dropped to the $92,500 level.

The global crypto market has entered one of its sharpest correction phases in recent history, with assets like Bitcoin, Ethereum, and XRP continuing to fall. Over the last 41 days, the market has lost more than $1.1 trillion in value, averaging nearly $27 billion erased per day. 

As of today, Bitcoin has fallen to around $91,238, down more than 13% this week, while Ethereum slipped to $3,012 and XRP dropped to $2.13, losing over 15% in seven days. Several popular altcoins also remain in deep red territory. Analysts say this downturn is not driven by weak fundamentals, but by a combination of structural, psychological, and mechanical factors.

The Crash Timeline and Why It Feels Different

According to research shared by The Kobesi Letter, the decline started soon after crypto’s market cap approached .3 trillion. A series of major political and macro headlines added uncertainty, beginning with 100% tariff announcements on China, followed by mixed messages about U.S. crypto leadership. Despite positive comments supporting crypto innovation, Bitcoin, Ethereum, and most altcoins continued falling.

Today, the entire market is now 10% below the levels seen during the record $19 billion liquidation event on October 10, indicating that the downturn has continued far beyond a single flash crash.

Why the Drop Is Structural, Not Just Emotional

The current decline is not caused by bad news or failing fundamentals. In fact, several developments remained positive, including support statements from U.S. leadership and continued long-term confidence from institutions.

Instead, the downturn appears tied to mechanical market structure, starting with institutional outflows in late October. In the first week of November alone, crypto funds recorded $1.2 billion in withdrawals, setting off a chain reaction.

Could Bitcoin Drop to $50,000, or Bounce Soon?

Short-term technical readings show the market is becoming oversold, which increases the chances of a temporary relief bounce. But if selling pressure continues and macro conditions weaken, experts say a drop toward $50,000 cannot be ruled out, especially if long-term holders continue selling.

Bitcoin price failed to recover above $95,000. BTC is down over 4% and there are chances of more downsides below $90,000.

• Bitcoin started a fresh decline below $94,000 and $93,500.
• The price is trading below $93,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it settles below the $91,500 zone.

Bitcoin Price Continues To Weaken

Bitcoin price failed to stay in a positive zone above the $93,500 pivot level. BTC bears remained active below $93,500 and pushed the price lower.

The bears gained strength and were able to push the price below the $92,000 zone. A low was formed at $90,700 and the price is now showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $95,888 swing high to the $90,700 low.

Bitcoin is now trading below $92,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.

If the bulls attempt another recovery wave, the price could face resistance near the $92,500 level. The first key resistance is near the $93,250 level and the 50% Fib retracement level of the recent decline from the $95,888 swing high to the $90,700 low.

The next resistance could be $93,800. A close above the $93,800 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance. Any more gains might send the price toward the $95,500 level. The next barrier for the bulls could be $95,800 and $96,500.

More Losses In BTC?

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $90,800 level. The first major support is near the $90,500 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $90,500, followed by $90,000.

Major Resistance Levels – $92,500 and $95,800.

Bitcoin is continuing its down trend in Asia on Tuesday, dropping under $91,000 for the first time in six months.

The crypto is not the only asset losing ground, with diminishing prospects for a December Federal Reserve rate cut and concerns over AI foremost in the market's mind.

• investingLive Americas FX news wrap 17 Nov:The USD is higher/stocks lower as fear increase

This article was written by Eamonn Sheridan at investinglive.com.

Amplify ETFs has officially announced that its new XRP-linked premium income fund, trading under the ticker XRPM, will launch on November 18, 2025. The ETF will be listed on the Cboe BZX Exchange and will open through a New Issue Auction at 9:30 a.m. ET, giving traditional investors a regulated doorway into XRP-related returns without holding the asset directly.

XRPM will list on the Cboe BZX Exchange under the CUSIP 032108375 with a reported net asset size of $750,000 and 30,000 shares outstanding at launch. The total expense ratio is set at 0.75 percent. Cboe confirmed that the ETF meets all requirements under the Exchange Act of 1934 and will be quoted on SIAC Tape B for full market visibility.

Why XRPM Stands Out

According to Amplify, the XRPM ETF aims to combine XRP price appreciation potential with a high-income options strategy. The fund targets a 36 percent annualized option premium income while still maintaining exposure to 40 to 70 percent of XRP’s upside performance. Instead of directly purchasing XRP, the ETF will gain exposure through XRP-based exchange-traded products, futures, and covered call options to generate consistent monthly payout opportunities.

