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\n\t\t\t\t\t\t\t\t\tEthereum’s supply mechanics limited selling pressure, keeping losses smaller than typical Bitcoin corrections.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s violent slide from around $107,000 on November 11 to lows near $81,000 on November 21 has rattled traders across the market.<\/p>\n
However, new on-chain data shows this was first and foremost a Bitcoin panic, not an Ethereum meltdown.<\/p>\n
Analysis from XWIN Research Japan shows<\/a> how the October\u2013November correction split the two majors. Indexed from October 1, Bitcoin dropped into the low-70s by late November, while Ethereum slid into the high-60s.<\/p>\n Historically, a 30% pullback in BTC has often meant a 40\u201350% hit for ETH, but this time the gap stayed unusually narrow, signaling that the latter held up better than usual even as fear spread.<\/p>\n The reason sits on-chain. Since the Merge, a growing share of ETH is locked in staking, while EIP-1559 continues to remove coins from circulation during busy periods. That means there are fewer tokens available to dump when the market panics.<\/p>\n By contrast, Bitcoin saw a clear liquidation spike on November 21, matching reports of nearly $2 billion in wiped-out positions in a single day as the asset briefly slid<\/a> toward $81,000 before bouncing<\/a> back above $84,000 and later reclaiming<\/a> levels near $88,000 over the weekend.<\/p>\n BTC is currently trading around $86,000, down about 10% on the week, 19% over two weeks, and 23% on the month. On its part, ETH is sitting near $2,800, which is about 12% lower on the week, 22% down over 14 days, and 29% lower on the month; painful, but not the outsized damage of past cycles.<\/p>\n Meanwhile, Bitcoin\u2019s MVRV ratio, a key on-chain valuation gauge, has dropped from around 2.5 earlier in 2025 to roughly 1.5 in this selloff, a zone that has often marked deep mid-cycle resets rather than final tops.<\/p>\n Despite the seemingly positive news for the world\u2019s second-largest digital asset, other market technicians have said that the calmer ETH spot picture hides a dangerous build-up in derivatives.<\/p>\n According to CryptoOnchain, Ethereum\u2019s estimated leverage ratio on Binance climbed<\/a> to a record 0.562, even as the price fell from about $4,200 to $2,800.<\/p>\n In other words, traders kept piling into leveraged longs while the chart trended lower, leaving the market exposed to another wave of liquidations if the cryptocurrency takes one more leg down.<\/p>\n Elsewhere, analysts are calling the current climate a \u201cZebra Market,\u201d a term coined<\/a> by XWIN Research to describe an environment defined by sharp, black-and-white price swings rather than a sustained bull or bear trend.<\/p>\n In such conditions, on-chain data becomes a critical tool for separating signal from noise, and for now, they frame this episode as a BTC-led flush in a choppy mid-cycle, not the start of an Ethereum breakdown.<\/p>\nYou may also like:<\/h3>\n
ETH Leverage Is a Time Bomb, but Supply Is on Its Side<\/h2>\n
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