The UK government has introduced the &#8220;Cyber Security and Resilience Bill&#8221; to 
Parliament, aiming to tighten regulations on a broader range of tech and 
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UK government targets cybersecurity overhaul on heels of Basis Markets investigation

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companies to ask: &#8220;What’s our strategy?&#8221; says BitPay&#8217;s Merrick Theobald.

Interview | Visa’s stablecoin push forces Wall Street to act: BitPay

Glassnode co-founders Jan Happel and Yann Allemann, who publish under the 
@Negentropic handle on X, argue that the current crypto crash is being driven 
not by a broad narrative turn, but by a single, systematic source of sell 
pressure whose footprint is most visible in Bitcoin and is spilling into the 
wider complex. Their core assertion is categorical: “What’s happening in 
Bitcoin right now isn’t a narrative shift: it’s a mechanical unwind.” In that 
framing, the tape is reflecting the forced exit of one participant rather than 
an organic repricing of crypto risk. Why Is The Crypto Market Crashing? 
Negentropic’s thesis starts with momentum indicators behaving in ways they say 
are inconsistent with “natural markets.” They note that “the 1D MACD just 
printed a new all-time low… yet price is only down ~33% from the highs,” and 
add, “This doesn’t happen in natural markets. You only get this when someone 
is dumping in a straight line.” They pair that observation with capitulation- 
like oscillators that are not accompanied by the usual macro or leverage 
shock. As they put it, RSI is near capitulation, “but there’s no macro stress, 
no credit shock, no leverage detonation, no ETF outflows.” The mismatch 
matters to their conclusion: “It’s extreme momentum without a catalyst: 
classic signature of mechanical selling.” Related Reading: Crypto Traders See 
Bullish Tailwind: Hassett Jumps In Fed Chair Odds They then contrast today’s 
setup with prior episodes where MACD and RSI reached similar extremes. In 
those historical cases, Negentropic says, “Price was down 60%, derivatives 
were blowing out, funding was deeply negative.” By contrast, their read of the 
present is that confirming stress isn’t there. “ETFs remain net positive, 
their cost basis is still intact,” they write, and they emphasize that “long- 
term holders are removing supply aggressively.” They also point to cross- 
crypto resilience: “Solana ETF inflows are steady, altcoins are holding up 
relatively well vs btc &amp; eth,” and “eth is holding stronger than btc.” For 
Negentropic, those relative-strength signals are the tell that this is not a 
systemwide risk-off event. “If this were real sentiment, all of that would be 
breaking. It isn’t,” they conclude. Flow regularity is the other pillar of the 
Glassnode co-founders’ case. They describe a pattern that they say has 
repeated since October 10: “Same timestamps, same venue-specific thinness, 
same lack of reflexive bids.” The implication is mechanical intent rather than 
discretionary trading. “It’s a schedule, not a market,” they write, claiming 
“21 days of consistent toxic flow.” That sequence, in their view, aligns with 
“one explanation”: “a liquidity provider or fund was structurally damaged on 
October 10th,” and “the entity tied to that failure has been reducing risk in 
a forced, rules-based manner.” Independent tape watchers are describing a 
remarkably similar cadence. Front Runners (@frontrunnersx) reports that a 
large seller on Binance has been hitting the market with clock-like 
consistency. Over “two weeks straight,” they say, the entity “hit the sell 
button exactly at 9:30 EST, every US market open, without fail.” They add that 
“kind of consistency usually points to a sophisticated actor operating under 
specific mandates or time windows,” and that it looks “less like random flow 
and more like a single entity (or a tightly-coordinated group).” Macro analyst 
Alex Krüger expands on how that could manifest across venues. He suggests the 
seller could be “dumping during US hours via a broker or OTC desk that employs 
smart order routing or hedging strategies across multiple venues.” In his 
view, the dominance of Binance prints doesn’t require Binance to be the 
origin. “Most volume naturally” would flow there, he argues, “since it’s where 
the bulk of the liquidity resides.” Related Reading: Crypto Market Wipes Out 
$1 Trillion Since October: Analyzing The Forces Behind The Crash Krüger also 
highlights venue asymmetries that fit a routed-flow story: he has seen 
“relatively little spot selling routed via Coinbase this week,” while noting 
“extraordinary levels of spot selling via Bitfinex.” Will The Crypto Crash Be 
Short-Lived? Delphi Ventures founding partner Tommy Shaughnessy focuses on the 
urgency implied by the pace. If the flow has been present since 10/10, he 
writes, “the speed at which they’re selling BTC is pretty crazy.” He 
interprets that as compulsion rather than strategy: “Means they are price 
insensitive and need to exit, fast.” Shaughnessy characterizes the move as 
“violent,” but adds a key qualifier consistent with Negentropic’s finite- 
seller framing: it’s likely “short lived because it’s not orderly.” If there 
is a body from 10/10 the speed at which they’re selling $BTC is pretty crazy 
Means they are price insensitive and need to exit, fast. (Someone had that 
chart of all red candles for days) Violent but means it’s hopefully short 
lived because it’s not orderly https://t.co/kaJAKh5Z4M — Tommy 
(@Shaughnessy119) November 21, 2025 Multicoin Capital founder Tushar Jain 
likewise describes what he sees as forced liquidation behavior. “It feels like 
a big forced seller is in the market,” he writes, adding, “We are seeing 
systematic selling during specific hours.” Jain explicitly ties this to the 
same October window Negentropic flags, calling it “probably a consequence of 
10/10 liquidations,” and says it’s “hard to imagine this scale of forced 
selling continues for much longer.” He also situates the moment within a 
longer unwind process, recalling a lesson from prior cycles: “it takes some 
time for all the bankruptcies to reveal themselves after a big liquidation 
flush like this,” because “shops are running around trying to figure out what 
their exposure to insolvent counterparties is.” It feels like a big forced 
seller is in the market. We are seeing systematic selling during specific 
hours. Probably a consequence of 10/10 liquidations. Hard to imagine this 
scale of forced selling continues for much longer. https://t.co/JO6kRmJUUb — 
Tushar Jain (@tushar_jain) November 19, 2025 Taken together, the sources are 
presenting a coherent, internally consistent read: crypto’s downside is being 
dominated by a single, time-boxed, price-insensitive seller whose execution 
pattern is systematic enough to warp momentum indicators and intraday 
structure. Negentropic’s bottom line is not merely descriptive but 
interpretive: “This is not capitulation. This is not a trend break.” It is, 
instead, “a constrained unwinding through a fractured market.” And because 
mechanical sellers end when inventory or mandate ends, the Glassnode co- 
founders argue that when it does, “the rebound will likely be far sharper than 
the decline that preceded it.” At press time, the total crypto market cap was 
at $2.83 trillion. Featured image created with DALL.E, chart from 
TradingView.com

Crypto Crash Is A Forced Crypto Seller Unwind, Glassnode Co-Founders Claim

Developer Jason Dreyzehner has unveiled Quantumroot, the first fully 
implemented, integration-ready post-quantum vault system built directly in 
Bitcoin Script. The breakthrough positions Bitcoin Cash as one of the major 
cryptocurrencies with a practical migration path for millions of users ahead 
of potential quantum threats, strengthening its long-term role. Bitcoin Cash 
Becomes First Major Blockchain With […]

Quantumroot Debuts on Bitcoin Cash: First Post-Quantum Vault on Bitcoin Script

Kiyosaki disclosed that he sold his Bitcoin at $90,000 after he forecast a 
$250,000 price target for BTC in 2026 earlier in November.

Cryptocurrency price in MMK