According to Plain Language Blockchain analysis: the market is experiencing significant blood loss, and on November 16, the cryptocurrency fear and greed index fell to 9, the lowest point since the global market crash triggered by the COVID-19 pandemic in March 2020. As of November 18, although the index slightly rebounded to 12, it remains in the extreme fear zone. Bitcoin has lost the significant psychological barrier of $100,000 and even hit a six-month low on the morning of November 18, triggering a widespread crash among altcoins.

Why is the market so panicked?
The market had previously expected that the Federal Reserve would cut interest rates in December; however, the Fed's hawkish stance has completely shattered this expectation. This bull market is based on the acceptance of cryptocurrencies by ETFs, and they are believed not to sell during short-term fluctuations. In this storm in November 2025, the market witnessed a record net outflow of funds. Since the beginning of November alone, the net outflow of Bitcoin ETFs has exceeded $2.3 billion. At the beginning of November, long-term holders rarely sold a large number of approximately 815,000 BTC. Data platform Santiment also confirmed that since October 12, whale wallets holding between 10 and 10,000 BTC have sold around 32,500 Bitcoins. It's no wonder that such fear has arisen.