2173: Bitcoin Hits FTX-Level Losses – Jim Cramer Flips Bearish as Analysts Warn $10K BTC

Summary

Podcast Summary: Bitcoin News Alerts | Daily BTC News

Episode 2173: Bitcoin Hits FTX-Level Losses – Jim Cramer Flips Bearish as Analysts Warn $10K BTC

Date: November 21, 2025
Host(s): JV, Fed Chair the Nipinator

---

Overview

On this episode, JV and Fed Chair the Nipinator dive deep into Bitcoin's major correction, which has pushed realized losses to levels reminiscent of the 2022 FTX crash. The discussion covers market sentiment, technical analysis, and institutional movements—especially focusing on surging outflows from Bitcoin ETFs and famed analysts’ predictions for both catastrophic declines and epic recoveries. Also in focus: Jim Cramer’s bearish reversal, industry reactions, privacy coin trends, and why some believe this is not the beginning of another crypto winter, but the endgame for the old financial order.

---

Key Discussion Points & Insights

1. Market Overview and Technical Analysis (TA)

• Bitcoin Correction & Sentiment:
  • BTC hit a new local low of $80,000, currently trading just above $83,700 (01:10).
  • “The correction and the bloodbath in crypto continues… We did touch down at 80,000 which is the new local low.” — JV [00:58]
  • Crypto market cap dropped to $2.85 trillion, down another 5% on the day; volume surges 46% to $282 billion (03:15).
  • Crypto Greed and Fear Index at 14, recently dipping to 10 in extreme fear (04:00).
• Technical Analysis:
  • Hourly, four-hour, daily, weekly, and monthly charts all show bearish trends and sustained downturns, with BTC down about 35% from cycle highs (05:16).
  • “Daily chart looks horrid. Unfortunately it just continues dropping and pretty significant drops each and every day.” — JV [06:36]
  • Weekly chart: four consecutive red candles, no bull targets in sight; mention of $47,500 as a major support (07:01).
  • November, a historically bullish month, instead faces a 35% loss so far (07:36).

2. Market Losses Mirror FTX Collapse

• Realized Losses Spike:
  • “Bitcoin realized losses rise to FTX crash levels.” — JV [08:02]
  • According to Glassnode, current losses reflect “a meaningful washout of marginal demand as recent buyers unwind into the drawdown.” [08:20]
• Short-Term Holders Selling:
  • Data from Crypto Quant suggests that short-term capitulation may mark a local bottom if price regains cost basis, but could signify a deeper bear market if not (10:55).
  • Reflection on the 2022-23 bear market, where Bitcoin traded below $20K for two months before launching into the next bull phase (11:34).

3. Bullish vs. Bearish Outlooks

• Samson Mow’s Endgame Thesis:
  • “Bitcoin is not a hedge. It’s the end game… at times like this when the fiat price of Bitcoin makes no sense, you have to remember that we are early.” — Quoting Samson Mow [13:28]
  • Arguments for inevitable Bitcoin adoption: fiat system is failing, debt rising, liquidity returning, supply fixed and dwindling, corporate and nation-state accumulation increasing (14:12).
• Tom Lee’s Bull Rebound Call:
  • Tom Lee estimates Bitcoin may rebound to the $150K–$200K range by January 2026 (12:56), though current market angst casts doubt for many listeners.
• Contrasting Bearish Takes:
  • “We've been slicing through support levels like butter lately, and nobody seems to want to catch the knife.” — Analyst quoting (11:12)
  • Bloomberg's Mike McGlone warns that Bitcoin could resemble the 2018 breakdown with a possible drop as low as $10,000 (33:47).

4. Institutional Outflows and ETF Redemptions

• BlackRock and Spot Bitcoin ETFs:
  • Major outflows: $3.79B withdrawn from US spot Bitcoin ETFs in November, with BlackRock’s IBIT leading ($2.5B out, 63% of total outflows) (16:53).
  • “Blackrock, Fidelity, Bitwise, all the major ones outlined right here, their losses...” — JV [16:53]
  • If outflows persist, November could mark the worst month for ETF redemptions since inception in January 2024.

5. Industry Moments & Sentiment Shifts

• Scott Bessant at PubKey DC:
  • US Treasury Secretary Scott Bessant’s unannounced appearance at a Bitcoin-themed bar deeply resonated with the community, viewed as a sign of mainstream acceptance (19:41).
  • “Having the Secretary of the Treasury at the PubKey DC launch seems like a moment I could easily look back and say, oh wow, it was all so obvious.” — Quoting Stephen Lupka, Nakamoto’s VP [20:02]
• Tom Lee on Wounded Market Makers:
  • Tom Lee suggests market makers’ liquidity crunch after October’s $20B liquidation could extend the current crypto pain for a few weeks before stabilizing (22:16, 23:40).

6. The Rise of Privacy Coins

• Winklevoss Twins & Zcash:
  • Winklevoss twins announce Cipher Punk, aiming to acquire 5% of Zcash (ZEC) supply to address AI-driven privacy threats (27:34, 27:48).
  • “We’re huge fans of Bitcoin… and also huge fans of the Zcash, which we view as encrypted Bitcoin. Bitcoin is where you store your value. Zcash is where you transact or spend your value.” — Tyler Winklevoss [27:48]
  • Observers see Zcash, Monero, and Dash as the “holy trinity” of privacy cryptos, with Zcash recently surpassing Monero’s market cap (31:29).

7. Jim Cramer’s Bearish Flip—A Contrarian Bullish Signal?

• Cramer Mocks $1M BTC Predictions:

  • CNBC’s Jim Cramer derides Ark Invest’s Kathy Wood, who stands by her million-dollar Bitcoin target for 2030, suggesting the “cheerleaders” need to defend themselves (32:02).
  • “The consistent bullish crypto cheerleaders are due for a full court Press using claims of 1 million per bitcoin in 2030 or some other magical nonsense.” — Jim Cramer, paraphrased by JV [32:13]
  • JV and listeners jokingly see Cramer’s pronounced bearishness as a time-tested bullish indicator—“Inverse Kramer” effect (32:16).

