Bitcoin (BTC) experienced a sharp decline in late November 2025, with prices sliding back toward the mid-$80,000s by December 1 after an overnight wipeout erased approximately $6,000 from its value on major exchanges.
On-chain data from Glassnode reveals that this drop created a fresh and dense cost-basis cluster in the low-$80,000 region, which the firm identifies as one of the strongest accumulation zones of the current cycle. This area, visible on realized price heatmaps, is expected to act as a robust support level defended by recent buyers.
The price movement triggered significant market volatility, with Bitcoin falling from above $91,000 to under $86,000 within hours, wiping close to $200 billion from total cryptocurrency market capitalization and dragging majors like Ethereum (ETH) below $2,900.
Derivatives data suggests forced selling drove the slide, with order-flow analyst BorisD noting about $250 million in net long liquidations on Binance alone. NovAnalytica flagged a $700 million drop in open interest and a long-heavy positioning skew reminiscent of past capitulation lows.
Trader opinions are split: some, like Merlijn The Trader, frame the move as part of a pattern mirroring 2020 and see prices below $90,000 as a major opportunity, while others, such as Kyle Chassé, point to breakdowns in the "ETF safety net" narrative, citing roughly 300,000 BTC sold by large holders over 90 days and $2.7 billion in ETF outflows in 60 days.
At the time of reporting, Bitcoin was trading around $86,000, down about 6% on the day and 22% over the past month, according to CoinGecko data.
