Following a challenging week for the cryptocurrency market, Bitwise suggests that selling pressure is diminishing, providing a potential ray of hope for investors even as market sentiment reaches its lowest point since February.
Bitcoin experienced a decline below $96,000, with Ethereum, XRP, and Solana also seeing significant drops. This downturn coincided with a 6-point decrease in the Crypto Fear & Greed Index over the past 24 hours, bringing it to a level of 10, which indicates "extreme fear" among cryptocurrency investors.
However, André Dragosch, Bitwise's European head of research, observed that "sellers are exhausted and it shows," implying that the market might be entering a period of stabilization after a series of price depreciations.
Dragosh further noted that while the firm's sentiment index remains in bearish territory, it is "less so than previous corrections despite lower prices."
🔴UPDATE: Our Cryptoasset Sentiment Index also continues to show a positive divergence.
Read: Sentiment index is bearish but less so than during previous corrections despite lower prices.
Sellers are exhausted and it shows. https://t.co/GYl5Ytc5zRpic.twitter.com/XxSeuo5Ewb
— André Dragosch, PhD⚡ (@Andre_Dragosch) November 14, 2025
Santiment Reports Over-Leveraged Long Positions Largely Cleared
On-chain analytics firm Santiment has shared a similar perspective, indicating that liquidations have been significantly smaller compared to previous sell-offs. The firm also noted that over-leveraged long positions have been substantially reduced. Concurrently, retail investors have continued to accumulate assets, even as larger holders have decreased their exposure.
Santiment stated, "The market may have exhausted the supply of over-leveraged long positions to liquidate," and suggested that a change in wallet behavior could signal a "true bottom" for Bitcoin and the broader cryptocurrency market.
According to data from Coinglass, liquidations in the past 24 hours exceeded $763 million. The majority of these liquidations, amounting to $580.39 million, were associated with long trades, which represent bets on price increases.
This figure is considerably lower than the record $19 billion liquidated on October 10. Furthermore, there appears to have been a recent shift, with the market experiencing substantially more short liquidations than long liquidations in the last few hours. For example, $1.38 million was wiped out from short positions in the last hour, while only $696.90K was liquidated from long positions.
Santiment also highlighted that the open interest for perpetual contracts is now a fraction of what it was a month ago, suggesting this could "change the market’s internal dynamics."
The firm added that while larger Bitcoin holders, specifically those with addresses holding between 10 and 10,000 BTC, have been consistently selling their holdings since Bitcoin reached its all-time high in October, smaller retail wallets "have continued to accumulate during the drop."
A "true bottom signal" for the market is likely to occur if this dynamic between large addresses and smaller wallets reverses, Santiment concluded.