Bitcoin drops below $93 000 amid surging stablecoin exchange outflows
The cryptocurrency market continued to decline at the start of the new week. ETH is now down 35% from its yearly high, while Bitcoin has fallen 25%, pushing most cryptocurrencies into a technical bear market.
On November 17, the Fear and Greed Index dropped to “extreme fear,” hitting 17 points — its lowest level since April, when Donald Trump announced retaliatory tariffs.
Stablecoin outflows from exchanges have also surged. Data collected by Nansen shows that stablecoin balances on exchanges have dropped to $85 billion, the lowest level since October 11. This metric has been steadily declining for a month, falling by $4 billion.
Decreasing stablecoin balances signal that investors are closing positions. Retail traders continue selling their tokens, while many others have adopted a wait-and-see approach, showing disappointment in the market.
Bitcoin extends its decline
Against this backdrop, Bitcoin fell below $93,000, while Ethereum traded around $3,020, as the broader market slid more than 2%.
Bitcoin price dynamics over the past 24 hours. Source: CoinMarketCap
Having lost its support level, Bitcoin could continue falling toward $88,790, its March high.
This week, the crypto market will react to Nvidia’s earnings report and the upcoming minutes from the Federal Open Market Committee (FOMC) meeting on Wednesday.
Nvidia’s report is attracting attention because strong results would signal that the AI industry is thriving — potentially lifting the stock market and possibly cryptocurrencies as well.
The upcoming Federal Reserve minutes will shed more light on the previous meeting and offer insights into expectations for the December session.
As we wrote, Bitcoin 2028 halving: Can it survive without innovation in energy and AI
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