Why Is Crypto Down Today? – November 12, 2025

The cryptocurrency market has experienced a decline today, with a market capitalization drop of 1.8%, bringing it down to $3.57 trillion. Similar to yesterday, a significant portion of the top 100 cryptocurrencies have lost value over the last 24 hours. Currently, the overall trading volume in the crypto space is estimated at $154 billion.

Key Takeaways

Today, the cryptocurrency market capitalization has dropped by 1.8% to $3.57 trillion.
Most of the top 10 cryptocurrencies have seen price declines, with notable drops in Bitcoin and Ethereum.
Despite the overall downturn, Tron is the only coin showing a slight increase.
Analysts are observing key price levels for Bitcoin and Ethereum, which may influence future market trends.
Investor sentiment remains cautious due to low ETF inflows and other economic factors.

Why Is Crypto Down Today

Crypto Winners & Losers

As of now, nine out of the top ten cryptocurrencies by market capitalization have experienced price declines in the last 24 hours.

Bitcoin (BTC) has fallen by 1% and is currently trading at $103,854.
Ethereum (ETH) is down 2.6%, with a current price of $3,459, marking the second-largest decrease.
Solana (SOL) recorded the steepest drop of 3.2%, trading at $977.
The only cryptocurrency seeing a positive trend is Tron (TRX), which has risen by 0.5% to $0.2994.

In the larger pool of the top 100 coins, 87 are in the red, with Official Trump (TRUMP) suffering the most significant loss of 6.6%, now valued at $7.81. Following closely behind is Arbitrum (ARB), down 5.6% to $0.2789.

Conversely, Canton (CC) saw an impressive 25.4% increase, trading at $0.1379, while Aster (ASTER) rose by 7.9%, currently priced at $1.16.

While some markets are showing optimism regarding the potential end of the US government shutdown, crypto traders remain cautious. Market sentiment is dampened partly due to low inflows into exchange-traded funds (ETFs).

Large Sums of Idle Capital May Be Coming Back

Experts from Glassnode suggest that Bitcoin is currently trading between $100,600 and $108,500, which they consider critical support and resistance levels. They believe breaking through either of these levels could set the course for the next market trend.

Kevin Rusher, founder of RAAC, a lending and borrowing platform focused on real-world assets, has pointed out that while Ethereum is facing negative sentiment due to its drop from nearly $5,000, “the fundamentals of Ethereum have never been stronger,” largely due to substantial growth in stablecoins.

According to DeFi Llama, the total value locked in Ethereum-based stablecoin real-world asset protocols surged from $133.8 billion in early August to over $167.5 billion by November 11. However, the cryptocurrency market cap decreased from approximately $3.85 trillion to $3.67 trillion in the same timeframe.

In October, Ethereum's stablecoin volume reached an unprecedented $2.8 trillion as traders were drawn to seek yield opportunities via Ethereum-based DeFi protocols due to the overall market slowdown. Rusher describes Ethereum as increasingly favored by Wall Street, particularly due to the growing potential of stablecoins for payment applications.

Bitunix analysts have noted the AI investment sector may be nearing a bubble phase. They suggest that if the US AI market continues to cool, both Bitcoin and Ethereum could see renewed interest from hedge and speculative investors.

Levels & Events to Watch Next

As of Wednesday morning, Bitcoin is priced at $103,854. It has fluctuated from an intraday high of $105,466 to a low of $102,461 but has partially recovered to its current price. Over the past week, Bitcoin dipped below $100,000, reaching $99,376, with a weekly high of $106,562, thus showing a 2.8% increase.

If Bitcoin continues to decline, it could hit $101,400, followed by $99,200. Conversely, a rise above $104,500 is anticipated to signal a resurgence in bullish momentum, potentially targeting $107,500 and $110,500.

Bitcoin Trading Chart

For Ethereum, the price currently stands at $3,459. It saw a gradual decline from its highest point of $3,591 to a low of $3,408 but continues to trade within a narrow range. During the past week, Ethereum fluctuated between a low of $3,216 and a high of $3,633, marking a 5.3% increase in that timeframe.

Ethereum's price could drop below $3,400 and approach $3,250. On the upswing, if it exceeds $3,600, it may trigger bullish momentum towards $3,850.

Market sentiment has taken another dip, moving back into the fear zone with a fear and greed index reading of 26 today, down from 32 the previous day. Despite some positive developments recently, various economic and geopolitical uncertainties continue to concern investors, making the low index not entirely surprising.

Improvements in liquidity and volatility from the market would contribute positively to prices and overall sentiment.

Crypto Market Chart

On Tuesday, the US Bitcoin spot exchange-traded funds (ETFs) recorded $532.98 million in inflows, bringing total net inflows back above $60 billion, now at $60.49 billion. Five out of twelve Bitcoin ETFs experienced inflows, with no outflows. The leading contributors were BlackRock and Fidelity, which secured inflows of $224.22 million and $165.86 million, respectively.

ETF Inflow Chart

In contrast, US Ethereum ETFs faced outflows of $107.18 million as of November 11, reducing total net inflows to $13.75 billion. Among the nine funds, five recorded negative flows, with none gaining, led by Grayscale and BlackRock with outflows of $75.75 million and $19.78 million, respectively.

Ethereum ETF Outflow Chart

Additionally, Bitwise has proposed a spot Chainlink ETF, which has been registered with the Depository Trust and Clearing Corporation (DTCC). Although this registration does not guarantee approval from the US Securities and Exchange Commission (SEC), it often indicates that the product may be close to being launched.

Quick FAQ

Today, the cryptocurrency market has seen a decline once again, while the stock market experienced gains on Tuesday. As of November 11, the S&P 500 was up by 0.21%, the Nasdaq-100 fell by 0.31%, and the Dow Jones Industrial Average rose by 1.18%. Most major indexes closed higher, buoyed by hope for an end to the US government shutdown soon.

The sustainability of the current downturn is uncertain. It may linger for a few days, but analysts anticipate an uptick in prices in the near future.