Why Crypto Is Crashing Today [Live] Updates On November 21,2025

Trader 0x9f59 pulled off a massive quick-hit profit by sniping Jesse Pollak’s token $jesse at launch. He spent 67 ETH ($190K) to buy 76.15M $jesse, paying another 15.54 ETH ($44K) in gas. Within just 15 minutes, he dumped the entire stack for 303.53 ETH ($860K) — locking in a profit of 221 ETH ($626K) in one of the fastest meme-token flips of the week.

Asset tokenization platform Securitize has teamed up with Plume Network’s Nest protocol to bring major institutional products on-chain, including offerings from Apollo, Hamilton Lane, VanEck, and BlackRock.At the same time, Bitcoin staking platform Solv Protocol is committing $10 million to Nest Vaults to strengthen liquidity across the connected asset pools, boosting institutional-grade on-chain access.

Binance data shows Bitcoin dropped below $88,000 to $87,123.89, falling 4.61% in 24 hours. Ethereum slipped under $2,900 to $2,851.83, down 5.28%. According to Coinglass, the past 24 hours saw $831 million in total liquidations $696 million in longs and $135 million in shorts with roughly 227,500 traders wiped out as volatility surged across the market.

The current crypto crash appears to be driven by multiple pressures hitting at once:

• Surging Japanese 10Y yields are shaking global liquidity and weighing heavily on Bitcoin and altcoins.
• DATs are unwinding, with BTC’s valuation triggering accelerated sell pressure.
• A major prop firm or market maker may be blowing up, similar to what happened during the FTX collapse — something the market may only confirm months later.
• Veteran traders say these are some of the wildest moves seen in nearly a decade.

The S&P 500 erased $1.5 trillion in under two hours nearly $15 billion per minute marking one of the fastest wipeouts in history. But this wasn’t a crash or a black swan. Goldman says a critical S&P level broke, triggering massive algorithmic sell flows that could unload up to $40 billion more in the coming days. No news caused it just machines reacting to signals. Markets are selling first, and explanations will come later.

Japan’s surging long-term yields—after a massive stimulus push—have sparked a global liquidity crunch. As Japanese bonds reprice, U.S. yields jump, mortgage rates rise, bank collateral weakens, and repo funding tightens. With liquidity evaporating, forced deleveraging has hit crypto and stocks hard. Japanese institutions are now repatriating capital, further draining global markets. This yield spike—not sentiment—is driving the sudden crash across risk assets.