• Extreme Bear Calls and Institutional Moves:

  • Bloomberg's McGlone projects a $10K Bitcoin scenario, which the hosts dismiss as extremely unlikely given present adoption and interest (33:50).
  • Ark Invest recently added $40M in crypto equities despite the downturn (36:03).

---

Notable Quotes & Soundbite Moments

• Samson Mow:
  “Bitcoin is not a hedge. It’s the end game… Nothing has changed from the rationale of Bitcoin becoming the reserve asset of the world.” [13:28–14:12]

• Fed Chair the Nipinator:
  “We’ve been slicing through support levels like butter lately and nobody seems to want to try to catch the knife.” [11:12]

• Tom Lee:
  “I think crypto, bitcoin and ethereum are in some ways the leading indicator for equities because of that unwind…” [24:29]

• JV (On Jim Cramer):
  “He also claims he flipped bearish on Bitcoin and this is actually the best signal we have seen all year, because we reverse anything this mofo says—that means the bottom is in.” [32:02, 32:13]

• Winklevoss Twins (via JV):
  “Bitcoin is where you store your value. Zcash is where you transact or spend your value.” [27:48]

---

Timestamps for Major Segments

• [00:58] - Bitcoin’s $80,000 new local low, market overview
• [05:16] - Technical analysis: down 35% from the peak, possible shakeout before uptrend
• [08:02] - Bitcoin realized losses match FTX collapse
• [10:55] - Short-term holders, likelihood of a local bottom
• [13:14] - Samson Mow’s “Bitcoin is the End Game” thesis
• [16:48] - BlackRock ETF leads historic outflows
• [19:41] - Scott Bessant’s surprise visit at the PubKey Bitcoin bar
• [22:16] - Tom Lee: wounded market makers and impact on liquidity
• [24:29] - Market pain could last several more weeks
• [27:34] - Winklevoss twins’ $100M Zcash bet to counter AI privacy threats
• [32:02] - Jim Cramer flips bearish on BTC, hosts see it as a bullish reversal signal
• [33:50] - Mike McGlone’s $10K Bitcoin prediction
• [36:03] - Ark Invest increasing crypto exposure despite market downturn

---

Conclusion

Despite historic outflows, sharp corrections, and a wave of public bearishness (including high-profile reversals like Jim Cramer), the hosts and several industry voices frame this as a shakeout rather than a new crypto winter. Institutional sentiment is shifting, privacy coins are surging, and the thesis that "Bitcoin is the endgame" remains resilient. Extreme bear calls, paradoxically, are viewed as possible turning points for recovery—especially in the context of Jim Cramer's “unintentional” contrarian indicators.

---

For the video and interactive segments, check out bitcoinnewsalerts.net and tune in for tomorrow’s episode! HODL.

Transcript

[JV]

Today's episode of Bitcoin News Alerts is brought to you by Progressive Insurance. Do you ever think about switching insurance companies to see if you can save some cash?

[Fed Chair the Nipinator]

Progressive makes it easy to see if you can save when you bundle your.

[JV]

Home and auto policies. Try [e-mail] Progressive Casualty Insurance Company and affiliates.

[Fed Chair the Nipinator]

Potential savings will vary. Not available in all states.

[Amazon Music Advertiser]

Ever notice how ads always pop up at the worst moments when the killer's identity is about to be revealed? During that perfect meditation flow on Amazon Music, we believe in keeping you in the moment. That's why we've got millions of ad free podcast episodes so you can stay completely immersed in every story, every reveal, every breath. Download the Amazon Music app and start listening to your favorite podcasts. Ad free included with Prime Welcome Bitcoin.

[JV]

Fam to the number one Bitcoin pod. The correction and the bloodbath in crypto continues. We did touch down at 80, 000 which is the new local low. In today's show. I'll be breaking down the latest TA and everything you need to know, including where's the bottom. Also the latest from Samson Mao regarding bitcoin. Not a hedge but being the end game. We'll also be discussing BlackRock Bitcoin ETF shed another 2 1/2 billion in November as outflows hit a record almost $4 billion1. Also, Bitcoiners lose their mind after Scott Bessant walks into a bitcoin bar. I'm sure you saw the clip all over social media. We'll also be discussing Tom Lee speculates wounded market makers are behind this crypto crunch. Now the Wingle Boss twins are betting on the zcash privacy to combat the AI threat. Also the big news of the day. Jim Kramer seemingly mocks Kathy Woods $1,000,000 Bitcoin price prediction. He says the consistent bullish crypto cheerleaders are due for the full court Press using claims of 1 million per bitcoin in 2030 or some other magical nonsense. They need to defend themselves as they always do. Sailor due for multiple appearances. I will chat GBT what Sailor will say today. We'll also be taking a look at the overall crypto market. All this plus so much more right here in today's show. Happy Friday. Let's get it. If you're new to the Rumble important smash the likes give us Follow hit a repost. You know it's bitcoinnewsalers.net direct link and also over our next you'll notice the stream pinned to the top of the Profile is a dual stream. Bitcoin continues its correction. We did hit 80000 overnight here we're sitting just above 83. 7 at time of the live stream. Today is November 21st, 2025. I'm your host JV alongside my co host, Fed chair the Nipinator.

[Fed Chair the Nipinator]

Keeping them nipping.

[JV]

Let's kick it off with our market.

[Fed Chair the Nipinator]

Watch as we do each and every day. Pulling up coin360. You can see Bitcoin down another three and a half percent on the day. You can see ether trading at 2700. Everything virtually in the red. The only outlier today is the bitcoin cash. Ironic enough, it's in the green.

