Dogecoin (DOGE) Falls Again as Trader Sentiment Turns Increasingly Bearish

CryptoQuant has reported that recent Bitcoin market downturns have been primarily driven by selling from US investors. The analysis highlights the 'Coinbase Premium Gap,' which indicates that Bitcoin is trading at lower prices on Coinbase compared to Binance, suggesting a significant selloff by American investors, particularly institutional ones.

In 2025, OG Bitcoin whales, defined as holders with assets older than seven years, have significantly increased their selling activity, according to analyst Charles Edwards of Capriole Investments. This trend marks a notable shift in the market dynamics as these long-term holders are engaging more actively in transactions, suggesting a potential change in investor sentiment and strategy within the cryptocurrency landscape.

Crypto prices fell sharply on November 21, with Bitcoin dropping to $85,310, marking a significant decline amid a broader market downturn. The total cryptocurrency market capitalization has fallen below $3 trillion for the first time since May, now estimated at approximately $2.95 trillion. Other major cryptocurrencies, including Ethereum, XRP, and Solana, also experienced declines, contributing to over $950 million in liquidations.

BlackRock's IBIT has sold $355 million in Bitcoin, indicating significant outflows from major ETFs. This trend may reflect investor caution and could impact market stability and future cryptocurrency investments.

Ryan Rasmussen, Head of Research at Bitwise, reiterated the firm's prediction that Bitcoin will reach $200,000 by 2026 during a Yahoo Finance appearance. He characterized the current market sell-off as a necessary shakeout in a maturing market rather than a definitive trend break. Rasmussen believes Bitcoin is closer to its bottom and expects it to lead the market upward once conditions improve.

Bitcoin enthusiasts reacted positively to US Treasury Secretary Scott Bessent's attendance at the opening of a Bitcoin-themed bar, interpreting it as a favorable sign for the cryptocurrency's future.

XRP price has entered a new decline, trading below $2.050 and struggling against resistance near this pivot level. The price fell below the $2.00 support level, forming a low at $1.957. Currently, XRP is consolidating losses below the 23.6% Fib retracement level of the recent downward move, indicating a bearish trend.

Bitmine has acquired an additional 17,242 ETH, valued at approximately $49 million, as part of its ongoing investment strategy in Ethereum. This purchase comes amid warnings from chairman Tom Lee regarding the ongoing challenges of weak liquidity among market makers in the cryptocurrency sector.