Crypto Sell-Off Explained: 21shares Market Update Call Nov 19, 2025

Crypto is selling off fast. In this ad-hoc 21shares Market Update Call from November 19, 2025, our Global Head of Research and Chief Investment Strategist explain the factors driving the sharp decline across Bitcoin, Ethereum, Solana, and other altcoins.

This session covers the key questions raised during the drawdown, including whether the current move marks the beginning of a new bear market or a mid-cycle correction. The discussion examines ETF outflows, funding rates, positioning data, macro conditions, and historical drawdown patterns to help contextualize the recent volatility.

Topics discussed include:

• What triggered the sell-off across major crypto assets- Whether this is a new bear market or a mid-cycle pullback
• ETF outflows, funding rates, and their impact on market structure
• Macro conditions, including Federal Reserve policy and broader risk sentiment
• Liquidity dynamics, long/short behavior, and miner economics
• Historical context from previous halving cycles and drawdowns
• Indicators that may signal further downside or stabilizationThis call provides a clear, data-driven overview of the current market environment and the signals the 21shares research team is monitoring.