Crypto prices today (Nov. 21): BTC falls to $85K, ETH, XRP, SOL dip amid $950M in liquidations

Crypto prices today fell sharply as the market extended its month-long downturn.

The total crypto market capitalization has dropped below $3 trillion for the first time since May 8, now standing at roughly $2.95 trillion. Bitcoin slipped to $85,310, down 7% over the past 24 hours. Ethereum traded at $2,784 at press time, XRP at $1.96, and Solana at $130, all falling between 7% and 8.4%. 

Not a single top-one-hundred coin showed any meaningful strength. The pullback has erased Bitcoin’s gains for the year and pushed sentiment deeper into “extreme fear” territory, even though the Fear and Greed Index ticked up 2 points from yesterday to 14.

Data from CoinGlass shows nearly $958 million in positions were wiped out over the past 24 hours, with open interest across the market dropping 7% to about $133 billion. In addition, the average crypto market relative strength index has softened, now at 39 and in “weak” territory.

Liquidity scars from October and a difficult macro backdrop

Market analysts point to the lingering effects from October’s liquidity crunch. The Oct. 10 flash crash wiped out $19 billion in leveraged positions and weakened market makers. 

Tom Lee, chairman of Bitmine and co-founder of Fundstrat, warned that firms are still repairing balance sheets, cutting activity, and unwinding risk. He compared the current situation to a similar 2022 event, which took eight weeks to stabilize, noting that the market is now six weeks into this correction.

Crypto is also being impacted by macro factors. In the face of sticky inflation, traders have lowered their expectations for a December rate cut in response to signals from the Federal Reserve. Higher-for-longer interest rates reduce appetite for speculative assets like crypto. 

At the same time, capital has rotated out of crypto and AI stocks into safer tech and semiconductors, while exchange-traded fund outflows have added pressure. JPMorgan reported $4 billion exited spot BTC and ETH ETFs since early November, marking the largest outflow since February.

What comes next for BTC and the wider market?

Many analysts see the correction as a mid-cycle reset rather than a complete bear market. Historical trends have shown that pullbacks of 20–30% are common during bull runs. Some forecast a recovery as liquidity improves and tailwinds such as the end of quantitative tightening and increased Treasury spending take hold.

Analysts are cautiously optimistic. Ki Young Ju, CEO of CryptoQuant, said the recent dip could actually be a good buying opportunity for long-term Bitcoin holders, pointing out that the realized price shows the market may already be close to a bottom.

Binance founder Changpeng Zhao shares a similar view, reminding the market that every dip feels like the end, but the cycles always move on. Others, such as Nansen’s Jake Kennis, point out that until long-term holder selling eases, profit-taking and leveraged position wipeouts may cause further short-term declines.

According to VanEck’s longer-term projections, the bull market is still expected to peak in Q1 2026, with new highs potentially occurring in late 2025 as stablecoin supply hits new all-time highs.