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Crypto markets are coming into the middle of the week under extreme tension. The macro driver is no longer regulation or taxes but the depletion of capital. Institutional buyers have slowed, and spot ETF flows now show five consecutive red sessions. Bitcoin has fallen below the “Black Friday” price point.briefly missing the psychological $100,000 zone.
TL; DR
- Bitcoin and Ethereum ETFs lose $797 million in one day after five straight streaming sessions.
- Bitwise CIO Matt Hougan claims $125,000-$150,000 BTC before the end of the year.
- 3% XRP ETF by Amplify officially listed on DTCC under ticker XRPM.
- The cooling of institutional demand raises warnings from Charles Edwards.
$150,000 for Bitcoin in 2025? Bitwise says yes
With everyone panicking on social media about a new “crypto winter”, Bitwise CIO Matt Hougan gave a completely different message, saying that retail investors are “in maximum desperation mode”, selling in every dip and leaving the market entirely.
According to Bitwise’s internal flow data, this is exactly what the final capitulation looks like before the trend reversal. Forced liquidations and profit exits are the name of the game in retail, but institutional desks are held. Hougan pointed out that major advisory firms, funds and ETF desks are still buying in Bitcoin instead of selling.
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He said that money will continue to flow into IBIT, FBTC and GBTC, even during market corrections. Meanwhile, the Solana Spot ETF ( BSOL ) raised more than $400 million in its first week, although there was a general shift away from risk — a sign that capital turnover has occurred, not capital flight.
Bitwise thinks the worst of the sell-off is about to end. Hougan reaffirmed two target ranges:
- Realistic: $125,000-$130,000 BTC before the end of the year.
- optimistic (Saylor-level): : $150,000 BTC if institutional confidence stabilizes before December.
For him, everything looks like a repeat of the consolidation of 2020 before the explosion, when the sentiment collapsed just before the next higher stage.
Only 3% XRP ETF gets key DTCC listing
The Amplify XRP 3% Monthly Option Income ETF (XRPM) has been officially listed on the DTCC. For those who are not familiar with it, registration is the last step before trading. Without it, brokers and market makers cannot process fund transactions.
The listing under the ticker XRPM confirms that the ETF is released for integration into brokerage systems. This is expected to enable the first income generation product based on XRP in the US markets.
The ETF is designed to provide a return of approximately 3% per month through covered call strategies on XRP positions. Its structure mimics that of popular equity income ETFs, bringing a passive income tool to digital assets like XRP for the first time.
According to the preliminary prospectus, the new XRP fund trade on Cboe BZX and redeem shares only in institutional “creation units”.
If all goes according to plan, XRP will become one of the few assets, alongside Bitcoin and Ethereum, with direct and derivative ETF infrastructure in the US pipeline.
Bitcoin and Ethereum lose $800 million in one day
U ETF data for November 4, 2025, it is pure pain.
- Spot Bitcoin ETFs: $577.7 million in net flows.
- Spot Ethereum ETF: – $219.3 million in net outflow.
That’s a combined $797 million withdrawn in 24 hours — the biggest synchronized red print since mid-September.
Over the past five trading sessions, both BTC and ETH funds have seen consecutive net withdrawals, reducing the cumulative net inflows of Bitcoin to $60.42 billion and Ethereum to $14.01 billion. The previous week had already shown stress, with BTC down $798.95 million and ETH barely positive.
The market reaction was immediate. Bitcoin traded below $100,000 overnight before recovering to $101,800 by Wednesday morning. Ethereum held around $2,900, down from recent tests of $3,200.
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Analyst Charles Edwards from Capriole Investments summed up the concern in his latest thread, noting that for the first time in seven months, net institutional buying fell below the daily mined supply – a sign of distribution over accumulation. His warning: “When institutions stop buying, run.”
The model at SoSoValue data supports this. The weekly net flow of Bitcoin fell $764.25 million, while Ethereum lost $355.13 millionwhich marks the most severe decline combined in Q4.
Evening outlook
For now, the crypto market seems fragile, but the next sessions could decide if this correction matures into a complete reversal or deepens into a real crypto winter.
- Bitcoin (BTC): Bulls must defend the $100,000 mark to prevent a sell-off at $93,000. Holding that range could set up a rebound to $112,000, where major resistance now lies.
- Ethereum (ETH): Pressure increases below $3,300. If it holds, a short-term recovery to $3,700 is still in play. But the failure shifts our focus to the $2,500 support and a cooler Q4 outlook.
- XRP: Trading in a fragile consolidation near $2.2, but support above $2 maintains ETF-led optimism. A break above $2.50 will confirm the revival of the trend, while a drop below $1.90 will cancel it.
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