Flipster Crypto Weekly (November 21)

Market
Flipster Crypto Weekly (November 21)

BTC dumps to mid-$80Ks as macro shocks collide with thinning liquidity

November 21, 2025

The market unraveled across the week as a mix of macro data, equity volatility, and liquidity stress pushed BTC from the mid-$90Ks into the mid-$80Ks. ETH followed, sliding toward $2.8K, while Bitcoin dominance drifted below 59% as risk assets reset.

The catalyst hit on Thursday: the delayed September jobs report landed hotter on payrolls (+119K vs expectations) but showed unemployment jumping to 4.4%, its highest since 2021. Traders quickly repriced the December meeting, with FedWatch now giving a ~40% chance of a rate cut, enough to keep easing hopes alive but not strong enough to stabilize markets. Equities tumbled, and crypto followed.

Nvidia’s earnings earlier in the week briefly steadied tech, posting $57B Q3 revenue and guiding to $65B for Q4 as Blackwell demand remains sold out. The bounce didn’t stick; flows stayed defensive, with BTC wicking to $88.5K before sellers took back control.

Across protocols and institutions, momentum kept moving:

  • Kraken raised $800M across two tranches, pushing its valuation to $20B ahead of a 2026 IPO.

  • BlackRock filed for a new Staked Ethereum Trust.

  • Naver is preparing to approve its Dunamu (Upbit) acquisition at next week’s board meeting.

  • New Hampshire launched the first state-backed $100M bitcoin-secured municipal bond.

  • G NEXUS sold 10,922 ETH for share buybacks, leaving 40,005 ETH.

  • Kalshi closed a $1B round at an $11B valuation.

  • Monad’s sale lost momentum, reaching only 45% subscription in six hours as valuation fears overshadowed earlier hype.

Strategy continued accumulating, adding 8,178 BTC for ~$835.6M. Meanwhile, Aave announced an Apple Store app offering on-chain yield access, and reports suggest the White House is advancing plans for expanded IRS surveillance on international crypto flows.

Market Outlook

Hotter-than-expected jobs data has created a cross-current of macro signals, with CPI coming up next and markets have no clear read on how aggressive the market reaction will be. With books thin and volatility elevated, the next break looks binary.

Whichever side misprices the next data point gets blown out.

Capture the next market move on Flipster.

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