- Sebastjan Bele
- Updated: November 20, 2025
- Reading time: 6 min
BTC at $90K, No Fed Cut in Sight, Nvidia Lifts Markets
Bitcoin dropped below $90K and is now trading around $91.5K after spot Bitcoin ETFs returned to positive inflows following a five-day streak of $2.26B in net outflows. Ethereum fell below $3,000 but has recovered to slightly above the $3K mark. Following strong Nvidia earnings, a December Fed rate cut now looks unlikely, with Polymarket pricing a 76% chance of no change.
In other news, Kraken has confidentially filed for a U.S. IPO after securing a $20B valuation, while BlackRock launched a new trust amid early demand for staking-focused Ethereum ETFs. Block shares jumped after the company released a new three-year outlook calling for accelerated growth and an expanded buyback program. Meanwhile, Ark Invest increased its positions in Circle, Bullish, and BitMine, taking advantage of the recent pullback in crypto-related stocks.
News
- Nvidia stock soars after Q3 earnings beat expectations, AI chip sales surge
- Kraken confidentially files for U.S. IPO after securing $20B valuation
- Spot Bitcoin ETFs return to positive inflows
- BlackRock files Delaware name registration for iShares Staked Ethereum ETF
- Ark Invest buys more Circle, Bullish, and BitMine
- Block shares jump on new three-year outlook with accelerated growth and expanded buyback
- Bitwise to list XRP ETF this Thursday
- Coinbase app code hints at early prediction market and stock trading modules
- Revolut adopts Ethereum and Polygon for remittances and stablecoin payments
- Senator Scott says new crypto market structure bill coming next mont
Table of Contents
Markets
Best Performers
Starknet ($STRK) and Zcash ($ZEC) remain strong, continuing to outperform the broader market as scaling and privacy narratives stay in focus. Privacy coins once again dominate the leaderboard, with 4 out of the top 5 assets tied to privacy-related demand.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is down 11.27% over the past week. The GMCI Mid Cap is down 10.97%, while GMCI Small Cap indices posted a loss of 10.47%. The rest of the sectors:
- Layer 1: -10.04%
- Layer 2: –3.89%
- DeFi: -8.73%
- AI: -6.59%
- RWA: -11,18%
- Gaming: -10.24%
- Meme: -11.43%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $129,88 Billion
Weekly Inflows = -$24.64 Billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $18,42 Billion
Weekly Inflows = -$4.95 Billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
After a five-day streak of net ETF outflows totaling $2.26B, $BTC dipped to $92K, where bulls and bears are now battling for control of the weekly support. There is high-leverage liquidity sitting below at $90.5K, with the majority at $88K, while bears continue to “set” liquidity around $94K, creating a tight and volatile range.
The Nvidia earnings call effectively “saved” the market, triggering a rebound in risk assets, yet Bitcoin continues to underperform selective altcoins. At this point, patience is key. We need to see whether a local bottom forms before any meaningful move upward.
If $92K fails to hold, downside targets open up toward monthly support near $82K, which is where we would re-evaluate the broader market structure.
Ethereum
$ETH also dumped to its weekly support at $3,000, a key psychological level, which has held so far. Just like with BTC, it makes sense to wait for a local bottom to form and to see a clear confirmation that weekly support has held before positioning yourself.
If this level fails to hold, the next maSource: TradingViewjor area of interest sits around $2,500, where both monthly and weekly support align.
Bitcoin dominance stands at 58.6%.
In traditional markets:
- S&P 500 down 1.17%
- NASDAQ down 1.40%
- Gold down 2.60%
The total crypto market cap stands at $3.13 trillion, down roughly 9.8% from $3.47 trillion, reflecting the continued impact of the recent correction. The Fear & Greed Index is at 11 (Extreme Fear), showing persistent caution and strong risk aversion across the market.
What's Next?
The positive Nvidia earnings call shifted market expectations, making a December Fed rate cut increasingly unlikely. Across asset classes, digital assets remain at the bottom of the performance quilt. Bitcoin and most altcoins continue to bleed, with only narrow pockets of strength in themes like privacy and fee-switch tokens. At this pace, BTC is on track for its worst November since 2019.
Despite this, the broader macro backdrop still points to a global easing cycle:
- Japan is preparing a $110B stimulus package
- China continues to inject liquidity
- The U.S. QT program ends next month
- Fiscal channels like the proposed $2K stimulus remain active
With economic data releases resuming post-shutdown, investors are watching closely to see whether this is simply a positioning shakeout or the start of broader risk aversion.
In order for crypto to recover meaningfully, BTC and majors need to lead first. Until that happens, the market will continue to rotate through short-term narratives seeking liquidity, without sustainable or longer-lasting.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on LinkedIn and X (Twitter) for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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