[JV]

Checking out coinmarketcap.com the crypto market cap is all the way down to 2.85 trillion. It continues to descend and down another 5% on the day. We have the volume is up. It's up 46% on the day. 282 billion worth of volume. Bitcoin dominance is at 58.3%. Ether dominance 11 and a half percent. Checking out top 100 crypto gainers past 24 hours. We got double zero up 21%. Bitcoin Cash up 6% followed by World Liberty Financial, which is the WLFI co coin, up 5% on the day, but the bulk of the market correcting. And in the red, checking out the Crypto Greed and Fear index. I'm a little surprised we're only a 14 today. I could have sworn it would have.

[Fed Chair the Nipinator]

Been lower than a 10 considering we dropped significantly lower overnight. But lo and behold, the Crypto Green.

[JV]

And fear index shows were 14 today, 11 yesterday and the local low was.

[Fed Chair the Nipinator]

A 10 achieved earlier in the week.

[JV]

And checking out the infamous time chain.

[Fed Chair the Nipinator]

Calendar today we're block height and the.

[JV]

Neighborhood dogs are going wild.

[Fed Chair the Nipinator]

But notice Nipinator. Calm as a cucumber. That's patience.

[JV]

But yeah, we're on block height. 924, 609. And you can exchange one fiat monopoly dollar for 110093 SATs. That's almost 1200 SATs per dollar.

[Fed Chair the Nipinator]

Not too bad considering it feels like it was at 800 sats per dollar not too long ago. It was like a month ago, around the time we hit the cycle peak for first week of October. We started off on the up and then we ended very low. Next up, we'll look at some of the live charts, do our ta, AKA Astrology for the baddies and again welcome those tuned in. How low will she go? Hold on, fam. We've seen 80% corrections. That is so true. Previous cycles we have seen that. So far we're down 35% ballpark from the top, which is typically half of.

[JV]

The blood bath we're accustomed to during the winter. But here's the question, are we in winter? I think not. I think this is the last shakeout before the parabolic uptrend. I still feel we have another leg up to hit when we hit 126 but we shall see. Extended cycle would mean potentially December would mean we get what we should have seen. October, November or maybe stretched out later in the year. Later on Q1, who knows? There's no telling with the conspated Janet Yellen Bance.

[Fed Chair the Nipinator]

Next up we're going to pull up.

[JV]

The live charts, do some live chart action. Jackson Satisfaction, Bo Jackson, Tony Braxton.

[Fed Chair the Nipinator]

Today dedicated to the Baddies.

[JV]

Pulling up the one hour chart you.

[Fed Chair the Nipinator]

Can see on your screen via Coinbase.

[JV]

Via Trading View you can see lots of volatility in the market.

[Fed Chair the Nipinator]

We're up, we're down, we're up, we're down, we're up, we're down.

[JV]

But the past three hours have been bearish down. Descending candles as we're holding on to 836. At the time of the live stream we're significantly below the moving averages and the local bottom was 80,000 which we touched overnight. Checking out the four hour chart doesn't look much better. We do have a descending candle being.

[Fed Chair the Nipinator]

Pushed right now but prior to that.

[JV]

We did have two green candles. After hitting the bottom of roughly 80,000 and working our way back.

[Fed Chair the Nipinator]

Checking out the daily.

[JV]

Holy.

[Fed Chair the Nipinator]

Daily chart looks horrid. Unfortunately it just continues dropping and pretty significant drops each and every day.

[JV]

We're saying like five to 10.

[Fed Chair the Nipinator]

You know, I don't know, I think yesterday's drop was like 8,000 and today we just dropped a few thousand more. Hopefully we can reverse this. Who knows if it'll happen over the weekend or we'll continue to descend downwards.

[JV]

Before a full reversal.

[Fed Chair the Nipinator]

But there is a super Mega bear.

[JV]

Target on the screen.

[Fed Chair the Nipinator]

I hate to even entertain it, but.

[JV]

Considering the market right now it's at 49.3 working. There's no bull targets in sight. Checking out the weekly, that's where things.

[Fed Chair the Nipinator]

Typically will look better. There's a rising wedge, you can see.

[JV]

That, but unfortunately we've had 1, 2, 3. This is the fourth consecutive red candle.

[Fed Chair the Nipinator]

On the weekly chart and this is the most significant one.

[JV]

Last week was very significant as well.

[Fed Chair the Nipinator]

So it's like getting worse and worse.

[JV]

As the weeks go by and we also have the 47,500 target on the weekly chart. No bull targets in sight.

[Fed Chair the Nipinator]

Checking out the monthly typically it'll look better here overall however, look at that blood bath of a candle. November we supposed to see historically 40% gains. However they straight up reversed the role this month we already got 35% loss and we're only 21 days deep. We got another week and a half to put a bow on the month of November.

[JV]

But before entering December, let me know where you feel the pretty little bitty.

[Fed Chair the Nipinator]

Will likely take us. And let's continue with some of the headlines here. Bitcoin Realized Losses Rise to FTX Crash Levels Million dollar question right now. When and where is the bottom? Well, we just touched 80, so first and foremost let me know if you think the bottom is in or if you think we'll likely. You know what I mean?

[JV]

Correct.

[Fed Chair the Nipinator]

Even lower realized losses of Bitcoin have searched the levels not seen since the 2022 FTX collapse. That's when we dropped sub 20,000 after peeking out in November of 2021 at the 69,000 previous cycle. All time high according to Glass Node. They say here the scale and speed of these losses reflect a meaningful washout of marginal demand as recent buyers unwind into the drawdown. That's right. Glass Node's observation came minutes before Bitcoin slipped as low as 80,500, which is the new local low which is marking a 36% decline from the all time high.

[JV]

Oh hey.

[Gift Wrapping Customer 1]

Welcome to gift wrapping.

