Market Overview
As of November 26, 2025, Bitcoin is trading around $87,011, representing a 31.12% decrease from its October peak of $126,198. This recent price decline, dubbed the "November 2025 crash," has led to a reduction of $800 billion in total market capitalization. Over the past week, $2 billion in leveraged positions have been liquidated.
Ethereum is currently trading near $2,935, showing a 1.5% increase attributed to renewed activity in Decentralized Finance (DeFi) and Layer 2 solutions. Despite this uptick, the Crypto Fear & Greed Index remains in the "extreme fear" territory, standing at 20.
Institutional Adoption Continues Amidst Decline
Despite the significant price drops, institutional adoption of cryptocurrencies has seen a surge. On November 20, 2025, Texas formalized its Strategic Bitcoin Reserve with a $5 million stake in BlackRock's iShares Bitcoin Trust ETF. This is part of an initial $10 million allocation established under Senate Bill 21. The state intends to pursue self-custody solutions to mitigate counterparty risks.
Metaplanet, Japan's largest institutional Bitcoin holder, drew down $130 million from a $500 million credit facility on November 21, 2025. This facility is secured against its Bitcoin treasury, and the funds were used to acquire more BTC. The investment company now holds 30,823 BTC, valued at $2.7 billion at current prices, with sufficient collateral to buffer a potential price drop to $74,000.
Performance of Meme Coins and NFTs
Meme coins have extended their losses, with the overall meme coin market capitalization reaching a 2025 low of $47.6 billion. This marks a $5 billion wipeout in a 24-hour period, even as trading volume increased by 40%.
Within the meme coin sector, MON has seen a 56.05% price increase in the last seven days, reaching a fully diluted valuation of $4.8 billion. REKT has risen by 37% to $120 million. However, established meme coins have remained largely stagnant. SPX is up 14%, DOGE is stable, SHIB has increased by 3%, PEPE is flat, PENGU is down 6%, BONK is down 3%, TRUMP is down 2%, and FARTCOIN has fallen 10%. The TRUMP token specifically experienced an 11.65% loss over the week.
NFT volumes remain subdued, averaging $3.26 million daily. The overall NFT market cap has decreased by 43% to $2.84 billion, its lowest point since April 2025. Collection floor prices have also trended downwards. CryptoPunks are down 1% at 30.8 ETH, Pudgy Penguins are down 1% at 5.67 ETH, and Bored Ape Yacht Club is down 1% at 5.89 ETH. Bucking the trend, Hypurr's have seen a 3% gain to 720 HYPE, along with Infinex Patrons at +22% and Good Vibes Club at +13%.
Market Outlook
Traders are now looking towards potential Federal Reserve rate cut signals as a catalyst for a market recovery. However, the seasonal phenomenon of "hibernation" could potentially limit any significant gains.