Weekly Options and Monthly Income

The strategy behind XRPM revolves around weekly covered call writing, which allows four times more premium-collection opportunities compared to traditional monthly options strategies. Amplify describes this as a way to “harvest volatility,” meaning that short-term price movements in XRP can be converted into recurring income. The fund aims to distribute income monthly, positioning it as an appealing product for yield-focused investors seeking crypto-linked payouts.

Institutional Significance

The approval and launch of XRPM arrives at a time when demand for regulated, yield-enhanced crypto exposure is increasing. By offering a structured, compliance-ready ETF tied to XRP performance, XRPM acts as a new bridge between institutional finance and digital assets. Its debut highlights the growing trend of turning crypto volatility into a mainstream investment income opportunity.

The US Bitcoin exchange-traded funds (ETFs) keep flowing out as the crypto Fear and Greed Index dropped to 11, reflecting extreme fear.

Retail investors have stayed out of the market during this downturn, while data shows that whales are the primary buyers amid the selloff.

ETF Outflows and Retail Absence Signal Market Shift

US Bitcoin spot ETFs have experienced persistent capital flight, with holdings declining from 441,000 BTC on October 10 to about 271,000 BTC by mid-November. This marks a sharp reversal from institutional support earlier this year.

According to Farside Investors data, Bitcoin ETFs have now logged four consecutive days of outflows, extending the defensive tone that has dominated the month. Earlier in the period, redemptions peaked at well over $800 million in a single day, highlighting how sharply sentiment had soured. The latest figure shows a much smaller outflow of around $60 million, but still signals that buyers remain cautious and momentum has yet to turn.

Spot average order size metrics show that retail traders are not returning, even as Bitcoin has dropped almost 27% from its October 6 all-time high of $126,272.76. Exchange data from Binance, Coinbase, Kraken, and OKX indicates larger order sizes, highlighting whale activity rather than small-scale retail buyers.

The Fear and Greed Index plummeted to 11, underscoring extreme market fear. Historically, such levels correlate with market bottoms, but retail investors remain cautious and reluctant to engage. In the morning hours in Asia, Bitcoin traded at somewhere between $91,000 and $92,000, down more than 3% in 24 hours and 13-14% for the week. Ethereum briefly slipped below $3,000, and Solana was at around $130, declining over 5% in 24 hours and 21% over the week.

Whale Accumulation amid Market Weakness

As retail investors sit on the sidelines, large players continue to accumulate aggressively. A whale purchased 10,275 ETH at $3,032 for $31.16 million USDT within 24 hours before November 17, based on on-chain monitoring by OnchainLens. Between November 12 and November 17, this address acquired a total of 13,612 ETH for $41.89 million USDT, at an average price of $3,077.

Permanent Bitcoin holders—wallets that have never recorded outflows—are supporting what CryptoQuant describes as the largest accumulation surge in recent selloffs. Permanent holder demand rose from 159,000 BTC to 345,000 BTC, marking the biggest absorption in several cycles. This substantial accumulation occurred even as the price fell, highlighting a stark divergence between long-term and short-term market behaviors.

This divergence between whale accumulation and retail caution highlights a shift in market dynamics. However, CryptoQuant CEO Ki Young Ju notes that the current dip involves long-term holders rotating coins among themselves rather than new money entering the market. This suggests the drawdown does not mark the start of a new bear market, though current conditions may not present the classic buy-the-dip moment sought by retail.

Structural Changes and Institutional Dynamics

This selloff differs from past crypto winters. Major financial institutions, including JPMorgan, now accept Bitcoin as collateral for loans despite its price weakness. This evolving infrastructure offers more support compared to previous bearish cycles. Deeper liquidity is available, helping to steady the market.

Technical signals remain bearish for now. Bitcoin has dropped more than 20% from its record high; recently, its 50-day moving average fell below its 200-day moving average—a “death cross.”

Macroeconomic factors add more pressure. The Federal Reserve delayed interest rate cuts, and global central banks maintain tightening. Falling Treasury liquidity creates headwinds for risk assets. Still, analysts see longer-term macro trends—such as high sovereign debt and ongoing geopolitical tensions—as supportive for Bitcoin in the future.

Mining firms are adjusting accordingly. Frank Holmes, executive chairman of HIVE Digital Technologies, emphasized that his company will continue mining and holding Bitcoin, unlike competitors who are pivoting to high-performance computing. He contends that building Tier 3 data centers for GPU work is both costly and complex, so his mine-and-hold strategy will continue despite volatility.