[Fed Chair the Nipinator]

Whoa.

[Gift Wrapping Customer 2]

So is Saldana.

[Gift Wrapping Employee]

Hey, can you wrap these please?

[Gift Wrapping Customer 1]

Wow. IPhone 17s.

[Gift Wrapping Employee]

You splurged at T Mobile. You can get four iPhone 17s on them. The new center stage front camera is amazing for group selfies. It's the perfect gift for everyone.

[Gift Wrapping Customer 1]

I'm the worst. I only got my mom a robe.

[Gift Wrapping Employee]

Well, it's better than socks.

[Gift Wrapping Customer 1]

So I have to trade in my old phone, right?

[Gift Wrapping Employee]

No AT T Mobile. There's no trade ins needed when you switch. Keep your old phone or give it as a gift.

[Gift Wrapping Customer 1]

Incredible.

[Gift Wrapping Employee]

In fact, wrap up my old phone too for my Aunt Rosa.

[JV]

Forget that.

[Gift Wrapping Employee]

Aunt Liz will be jealous.

[Gift Wrapping Customer 1]

Sounds like my family drama.

[Gift Wrapping Employee]

Oh, I got it. I'll give it to my abuela. I'll take reindeer paper with. Hey, where are you going?

[Gift Wrapping Customer 3]

To T Mobile.

[Gift Wrapping Customer 2]

The holidays are better. AT T Mobile get four iPhone 17s on us. No trade in needed when you switch plus four lines for just 25 bucks a line. And now T Mobile is available in US cellular stores. 24 month legal credit and 4 eligible board ins on essentials for well qualified customers. Auto pay + taxes, fees and $35 device connection charge credits and imbalance due if you pay off earlier. Cancel contact US Finance Agreement 256GB $830.

[Odoo Advertiser]

Required visit t mobile.com so when I ask what is Odoo? What comes to mind? Well, Odoo is a bit of everything. Odoo is a suite of business management software that some people say is like fertilizer because of the way it promotes growth. But you know, some people also say Odoo is like a magic beanstalk because it grows with your company and is also magically affordable. But then again, you could look at Odoo in terms of how its individual software programs are a lot like building blocks. I mean whatever your business needs, manufacturing, accounting, HR programs, you can build a custom software suite that's perfect for your company. So what is Odoo? Well, I guess Odoo is a bit of everything. Odoo is a fertilizer Magic beanstalk Building blocks for business. Yeah, that's it. Which means that Odoo is exactly what every business needs. Learn more and sign up [e-mail] that's.

[Fed Chair the Nipinator]

Odoo.Com of126 two recorded weeks ago early October. It was the very first week to be precise, and according to Glass Node, there's a big chunk of selling and the ongoing bitcoin crash due to the short term Hodlers. Data from analytics platform Crypto Quant shares a similar perspective, noting short term selling often marks a local bottom if the price reclaims the cost basis. Quoting them here, failing to do so historically indicates a deeper bearish trend or confirms a bear market. Let me know if you agree. Disagree and Although many market observers say the current downturn could signal the end of the bull market that began in 2023, prominent industry figures such as Samson MA have cast doubt on the onset of a crypto winter, quitting them here. How can we have a bare market when we haven't even had a proper bull market? It makes a great point. And when Bitcoin is in the red for four straight weeks, the crypto Greed and Fear index is plunging into extreme fear. Like I said, the new local low there is a 10 achieved a few days ago. We may continue to slide down even further. Quoting analysts here, we've been slicing through support levels like butter lately and nobody seems to want to try to catch the knife. And while I utterly reject the notion that we're heading into the multi year bear Market. With the speed of the current meltdown, the bears may hit their targets much sooner than expected. So yeah, the collapse of FTX, which was November of 2022, came on the heels of the Teraluna crash six months earlier. Bitcoin dropped from 33,000 in May to 16,000 in November, and again that was three years ago. Some observers link the two events speculating FTX liquidity crisis May have begun earlier than publicly disclosed. And after bottoming out at 15,700, the bitcoin price remained below 20,000 for two months before starting its path to the bull market that began in 2023. So according to some of the major industry bulls, a market bottom could arrive within a similar time frame this time.

[JV]

Tom Lee, co founder of Fund Strat, head of the Ether treasury strategy at Bit Mine, has predicted the bitcoin could rebound between 150 and 200000 by the end of January 2026. Let me know if you agree or disagree. And here's a tweet from Samson Mao. Let me time stamp it for you.

[Fed Chair the Nipinator]

It's very thorough.

[JV]

He shared this yesterday. It got a lot of love. 153,000 views. 2.4 thousand hearts. So let me read it for you. Because he's an og. Bitcoin is not a hedge.

[Fed Chair the Nipinator]

It's the end game.

[JV]

At times like this, when the fiat price Bitcoin makes no sense, you have to remember that we are early.

[Fed Chair the Nipinator]

How early? Well, we're early.

[JV]

But it's not understood the Bitcoin is the end game. Tradfi still views Bitcoin as a tech.

[Fed Chair the Nipinator]

Stock or risk asset.

[JV]

Investors seem to think it's okay to sell Bitcoin because it is not performing well.

[Fed Chair the Nipinator]

Even over.11 million. You got to love the 11s.

[JV]

Bitcoin was only just barely beaten inflation.

[Fed Chair the Nipinator]

Right now at these levels it's massively oversold.

[JV]

So we're early.

[Fed Chair the Nipinator]

Bitcoin is the end game. It is the life raft.

[JV]

It's the destination. It's hope for the future.

[Fed Chair the Nipinator]

As we are early, it can be frustrating when conclusions derived from the first principles do not align with the broader market. But we are right.

[JV]

Nothing has changed from the rationale of Bitcoin becoming the reserve asset of the world. Just ask yourself so some questions.

