Glassnode denies Bitcoin has hit bottom
After Bitcoin's fall below $94,000 at the start of the week, traders actively bought short-term put options with an expiration price of $75,000. This was noted by Glassnode.
75K Put Premium
Short- and mid-term 75K puts have been heavily bought since BTC lost the 94K level. The options market isn't signaling a bottom yet and is leaning toward the risk of a deeper move.https://t.co/EjNiVN7l4F pic.twitter.com/tvLWG9SVM7
— glassnode (@glassnode) November 21, 2025
Dominant positions in put contracts indicate expectations that prices will decline below the strike level.
“The options market hasn't yet signaled a bottom and is leaning toward the risk of a deeper move,” concluded the analytical platform's experts.
The total volume of put option bets reached 67.6%. Traders aggressively hedged the decline by buying longer-term contracts.
The dynamics of the weekly and monthly volatility indices signaled “extreme panic” in the short term, analysts added.
On November 21, the first cryptocurrency fell below the $85,000 mark.
Previously, analyst Axel Adler Jr., using three key metrics for institutional investors, identified two critical points for Bitcoin's current correction. One was $87,000, the other $74,000.
Experts from XWIN Research have suggested that prices could remain stuck in the $60,000-$80,000 range by the end of the year. This scenario could materialize if the US Federal Reserve decides not to cut its key interest rate in December.
Recovery Prospects
A trader nicknamed EgyHash believes that an increase in whale activity is necessary for a bullish reversal.
A Market Without Whales: Retail Fatigue Pushes Bitcoin Into Deeper Declines
“Unless significant institutional demand returns or retail participation meaningfully recovers, Bitcoin is likely to remain under pressure.” – By @EgyHashX pic.twitter.com/6RRc3g8m3S
— CryptoQuant.com (@cryptoquant_com) November 21, 2025
Futures market metrics have signaled the exit of major players in recent months. Now, smaller investors have joined in, further reducing the liquidity of the digital gold market, the expert noted.
“Unless there is a significant recovery in institutional demand or a return of retailers, Bitcoin is likely to remain under pressure, with limited prospects for a strong rebound in the near future,” EgyHash concluded.
Swissblock analysts noted that Bitcoin's Risk-Off metric has approached the capitulation zone. These values corresponded to the major price lows of the past two years.
The Risk-Off Signal is just inches from the capitulation zone, the same zone that has marked major BTC bottoms in the past two years.
We're entering the final stretch of seller exhaustion.
Once it rolls over, BTC snaps into a bottoming phase with sharp, fast rebounds. pic.twitter.com/hFPdG8IPmm
— Swissblock (@swissblock__) November 21, 2025
“We're entering the final phase of seller exhaustion. As soon as the Risk-Off signal reaches its low, BTC will bounce back sharply and quickly,” the experts stated.
As a reminder, Bernstein researchers believe that the current Bitcoin correction will be short-lived and will not mark the beginning of a large-scale downtrend.
Source: cryptonews.net
