BITCOIN FACES BIGGEST SELL-OFF SINCE 2018; EUROPE LEADS THE DROP AS MAJOR ALTCOINS STAY STEADY
Bitcoin hovered close to $90,400 on Tuesday as the crypto market showed signs of recovery after suffering one of its worst November declines since 2018. Despite the broader rebound, newly released data indicated that Europe was the main source of selling pressure throughout the month, contributing heavily to the downturn.
Over the past 24 hours, Bitcoin managed a modest 1% gain, while Ether edged up by 0.2%, according to CoinGecko figures. Performance across major altcoins was mixed: BNB climbed nearly 1%, Solana slipped 0.6%, and XRP saw a slight decrease. Although market sentiment has stabilized, trading volumes remain light as investors await the U.S. Federal Reserve’s upcoming policy decision on Wednesday.
Fresh timezone analysis from Presto Research revealed that Europe was the main source of November’s sharp 20–25% declines across Bitcoin and Ethereum. European trading hours consistently delivered negative returns throughout the month, while activity in the U.S. and Asia remained mostly neutral. The data highlights how regional flows diverged as the crypto market went through a broad deleveraging phase.
The month’s downturn also aligned with major repositioning in crypto-related equities. On Monday, Strategy reported its largest Bitcoin purchase in more than three months, acquiring 10,624 BTC worth $963 million. The buy was funded mostly through new equity issuance and brings the firm’s total Bitcoin reserves to roughly 660,600 BTC—around $60 billion at current market prices. Despite the growing holdings, its stock hovered near $180 and is still down nearly 50% over the past six months, reflecting investor concerns about potential exclusion from key MSCI indices.
On the macro side, broader financial conditions continued to shape crypto sentiment. Asian stock markets slipped as traders awaited the Federal Reserve’s upcoming rate decision and any guidance on the path of monetary easing into 2026. Global bond yields also remained elevated after Monday’s pullback, maintaining pressure on risk-sensitive assets.
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Crypto market sentiment is still fragile. CryptoQuant’s Bull Score index dropped to zero for the first time since January 2022, with most Bitcoin on-chain indicators turning bearish in the absence of new liquidity inflows.
Even so, a few medium-term opportunities are emerging. One potential catalyst is the expected update to U.S. 401(k) rules in early 2026, which could allow trillions of dollars in retirement savings to gain exposure to Bitcoin.
Bitcoin was recently trading around $90,300. Traders are now watching to see whether BTC can break toward the $94,000–$98,000 range—or if European trading hours will continue to create downside pressure as year-end positioning tightens.
Conclusion
The crypto market is attempting to stabilize after a rough November, but data shows that European trading hours remain a major source of downward pressure on Bitcoin. While BTC and leading altcoins have shown modest resilience, overall sentiment is still weak due to tight liquidity, macro uncertainty, and cautious investor positioning.
With the Federal Reserve’s decision approaching and structural catalysts—such as potential 401(k) rule changes—on the horizon, traders are watching closely to see whether Bitcoin can reclaim higher ranges or if selling pressure will continue into the year-end. The coming weeks will be crucial in determining whether the market can shift from defensive trading to a sustained recovery.
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