[Fed Chair the Nipinator]

Did something stop this train? No. Is the US no longer 38 trillion in debt? No. Our government suddenly going to spend less? No.

[JV]

Is liquidity coming back to the market?

[Fed Chair the Nipinator]

Yes. Is the fiat monetary supply increasing? Yes. Is the supply of Bitcoin finite?

[JV]

Yes.

[Fed Chair the Nipinator]

Is the rate of supply increase in dwindling having yes.

[JV]

Will we see more corporations and treasury companies accumulating?

[Fed Chair the Nipinator]

Yes yes Our nation states implementing favorable laws and Bitcoin strategies? Yes Are we on the verge of mass adoption of the Bitcoin as monetary rail with the LN Lightning network merchant adoption? Yes. Are the bitcoiners with conviction going to keep huddling and accumulating? Yes. If you look at the urgency behind strategies accumulation you can understand the time frame to buy at these prices is limited. Why doesn't Sailor raise cash from preferreds and sit on it until a good dip or dca? It's because it's too risky. He sees the end game clearly. Every indicator points to Bitcoin consuming the legacy financial system and soon. It is not even because Bitcoin is superior tech, digital, goal neutral, bearer, immutable, etc it's because the fiat system is so broken there's no other option. Bitcoin is not a hedge, it's the end game. That's a very powerful post from Samson shout out Samson M Jan3 founder leading in Bitcoin adoption Worldwide nation states we're.

[JV]

Going to continue where we left off. The show goes on.

[Fed Chair the Nipinator]

Speaking of the Black rock and the.

[JV]

Lizard folk, the headline reads Black Rock Bitcoin ETF sheds 2 1/2 billion in November as outflows hit record almost 4 billion. I've been pointing this out. I mean there's a lot of in institutional manipulation of course, and they're a part of the powers that be, so I'm not surprised. And they're ultimately just sabotage our fourth quarter bull run here. US Bought Bitcoin ETF saw another sharp reversal on Thursday, erasing a brief moment of relief earlier in the week after breaking 5 day outflow streak with 75 million of inflows, which is very modest by the way. On Wednesday the funds were hit with fresh redemptions of 903 million Thursday, the biggest outflow day in November and one of the largest single day outflows since the products were launched in January 2024. According to Far Side, the 3.79 billion of withdrawals were put November on track to be the worst month on record for us Spot Bitcoin ETF outflows if the remaining days fail to offset the month's redemptions. This figure already surpassed February's three and a half billion, which held the record.

[Fed Chair the Nipinator]

For the largest monthly outflow since the ETFs debuted. And you can see Black Rock, Fidelity.

[JV]

Bitwise, all the major ones outlined right here. Their losses, investment giant Black Rocks IBIT.

[Fed Chair the Nipinator]

Is the largest driver of the historic November outflows.

[JV]

The the product has seen two and a half billion in net redemptions so far this month, accounting for roughly 63% of the total 3.79 billion withdrawn from.

[Fed Chair the Nipinator]

All the US spot Bitcoin ETFs.

[JV]

The fund has also led this week's.

[Fed Chair the Nipinator]

Outflow with 1 billion.

[JV]

Founder CEO of Crypto Quant flagged this.

[Fed Chair the Nipinator]

Week'S performance as iBit's largest weekly outflow ever.

[JV]

Also, Fidelity followed on the second largest.

[Fed Chair the Nipinator]

Outflow driver in November with just above 1 billion. And then this week the issue we're.

[JV]

Seeing 225 million withdrawn thus far, reflecting.

[Fed Chair the Nipinator]

Moderate but persistent redemptions. And I mean most of them are all seeing outflows as well. And according to Coin Gecko, Bitcoin fell well today. We did touch 80,400 around that range. And yeah, we're down roughly 36% from the top.

[JV]

Started from the bottom.

[Fed Chair the Nipinator]

Now we hear there's a large cohort of the dumb money who know nothing about crypto buying DATs and ETFs. The this never ends well, adding that markets may need to endure another 50% draw down before adorable foundation can be formed. Hypothetically, what would that look like? Well, if we're roughly just touched 80, that's a potential 40,000 bitty price target.

[JV]

Do I think we'll go that low?

[Fed Chair the Nipinator]

I'm skeptical.

[JV]

I think 69 previous cycle all time.

[Fed Chair the Nipinator]

High will hold, but there's just no telling with a constipated Janet Yellen. So wait for the Nipinator indicator if he licks the log.

[Amazon Music Advertiser]

Ever notice how ads always pop up at the worst moments when the killer's identity is about to be revealed during that perfect meditation flow on Amazon Music, we believe in keeping you in the moment. That's why we've got millions of ad free podcast episodes, so you can stay completely immersed in every story, every reveal, every breath. Download the Amazon Music app and start listening to your favorite podcasts. Ad free included with prime AI agents.

[Rubrik Advertiser]

Are everywhere, automating tasks and making decisions at machine speed. But agents make mistakes. Just one rogue agent can do big damage before you even notice. Rubrik Agent Cloud is the only platform that helps you monitor agents, set set guardrails and rewind mistakes so you can unleash agents, not risk. Accelerate your AI transformation at rubrik.com that's R U-B-R-I-K.com we'll go from there.

[JV]

But meanwhile, Chris Burnsik, co founder of.

[Fed Chair the Nipinator]

Crypto venture firm Placeholder said that the era of DAT selling has only begun, cautioning that just as the ETFs and digital asset treasury is amplified bitcoin ascent, they could equally intensify the move downwards.

[JV]

Next Story Bitcoiners lose their mind after Scott Besson walks into the Bitcoin bar Sounds like the perfect setup for a joke, but we ain't joking. What you smoking? The bitcoin community lit up on Thursday, sparking a doobie after US Treasury Secretary Scott Bessant made an unannounced appearance at the launch of the Washington new bitcoin.

