Why Is Crypto Down Today? – November 12, 2025

What Happened

And while optimism grows across various markets that the US is close to ending its government shutdown, crypto traders and investors remain cautious, and the sentiment remains subdued due to weak ETF inflows.

Meanwhile, Bitunix analyst commented on the AI investment boom potentially entering its late-stage bubble phase. “If the US AI sector continues to cool, both BTC and ETH could attract renewed flows from hedging and speculative capital.”

Market Context

The crypto market is down today, with the cryptocurrency market capitalisation decreasing by 1.8%, now standing at $3.57 trillion. Much like yesterday, a large majority of the top 100 coins have dropped over the past 24 hours. At the same time, the total crypto trading volume is at $154 billion.

At the time of writing, 9 of the top 10 coins per market capitalization have seen their prices decrease over the past 24 hours.

Bitcoin (BTC) has dropped by 1% since this time yesterday, currently trading at $103,854.

The only green coin is Tron (TRX), which appreciated 0.5% to the price of $0.2994.

It’s followed by Arbitrum (ARB), which fell 5.6% to the price of $0.2789.

Large Sums of Idle Capital May Be Coming Back

Per DeFi Llama, the total value locked in stablecoin RWA protocols on Ethereum increased from $133.8 billion at the beginning of August to over $167.5 billion on 11 November. Yet, in the same period, the total crypto market cap declined from around $3.85 trillion to $3.67 trillion.

Moreover, last month, Ethereum stablecoin volume hit a record $2.8 trillion “as the broader market slowdown seems to have driven traders to seek further yield opportunities through stablecoins on Ethereum-based DeFi protocols.”

They continue: “As overvalued tech stocks face correction risks, some capital may rotate out of equities and flow into high-beta assets — with crypto emerging as a natural alternative.”

At the time of writing on Wednesday morning, BTC trades at $103,854. The coin has dropped from the intraday high of $105,466 to the intraday low of $102,461, before recovering somewhat to the current price.

Notably, over the past week, the price saw a dip below $100,000, hitting $99,376. The highest point in this timeframe was $106,562. It’s up 2.8% in a week.

Why It Matters

A break of either one of the two is “likely to define the next directional trend,” they write.

Should BTC continue dropping, it could hit $101,400 followed by $99,200. Conversely, a rise above $104,500 could confirm renewed bullish momentum, targeting $107,500 and $110,500

Details

Crypto Winners & Losers

Ethereum (ETH) is down by 2.6%, now changing hands at $3,459. This is the second-highest decrease.

The highest drop in the category is 3.2% by Solana (SOL), which trades at $977.

Looking at the top 100 coins, we find 87 of them in the red. Official Trump (TRUMP) fell the most: 6.6% to $7.81.

On the other hand, Canton (CC) appreciated the most: 25.4% to $0.1379, while Aster (ASTER) saw an increase of 7.9%, now standing at $1.16.

Glassnode analysts have commented that BTC sits between $100,600 and $108,500 – the levels that act as support and resistance.

When it comes to ETH, Kevin Rusher, founder of RAAC, a real-world-asset (RWA) lending and borrowing ecosystem, noted that there was negative sentiment due to ETH’s decline from nearly $5,000. However, he says, “the fundamentals of Ethereum have never looked stronger, which is being driven by massive growth in stablecoins.”

Finally, Ethereum is also “emerging as Wall Street’s favourite blockchain thanks to the potential for stablecoins as a “viral” use case for payments,” Rusher writes.

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