On-Chain Proof: The Crash Was a Bitcoin Panic, Not an Ethereum Collapse
Bitcoin’s violent slide from round $107,000 on November 11 to lows close to $81,000 on November 21 has rattled merchants throughout the market.
However, new on-chain knowledge exhibits this was in the beginning a Bitcoin panic, not an Ethereum meltdown.
A Tale of Two Sell-Offs
Analysis from XWIN Research Japan shows how the October–November correction break up the 2 majors. Indexed from October 1, Bitcoin dropped into the low-70s by late November, whereas Ethereum slid into the high-60s.
Historically, a 30% pullback in BTC has typically meant a 40–50% hit for ETH, however this time the hole stayed unusually slender, signaling that the latter held up higher than normal at the same time as concern unfold.
The purpose sits on-chain. Since the Merge, a rising share of ETH is locked in staking, whereas EIP-1559 continues to take away cash from circulation throughout busy durations. That means there are fewer tokens out there to dump when the market panics.
By distinction, Bitcoin noticed a clear liquidation spike on November 21, matching studies of almost $2 billion in wiped-out positions in a single day because the asset briefly slid towards $81,000 earlier than bouncing again above $84,000 and later reclaiming ranges close to $88,000 over the weekend.
BTC is presently buying and selling round $86,000, down about 10% on the week, 19% over two weeks, and 23% on the month. On its half, ETH is sitting close to $2,800, which is about 12% decrease on the week, 22% down over 14 days, and 29% decrease on the month; painful, however not the outsized harm of previous cycles.
Meanwhile, Bitcoin’s MVRV ratio, a key on-chain valuation gauge, has dropped from round 2.5 earlier in 2025 to roughly 1.5 on this selloff, a zone that has typically marked deep mid-cycle resets slightly than ultimate tops.
ETH Leverage Is a Time Bomb, however Supply Is on Its Side
Despite the seemingly constructive information for the world’s second-largest digital asset, different market technicians have mentioned that the calmer ETH spot image hides a harmful build-up in derivatives.
According to CryptoOnchain, Ethereum’s estimated leverage ratio on Binance climbed to a file 0.562, at the same time as the value fell from about $4,200 to $2,800.
In different phrases, merchants stored piling into leveraged longs whereas the chart trended decrease, leaving the market uncovered to a different wave of liquidations if the cryptocurrency takes yet one more leg down.
Elsewhere, analysts are calling the present local weather a “Zebra Market,” a time period coined by XWIN Research to explain an atmosphere outlined by sharp, black-and-white value swings slightly than a sustained bull or bear development.
In such situations, on-chain knowledge turns into a crucial device for separating sign from noise, and for now, they body this episode as a BTC-led flush in a uneven mid-cycle, not the beginning of an Ethereum breakdown.
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