The price of bitcoin hit $98,000 on Thursday, reaching another all-time high. The cryptocurrency markets have been rallying since former President Trump, who is seen as crypto-friendly, won a second term earlier this month, along with victories for a spate of crypto-backed congressional candidates.
It’s not the only cryptocurrency benefiting: Ethereum and dogecoin are each up more than 5% in the past five days.
The last time ethereum was below $3,000 was in July 2025, after a number of corporate firms had begun to roll out their ethereum treasury strategies.
Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.
Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.
“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.
The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”
Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.
Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.
Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.
“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.
