The cryptocurrency market remained under pressure on Nov 24, with Bitcoin and Ethereum extending their November slide amid thinning liquidity, persistent ETF outflows and rising macroeconomic uncertainty.
Bitcoin traded between the US$85,461 and US$88,005 range after dropping roughly 33% from its October peak. Ethereum mirrored the weakness, fluctuating between US$2,765 and US$2,862 as it struggled to hold support near the US$2,700 region.
Market analysts say the downturn reflects a combination of risk-off macro sentiment, continued institutional rotation out of spot ETFs and technical exhaustion after months of overheated price action. Recent stable-coin supply contraction has further signalled declining risk appetite.
Despite the correction, some stabilising signs emerged over the weekend. A sharp round of liquidations, totalling nearly US$200 million, helped reset leveraged positions, leading to a modest rebound on Nov 23 as traders speculated that selling pressure may be nearing exhaustion.
Infrastructure developments also provided a counterweight to the negative sentiment. The Singapore Exchange launched regulated perpetual futures for Bitcoin and Ethereum on Nov 24, opening a new institutional gateway into an asset class increasingly shaped by derivatives demand. Industry observers say the move underscores Asia’s growing role in advanced digital-asset markets.
Still, analysts warn that sustained recovery will require stronger inflows and a supportive macro backdrop. With rate-cut expectations softening and inflation volatility lingering, crypto continues to behave like a high-beta asset vulnerable to broader market jitters.
For businesses with crypto exposure, the current climate highlights the need for tighter hedging strategies and reassessed risk frameworks. Trading desks expect a period of consolidation or further downside unless a clear catalyst such as renewed ETF inflows or improved liquidity conditions emerges.
Key levels to monitor include Bitcoin’s US$78,000-US$84,000 support band and Ethereum’s US$2,600-US$2,800 zone. A breakdown below those thresholds could trigger deeper losses across the large-cap crypto market.
