- Ethereum price dropped 10% to near $2,600 as cryptocurrencies plummeted.
- The altcoin’s dip came amid over $400 million in 24-hour ETH liquidations.
- Despite price declines, Bitmine is using the dip to buy more ETH.
The cryptocurrency market is facing its bleakest downturn since October, with the price of Ethereum (ETH) plummeting below $2,700 as sell-off intensifies.
On November 21, 2025, investor concerns regarding the broader market correction pushed Bitcoin to new multi-month lows, and ETH to lows last seen in July.
Amid the volatility, liquidation pressures mounted, and analysts were pointing to a potential bearish flip across major digital assets.
Now analysts say Bitcoin could dip to $80,000 next.
Ethereum price tanks below $2,700
Ethereum’s price fell sharply on Friday, Nov 21, with bears extending 24-hour losses to over 10%. The top altcoin dropped from highs of $3,039 to lows of $2,660.
Losses mounted as the global risk asset market witnessed fresh jitters.
Ethereum’s dip occurred amid a notable $400 million worth of leveraged ETH positions being liquidated.
Facing wipeout were predominantly long positions, with about $374 million of these rekt in the period.
Global liquidation stood at nearly $2 billion, with Bitcoin (BTC) leading as over $940 million in bets drained off.
The downturn also showed in the ongoing outflows from cryptocurrency investment products, where both spot Bitcoin and Ethereum ETFs have recorded consecutive net outflows.
On Nov. 20, Bitcoin spot ETFs lost $903 million, while Ethereum spot ETF outflows hit $262 million.
Notably, as BTC and ETH shed capital, Solana spot ETFs saw over $23.6 million in net inflows.
Losing the $2,800 support level and dropping to lows near $2,600 means further weakness is likely should bulls fail to initiate a swift bounce.
Crypto analyst Ted suggests the next level to watch could be $2,500.
$ETH has lost its $2,800 support level.
Ethereum just dropped to the $2,650 zone and is now trying to recover.
If ETH doesn’t reclaim the $2,800 level soon, expect a drop towards the $2,500 level. pic.twitter.com/uveWA7HS1g
— Ted (@TedPillows) November 21, 2025
BitMine buys the ETH dip
As stocks reacted lower on Thursday, Bitcoin gave up its support near $92,000.
On Friday morning, BTC fell to lows of $82,002 across major exchanges.
The BTC slump coincides with a challenging global economic landscape, which analysts say could accelerate bears’ dominance.
Notably, the markets are reacting to sentiment around US interest rate cuts and Japan’s stimulus package.
Ethereum’s price dip reflects overall waning investor confidence. But as prices dropped, Bitmine, the largest ETH treasury company, has added to its balance sheet.
The Nasdaq-listed company said it purchased an additional 17,242 ETH worth $44.46 million on November 20.
More ETH brings BitMine’s total holdings to approximately 3.62 million ETH.
Tom Lee(@fundstrat)’s #Bitmine bought another 17,242 $ETH ($44.46M) today, and now holds ~3,623,002 $ETH($10.4B).https://t.co/Qyr9SBlVbIhttps://t.co/pXi4cUe0OG pic.twitter.com/ENKqzH8g17
— Lookonchain (@lookonchain) November 21, 2025
The continued buying by Bitmine, despite price declines, highlights a divergence between market sentiment and institutional strategy.
Bitmine’s move adds to the vote of confidence in Ethereum’s long-term potential.
However, crypto insights firm 10x Research said that BitMine Immersion Technologies is sitting on multi-billion-dollar paper losses following the recent market correction that has pushed ETH to multi-month lows.
According to the report, “Bitmine is now down more than $1,000 per ETH, implying about $3.7 billion in unrealized losses before even accounting for the hefty NAV premium public-market investors paid on top.”
10x Research added that treasury companies are likely to face difficulties attracting new retail investors in the current environment, as existing shareholders are already sitting on billions of dollars in losses.
