Mid-November Market Recap: Bitcoin Holds $100K, ETH Regains Balance, TON Steps Into Payments
In Brief
Bitcoin and Ethereum slid sharply in mid-November due to macro-driven risk-off sentiment and ETF outflows, while Toncoin’s price weakness largely reflected collateral damage despite strong fundamentals and ecosystem developments.
Bitcoin (BTC)
Alright, crypto heads, the mid-November line is crossed, and we’ve got some chunky developments to plough through.
BTC/USD 4H Chart, Coinbase. Source: TradingView
Bitcoin slid out of its post-October range and punched through its late-May low, eventually landing in the mid-$90Ks. But we’re also sitting at a technical and psychological point where reversals sometimes begin — even if this one doesn’t look particularly eager yet. BTC spent the week sliding from roughly $108K at the start of the period into the mid-$94K zone, finally breaking the range that had held ever since the brutal October washout. The chart has that classic “box range → squeeze → slide” look, and the market’s mood matches it perfectly.
Interest rate probabilities. Source: CME Group
And the reasons behind the move are fairly plain once you zoom out. The biggest driver was macro. Traders had spent early November whispering about a December rate cut — and then, almost in unison, global central-bank messaging shifted, with policymakers hinting that easing may come later rather than earlier. That change alone pulled risk appetite down a notch.
BTC futures aggregate open interest, USD. Source: CoinGlass / Cointelegraph
Pair that with the flood of ETF outflows (BTC products registered one of their worst days of the year) and a sharp rotation into gold and Treasurys, and you get exactly the kind of risk-off backdrop that punishes Bitcoin fastest.
Bitcoin whale weekly change. Source: CryptoQuant
On top of that, sentiment just cratered. The fear/greed gauges slipped to their lowest readings since the spring, and large-holder activity turned decisively net-negative — not outright capitulation, but that weary, orderly selling you get in late-cycle fatigue.
It didn’t help that AI stocks — the 2025 macro darlings — rolled over hard last week, tugging every “growth-adjacent” asset down with them. Crypto, being crypto, felt that tremor instantly.
BTC/USD 4H Chart, Coinbase. Source: TradingView
Still, because markets are wonderfully perverse, this exact kind of sentiment collapse is often where counter-trend rallies like to form. BTC has now decisively tagged the May low, flushed leveraged longs, and cleared several layers of late-cycle overconfidence. None of that guarantees a rebound, but it certainly opens the door for one, even if just a short-lived relief pop back toward $100K.
Ethereum (ETH)
ETH’s chart is, once again, basically a mirror version of Bitcoin’s — only slightly slower, slightly tidier, and perhaps slightly more reluctant to break down. Over the same window, it drifted from the upper-$3.6Ks into the low-$3.1Ks, tagging the lower boundary of its own multi-week box. Like BTC, it slipped decisively as the macro mood soured, and like BTC, it couldn’t rely on ETF flows to save it: ETH traded under pressure from long-term holders selling tens of thousands of coins per day.
ETH/USD 4H Chart, Coinbase. Source: TradingView
At the same time, the underlying narrative for Ethereum is almost comically split. On one side, the market mood is gloomy: falling fee revenue, a general cooldown in on-chain activity, and growing competition from cheaper, faster chains.
On the other hand, you have whales quietly buying — BitMine alone added six-figure quantities of ETH last week — and Ethereum’s $200B+ tokenized-asset footprint continuing to expand. Analysts keep pointing out that ETH now functions as the settlement substrate for most of on-chain finance, whether or not people feel bullish about it in the moment.
This is where ETH links straight back to Bitcoin and the broader macro theme. Ethereum didn’t sell off because anything broke in its ecosystem. It sold off because BTC broke its box, ETF flows turned negative, and global markets leaned risk-off. ETH’s fundamentals didn’t change — only the environment around them did. So the same logic applies: if Bitcoin finds its feet anywhere near this zone, ETH likely snaps back quicker.
Toncoin (TON)
TON had the softest version of the week’s sell-off, drifting from the low $2s toward $1.8, essentially mirroring Bitcoin’s breakdown without adding any dramatic flair of its own.
TON/USD 4H Chart. Source: TradingView
And yet — and this is where TON becomes genuinely interesting — its fundamental backdrop over these exact days actually strengthened, which makes the price action feel more like collateral damage from Bitcoin’s macro-driven slide than anything structural inside the TON ecosystem.
Two things really deserve attention here. First, Coinbase quietly added TON to its listing roadmap. Second, the quarterly filing from TON Strategy showed a clean $84.3 million profit and confirmed a hefty $587 million stash of TON on its balance sheet. That’s a serious signal of ecosystem-level conviction at a moment when most projects are reporting flat or declining treasuries.
Source: SEC
Then there’s the surrounding Telegram universe, which often acts as TON’s narrative amplifier. Pavel Durov’s travel ban was fully lifted by a French court — removing a cloud that had been hanging over the parent brand — and WhatsApp began testing cross-chat features that would let its users talk directly to Telegram and Signal. That may sound peripheral, but it quietly reinforces a broader trend toward interoperability across messaging platforms — a space where Telegram historically innovates fastest, and where TON’s ecosystem tends to benefit second-order.
So TON ends up sitting in an odd pocket of the market: fundamentally warm, technically weak, sentiment-wise — pretty numb. If Bitcoin manages any sort of mid-November rebound, TON is well-positioned to catch it cleanly.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
