Markets are experiencing turbulence today with Bitcoin facing downward pressure, while Pi Network hints at a potential bullish breakout. Here’s your briefing for Thursday, November 20, 2025.
Bitcoin slips below $90,000 as ETF outflows mount
Bitcoin has extended its losses, now trading around $88,600 – its lowest level since April and beneath the pivotal $90,000 threshold. This decline stems from a significant turnaround in Spot Bitcoin ETF flows, with almost $3 billion in gross outflows recorded this month. Analysts suggest that the waning ETF demand is eroding the market’s underlying support.
- ETF outflows are removing a crucial demand source, increasing market vulnerability.
- Bitcoin’s price has now dipped below essential cost-basis levels, indicating weakening market health.
- Derivatives markets show subdued activity, with traders increasingly opting for downside protection.
- US-based ETF holdings have sharply declined from 441K BTC on October 10 to just 271K BTC today.
“Retail investors are not buying the dip,” remarked Julio Moreno, head of research at CryptoQuant. “The absence of new bids from institutional players raises significant concerns.”
Pi Network: Bullish setup amid falling exchange supply
Conversely, Pi Network (PI) is surfacing as a beacon of strength amidst Bitcoin’s struggles. The coin has formed a potentially bullish technical setup, bolstered by dwindling exchange supply and increased dip-buying activity. Recently, it successfully defended the $0.225 support zone, igniting renewed interest among traders.
- Current price stands at $0.23266449, sporting a market cap of $1.93 billion.
- Technical indicators suggest a breakout may occur if the $0.2515 resistance level is surpassed.
- Some analysts foresee a potential rise to $0.315 if momentum continues to build.
- Pi Network asserts MiCA compliance, pushing for regulated exchanges within the EU.
However, not all forecasts project optimism. Some models indicate a possible decline to $0.1894 by December 20, 2025, particularly concerning given the Fear & Greed Index sitting at a dire 11 (Extreme Fear). Still, recent price movements and increased trading activity hint at the possibility of a recovery.
Other notable crypto news
- Ethereum is currently testing key $2,800 levels, and analysts are watching for potential upside.
- XRP is poised in a bullish breakout zone ahead of the upcoming Bitwise spot ETF launch.
- Solana has fallen through support in a widespread crypto sell-off, with analysts warning of a drop to $120.
- Zcash is looking to break out from an inverse head-and-shoulders pattern, targeting a 40% gain.
- Dogecoin has managed to hold above $0.15 with a double bottom forming, suggesting a possible rally.
- Kraken has confidentially filed for an IPO amid ongoing sector volatility.
- BlackRock moves closer to launching its Ethereum staking ETF.
- India has introduced a rupee-pegged digital asset named Arc, in collaboration with Polygon and Anq.
Market sentiment and outlook
The overall sentiment in the crypto market remains cautious. Ongoing ETF outflows, weak spot demand, and muted derivatives activity are fostering a risk-averse atmosphere. Nevertheless, some assets, such as Pi Network and Zcash, exhibit resilience, implying that potential opportunities exist even amidst a general downturn.
Traders should stay vigilant, monitoring vital support and resistance levels, keeping a close watch on ETF flows, and remaining alert for quick changes in market sentiment.
Key takeaways
- Bitcoin is facing strain, with ETF outflows and lackluster spot demand contributing to the decline.
- Pi Network is exhibiting a bullish setup, though volatility remains a factor.
- Altcoins like Ethereum, XRP, and Zcash are testing crucial price levels.
- Ongoing regulatory developments and product launches are influencing the marketplace.
Stay tuned for more updates as the market evolves.
For more on this topic see our deep-dives on Bitcoin ETF Inflows Lift BTC While Pi Network Turns Bearish, Bitcoin and Oil-Market Shocks: How Geopolitics and ETF Inflows Move BTC, and Bitcoin Price, Iran Tensions and Miner Selling: Reading Crypto Risk.
