- Ethereum price slid about 10% to near $2,600 as the broader crypto market plunged.
- The altcoin’s fall coincided with more than $400 million in 24‑hour ETH liquidations.
- Despite the sell‑off, BitMine used the dip to add more ETH to its treasury.
The cryptocurrency market entered its most severe downturn since October, with Ethereum (ETH) dropping below $2,700 amid a widespread sell‑off. On November 21, 2025, investor concerns around a broader market correction pushed Bitcoin to fresh multi‑month lows and sent ETH to levels not seen since July.
Volatility intensified liquidation pressures, prompting analysts to warn of a potential bearish phase for major digital assets. Some analysts even now discuss the possibility of Bitcoin retreating toward $80,000 next.
Ethereum falls below $2,700
Ethereum’s price plunged sharply on Friday, November 21, extending 24‑hour losses to more than 10%. The top altcoin fell from intraday highs near $3,039 to lows around $2,660 as global risk assets experienced renewed turbulence.
The move came alongside roughly $400 million in leveraged ETH positions being liquidated over a 24‑hour window. Most of those liquidations were long positions, with approximately $374 million wiped out during the rout.
Overall global liquidations approached $2 billion across crypto markets, with Bitcoin bearing the largest share—more than $940 million in positions were closed out.
The sell‑off also reflected in persistent outflows from cryptocurrency investment products. Spot Bitcoin and Ethereum exchange‑traded products recorded back‑to‑back net outflows, while some other products saw inflows. On November 20, spot Bitcoin ETFs lost about $903 million, and Ethereum spot ETFs logged $262 million in outflows. At the same time, Solana spot ETFs registered roughly $23.6 million in net inflows.
Ethereum’s failure to hold the $2,800 support level and the subsequent drop toward $2,600 raise the risk of further weakness if buyers do not mount a quick recovery. Crypto analyst Ted pointed to $2,500 as the next key level to watch if ETH cannot reclaim $2,800 soon.
$ETH has lost its $2,800 support level.
Ethereum just dropped to the $2,650 zone and is now trying to recover.
If ETH doesn’t reclaim the $2,800 level soon, expect a drop towards the $2,500 level. pic.twitter.com/uveWA7HS1g
— Ted (@TedPillows) November 21, 2025
BitMine buys the dip
Market pressure was broad: equities turned lower and Bitcoin surrendered support near $92,000, falling to around $82,002 on major exchanges by Friday morning. The pullback coincided with a challenging macroeconomic backdrop, where uncertainty over US interest rate timing and stimulus measures abroad influenced sentiment.
Despite the market slump and deteriorating investor confidence, BitMine—the largest corporate ETH treasury—used the downturn to increase its holdings. The Nasdaq‑listed company disclosed that it purchased an additional 17,242 ETH, valued at roughly $44.46 million on November 20, bringing its total holdings to about 3.62 million ETH.
Tom Lee(@fundstrat)’s #Bitmine bought another 17,242 $ETH ($44.46M) today, and now holds ~3,623,002 $ETH ($10.4B). pic.twitter.com/ENKqzH8g17
— Lookonchain (@lookonchain) November 21, 2025
BitMine’s continued accumulation amid falling prices highlights a divergence between short‑term market sentiment and some institutional strategies that view current levels as buying opportunities. The purchases reinforce the company’s long‑term conviction in Ethereum’s potential.
However, not all commentary is positive. Crypto research firm 10x Research reported that BitMine Immersion Technologies is facing substantial unrealized losses after the recent correction pushed ETH to multi‑month lows. According to the report, BitMine is down more than $1,000 per ETH, implying roughly $3.7 billion in unrealized losses before considering any valuation premium public‑market investors may have paid.
10x Research also noted that treasury companies could encounter challenges attracting new retail investors while existing shareholders remain exposed to significant paper losses. That dynamic may constrain fresh capital inflows to such firms until market conditions stabilize.
In short, the current market episode underscores heightened risk in crypto markets: sharp price moves trigger large liquidations and portfolio stress, but they also offer buying windows for entities with confidence in the long‑term thesis for assets like Ethereum. How prices behave around key support levels—especially $2,800 and $2,500—will likely shape the near‑term market narrative.