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.

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