Bitcoin and the broader crypto market are deep in the red today, 14 November 2025, even as Washington finally reopens after the longest U.S. government shutdown in history and a new XRP exchange‑traded fund (ETF) pulls in eye‑popping inflows.
Instead of rallying on the political breakthrough, Bitcoin has slumped to around $97,000, its lowest level since May, with more than $1 billion in leveraged positions wiped out in 24 hours. [1] Altcoins including Ethereum, Solana and XRP are also tumbling, even as the first U.S. spot XRP ETF posts record‑setting demand. [2]
At the same time, the end of the 43‑day U.S. government shutdown, signed off by President Donald Trump this week, is restarting the crypto policy machine in Washington—unlocking ETF decisions, enforcement actions and a pending stablecoin bill. [3]
Here’s what’s driving today’s violent move lower in Bitcoin, Ethereum, XRP and the rest of the market—and what the shutdown’s end really means for crypto.
Bitcoin Price Today: Six‑Month Low After $1B in Liquidations
Bitcoin’s price today is hovering near $97,000, having repeatedly dipped below the psychologically important $100,000level over the past 24 hours. [4]
Key numbers from today’s trading:
- Spot price range: BTC briefly fell as low as about $96,900, its third break below $100,000 this month. [5]
- Drawdown from highs: Bitcoin is now roughly 23% below its early‑October all‑time high around $126,000–$127,000. [6]
- Daily performance: Over the last 24 hours, BTC is down roughly 6%, extending monthly losses to around 13%. [7]
- Liquidations: Data from derivatives tracker Coinglass shows about $1.1 billion in forced liquidations across the crypto market in the past day, with longs accounting for nearly $970 million. [8]
Altcoins are being hit just as hard—if not harder:
- Ethereum (ETH) has slid to roughly $3,150–$3,200, down around 7–11% on the day depending on venue. [9]
- Solana (SOL) is trading around $140–$142, down roughly 8–10%. [10]
- XRP is near $2.28–$2.31, having dropped 7–9% in 24 hours despite the fanfare around its new ETF. [11]
The selling pressure has pushed many traders out of leveraged positions and reset bullish expectations that were building earlier this month.
The Shutdown Is Over: Why That Matters for Crypto
On 12 November 2025, President Donald Trump signed a funding bill that ended the federal government shutdown after 43 days, making it the longest such shutdown in U.S. history. [12] The deal funds the government at current levels through 30 January 2026, while lawmakers continue to negotiate a full‑year budget. [13]
For crypto, the end of the shutdown has several immediate consequences:
- Regulators are back at work. Agencies critical to digital assets—including the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and parts of the U.S. Treasury—are resuming normal operations after weeks of limited staffing. [14]
- ETF decisions can move again. A backlog of spot crypto ETF applications, including additional XRP products, can finally be processed. Crypto News Australia notes that the reopening clears the path for pending ETF reviews and a key CFTC leadership confirmation later this month. [15]
- Stablecoin rules are back on the table. Treasury officials can return to work on public feedback for the GENIUS Act, a proposed bill focused on regulating U.S. dollar–pegged stablecoins. [16]
The shutdown also had broader macro effects that feed straight into crypto:
- It delayed official economic data, including the October CPI inflation report, leaving markets reliant on estimates and adding to uncertainty. [17]
- It likely tightened fiscal liquidity temporarily as government spending slowed, a dynamic some analysts say contributed to recent volatility. [18]
Yet, despite this apparent “good news” for markets, Bitcoin is tanking rather than rallying.
Why Crypto Is Falling After the Shutdown: Positioning, Credit Fears and Safe Havens
Today’s sell‑off isn’t happening in a vacuum. Several overlapping forces are weighing on Bitcoin, Ethereum, XRP and other major cryptocurrencies.
1. Bullish positioning gets flushed
According to analysis published by CoinDesk, Bitcoin has dropped more than 9% this month, breaking below an important on‑chain support zone around $100,000. Major altcoins such as ETH, SOL and DOGE are down between 11% and 20% over the same period, while XRP has fallen just over 7%. [19]
Derivatives experts quoted in that report argue that much of the “good news”—Fed easing hopes, improving U.S.–China trade sentiment and the now‑resolved shutdown—was already priced in, leaving a market heavily skewed toward long positions and vulnerable to a sharp unwind. [20]
When prices started to roll over this week, that crowded bullish positioning accelerated the move lower, triggering the $1.1 billion liquidation wave seen over the last 24 hours.
2. Rising credit risk for “crypto treasuries”
The same CoinDesk piece highlights growing concern about digital asset treasuries (DATs)—companies that borrow in traditional credit markets to accumulate large crypto holdings. If credit conditions tighten, these firms may be forced to sell Bitcoin and altcoins to service their debts, creating a potential cascade of forced selling if markets remain stressed. [21]
With sovereign debt levels elevated and competition for capital from governments and AI‑linked ventures increasing, traders are suddenly more sensitive to this kind of systemic risk in crypto financing.
