Bitcoin News Today: Bitcoin's Plunge Deepens as Whale Deposit Fails to Stem Crypto Market Rout

Bitcoin's recent volatility deepened on November 21 as a single whale deposited 665.9 BTC-worth $55.18 million-into Binance, a move that came amid a broader crypto market rout. The deposit, one of the largest single-day inflows into the exchange in recent months, occurred as Bitcoin slumped to $82,605, marking a 4.53% drop for the day and extending its monthly loss to 23%, its worst since June 2022. The price swing followed a sharp sell-off from a peak of $92,000 earlier in the month, with the total crypto market capitalization falling below $2.8 trillion after a $120 billion wipeout in a single day.

The sell-off accelerated after weak U.S. employment data dimmed expectations for Federal Reserve rate cuts, compounding fears already stoked by fading macroeconomic optimism and a string of decentralized finance (DeFi) exploits. Over $1.9 billion in long positions were liquidated within four hours, while an additional $2 billion in leveraged bets were cleared in the past 24 hours, according to CoinGlass. Ethereum, Solana, and BNB all posted double-digit losses, reflecting extreme fear across the market. Bitcoin briefly dipped to $81,629 before recovering to $84,166, but its monthly decline remains its steepest since the 2022 collapse of TerraUSD and FTX.

Institutional investors appear to be retreating as well. U.S.-listed Bitcoin ETFs recorded $903 million in outflows on Thursday-the second-largest daily redemption since their launch-while perpetual futures open interest has fallen 35% from October's $94 billion peak. The retreat in leverage and participation contrasts with earlier optimism around Bitcoin's potential to break above its October record high of $73,000. Analysts now warn of forced selling from large leveraged holders, including MicroStrategy, whose stock fell 5% as margin pressures intensified.

The whale's deposit into Binance, while significant, has yet to reverse the downward trend. Binance's inflow of 665.9 BTC-equivalent to 0.03% of the total Bitcoin supply-comes at a time when traders are increasingly shifting funds to safer assets. "The market is grappling with a perfect storm of macroeconomic uncertainty, regulatory scrutiny, and technical exhaustion," said one analyst, noting that Bitcoin's path toward $75,000 now seems more likely.