Crypto Rundown: Bitcoin Snaps Back to $92K After $21B Wipeout – What Just Happened?!

Nov 28, 2025

This week delves into a tumultuous month in crypto, examining major liquidations and potential market bottoms. They analyze Bitcoin's technical indicators and the implications of MSCI's controversial proposal, while Raoul Pal’s predictions stir interest. Institutional ETH buying is on the rise, alongside the launch of exciting meme and multi-asset ETFs. South Korea's new trading rules also make headlines. The hosts wrap up with a heartfelt Thanksgiving message, blending market insights with seasonal cheer.

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ADVICE

Avoid High Leverage Exposure

Avoid using leverage recklessly since many leveraged longs above 2x were liquidated in the event.
Brendan Viehman warns that leveraged bulls were wiped out and lost buying power after mass liquidations.

INSIGHT

Short-Term Holder Capitulation Was Massive

The recent move was the second-largest short-term holder capitulation in Bitcoin history, concentrated in a tight price band.
Tevo notes 5.8% of supply traded between $83K–$86K, signaling conviction and a major retail shakeout.

INSIGHT

Majority Of Holders Are Currently Underwater

A large share of holders sit underwater: >35% BTC, ~40% ETH, and ~75% SOL at a loss, compressing where further pain must come from.
Brendan argues widespread losses make deeper capitulation less certain.

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In this Thanksgiving week Crypto 101 Podcast, Tevo, Brian, and Brendan unpack a wild month in crypto — from major liquidations to signs of a market bottom. They analyze RSI levels, short-term holder capitulation, and long-term fundamentals while breaking down the controversial MSCI proposal that could exclude crypto-linked companies like MicroStrategy. Other highlights include Raoul Pal’s eerily accurate 35% correction call, rising institutional ETH buying through Bitmine, and the debut of meme and multi-asset ETFs. The team wraps up with lighter topics like South Korea’s new leverage trading rules, the Monad ICO launch, and a heartfelt Thanksgiving message to listeners.

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Chapters

00:04 — Intro: Thanksgiving week episode, market volatility recap, and Fear & Greed Index setup.

03:23 — Market overview: Bitcoin, Solana, and Ethereum stabilize after major drop.

06:45 — Brendan’s technical analysis: liquidation effects, leverage wipeouts, and market ripple impacts.

09:50 — Bitcoin chart breakdown: RSI, consolidation zones, and signs of a potential market bottom.

16:49 — Long-term vs. trader mindsets and Bitwise perspectives on Bitcoin fundamentals.

18:51 — Short-term holder capitulation: 6% of Bitcoin supply trades between $83K–$86K.

23:47 — Pain metrics: 75% of Solana holders at a loss, signs of capitulation across markets.

27:55 — MSCI controversy: potential exclusion of crypto-related stocks like MicroStrategy from major indexes.

34:43 — Scaramucci returns: discussion on exchange “glitch” theory and market shakeout.

46:29 — Raoul Pal’s 35% correction prediction and macro cycle reflections.

47:40 — Fed politics: Trump’s potential Fed Chair picks and prediction market bets.

51:33 — Institutional buying: Bitmine increases ETH exposure, ownership jumps from 6% to 32%.

53:53 — Meme coins and ETFs: Dogecoin ETF launch, Solana inflows, and multi-asset ETF speculation.

57:21 — South Korea introduces training requirements for leveraged ETF trading.

58:23 — Monad token launch on Coinbase and blockchain gaming with bro.fun demo.

01:02:14 — Closing thoughts: gratitude for the community and Thanksgiving sign-off.

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