CRYPTO 101 Podcast – Episode Summary

Episode Title: Crypto Rundown: Bitcoin Snaps Back to $92K After $21B Wipeout – What Just Happened?!
Hosts: Bryce Paul, Brendan Viehman, Brian
Air Date: November 28, 2025

Overview

This jam-packed episode of the CRYPTO 101 Podcast is a deep dive into the tumultuous events that recently rocked the crypto markets. With Bitcoin rebounding sharply to $92K after a massive $21 billion wipeout, the hosts break down the causes, consequences, and opportunities of one of the largest liquidations and short-term holder capitulation events in Bitcoin’s history. The trio offers technical analysis, historical context, institutional trends, and a candid look at retail sentiment, plus bonus commentary on meme coins, ETFs, market regulations, and what could lie ahead for both traders and long-term crypto believers.

Key Discussion Points & Insights

1. Market Sentiment and Mood Check

• Extreme Fear Reigns: The Fear and Greed Index hovered around 10, signaling peak panic; "Unbelievable. …I think we’re still in fear, if not extreme fear, man." (Brian, 03:00)
• “Bottomy” Feeling: Last week felt like a local bottom, with everyone talking about shorting and a surge of FUD (Fear, Uncertainty, Doubt) circulating.
  • “…every piece of FUD possible about bitcoin was coming through… It felt so bottomy.” (Brian, 04:18)

2. Recap of Price Action

• Recent Lows: Bitcoin fell to ~$80,500 (Nov 21), lower than anticipated, breaking through key support zones before a rapid V-shaped recovery.
• Technical Recovery Signs:
  • V-shaped bounce is positive; daily and weekly RSI reached oversold levels seen at major cycle lows (end of 2022/Aug 2023).
    • “The daily RSI is at the lowest level that it’s been since this point. The weekly RSI since the bottom of the market...” (Brendan, 15:50)
  • Historically, these indicators align with market bottoms but do not guarantee them.

3. The Massive Liquidation Event

• Largest Short-Term Holder Capitulation Since Yen Carry Blowup:
  • Massive deleveraging, especially on Binance, led to liquidations far outpacing even the Terra Luna, Alameda, and FTX crises; nearly anyone at 2x leverage was wiped out.
    • “It’s several times larger than Terra Luna, Alameda, FTX… even Covid. And people just didn’t feel an immediate burn…” (Brendan, 12:02)
• Market Aftermath:
  • 5.8% of Bitcoin supply traded in the 83-86K band—showing significant conviction from buyers.
  • Short-term “tourists” were shaken out, leaving stronger hands.

4. Institutional and ETF Trends

• Outflows & Inflows:

  • Some outlets called out “record” ETF outflows, but this only amounted to ~3%—97% of funds stayed put.
    • “You could spin zone this… to say, well, 97% are sticking around despite the fire in the building.” (Bryce, 31:18)
  • Solana ETFs: 17 days of consecutive inflows, bucking the negative trend; shows dedicated institutional appetite.

• Bit Mine’s Big Move:

  • Bit Mine now owns nearly 3% of ETH supply; institutional ownership of Bit Mine soared from 6% to 32% in just 13 days.

5. The October 10th Crash & MSCI Rule

• MSCI (Morgan Stanley Capital International) proposed excluding companies whose valuation is crypto-dependent; fear that MicroStrategy and others could be removed from key indices.
  • "If you're removed, that's massive automatic selling…” (Brian, 34:08)
• Public comment/open period ongoing; unlikely to be finalized soon, and many believe it's overblown given US’s pro-crypto financial direction.
  • “Are they going to fight against the government, the SEC, BlackRock, Fidelity…? Seems counterproductive.” (Brendan, 38:14)

6. Expert Opinions & Notable Quotes

• Scaramucci ("The Mooch") on Recent Liquidation:

