Bitcoin decided to take another nosedive on Sunday afternoon, hitting a new six-month low of $93,000. Because nothing says “weekend vibes” like watching your imaginary internet money evaporate. 🎢 The best part? There’s no obvious reason for this crash-just crypto being its usual dramatic self.
But don’t worry, the analysts from the Kobeissi Letter (who definitely don’t panic-tweet from their bathtubs) believe this isn’t just another Tuesday in Cryptoland. Nope, they’re calling it a ‘structural’ bear market-which sounds fancy but really just means “everyone’s freaking out and selling.”
Why Such Big Moves? (AKA: Why Are We Like This?)
Before we dive into the ~structural~ drama, let’s recap the chaos. Bitcoin has lost 25% since its early October high, which, honestly, is just crypto’s way of keeping us humble. The analysts admit this drop is “strange,” which in crypto-speak translates to “we have no clue, but here’s a buzzword.”
“There haven’t been many material bearish developments on the fundamental side of crypto. Just days ago, President Trump said America being ‘number one in crypto’ is his top priority.”
Oh, great. Because if there’s one thing that screams “stable investment,” it’s a politician suddenly caring about Bitcoin. Meanwhile, inflation is down, interest rates are cut, and global trade wars are cooling off-so naturally, crypto decides to implode. Makes perfect sense. 🙃
The analysts blame this mess on “structural and mechanical” factors, which is just a fancy way of saying “institutions ran for the hills.” Crypto funds saw $1.2 billion in outflows in early November, setting a record for “fastest money evacuation since my last Zoom meeting.”
But here’s where it gets ~spicy~. The Kobeissi Letter points out that crypto traders love leverage like I love Diet Coke-way too much, and with zero self-control. So when prices dip, it’s not just a correction; it’s a full-blown liquidation apocalypse.
As a result, when these sudden downswings happen in crypto, liquidations surge.
As seen on October 10th, the -$19.2 billion liquidation spree led to the first ever $20,000 BTC daily candlestick.
Excessive levels of leverage have resulted in a seemingly hypersensitive market.
– The Kobeissi Letter (@KobeissiLetter) November 16, 2025
What’s Next? (Spoiler: More Pain)
The post notes that 3 of the last 16 trading days saw liquidations over $1 billion, and $500 million days are now as common as my existential crises. Combine that with ‘thin’ volume (aka “nobody’s buying this dip”), and you’ve got a recipe for violent price swings-or as I call it, “Tuesday.”
The Fear and Greed Index is now at February levels, which, coincidentally, is also when I gave up on my New Year’s resolutions. BTC is still up 25% since April, but try telling that to the guy who just liquidated his life savings.
“Leverage is amplifying shifts in investor sentiment,” the analysts said.
Translation: “People are panicking, and it’s making everything worse.” Groundbreaking.
Still, the analysts insist the bottom is near because “the wrinkles will work their way out.” Sure, Jan. Because nothing says “market recovery” like blind optimism and a prayer.
Therefore, when you really zoom out, it seems that crypto is in a “structural” bear market.
The fundamental value of crypto has only improved, but market dynamics are shifting.
As with any efficient market, the wrinkles will work their way out.
We think the bottom is near.
– The Kobeissi Letter (@KobeissiLetter) November 16, 2025
Famous last words. 🍿
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2025-11-17 10:03