[Fed Chair the Nipinator]

Theme bar, the Pub Key.

[JV]

Having the Secretary of the treasury at the Pub Key DC launch seems like a moment I could easily look back.

[Fed Chair the Nipinator]

And say, oh wow, it was all so obvious. As Biggie said, it was all a dream. Stephen Lupka, Nakamoto's vice president of investor relation, called it the sign you've been waiting for. Many other prominent bitcoiners, including bitcoin analyst Freddy Krueger, Nightmare N Street, Gemini Chief of staff Jeff Tiller, bitcoin podcast of the One and only Beautiful Natalie Bernell of the Coin Stories, and Bitcoin Policy Institute co founder David Zell viewed Bessant's appearance as a hugely positive sign for the bitcoin. And here's the proof of Wolf brought to you by the Nipinator Pub Key DC on the map, there's the Scott Bessant repping the bitcoin pub. Let's get it now. Bessant has been seen as crypto friendly since his treasury nomination drew attention late 2024. He had previously said the US should aim to be the global center for digital assets and has backed several of this year's crypto bills, including the infamous genius act, the jizza, the rza, the old Dirty bastard. Anyways, it was only in August that Besson clarified that his department was still exploring budget neutral ways to buy bitcoin for the strategic Bitcoin reserve. Some traders tried to tie this appearance to the bitcoin recent price slump, quoting them here. In this type of market, signals like this don't matter much. Eventually traders look back and realize it mattered.

[JV]

Now Bessants show a support for the bitcoin bar comes amid a stretch of weak sentiment around the biddy. After reaching the all time high of 126.3 achieved October 5, Bitcoin slipped into a downtrend and we just tapped 80000 here today. Data from Santimen's research platform Sandbase found that social media mentions on Thursday were roughly evenly split between predictions. A Bitcoin dropping between 20,000 and 70,000 and more bullish takes of between a hundred ousand and and one hundred and thirty of the launch of the venue follows the attention it received from its sister venue in New York City which launched late 2022. And it received notional or national spotlight September of 2024 when then presidential hopeful Mr. Trump made a campaign stop at the establishment.

[Fed Chair the Nipinator]

The rest is history.

[JV]

Next Story fam Tom Lee speculates wounded market makers are behind the crypto crunch that's right, the recent downward pressure on the crypto market could be the result of the deep holes of the balance sheet of the market makers, according to Tom Lee speaking on CNBC on Thursday. Lee suggests that the October 10 market crash, which was the biggest we've seen, saw a record 20 billion liquidated from the market, ultimately caught some of the market makers off guard, causing severe liquidity issues. So with less capital to operate, combined with reduced capital from traders as their primary source of revenue, it's a tough time for the market makers poor guys and as a result this has also led to them shrinking their balance sheet further in a bid to free up more capital. Quoting them here and if they've got a hole in their balance sheet and they need to raise the capital they need reflects if reduce the balance sheet, reduce the trading and if the price fails they've got to do then more selling. So I think that this drip that's been taking place for the last few weeks in crypto with reflects this market market maker crippling. Let me know if you agree or disagree with Mr. Tom Lee who also is the co founder of Fun Strat, who liken the importance of the crypto market makers to the central banks, suggesting that the market may face more pain for a few more weeks until the market makers liquidity issues are finally resolved. Quoting them again. Today's stock market looks a lot like.

[Fed Chair the Nipinator]

An echo of what happened on October 10.

[JV]

But on October 10 that liquidation was so big it really crippled market makers. And market makers are critical in crypto because they provide the liquidity.

[Fed Chair the Nipinator]

I mean they act almost as the central bank in crypto.

[JV]

So yeah you Already know Bitcoin top 126.3ish first week October and we just bottomed out at 80G's which is roughly a 36 correction. Thomas Lee says there may be another couple of weeks of market maker unwinding before the market starts to heal. Quoting them here. And so in 2022 it took eight weeks for that to really get flushed out we're only six weeks into it, so I kind of concur. I think crypto, bitcoin and ethereum are in some ways the leading indicator for equities because of that unwind and now.

[Fed Chair the Nipinator]

This sort of limping and weekend liquidity.

[JV]

So he's ultimately suggesting we may have another couple of weeks of downside before we recover.

[Fed Chair the Nipinator]

Let me know if you agree disagree with fun strats, Tom Lee.

[JV]

All right, yo, next story, bro. Headline reads Winklevoss twins bet on the Z cash Privacy to combat the AI threat. So there we go. We have two bitcoin billionaires. In fact three because Winklevoss count as two. They're twins, all betting on the Z cash. We've had Arthur Hayes recently come out, which I've covered on the pod, suggesting he believes a Z cash will hit 10,000 the cycle. He's using that as his hedgehog and obviously clearly very bullish on it. During this whole crypto meltdown we've been witnessing, the privacy coins have been doing well.

[Fed Chair the Nipinator]

Pretty much the only sector in crypto.

[JV]

The year 2025 will go down as the year the digital asset treasury companies Sailor Strategy and Tom Le Bit Mine have forged the head with bitcoin and ether based strategies, while a handful of alternative DATs have grabbed the headlines. For example, the Zcash, the privacy protocol born out of the hard fork of.

[Fed Chair the Nipinator]

The bitcoin code base back in 2016.

[JV]

Has been a big winner this year. Prominent industry advocates have been touting the importance of privacy preserving cryptos and zcash.

[Fed Chair the Nipinator]

Has been the outright winner in terms of percentage price gains. It seemed like it was only a matter of time before the ecosystem welcome zcash DAT and the Winklevoss twins beat competitors to the mark. And I ain't talking Zuckerberg. Zuck is the mark of the base now. Clearly Zuckerberg fucked over.

[JV]

Oh, hey.

[Gift Wrapping Customer 1]

Welcome to gift wrapping.

