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Friday Nov 28 2025 16:00
2 min
The crypto market's most turbulent period of 2025 resulted in a significant drawdown that erased over $1.2 trillion in value, sending Bitcoin (BTC) plummeting from its brief $120,000 peak to the $80,000 range. For many investors, the speed and severity of the selloff stirred déjà vu from 2017 and 2022. However, experts suggest this downturn is different—and far less catastrophic—than the headlines imply.
Macro analyst and author of the Crypto is Macro Now Substack, Noelle Acheson, argued that the latest dip is "not a big deal" and, crucially, "not systemic." Instead, she characterized it as a liquidity-driven correction sparked by shifting expectations surrounding Federal Reserve rate cuts. "Bitcoin is one of the most sensitive assets to liquidity sentiment," Acheson asserted, pointing out that Bitcoin’s supply is fixed and demand is entirely sentiment-driven.
She also highlighted an unprecedented shift: during this downturn, Bitcoin and Ether (ETH) market dominance fell not because investors rotated into safer crypto assets but because they rotated out of crypto entirely and into non-crypto markets. To her, this is evidence that crypto is now deeply intertwined with macroeconomic forces and institutional positioning.
For Tim Meggs, CEO and co-founder of Lo:Tech, the downturn has revealed something else: maturity. Unlike past crashes that saw cascading liquidations and corporate failures within days, this drawdown has been "measured," he said, reflecting the slower decision cycles of institutional investors now active in the space. "Institutions don’t operate at the pace retail does."
Meggs also outlined the real-time signals his firm monitors—volatility, open interest, liquidations, and exchange activity—noting recent stabilization and early signs of renewed positioning. Corrections, he said, are not only expected but healthy: "Flushing out excess leverage isn’t a bad thing."
Meanwhile, trader and author of the book The Crypto Trader, Glen Goodman, described how the absence of a strong market narrative has intensified the downturn. In past cycles, Bitcoin rode waves of collective belief from “global currency” to “digital gold.” Today, he argued, crypto lacks an equivalent narrative, making it more vulnerable to tech-stock volatility and macroeconomic pressure.
Risk Warning: This article represents only the author’s views and is provided for informational purposes only. It does not constitute investment advice, investment research, or a recommendation to trade, nor does it represent the stance of the Markets.com platform. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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