Key Takeaways

• Top story: The cryptocurrency market has lost $1 trillion in value since October, primarily due to extensive Bitcoin liquidations.
• Bitcoin ETFs recorded $866 million in outflows, marking the largest single-day redemption to date.
• The Financial Stability Board has warned of significant gaps in global crypto regulation and called for coordinated oversight.
• Bitcoin fell to $87,000, its lowest price since April 2025.
• Investor confidence continues to fluctuate amid ongoing volatility and uncertainty in crypto markets.

Below, the full context, reactions, and practical takeaways.

Introduction

On 21 November 2025, the cryptocurrency market press review opens with the industry’s sharp $1 trillion loss in value since October, driven largely by widespread Bitcoin liquidations. This downturn is further underscored by the Financial Stability Board’s warning on global regulatory gaps. Today’s roundup examines how these developments are reshaping sentiment and policy across digital assets.

Top Story: Cryptocurrency Market Loses $1 Trillion Since October

The global cryptocurrency market has lost over $1 trillion in total market capitalization since its peak in October 2025. It has fallen from approximately $3.8 trillion to $2.7 trillion in just six weeks. Bitcoin, the largest cryptocurrency by market cap, has declined nearly 35% from its all-time high of $98,000. Ethereum has dropped by over 40% in the same period.

Market analysts attribute the correction to a mix of profit-taking after the previous bull run and broader macroeconomic concerns. CoinDesk Research reports that institutional investors have been reducing their exposure to digital assets due to rising global interest rates and inflation risks.

Exchange data indicates that overleveraged positions have intensified the selloff. More than $12 billion in long positions have been liquidated across major trading platforms since the correction began. Sarah Johnson, chief market strategist at Digital Asset Research, described this as “a classic deleveraging event following excessive market euphoria.”

Also Today: Regulation and Oversight

SEC Accelerates Crypto Exchange Investigations

The U.S. Securities and Exchange Commission has increased its focus on cryptocurrency exchanges, issuing information requests to five major trading platforms regarding their listing processes. The regulator is reviewing how these platforms determine which tokens may be unregistered securities.

Commission Chair Gary Gensler stated during a Senate Banking Committee hearing that “investor protection remains our priority,” while also recognizing the need for clearer regulations. Industry representatives have responded by advocating for comprehensive legislation instead of regulation through enforcement.

Global Stablecoin Framework Proposed

The Financial Stability Board has released a draft global framework for stablecoin regulation, emphasizing the need for reserve transparency and capital requirements. Developed in collaboration with central banks from G20 nations, the proposal seeks to address risks highlighted by previous stablecoin failures.

The framework would require stablecoin issuers to maintain 1:1 reserves in highly liquid assets, and to undergo quarterly audits by independent firms. Implementation timelines vary by jurisdiction, and the European Union is expected to adopt similar standards via its Markets in Crypto-Assets (MiCA) regulation by early 2026.

Also Today: Bitcoin Market Performance

ETF Outflows Accelerate

Bitcoin ETFs have experienced five consecutive days of outflows, with investors withdrawing over $2.1 billion from these products since last Thursday. The BlackRock iShares Bitcoin Trust (IBIT) posted its largest single-day outflow of $425 million on Tuesday.

Analysts observe this as a significant shift in sentiment after months of steady inflows following the spot Bitcoin ETF approvals in January 2025. Michael Roberts, a cryptocurrency analyst at Bloomberg Intelligence, noted that the market is “seeing a natural correction after the ETF-driven rally pushed valuations to unsustainable levels.”

Mining Sector Under Pressure

Bitcoin mining companies have seen their stock prices decline by an average of 45% over the past month as Bitcoin’s price correction has reduced profit margins. Major public miners such as Marathon Digital Holdings and Riot Platforms report operating close to break-even at current prices.

The upcoming Bitcoin halving event in March 2026, which will reduce mining rewards by 50%, introduces additional uncertainty for the sector. Several smaller mining operations have already announced production cuts and postponed equipment purchases until market conditions stabilize.

Market Wrap

Digital Asset Performance

Bitcoin is currently trading at $64,300, down 8.2% over the past 24 hours and 35% below its October peak. Ethereum is priced at $3,850, representing a 10.5% loss in the last day. The altcoin market has seen deeper losses, with mid-cap tokens dropping an average of 18% this week.

Layer-2 scaling solutions and AI-linked tokens have shown more resilience, limiting declines to 12-15% compared to the broader market selloff. Stablecoins have increased their market dominance from 8% to 12% of the total cryptocurrency market cap as investors seek safer options amid volatility.

Liquidation Events

Forced liquidations have totaled $18 billion across major exchanges since the correction began, with $4.3 billion occurring in the last 72 hours. Open interest in futures has declined by 35%, suggesting a significant reduction in leveraged positions.

Funding rates for perpetual futures contracts have turned deeply negative, indicating that short sellers are paying premiums to retain their positions. Trading volumes have doubled the 30-day average as volatility increases. Spot volumes have surpassed derivatives for the first time in six months.

What to Watch

• European Central Bank cryptocurrency market roundtable on 28 November 2025
• Financial Stability Board’s final policy recommendations for crypto assets on 3 December 2025
• U.S. Treasury report on cryptocurrency market structure and systemic risk on 10 December 2025
• Bitcoin Mining Council quarterly report on industry efficiency and sustainability on 15 December 2025

Conclusion

The cryptocurrency market press review highlights a substantial $1 trillion loss in market value, led by broad liquidations, ETF outflows, and heightened regulatory scrutiny. These shifts underscore the market’s volatility and the pressing need for clearer global oversight as stablecoin frameworks and market structure reports approach. What to watch: upcoming regulatory roundtables set for late November and December may influence policy direction and investor confidence in the coming months.