Why Is Crypto Down Today? – November 12, 2025

The crypto market is down today, with the cryptocurrency market capitalisation decreasing by 1.8%, now standing at $3.57 trillion. Much like yesterday, a large majority of the top 100 coins have dropped over the past 24 hours. At the same time, the total crypto trading volume is at $154 billion.

TLDR:

Crypto Winners & Losers

At the time of writing, 9 of the top 10 coins per market capitalization have seen their prices decrease over the past 24 hours.

Bitcoin (BTC) has dropped by 1% since this time yesterday, currently trading at $103,854.

Bitcoin (BTC)24h7d30d1yAll time

Ethereum (ETH) is down by 2.6%, now changing hands at $3,459. This is the second-highest decrease.

The highest drop in the category is 3.2% by Solana (SOL), which trades at $977.

The only green coin is Tron (TRX), which appreciated 0.5% to the price of $0.2994.

Looking at the top 100 coins, we find 87 of them in the red. Official Trump (TRUMP) fell the most: 6.6% to $7.81.

It’s followed by Arbitrum (ARB), which fell 5.6% to the price of $0.2789.

On the other hand, Canton (CC) appreciated the most: 25.4% to $0.1379, while Aster (ASTER) saw an increase of 7.9%, now standing at $1.16.

And while optimism grows across various markets that the US is close to ending its government shutdown, crypto traders and investors remain cautious, and the sentiment remains subdued due to weak ETF inflows.

Large Sums of Idle Capital May Be Coming Back

Glassnode analysts have commented that BTC sits between $100,600 and $108,500 – the levels that act as support and resistance.

A break of either one of the two is “likely to define the next directional trend,” they write.

When it comes to ETH, Kevin Rusher, founder of RAAC, a real-world-asset (RWA) lending and borrowing ecosystem, noted that there was negative sentiment due to ETH’s decline from nearly $5,000. However, he says, “the fundamentals of Ethereum have never looked stronger, which is being driven by massive growth in stablecoins.”

Per DeFi Llama, the total value locked in stablecoin RWA protocols on Ethereum increased from $133.8 billion at the beginning of August to over $167.5 billion on 11 November. Yet, in the same period, the total crypto market cap declined from around $3.85 trillion to $3.67 trillion.

Moreover, last month, Ethereum stablecoin volume hit a record $2.8 trillion “as the broader market slowdown seems to have driven traders to seek further yield opportunities through stablecoins on Ethereum-based DeFi protocols.”

Finally, Ethereum is also “emerging as Wall Street’s favourite blockchain thanks to the potential for stablecoins as a “viral” use case for payments,” Rusher writes.

Meanwhile, Bitunix analyst commented on the AI investment boom potentially entering its late-stage bubble phase. “If the US AI sector continues to cool, both BTC and ETH could attract renewed flows from hedging and speculative capital.”

They continue: “As overvalued tech stocks face correction risks, some capital may rotate out of equities and flow into high-beta assets — with crypto emerging as a natural alternative.”

Levels & Events to Watch Next

At the time of writing on Wednesday morning, BTC trades at $103,854. The coin has dropped from the intraday high of $105,466 to the intraday low of $102,461, before recovering somewhat to the current price.

Notably, over the past week, the price saw a dip below $100,000, hitting $99,376. The highest point in this timeframe was $106,562. It’s up 2.8% in a week.

Should BTC continue dropping, it could hit $101,400 followed by $99,200. Conversely, a rise above $104,500 could confirm renewed bullish momentum, targeting $107,500 and $110,500

Ethereum is currently changing hands at $3,459. It had a more gradual decrease from the day’s high of $3,591 to the low of $3,408. It’s still trading in a relatively tight range.

When it comes to the 7-day timeframe, ETH moved between the low of $3,216 and the high of $3,633. It’s up 5.3% in a week.

The price could still drop below $3,400 and towards $3,250. However, if the price goes above $3,600, a bullish momentum could proceed towards $3,850.

Ethereum (ETH)24h7d30d1yAll time

Moreover, the crypto market sentiment has decreased again, after yesterday’s brief rise. It remains within the fear zone. The crypto fear and greed index stands at 26 today, compared to 32 this time a day ago.

Despite beneficial news over the past couple of days, there are still many economic and geopolitical factors concerning to investors. Therefore, given the lack of overall stability, low index is not surprising.

Improvement in liquidity and volatility would be beneficial to the prices, as well as the sentiment.

ETFs See a Mixed Picture

On Tuesday, the US BTC spot exchange-traded funds (ETFs) recorded $532.98 million in inflows. Thanks to this, the total net inflow is back above $60 billion, now standing at $60.49 billion.

Five of the 12 BTC ETFs recorded inflows, and there were no outflows. The top gainers are BlackRock and Fidelity, with $224.22 million and $165.86 million, respectively.

On the other hand, the US ETH ETFs saw outflows of $107.18 million on 11 November. With this change, the total net inflow pulled back to $13.75 billion.

Of the nine funds, five recorded negative flows, and none saw positive flows. The reddest of the five are Grayscale and BlackRock, letting go of $75.75 million and $19.78 million, respectively.

Meanwhile, Bitwise’s proposed spot Chainlink ETF has appeared on the Depository Trust and Clearing Corporation (DTCC) registry.

Though this doesn’t guarantee an approval by the US Securities and Exchange Commission (SEC), it is typically seen as a strong signal that a product is close to its launch.

Quick FAQ

1. Why did crypto move against stocks today?

The crypto market has decreased again over the past day, while the stock market closed higher on Tuesday. By the closing time on 11 November, the S&P 500 was up by 0.21%, the Nasdaq-100 decreased by 0.31%, and the Dow Jones Industrial Average rose by 1.18%. Most major indexes closed higher amid hopes the US government shutdown would end soon.

1. Is this drop sustainable?

The sustainability of the current drop is questionable. While it may persist for a few days, analysts expect that we will see prices increase in the near term.

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