Bitcoin News Today: Crypto's Volatility Deepens as Bitcoin Whales Cash Out, Quantum Fears Emerge, and ETFs Proliferate

The cryptocurrency market experienced a turbulent weekend, marked by the complete liquidation of one of Bitcoin's earliest whale portfolios, the debut of a leveraged Dogecoin ETF, and renewed fears over quantum computing risks. These developments underscored the sector's ongoing volatility and shifting investor sentiment.

Owen Gunden, an OG Bitcoin whale who had held 11,000 BTC since 2011, finalized the sale of his entire portfolio over the past month, transferring the final $230 million worth of Bitcoin to Kraken on November 20, 2025. The gradual divestment, tracked by blockchain analytics firm Arkham Intelligence, saw Gunden liquidate his holdings in tranches to avoid market slippage, with over $616 million sold in mid-November alone. The sale capped a 14-year journey for Gunden, who became one of the rare investors to weather multiple crypto cycles before cashing out.

The market absorbed the $1.3 billion sell-off relatively smoothly, though analysts noted it added pressure to an already fragile market. Bitcoin (BTC) traded below $87,000 during the liquidation, exacerbating a broader selloff driven by profit-taking and macroeconomic concerns.

Amid the volatility, 21Shares debuted the 21Shares 2X Long Dogecoin ETF (TXXD) on Nasdaq, offering investors exposure to double the daily performance of Dogecoin (DOGE). The product, developed in partnership with the House of Doge and FalconX, marks a significant step in institutionalizing meme coins. TXXD charges a 1.89% fee and targets short-term traders, reflecting growing demand for altcoin products as Bitcoin ETFs face outflows.

The ETF's launch follows a flurry of altcoin fund activity, including Solana and XRP ETFs, as investors seek diversification. Despite DOGE's 19% drop in the last 30 days, the token's $23 billion market cap and merchant adoption (e.g., Tesla, AMC) position it as a unique asset class.

Bitcoin's slide to $86,767 was further fueled by concerns over quantum computing's potential to crack SHA-256 encryption, reignited by billionaire Ray Dalio's comments. Critics, including financial analyst Mel Mattison, dismissed these fears as overblown, noting that traditional banking systems using RSA encryption face similar risks. The debate highlighted divergent views on long-term tech risks, with Dalio's remarks exacerbating retail panic amid a broader market downturn.

Peter Schiff, a gold advocate, accused MicroStrategy's Michael Saylor of running a "fraudulent" Bitcoin business model reliant on debt issuance. Schiff challenged Saylor to a debate at Binance Blockchain Week in Dubai, arguing that MicroStrategy's multiple on net asset value (mNAV) of 1.21 signals vulnerabilities according to Coinotag. Meanwhile, MicroStrategy reported $8.42 earnings per share in Q3 2025, driven by Bitcoin's price rise, though its stock has fallen over 50% since July.

The coming weeks will test the resilience of crypto markets. While institutional buyers added $75 million to U.S. Bitcoin ETFs in a single day, broader outflows and leveraged ETFs like TXXD suggest a mixed outlook. The interplay of whale sales, quantum fears, and regulatory developments will likely dictate whether Bitcoin stabilizes or faces further declines.