The price of Bitcoin dropped below $81,000 on November 21, 2025, despite trading near $110,000 at the beginning of the month. Experts attribute the significant price decline to a number of key factors, including reduced liquidity, macroeconomic risks, mining losses, and asset sales by major market players.
This is reported by Business • Media
Main Factors Behind the Bitcoin Market Crash
According to CryptoQuant CEO Ki Young Ju, the current situation in the crypto market is worse than expected. He notes that macro liquidity is now crucial, as dollar liquidity continues to shrink and risky assets are being sold off en masse. This trend is likely to continue until next year, until a reversal begins.
“Macro liquidity is now more important than the on-chain cycle: dollar liquidity is shrinking, risky assets are being sold, and this trend is likely to continue until next year, when liquidity begins to ease.”
Leading financial analyst Jacob King points to a record loss situation in Bitcoin mining over the past decade. According to his estimates, the cost of mining 1 BTC exceeds $112,000, which is significantly higher than the current market price. This could lead to mass shutdowns of mining equipment, a decrease in hash rate, and further losses for the market.
Chris Burniske, a partner at PlaceholderVC, believes that the decline in Bitcoin’s price is partly caused by massive sell-offs from DAT companies that accumulate and hold crypto assets. The sale of these assets is just gaining momentum, putting additional pressure on the market.
Financial Condition of DAT Companies and Market Implications
Analysts at Lookonchain reported on the financial status of major companies holding significant volumes of digital assets:
- Strategy owns approximately 650,000 BTC, purchased at an average of $74,433, currently yielding about 12% profit;
- Bitmine holds over 3.5 million ETH with an unrealized loss of $4.5 billion;
- Forward Industries controls 6.8 million SOL with losses exceeding $700 million.
Glassnode emphasizes that the number of Bitcoins sold at a loss has reached levels not seen since November 2022, when the crisis surrounding the FTX exchange occurred. The main reason is mass selling by short-term holders.
Additionally, Strategy may lose its presence in key stock indices such as MSCI USA and Nasdaq 100. If the exclusion occurs, up to $2.8 billion could be removed from the market, and the total passive funds related to the company control about $9 billion in market value. A final decision on this is expected by January 15, 2026.
Analyst KAY notes that if Strategy is excluded from the indices, there could be a mass outflow of MSTR shares, which may negatively impact the price of Bitcoin.
Among the key reasons for the sharp market crash of Bitcoin, experts highlight:
- reduced global liquidity and tight monetary policy conditions;
- mining losses;
- mass sell-offs by DAT companies;
- panic selling by short-term investors;
- possible exclusion of Strategy from major stock indices.
Previously, the CEO of CryptoQuant emphasized that the bullish cycle of Bitcoin ended at the $100,000 level.