BlackRock has transferred a significant amount of BTC to the crypto exchange Coinbase, sparking concerns about a sell-off. This comes as the Bitcoin price continues to struggle to break above $90,000 successfully. 

Bitcoin Price At Risk as BlackRock Transfers BTC

Arkham data shows that Blackrock deposited 2,201 BTC ($192.13 million) into Coinbase, putting the Bitcoin price at risk of further decline amid increasing selling pressure. The move followed the outflow recorded by BlackRock’s BTC ETF on December 26, with Bitcoin funds as a group seeing a net outflow of $275.88 million. 

Related Reading

These Bitcoin ETFs are currently on a seven-day outflow streak, which also prompted BlackRock to deposit 6,174.39 BTC last week, likely to offload these coins and redeem shares of its BTC fund. The Bitcoin price has struggled to break above $90,000 amid these outflows from the BTC funds. 

Notably, the Bitcoin price had broken above $90,000 on December 28 but quickly lost those gains yesterday as BlackRock moved the coins to Coinbase. Crypto pundit Martini claimed that BlackRock wasn’t the only one putting significant selling pressure on the flagship crypto. He alleged that Binance, Wintermute, Coinbase, and Fidelity also sold a significant amount of BTC, collectively dumping $3.5 billion yesterday. 

Crypto pundit Bull Theory claimed that there was a weekend manipulation as the Bitcoin price pumped $3,000 and broke $90,000, liquidating $103 million worth of shorts this Sunday. He then noted that on Monday morning, BTC dumped $2,700 and liquidated $40 million worth of longs, erasing its entire pump in the process. With the current price action, BTC is heading for a red yearly close, as it is currently down over 6% year-to-date (YTD). 

BTC Could Bottom Out Soon Against Other Major Assets

In an X post, crypto analyst Kevin Capital stated that most of the data continues to become more favorable for the Bitcoin price, putting in a bottom against the equity markets and gold in the coming weeks. He added that the data also points to the flagship crypto outperforming these assets. The analyst stated that this was based on just factual data and not emotions.  

Related Reading

The Bitcoin price had notably outperformed these major assets at the start of the year but has since fallen behind, following the October 10 crypto crash. Gold is up 66% year-to-date while the S&P 500 is up 17% since the start of the year. Crypto analyst Ted Pillows also predicted that BTC could soon rally, noting that the long-term holders have stopped selling for the first time since July 2025. 

At the time of writing, the Bitcoin price is trading at around $87,300, down over 3% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Pixabay, chart from Tradingview.com

According to exchange and on-chain data, global crypto markets plunged Friday as prices slid and forced a widespread sell-off. Bitcoin fell under $83,000, while Ethereum traded below $2,800. The breakdown sent roughly $2 billion of positions into liquidation, knocking confidence and prompting quick losses across major tokens.

Related Reading

Heavy Liquidations Rock Traders

Reports show more than 390,000 accounts were wiped out during the move. One single BTCUSD order on Hyperliquid stood out at $37 million, a sign of how fierce the selling became. Bitcoin bore the brunt: about $962 million of BTC positions were erased within 24 hours, with long bets making up nearly $931 million of that total. These figures underline how concentrated the damage was among those betting on higher prices.

Long Positions Versus Shorts

Long liquidations across the market approached $1.78 billion, while short liquidations were much smaller at close to $130 million. A rapid shift followed a strong US jobs report, which removed odds of a December rate cut and triggered roughly $450 million in liquidations in just two hours. That macro surprise appears to have fed directly into traders’ risk management systems.

Options Expiry Raises Stakes

Derivatives activity added pressure as more than $4.2 billion of crypto options were due to expire that day. Over 39,000 BTC options, valued near $3.4 billion, were on the docket. The longer-term put-call ratio sat at 0.52, but heavy recent put buying pushed the 24-hour ratio up to 1.36, signaling a burst of hedging.

The so-called max pain level for Bitcoin was around $98,000, well above where spot trades were happening. Ether options also featured prominently, with more than 185,000 contracts worth close to $525 million set to lapse. ETH’s 24-hour put-call moved to 1.01 from 0.72, and the options market’s max pain rested near $3,200, above spot prices near $2,800.

Altcoins Felt The Impact

The rout spread fast. Solana dropped 11% to about $126, while XRP slid more than 8% to roughly $1.91. Other tokens that fell in the wave included ASTER, HYPE, TNSR, DOGE, and ZEC. Selling was broad, showing that the move was not limited to one market or sector.