3. Gold and silver are stealing the spotlight
While Bitcoin and altcoins slide, gold is up roughly 4% and silver about 9% this month, continuing a powerful safe‑haven rally fueled by worries over global fiscal health and ballooning debt‑to‑GDP ratios in major economies. [22]
Analysts note that investors appear to be favoring traditional safe havens over “digital gold” in the current environment, particularly as official inflation data remain delayed and economic uncertainty lingers after the shutdown. [23]
ETF Flows: Bitcoin and Ethereum Bleed Assets While XRP ETF Sets Records
If you want to understand today’s mood in crypto, ETF flow data tell a stark story.
Bitcoin spot ETFs see one of their worst days on record
CoinDesk reports that U.S. spot Bitcoin ETFs recorded about $869 million in net outflows in a single day, the second‑largest daily outflow on record, bringing total withdrawals over the last three weeks to around $2.64 billion. [24]
Separate coverage from CoinGape and other aggregators points to sustained ETF redemptions as a key factor behind the current drop under $100,000, with some products now giving back a meaningful chunk of the inflows they accumulated during Bitcoin’s run to new highs in October. [25]
Ethereum ETFs have also seen significant outflows, adding additional pressure to ETH’s price as it slides back toward the low‑$3,000s. [26]
XRP’s first U.S. spot ETF smashes launch records
In sharp contrast, XRP’s new spot ETF—Canary Capital’s XRPC—just delivered one of the strongest debuts of any ETF this year:
- Day‑one trading volume: about $59 million
- Net inflows: approximately $245 million on launch day
- Rank: biggest first‑day volume of any 2025 ETF launch, beating even the Bitwise Solana ETF’s $57 million debut. [27]
Analysts note that XRPC’s inflows surpassed those of several high‑profile Bitcoin ETFs, underscoring strong pent‑up demand for regulated XRP exposure—even on a day when the broader crypto market is under heavy pressure. [28]
Yet, despite this institutional interest, XRP’s spot price still dropped around 8% to the $2.28–$2.31 range as part of the wider market liquidation. [29]
XRP Price: Record ETF Demand, but Bulls Need Key Support to Hold
Technically, XRP is now sitting on an important support zone that traders say could determine whether the token stages a rebound or slides further.
According to fresh analysis from The Crypto Basic, XRP: [30]
- Fell from a local high of $2.52 to a low near $2.31 in the last 24 hours, a 7.8% intraday drop, on robust trading volumes of about $7.3 billion.
- Is currently trading around $2.31, aligning with the 0.382 Fibonacci retracement level near $2.30.
- Faces its next major support around $2.21–$2.22 (0.236 Fib), which analysts flag as critical for any meaningful bullish reversal.
On‑chain liquidation data show roughly $28 million in XRP positions wiped out over the past day, with long positions again taking the bulk of the hit—another sign that traders were heavily leaning bullish going into the ETF launch. [31]
If XRP can hold above the $2.21 region and broader risk sentiment stabilizes, technicians see scope for a move back toward the $2.50 resistance area. If that level breaks instead, the path of least resistance may remain lower in the short term.
What the Shutdown’s End Means for Crypto Going Forward
With the dust still settling from today’s crash, the end of the U.S. government shutdown is likely to shape crypto markets in the weeks ahead in three main ways:
- Regulatory backlog will start to clear.
- The SEC can pick up work on pending spot ETFs beyond Bitcoin and Ethereum, including additional XRP and potentially other altcoin products.
- The CFTC is moving toward a confirmation vote for Trump’s nominee Mike Selig, which could influence the agency’s stance on derivatives and DeFi. [32]
- Policy risk returns—but with more clarity.
- A fully staffed SEC and CFTC also mean that enforcement actions, rulemaking and guidance may accelerate after several weeks of relative quiet.
- The GENIUS Act and other stablecoin legislation will be watched closely by issuers, exchanges and DeFi protocols as they assess how new rules might affect dollar‑pegged tokens. [33]
- Macro data are coming back.
- Once official inflation, employment and growth numbers resume, traders will have firmer footing to judge whether today’s sell‑off is the start of a deeper bear phase or a sharp correction in a still‑intact bull market.
- Until then, the combination of ETF outflows, credit worries and a powerful safe‑haven bid for gold and silver is likely to keep volatility elevated. [34]
For now, the paradox of “good news, bad price action” defines the day: the U.S. government is open again, ETF and policy pipelines are thawing, and yet Bitcoin, Ethereum and XRP are all sharply lower.
Key Levels and Themes to Watch
Looking ahead, traders and longer‑term investors will be watching:
- Bitcoin:
- Psychological and technical support in the $95,000–$97,000 band.
- Whether ETF outflows slow after the $869 million one‑day shock. [35]
- Ethereum & Solana:
- ETH holding above the $3,000 region and SOL defending the $140 area as proxies for broader altcoin sentiment. [36]
- XRP:
- The $2.30 support zone and the deeper $2.21 level highlighted by Fibonacci analysis.
- Whether follow‑on inflows into XRPC and potential new XRP ETFs can offset today’s risk‑off mood. [37]
- Macro & policy:
- The first post‑shutdown inflation prints and Fed commentary.
- Concrete moves by the SEC, CFTC and Treasury now that Washington is back online. [38]
If liquidity conditions improve and ETF outflows stabilize, today’s wash‑out could eventually be remembered as another brutal but ultimately temporary reset in the 2025 cycle. If not, the combination of credit stress, regulatory overhang and safe‑haven rotation may keep Bitcoin under pressure even with the shutdown in the rear‑view mirror.
References
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