[JV]

Whoa.

[Gift Wrapping Customer 2]

So we Saldana.

[Gift Wrapping Employee]

Hey, can you wrap these please?

[Gift Wrapping Customer 1]

Wow, iPhone 17s.

[Gift Wrapping Employee]

You splurged at T Mobile, you can get four iPhone 17s on them. The new center stage front camera is amazing for group selfies. It's the perfect gift for everyone.

[Gift Wrapping Customer 1]

I'm the worst. I only got my mom a robe.

[Gift Wrapping Employee]

Well, it's better than socks.

[Gift Wrapping Customer 1]

So I have to trade in my old phone, right?

[Gift Wrapping Employee]

No, AT T Mobile, there's no trade ins needed when you switch. Keep your old phone or give it as a gift.

[Gift Wrapping Customer 1]

Incredible.

[Gift Wrapping Employee]

In fact, wrap up my old phone too, for my Aunt Rosa. Forget that. Aunt Liz will be jealous.

[Gift Wrapping Customer 1]

Sounds like my family drama.

[Gift Wrapping Employee]

Oh I got it. I'll give it to my abuela. I'll take reindeer paper with hey where are you going?

[Gift Wrapping Customer 3]

To T Mobile.

[Gift Wrapping Customer 2]

The holidays are better. At T Mobile get four iPhone 17s on us. No trade in needed when you switch plus four lines for just 25 bucks a line. And now T Mobile is available in US cellular stores with 24 monthly bill credits and four eligible port ins on essentials for well qualified customers bought on pay plus taxes fees and 35 device connection charge credits. Ended balance due if you pay off earlier. Cancel Contact Us Finance Agreement 256 gigabytes.

[JV]

$830 required Visit T mobile.com AI agents.

[Rubrik Advertiser]

Are everywhere, automating tasks and making decisions at machine speed. But agents make mistakes. Just one rogue agent can do big damage before you even notice. Rubrik Agent Cloud is the only platform that helps you monitor agents, set guardrails and rewind mistakes so you can unleash agents, not risk. Accelerate your AI [e-mail] that's R U B R I K.com the Wanklevoss twins.

[Fed Chair the Nipinator]

I mean if you saw the social network, you know what I'm saying? But guess what? Who, who will get the last laugh? The Winklevoss or the Zuck? You tell me. The Gemini co founders announced the launch of Cipher Punk, which has raised 100 million to acquire ZEC for the Treasury.

[JV]

Tyler Winklevoss said the company aims to accumulate up to 5% of the circulating.

[Fed Chair the Nipinator]

ZEC, which is Zcash supply. To date, Cipher Punk holds 233,000zcash. Speaking of coin Telegraph during the Bitcoin Amsterdam conference recently, the Winklevoss twin said their newfound focus on privacy was driven by significant advancements in artificial intelligence over the past couple of years. And that's right, AI has been exponentially advancing. He says here. We're huge fans of bitcoin. We're hodlers, of course, they're billionaires, of course, and also huge fans of the zcash, which we view as encrypted Bitcoin. Bitcoin is where you store your value. Zcash is where you transact or spend your value. And so we launched a DAT for the zcash and we're really dedicated to privacy and self sovereignty this week to help mainstream these ideas. He also says the catalyst for Bitcoin was very much the financial crisis of 2008. The catalyst for privacy is the dawn of the age of the AI. Wingosh remains convinced the Bitcoin and zcash will coexist and complement one another in the years to come. Bitcoin could potentially add significant privacy functions by adopting various opcode changes. But the twin said zcash could act as the privacy layer for the transactions, while Bitcoin would continue to to serve as an unrivaled digital store value. Quoting the Winklevoss again, I think the current world works with Bitcoin and zcash. Ideally Bitcoin would have added privacy in the early days and maybe it will. I think a lot of the cryptos are going to be adding privacy over time. Bitcoin really proved out the concept of decentralization and non government money in a big way. Let me know if you agree. Disagree. And while there has been overwhelming support for the Z Cash on X critics have remained skeptical about the newfound fervor of the crypto. The protocol has been alive since 2016 and some continue to question the narrative being pushed by major industry figures quoting them here. Bitcoin has had a couple of different inflection points along the way. I think the first we experienced was the bailin in Cyprus 2013 that sent Bitcoin up I think over $100 in a very short period of time. I think the world took notice all of a sudden. So yeah, crypto is a not zero sum game. The Winklevoss twins, renowned as two of the earliest adopters of bitcoin on Wall Street. According to the 2013 report, the twins purchased a hundred thousand Bitcoin which was valid at around 11 million at the time. Probably one of the most greatest bitcoin accumulations. I mean obviously as early adopters, that's phenomenal. How much is a hundred thousand bitcoin worth today? Someone run the math.

[JV]

And with bitcoin trading at around 120 per coin, it was a significant bet on the long term potential. The preeminent crypto. In hindsight, it'll go down as a life changing decision for the brothers. Yeah, you could say that again. And quoting the Winklevoss twins, we don't view this as a zero sum game where the pie is fixed. Bitcoin is obviously Gold 2.0. It is the soundest money in the world. But when Ethereum came along and started working on innovating programmability, which I thought was really cool to bitcoin, didn't want to do that, said Cameron Winklevoss. I don't think that it's taken away from bitcoin actually if it brings in people to the space, let's say like engineers who want to work on smart contracts in Ethereum who weren't excited about it with Bitcoin, then that's really positive because once you buy Ethereum, well then you're closer to one step buying Bitcoin. And they also say Bitcoin obviously innovated with proof of work. Ethereum innovated with programmability, and now zcash with privacy. I like that innovation.

[Fed Chair the Nipinator]

I like to see that happen.

[JV]

I think all of it grows the.

[Fed Chair the Nipinator]

Whole pie, including the bitcoin pie.

