Bitcoin Breaks Below $90K, Wiping $1T From Crypto in Six Weeks

Sharp, late-cycle reversals after euphoric highs echo Bitcoin’s January 2018 collapse (from $19k to $6k in five weeks) and the Nasdaq’s dot-com bust in April 2000, when trillions evaporated almost overnight. Today’s drawdown underscores two long-running forces: 1) Bitcoin’s increasing correlation with liquidity-sensitive tech assets—rate expectations and ETF flows now move crypto as surely as halvings once did; 2) the market’s structural maturation—spot ETFs, corporate treasuries and sovereign buyers like El Salvador cushion the sell-off even as leverage unwinds. Whether November 2025 marks a mere cyclical chill or the onset of a multiyear ‘crypto winter’ matters less on a century scale than Bitcoin’s steady migration from fringe experiment (2009) to mainstream macro asset. Each violent shakeout redistributes coins from momentum speculators to long-horizon holders; if that pattern persists, the current panic may read as another 2025 footnote in a 100-year monetisation arc—unless, of course, rising opportunity costs and regulatory clamps finally arrest the narrative of digital scarcity.