Crypto Market Slump: What’s Driving the Downturn on November 13, 2025?

Crypto's bleeding again—but why? Traders woke up to red across the board as Bitcoin and altcoins took another hit. Here's the breakdown.

Macro tremors shake the market

With the Fed's latest hawkish whispers and a stronger dollar, risk assets are getting crushed. Crypto, as usual, is first to flinch.

Liquidity crunch bites

Whales are sitting on their hands while retail traders panic-sell—classic capitulation mode. Exchange reserves are drying up faster than a Vegas puddle.

Regulators strike again

Another day, another 'consumer protection' crackdown. This time it's the EU's MiCA 2.0 draft spooking institutional players. Because nothing says 'financial innovation' like 300 pages of compliance docs.

Silver lining? This is crypto. The market's bounced back from worse—usually right after everyone's given up hope. Just ask the 'experts' who called Bitcoin dead 427 times.

Crypto Winners & Losers

At the time of writing, 7 of the top 10 coins per market capitalization have seen their prices decrease over the past 24 hours. This is two less than yesterday.

has dropped by 1.3% since this time yesterday, currently trading at $103,080.

is up by 0.8%, now changing hands at $3,502. This is the second-highest increase among the top 10.saw the same change.

The highest rise in the category is 3.5% by, which now trades at $2.5.

At the same time, the highest decrease is 1.9% to, which trades at $155.

Other coins are down below 1% each, some barely changing over the past days.

Looking at the top 100 coins, we find 80 of them in the red. Among these,and Pump.fun (PUMP) saw double-digit drops. They’re down 11.6% and 10.2% to $0.1172 and $0.003883, respectively.

When it comes to the green coins,rose the most: 7.9% to the price of $89.91.

It’s followed by, which is up 4% to $89.91.

While stocks have been reacting positively to the potential reopening of US government soon, the crypto market hasn’t been as easily moved and remains highly cautious. It continues to wait for clearer global macroeconomic and geopolitical signals.

Meanwhile, Taiwan’s government is getting closer to integrating BTC into its national reserve strategy.

Executive Yuan and Central Bank have agreed to evaluate the world’s number one crypto as a potential strategic asset and explore pilot holdings using seized BTC currently awaiting auction.

Taiwan’s central bank and Executive Yuan are evaluating Bitcoin as a strategic reserve asset, marking a major step.#Taiwan #Bitcoinhttps://t.co/M5QHzqeghp

‘Not Yet Ready to Confirm a Bullish Reversal’

According toanalysts, BTC remains in “a mild bearish phase.” It’s trading between $97,000 and $111,000, “with resistance NEAR $116,000 marked by top-buyers’ supply cluster.”

Both on-chain and off-chain signals show a consolidating market, “stabilizing yet not yet ready to confirm a bullish reversal,” the weekly report states.

“Until renewed inflows or a clear macro catalyst emerge, bitcoin appears bound to oscillate within this $97K–$111.9K corridor, with $100K remaining the psychological line of defence.”

Stuck in Limbo#Bitcoin consolidates above $100k, with support near $100K and resistance at $106K. ETF outflows, low leverage, and strong put demand highlight a cautious market still searching for conviction.

Read the full Week On-Chain belowhttps://t.co/t10bavA6dM pic.twitter.com/JmByEAqRBK

Meanwhile, Greg Waisman, Chief Operating Officer at payment infrastructure platform, commented that, despite the recent sell-offs, “the retail market has not lost faith in cryptocurrency.”

Notably, buying patterns have remained “steady and resolute.”andhave been outperforming.

“Mercuryo had seen daily fluctuations of about 20 per cent — both negative and positive — which is characteristic of normal market conditions. Overall, volumes remain robust,” Waisman said in an email comment.

October’s Black Friday crypto crash affected 1.6 million traders and wiped nearly $800 billion from market cap, the exec highlighted. It also “hit Leveraged traders the hardest.” $19 billion in positions were liquidated.

However, “retail spot traders are showing notable resilience despite recent price falls.” Per Waisman, “what we’re observing may indicate that retail investors are increasingly focused on long-term accumulation rather than speculative, short-term trading.”

“Some might say sentiment has rarely been more divided on the future price trajectory of the cryptocurrency market. In the face of such uncertainty, some retail investors appear to be placing regular buy orders as part of a more disciplined, long-term strategy,” he concluded.

Levels & Events to Watch Next

At the time of writing on Thursday morning, BTC trades at $103,080. The coin has seen a plunge from the highest daily point of $105,257 to the low of $100,992. It has recovered somewhat since.

BTC is now down 0.4% in a week, 8.3% in a week, and 18.3% from its all-time high.

Looking ahead, if BTC slips below $99,200, it may lead to a deeper pullback toward $96,200 and then $93,400, which is a stronger historical support. If it moves above $104,000, the coin could see a rally toward $107,500 and $110,900.

Ethereum is currently changing hands at $3,502. Like BTC, ETH plunged from the intraday high of $3,583 to the intraday low of $3,374. Unlike BTC, ETH recovered better, even appreciating over the past day.

It’s now up 3.1% in a week, down 12.9% in a week, and down 29.2% from its ATH.

ETH found support at the $3,200 level over the past few days. Should it drop below this level, it could pull back further towards $3,000. However, a bullish momentum WOULD see the price above $3,700 and possibly $3,850.

Meanwhile, the crypto market sentiment has decreased very again, keeping a firm place within the fear zone. The crypto fear and greed index fell to 25 today, compared to 26 seen this time a day ago.

It seems quite clear that investors and traders await additional signals that would indicate the market’s near-term trajectory.

That said, the prices being pulled down presents a buying opportunity for the long-term holders.

ETFs Return to Red

The green ETF fields didn’t last long. On Wednesday, the US BTC spot exchange-traded funds (ETFs) recorded $277.98 million in outflows, following a single day of notable inflows. The total net inflow is back down to $60.21 billion, but it still stands above $60 billion.

Four of the 12 BTC ETFs saw outflows, and there were no inflows.outflows are the highest, standing at $132.86 million. It’s followed by$85.18 million.

At the same time, the US ETH ETFs continued their outflow streak, recording another $183.77 million leaving on 12 November. Therefore, the total net inflow pulled back again, now to $13.57 billion.

Of the nine funds, four recorded negative flows, and none saw positive flows.andlet go of the most of this amount. The former said goodbye to $91 million and the latter to $49.35 million.

Meanwhile, crypto fund managerhas filed to launch the first US ETF tied directly to, a memecoin on the ethereum network. This is the Canary’s debut launching a fund to track the price of a memecoin.

The investment firm formally submitted S1 registration with the. As the US government is expected to reopen, the SEC will be back to deciding on the ETFs submission, including a number of XRP-linked ETFs.

NEW: @CanaryFunds files for a MOG ETF. pic.twitter.com/IUBkL4mF3E

Quick FAQ

The crypto market has decreased again over the past day, while the stock market closed somewhat higher on Wednesday. By the closing time on 12 November, thewas up by 0.063%, thedecreased by that same amount, 0.063%, and therose by 0.68%. Several major indexes closed higher amid hopes the 43-day long US government shutdown would end soon. The crypto market, however, is not reacting the same way, remaining highly cautious.

This week’s drops are minor, but they’re persistent. They may last for a few days, with investors waiting for further and clearer signals on the market’s trajectory.