What our analysts watch: Three lenses dominate our reading of the equity tape. Sector rotation tells us where capital is moving (defensives versus cyclicals, value versus growth). Earnings revisions show whether analyst expectations are catching up to or trailing reality. Real yields and the dollar set the discount rate that valuation multiples respond to. When earnings estimates rise faster than the index price and real yields stabilise, the setup tends to favour patient longs.
Frequently asked questions
How much money do I need to start trading stocks?
Many regulated brokers now allow account opening with no minimum deposit and offer fractional shares for as little as $1. A practical starting balance for a long-only beginner is $500 to $2,000, enough to diversify across a handful of positions without paying meaningful percentage spreads. The U.S. SEC publishes investor education resources worth reading before opening an account.
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A stock is direct ownership in a company. An ETF is a basket of stocks (or other assets) traded as a single security. A CFD (contract for difference) is a leveraged derivative that tracks the underlying price without conferring ownership. Each has different cost, tax, and risk profiles. ESMA imposes leverage caps on retail CFDs in the EU and UK.
How do I choose a trustworthy broker?
Verify regulation with a tier-one authority (SEC/FINRA in the US, FCA in the UK, BaFin in Germany, ASIC in Australia, CySEC for EU passporting). Check segregated client funds, negative-balance protection, transparent fees, and a clean disciplinary record. Avoid any platform offering guaranteed returns or pressuring deposits. The FINRA BrokerCheck tool is free.
Should I day-trade or invest long-term?
Most retail accounts that day-trade lose money over time. Long-term passive investing in diversified index ETFs has historically delivered competitive returns with far less effort and lower stress. Active day-trading can work, but it requires capital, an edge proven over hundreds of trades, and the time to monitor positions intraday. Start passive; layer active only after the basics are durable.
Related guides
- Bitcoin explained
- Ethereum explained
- Cryptocurrency trading
- Crypto trading platforms
- Best crypto investments
What Alexander Bennett watches: The Volity desk runs ETF flow data through three filters before forming a view. First, net flow versus gross flow, because high churn with neutral net is noise. Second, issuer concentration, because rotation between products is benign while broad outflows are not. Third, the relationship to spot price action, because outflows during a rally are healthy profit-taking while outflows into weakness signal capitulation. Without those filters, the daily flow headline is just an emotional input.
Volity analyst FAQ
What causes Bitcoin ETF outflows?
Outflows result from a mix of profit-taking after rallies, tax-driven rebalancing, macro derisking when broader markets sell, and rotation between ETF issuers seeking better fee structures or liquidity. The SEC spot Bitcoin ETF approval order sits as the foundational document; daily flows can be tracked across the major issuer disclosure feeds aggregated on financial-data platforms.
How do ETF outflows affect Bitcoin price?
Mechanically, ETF redemptions force the issuer to sell underlying Bitcoin into the spot market, adding sell-side pressure. The price impact depends on size relative to spot liquidity and the timing of the print. Small steady outflows absorb cleanly; large concentrated redemptions amplify intraday moves. The CoinDesk reporting on the spot ETF era explains the structural mechanics that connect creation/redemption to spot.
Is Pi Network actually positioned to rally during BTC weakness?
Altcoin behaviour during BTC weakness depends on the dominance regime. When BTC dominance is rising, even a Pi Network rally tends to fade against BTC. When dominance is rolling over and rotation into longer-tail assets begins, thinly traded coins can spike on modest flows. Treat any “altcoin rally” claim during a BTC drawdown as conditional on the dominance reading, not a standalone forecast.
Should I sell Bitcoin during ETF outflow days?
Selling on flow-driven down days locks in losses that often retrace within the same week, particularly when the outflow concentrates in one issuer rather than the full slate. Investors with multi-year theses should ignore single-day flows; tactical traders should size positions to survive at least a multi-week outflow run before letting flow data drive entries. The Investopedia Bitcoin primer covers the long-arc context for holding through flow volatility.