#PeckShieldAlert Following $ETH‘s drop below $2,900, a whale (0x3ee3…42a6) was liquidated on their long $wstETH position.

The position, which involved borrowing $USDC against $wstETH collateral, saw a total liquidation of $6.52M. pic.twitter.com/mv30VuXFfn

— PeckShieldAlert (@PeckShieldAlert) November 21, 2025

Whale Losses Highlight Risk

On-chain monitors flagged big losses among sizable holders. PeckShieldAlert reported individual ETH liquidations in the range of almost $3 million to $6.50 million.

This Anti-CZ Whale just got liquidated in the market crash!

He was once a legend with nearly $100M in profit — now his profits have dropped to $30.4M.https://t.co/UR55h4gK7l pic.twitter.com/5Tnp9UVEae

— Lookonchain (@lookonchain) November 21, 2025

Related Reading

Lookonchain tracked a high-profile account, Machi, whose total paper losses topped $20 million and whose balance was reported at just $15,530 after the hits. Another large account, labeled the “Anti-CZ Whale,” also saw profits plunge on Hyperliquid.

Featured image from Unsplash, chart from TradingView

• Japan’s 40-year bond yield rose to 3.774% on Thursday.
• Five-year CDS spreads reached 21.73 basis points on 20 November.
• GDP contracted in Q3 2025 and inflation reached 3% in October.

Japan’s new stimulus package is setting off sharp reactions across global markets, with the yen sliding to its weakest point against the US dollar since January 2025 and long-term bond yields rising to record levels.

The cabinet approved a 21.3 trillion yen package on Friday, the largest since the COVID-19 period, and the announcement immediately shifted expectations in currency, bond, and crypto markets.

The scale of the support and the pressure on Japan’s finances are now pushing investors to reconsider how they assess global risk, particularly as liquidity conditions evolve.

Economic reset

The package focuses on easing price pressures, supporting growth, and strengthening defence and diplomatic capacity.

Local government grants and energy subsidies form a key part of the plan, and households are expected to receive around 7,000 yen in benefits over three months.

The government also aims to lift defence spending to 2% of GDP by 2027.

The supplementary budget is expected to pass before the end of the year, although the ruling coalition currently holds only 231 of 465 Lower House seats.

The support comes during a period of weakening growth.

Japan’s GDP fell 0.4% in the third quarter of 2025, equal to a 1.8% annualised contraction.

Inflation has remained above the Bank of Japan’s 2% target for 43 months and reached 3% in October 2025.

Policymakers expect the new measures to lift real GDP by 24 trillion yen and generate a total economic impact near 265 billion dollars.

Rising market pressure

The fiscal boost has intensified concerns about long-term debt sustainability and market stress.

Five-year credit default swaps on Japanese government bonds reached 21.73 basis points on 20 November, the highest level in six months.

The country’s 40-year bond yield rose to 3.697% immediately after the announcement and climbed further to 3.774% on Thursday.

Every 100-basis-point increase in yields raises annual government financing costs by about 2.8 trillion yen, which has drawn attention to the strain on public finances over time.

Nikkei reports lingering caution about the continued use of fiscal stimulus beyond emergencies, adding another layer to investor concerns.

This debate has become more relevant as the yield curve shifts and Japan’s borrowing costs rise.

These movements are also important for the 20 trillion dollar yen-carry trade. Investors typically borrow yen at low rates and invest in higher-yielding markets overseas.

A mix of higher yields and sudden currency moves can force unwinding.

Historical data show a 0.55 correlation between yen-carry trade reversals and S&P 500 declines, which adds another source of volatility.

Yen reaction

The yen dropped sharply after the stimulus announcement, prompting speculation about future currency stability and the potential for intervention.

October exports rose 3.6% year on year, but the increase was not enough to ease concerns about broader economic pressure.

The scale of fiscal support and the persistence of inflation have become central factors in how global markets interpret Japan’s next steps.

Crypto shift

These conditions are feeding directly into crypto markets.

A weaker yen tends to drive Japanese investors toward alternative assets, including Bitcoin, especially during periods of rising liquidity.

Experts have noted that Japan’s decision adds to a global environment that already includes potential US Federal Reserve easing, Treasury cash movements, and continued liquidity support from China.

Together, these factors are creating conditions that could lift crypto demand into 2026.

At the same time, higher long-term yields pose a risk.

If yen-carry trades unwind quickly, institutions may be forced to sell assets, including Bitcoin, to meet liquidity needs.