  • “Somebody got burned very badly October 10th… probably tied to TradFi. They're dumping and liquidating inventory and trying to deleverage themselves. …This happened during FTX, late 2021…” (Scaramucci, 41:54)
  • No crypto project blew up like during FTX/Alameda; centralized exchange pricing issue, not protocol failure.
    • “None of those crypto projects went to zero... it was an internal pricing area from a centralized exchange.” (Brendan, 44:09)

• Raoul Pal’s Prescient 35% Correction Call ([48:02]):

  • “Don’t use leverage, don’t get your wallet hacked, just sit with it, be careful, don’t get FOMO... Next one that happens, we'll have a 35% drop…and everybody on Twitter will tell you it’s over. And it won’t be over.”
  • Shows this was macro-driven and possibly expected, not some black swan.

7. Regulatory and Macro Considerations

• Fed Rate Cuts & Political Posturing:

  • Debate and speculation over when the new Fed Chair (if Trump wins) will be announced, with heavy market attention on the timing and policy implications.
  • “If you don’t do what we want… we’re coming out and announcing your replacement.” (Bryce, 56:44)

• South Korea's Leverage ETF Regulations:

  • To buy 2x or 3x leveraged ETFs, retail traders now need to take a one-hour online class and a three-hour mock-trading test, due to high risk and popularity among Korean investors.

8. Meme Coin & Fun Segments

• Meme Coin ETFs Launched:
  • DOGE ETF live, with anticipation for others (XRP, Chainlink) to follow.
• Blockchain Gaming:
  • Monad’s “Bro.fun” game: viral, blockchain-based risk game attracting short-term trading crowd.

Notable Quotes and Timestamps

• On Recent Market Crash and FUD:
  • "Every piece of FUD possible about bitcoin was coming through... It felt so bottomy." — Brian (04:18)
• On Liquidations:
  • “Anyone who was… leveraged on an altcoin at greater than 2x leverage was liquidated...” — Brendan (12:16)
• On Institutional Flows:
  • “Institutional ownership of Bit Mine has skyrocketed from 6% to 31.7% in 13 days.” — Bryce (58:29)
• On Macro & The Fed:
  • “If you don’t do what we want, right after your rate decision, we’re immediately coming out and announcing your replacement.” — Bryce (56:44)
• Raoul Pal’s Warning:
  • “Next one that happens, we'll have a 35% drop, and you'll all say, is it over?…And it won’t be over.” — Raoul Pal (48:46)

Important Timestamps

• Market Recap & Technical Analysis: 02:44 – 22:30
• Liquidation Event Explainer: 11:27 – 21:31
• Short-Term Holder Capitulation Stats: 23:33 – 28:30
• Institutional Inflows/ETFs: 31:18 – 33:29, 57:27 – 59:48
• MSCI/Index Fund Threat: 33:29 – 40:39
• Scaramucci on Who Got Burned: 41:35 – 45:33
• Raoul Pal’s 35% Correction Call: 48:02 – 51:18
• Meme Coin & ETF Updates: 59:48 – 61:00
• Korean Leverage ETF Rules: 62:55 – 63:59
• Monad Game Segment: 64:10 – 67:41

Conclusion and Takeaways

• Markets are Turbulent but Resilient: Despite historic liquidations and pain for recently bullish entrants, there are mounting signs of a potential bottom, with previous cycle wisdom and current stats aligning.
• Retail vs. Institution: Institutions are largely holding strong or buying the dip, while retail leveraged traders bore the brunt.
• Opportunities in Adversity: The hosts advocate for caution, patience, and long-term thinking. "Fundamentally, nothing’s broken …it feels like an opportunity." (Brian, 22:30)
• ETF and Regulatory News: ETF launches continue for altcoins, and global regulators are responding to retail excess and risk.
• Macro still Rules: Fed actions and index fund rules remain key narratives to watch; political and global events will drive the next waves.
• Crypto’s Resilience: Despite the fear, innovation (even in games!) continues and the foundational thesis for Bitcoin and main altcoins remains unscathed.

Hosts’ Final Words:
“Hold strong, everyone. We’ll be back after the holiday… More rundowns to come.” (Brendan, 47:03)