Bitcoin just fell below 90,000! ETF investors have lost everything for the first time, with 3.2 billion dollars evaporated.

On November 18, the price of Bitcoin briefly fell below $90,000, marking the first time since April that it has breached this critical psychological threshold. This also resulted in spot Bitcoin ETF investors collectively incurring losses for the first time since these products were launched. According to Bloomberg, the volume-weighted average cost of all Bitcoin ETF inflows is currently around $89,600, and this decline has wiped out all gains for 2025.

Bitcoin ETF has suffered a total loss for the first time in history, with a market value evaporation of 3.29 billion

(Source: SoSoValue)

On November 18, the price of Bitcoin fell below $90,000, marking the first time it has broken this psychological barrier since April. This has also led to spot Bitcoin ETF investors collectively suffering losses for the first time since these products were launched. This is a significant turning point in Bitcoin news, as overall investors have remained in profit despite experiencing multiple price fluctuations since the launch of the U.S. spot Bitcoin ETF in January 2024. Now this record has been broken, signaling a fundamental change in the market environment.

According to a report by Bloomberg, the volume-weighted average cost of all Bitcoin ETF inflows is currently around $89,600, with Bitcoin breaking through this level during Tuesday's Asian trading session. The volume-weighted average cost is a method of calculating the average holding cost for all ETF investors, taking into account the scale of inflows at different points in time. When the price of Bitcoin falls below this level, it indicates that overall ETF investors have turned from profit to loss.

Despite early investors (with investments between $40,000 and $70,000) still being profitable, market sentiment has deteriorated despite institutional capital inflow. This divergence shows that investors who buy ETFs in the first half of 2024 at Bitcoin prices of $40,000 to $70,000 are still in a safe zone, while investors who buy in the second half of 2024 and in 2025 are facing losses. The latter are often new funds attracted into the market by bullish sentiment, which are now trapped.

The recent wave of sell-offs has led to the second-largest fall in Bitcoin ETF since its launch, with the total market value dropping by 3.29 billion USD from its peak. This decline has erased all gains made in 2025, currently down over 30% from the historical high of 126,000 USD set in early October, with billions of USD in unrealized losses putting pressure on both retail and institutional portfolios. Although the evaporation of 3.29 billion USD in market value seems substantial, considering that the total scale of Bitcoin ETFs exceeds 60 billion USD, it amounts to about a 5.5% decline, indicating that the losses are mainly concentrated among investors who bought at high levels.

On November 17 alone, the outflow of funds from Bitcoin ETFs reached 254.51 million USD, with BlackRock's IBIT seeing an outflow of 145.57 million USD, and significant redemptions occurring in Grayscale's GBTC and Ark's ARKB. The single-day outflow of 254.51 million USD set the second-highest historical record, only behind the previous highest single-day outflow. The outflow of 145.57 million USD from BlackRock's IBIT is particularly noteworthy, as this ETF has been a major source of inflows; the current outflow marks a shake in institutional confidence.

Bitcoin ETF Core Data

Volume Weighted Average Cost: $89,600 (has fallen, overall loss for investors)

Total Market Cap Fall: Down 3.29 billion USD from the peak.

November 17 Capital Outflow: 254.51 million USD, the second highest in history

BlackRock IBIT Flow Out: $145.57 million, institutional confidence shaken

Profit taking and macro concerns trigger a perfect storm

Market analysts attribute this economic downturn to a combination of factors, resulting in unprecedented selling pressure. Long-term holders of Bitcoin who have accumulated over the past decade took profits after reaching the psychological target of $100,000, while traders who subscribe to the four-year cycle theory attempted to time their exit. The profit-taking by long-term holders is particularly critical in Bitcoin news, as these “diamond hands” often signal the arrival of a cycle top once they begin to sell.

Farzam Ehsani, co-founder and CEO of VALR, pointed out in an interview with Cryptonews that concerns about the traditional market are the reason for the fall. “The main reason for the decline in the cryptocurrency market is the increasing worries of investors regarding the traditional market,” Ehsani explained. “Tech stocks, especially those related to artificial intelligence, are facing downward pressure as investors begin to take profits, believing that the current valuation multiples are too high.”

People are increasingly concerned that the Federal Reserve may abandon interest rate cuts in December, and the likelihood of rate cuts is currently below 50%, further dampening the risk appetite for digital assets. When expectations for interest rate cuts weaken, it means that interest rates will remain at higher levels for a longer period, which puts pressure on assets that do not generate cash flow (such as Bitcoin). In addition, Bitcoin's market share has fallen below 60% for the first time in over a month, and the price of Ethereum has dropped below $3,000, with major token prices including XRP, BNB, and Solana falling between 3% and 5.6%.

Long-term holders are buying against the trend, 345,000 BTC sets a record

(Source: CryptoQuant)

Despite the generally bearish market, on-chain data shows an unusual pattern that historically often precedes significant market volatility. CryptoQuant analysis reveals that since October 6, the demand from long-term Bitcoin holders, who are insensitive to price fluctuations, has surged from 159,000 BTC to 345,000 BTC, marking the largest accumulation seen in recent cycles.

Typically, such aggressive absorption behavior by long-term holders triggers supply tightness and a short-term price increase; however, this time, the price has significantly fallen. Ki Young Ju from CryptoQuant describes this trend as a rotation among long-term holders. Ju stated: “This drop is just a rotation among long-term holders. Older Bitcoin holders are selling to traders, and traders will also hold for the long term.”

He pointed out that with the continuous injection of new liquidity through Bitcoin ETFs, MicroStrategy, and other channels, the market structure has undergone fundamental changes, and sovereign funds, pension funds, and corporate finance departments are now establishing larger liquidity pipelines. This structural change means that the current price fall may not be a traditional bear market but rather a restructuring of the holder structure.

Famous market analyst Plan C believes that the long-term development trajectory of Bitcoin has not fundamentally changed. “I still think 2026 will be a bull market for Bitcoin,” Plan C wrote. “I believe this is just a relatively short-term temporary adjustment, lasting about 1 to 3 months, similar to the situation when stock prices fell to $75,000 at the beginning of the year.” He emphasized that Bitcoin's market capitalization has easily surpassed $1 trillion, so this asset no longer carries the risk of potentially “falling to zero” as in previous bear markets.

Market mogul Cameron Winklevoss expressed an optimistic attitude amid market turmoil, stating “This will be your last chance to buy Bitcoin for under $90,000.”

Key technical levels: $92,000 and $105,000 determine the future

(Source: Trading View)

Ehsani outlined the key technological thresholds that will determine the development trajectory of Bitcoin. “To confirm the end of this bullish trend, the market must fall below the $92,000 region, which will be the final signal of a structural breakout,” he stated. “Breaking through the $105,000 barrier is a necessary condition for returning to a robust growth model.”

Currently, if the macroeconomic conditions remain stable, an optimistic outlook still exists. “If the demand for Bitcoin ETF remains strong and the macro environment improves, Bitcoin could return to the range of $111,000 to $116,000 by the end of the year, and may reach a target price of $130,000 to $140,000 in the first quarter of 2026,” Ehsani predicted. This forecast is based on two premises: the recovery of ETF inflows and the improvement of the macro environment.