Gemini co-founder Cameron Winklevoss addressed investors Tuesday, saying the fall in Bitcoin’s price below $90,000 could represent a final buying opportunity after the currency fell below that level, erasing its gains in 2025 and reigniting the market cycle debate. The price of Bitcoin fell from its all-time high of over $126,000 on October 6 to below $90,000, causing it to lose around $600 billion in market value and return to levels not seen in seven months. This decline has reignited the familiar debate between bulls and bears on cryptocurrency trading desks.
On the other hand, traders speak of “cyclical panic”. Lacking a single primary reason for the selloff, many are returning to the scenario of Bitcoin halving every four years, even though significant institutional investment has made this framework less clear than in previous periods.
This is the last time you will be able to buy bitcoins below $90,000!
-Cameron Winklevoss (@cameron) November 18, 2025
Government shutdown and trade tensions add burden to cryptocurrency market
Macroeconomic conditions provide the backdrop to the current landscape, as the ongoing government shutdown, ongoing trade war concerns, and low liquidity have put pressure on higher-risk assets, making cryptocurrencies more vulnerable to fluctuations in dollar strength, interest rate expectations, and the general mood of global growth.
Analysts believe that Bitcoin trading has moved closer to the behavior of assets linked to macroeconomics, and is no longer just a supply-driven tool.
Leverage has also accelerated this decline, as last month approximately $19 billion in leveraged positions were liquidated, a process that worsened as long-term holders of the currency took profits. The current correction coincides with the period when Bitcoin price peaks in previous cycles, i.e. between 400 and 600 days after the April 2024 halving event.
Bearish positions outpace bullish positions as outflows from exchange-traded funds (ETFs) worsen
Blockchain data since mid-November shows a clear movement among whales (large investors). A Bitunix analyst explained that groups of wallets holding more than 1,000 Bitcoins engaged in concentrated selling that pushed the price from levels below $100,000 to around $97,000, while platform and derivatives data indicate simultaneous selling pressure.
The analysis shows that whale bears’ positions are now outpacing bulls, as blockchain data reveals approximately $2.17 billion in bearish positions compared to $1.18 billion in bullish positions, coinciding with a continued outflow of net investments from Bitcoin exchange-traded funds (Bitcoin ETFs) over a five-week period, amounting to billions of dollars.
Derivatives traders also tended to buy puts in the $90,000 to $95,000 range as a hedge, reflecting increased demand for protection at lower levels.
Reports from Glassnode and MarketVector indicate that the current move is classified as an organized sell-off by long-term holders of the coin, rather than a random liquidation. But at the same time, this confirms that the market’s capacity to absorb this supply has significantly decreased.
As ETF redemptions continue and the pace of institutional allocation declines, waves of selling are likely to push the market further down and create successive waves of liquidation.
Strong declines have historically paved the way for new highs for Bitcoin
Technically, analysts view the $100,000 level as resistance and the $93,000 area as a key support that could determine the direction of the next move.
Bitunix highlights that the most important indicators to watch include the movement of whale wallets, the behavior of ETFs, and the position of traders in the options market. The transformation of these three factors into increased spot investment, reduced exposure to bearish positions, and decreased implied volatility is evidence of the return of real demand to the market, not just short-term hedging of bearish positions.
Institutional activity is not absent from the scene either, as MicroStrategy announced on Monday the purchase of an additional 8,178 Bitcoins, at an average price of $102,171, for a value of approximately $835 million, strengthening its position as one of the largest companies holding the currency.
Regarding Winklevoss’ talk that this may be the last opportunity to buy below the $90,000 level, it reflects a familiar idea in the digital currency market; Sharp declines have always preceded higher highs, although their evolution depends as much on global liquidity and economic policies as on halving and network cycles.
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