Bitcoin below $81,000: Analysts name the main reasons for the decline

Bitcoin price fell below $81,000.
Experts attribute the collapse to a decrease in liquidity and macroeconomic risks.
The sale of assets by DAT companies is also cited as one of the reasons for the decline.

On November 21, 2025, the price of Bitcoin plummeted below $81,000. At the beginning of the month, the leading cryptocurrency was trading near $110,000. Analysts attribute this sharp decline to several factors: declining liquidity, macroeconomic risks, unprofitable mining, and others.

Ki Young Ju, CEO of the analytics platform CryptoQuant, noted that the market situation is worse than expected. He stated that macro liquidity is currently more important than the on-chain cycle: dollar liquidity is shrinking, risky assets are being sold, and this trend will likely continue until next year, when liquidity begins to soften.

Ki Young Joo added that he is not an expert in macroeconomics, so he relies on the opinions of experienced analysts, in particular Luca Gromen.

The latter says the US fiscal deficit is very large, and foreign demand for government bonds has weakened. Without new liquidity, the Treasury bond market is becoming unstable, but when liquidity returns next year, scarce assets like gold and Bitcoin should begin to rise, Gromen said.

Financial analyst Jacob King believes Bitcoin faces “a lot of chaos” in the coming months. He notes that Bitcoin mining is currently at its most unprofitable point in a decade. The current cost of 1 BTC exceeds $112,000, while the market price is much lower. This could lead to widespread equipment shutdowns, a drop in hash rate, and a further collapse, the expert noted.

PlaceholderVC partner Chris Burniske linked the decline to the activity of Digital Asset Treasuries (DATs)—companies that accumulate cryptocurrency. He said they have begun selling assets, and this process is only just beginning.

In particular, Lookonchain reported on the financial status of the following companies:

Strategy holds approximately 650,000 BTC, purchased at an average price of $74,433. Profit is approximately 12%;
Bitmine has over 3.5 million ETH with an unrealized loss of $4.5 billion;
Forward Industries holds 6.8 million SOL with a loss of over $700 million.

Glassnode analysts stated that the amount of Bitcoin in realized losses has reached levels last seen during the FTX crypto exchange crash in November 2022. They explained that this was primarily due to short-term holders selling en masse.

Bloomberg also noted, citing JP Morgan analysts, that Strategy faces a real threat of being excluded from the major indices that have ensured its presence in traditional portfolios.

Experts have warned that Strategy could lose its place in indices such as the MSCI USA and Nasdaq 100. If MSCI makes such a decision, up to $2.8 billion could leave the market, and even more if other index providers join in. Passive funds associated with the company already control approximately $9 billion in market value. The decision is expected by January 15, 2026, according to the report.

An analyst using the pseudonym KAY believes that if this happens, there will be a massive outflow of MSTR shares, which will affect the leading cryptocurrency.

Ultimately, experts named the following as the main reasons for the market collapse: