$BTC As of November 23, 2025, the latest developments in the cryptocurrency market are as follows:

1. Market Trends

- Bitcoin: Continued decline this week, breaking the key support level of $90,000 on November 18, reaching a low of $86,057, marking a seven-month low, currently priced at approximately $86,540. Market sentiment is extremely negative, and panic selling has amplified volatility.

- Ethereum: Weakening in sync, breaking below the $3,000 mark, hitting a low of $2,850, with a 24-hour decline of about 4.5%, forming a correlated downward pattern with Bitcoin.

2. Capital Flows

- ETF Dynamics: Despite the price drop, long-term holders net accumulated 186,000 BTC over the past month, creating the largest accumulation scale in this cycle, indicating that institutions are quietly positioning at the bottom.

- Institutional Holdings: In Q3 2025, institutions purchased approximately 944,000 BTC, with total holdings exceeding 3.8 million BTC, worth about $435 billion, with institutional accumulation exceeding $500 million over the past 30 days.

3. Regulation and Policy

- Ukraine: Plans to legalize cryptocurrencies in Q1 2025, with a tax model resembling that of securities, taxing profits when assets are converted into fiat currency.

- Kenya: Implemented its first cryptocurrency bill on November 4, with Bitcoin ATMs appearing in Nairobi malls, offering cash exchange services for cryptocurrencies.

4. Security Incidents

- Hacker Theft: Total cryptocurrency theft in the first half of 2025 exceeded $2.17 billion, surpassing the total for all of 2024, with an attack by North Korea's Lazarus Group on Bybit leading to approximately $1.5 billion stolen.

5. Macroeconomic Factors

- U.S. Policy: Trump's administration's cryptocurrency policies, Federal Reserve monetary policy, and U.S. government debt are seen as the three major influencing factors for Bitcoin in 2025. Strategic Bitcoin reserve plans and pro-cryptocurrency nominations may drive the market, but high interest rates and tariff policies could exacerbate inflation and limit room for rate cuts.

- Stablecoins and ETFs: Citigroup points out that six major factors, including stablecoin issuance, ongoing capital influx into spot ETFs, and relaxed regulations, will determine the trends of cryptocurrencies in 2025.

6. Industry Outlook

- Bitstamp CEO: Predicts that cryptocurrencies will strengthen and gain global recognition in 2025, with ETFs and increased regulatory transparency driving mainstream adoption.

- Coinbase Research Report: Believes that the Federal Reserve's rate cuts in 2025 and a pro-cryptocurrency Congress in the U.S. will support high-risk assets, with budget deficit spending potentially further boosting cryptocurrency valuations.