[JV]

Let me know if you agree disagree with the Winkle V and let me.

[Fed Chair the Nipinator]

Know what you feel about the Zcash privacy coin.

[JV]

The holy trinity of the privacies, Monero, Zcash and Dash. When I first entered the ecosystem in 2017, it was always Monero leading the pack, highest market cap.

[Fed Chair the Nipinator]

But more recently, zcash overtook the market cap of Monero. So zcash is leading the pack. I think it's zcash, Monero and Dash.

[JV]

Correct me if I'm wrong. That's my understanding. All right, fam. Now for our feature story of the day. Everyone's favorite financial analyst Jim Kramer seemingly.

[Fed Chair the Nipinator]

Mocks Kathy Woods 1 million Bitcoin price prediction.

[JV]

Let's get right to the tweet. He also claims he flipped bearish on bitcoin and this is actually the best signal we have seen on all year because we reverse anything.

[Fed Chair the Nipinator]

This mofo says that means the bottom is in.

[JV]

That's like nip. It's equivalent to nip. Nator licking the log with the lickingator indicator. Just saying. But here's a actual tweet he shared today. Got a half a million views. The consistent bullish crypto cheerleaders are due for a full court Press using claims of 1 million per bitcoin in 2030 or some other magical nonsense. Then they need to defend themselves as they always do. Michael Sailor due for multiple appearances. I will chat gbt what Sailor will say today. And as the comments say, this is the most bullish signal we have ever seen. So thank you Inverse Kramer. But diving a little deeper into the article, CNBC TV host Jim Kramer has taken an indirect jab at Ark Invest co founder Ms. Kathy Wood regarding the brutal November downturn. Showing no signs of easing at press time. I mean, bitcoin's currently floating at around 85. At the time of the live, we did touch down to 80 GS.

[Fed Chair the Nipinator]

But according to the data from the.

[JV]

Coin glass crypto liquidations total 2.19 billion overnight. You know what's crazy? That's larger than the bitcoin market cap itself. With Bitcoin alone accounting for 1.12 billion.

[Fed Chair the Nipinator]

Insane in the membrane, insane in the brain.

[JV]

The sell off began as the US Missed its October jobs report, sparking a.

[Fed Chair the Nipinator]

Global retreat for the risk assets.

[JV]

And you think Kramer's bearish? Here's the most bearish call I've seen. Bloomberg analyst Mike McGlone warned Bitcoin structure.

[Fed Chair the Nipinator]

Now resembles this 2018 breakdown, saying the chart looks similar to the last major unwind.

[JV]

He's projecting the bitcoin price to fall.

[Fed Chair the Nipinator]

As low as $10,000.

[JV]

Now, personally, I think that is insane.

[Fed Chair the Nipinator]

I think there's too many buyers lined up. Yeah, I mean, however, still, we're gonna entertain it. This is the most bearish call we've seen. After hitting 126,000. Again, Mike McGlone's calling for 10,000. Let me know if you agree.

[JV]

Disagree.

[Fed Chair the Nipinator]

Now check it.

[JV]

November 21, Kramer aimed at what he.

[Fed Chair the Nipinator]

Call consistent bullish crypto cheerleaders.

[JV]

Apparently I'd be in that category predicting.

[Fed Chair the Nipinator]

Bitcoin to reach 1 million by 2030. And I already read you his actual tweet. And while Kramer did not mention any names, the reference to ARC Invest as Wood was clear.

[JV]

Wood had long forecast bitcoin's limited supply.

[Fed Chair the Nipinator]

And growing institutional adoption could send the bitcoin price to 1 million by 2030. And she's actually upped that target significantly since then. If you, you know, been living under a rock, I think the latest is 2.8 million, then she recently dropped that by 300,000. And then keep in mind, there's the bear scenario, there's the base case in the bull case. So, but anyways, apart from Wood, we also have Trump's son, Eric Trump, who.

[JV]

Has also famously predicted bitcoin reaching a million dollars.

[Fed Chair the Nipinator]

In fact, I mean, there's plenty of influencers who've been calling a million. Arthur Hayes just blazed Samson Ma. Remember the violent upheaval, violently bada boom, bada bing. And while Wood remains extremely bullish on bitcoin, her firm also revised its prediction earlier in the month, which I already referenced. November 6, appearing on CNBC would mention her firm lowered its 2030 bull case from 1.5 million to 1.2 million. The revision was due to the increasing adoption and popularity of the stable coins like USDT by Tether and USDC by Circle.

[JV]

Analysts and traders have also Signaled out.

[Fed Chair the Nipinator]

Strategy CEO Sailor, another Bitcoin maxi strategy currently holds 649,870bitty at an average price of 74,400 and has fallen 40% over the past month. And 68% below the all time high.

[JV]

We also have JP Morgan note suggesting.

[Fed Chair the Nipinator]

Strategy could be dropped from the MSCI USA index if its Bitcoin exposure remains above 50% of the total assets.

[JV]

And just one day before Kramer's post.

[Fed Chair the Nipinator]

Ark Invest added 40 million in crypto related equities. And on November 19, as per an email, the firm bought the following 463,000 shares of BLSH valid at 17,216,000 shares of Circle worth 15 million and 260,000 shares of Bit Mine Immersion Tech worth $7.6 million. But you already know how I feel about the Jimbo Kramer inverse that that ultimately means the bottom may be in.

[JV]

Because he's finally saying, hey, it's going.

[Fed Chair the Nipinator]

To get a lot worse. So let me know your thoughts and.

[JV]

I'll read your comments. And welcome everybody to the Q A.

[Fed Chair the Nipinator]

Segment of the live stream.

[JV]

And don't forget to check out bitcoinnewsalerts.net for the full premium experience with video and to participate in the live stream along with the Q A. And I look forward to seeing you on tomorrow's episode Hoddle.