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, \u201cbut there\u2019s no macro stress, no credit shock, no leverage detonation, no ETF outflows.\u201d The mismatch matters to their conclusion: \u201cIt\u2019s extreme momentum without a catalyst: classic signature of mechanical selling.\u201d<\/p>\n
They then contrast today\u2019s setup with prior episodes where MACD and RSI reached similar extremes. In those historical cases, Negentropic says, \u201cPrice was down 60%, derivatives were blowing out, funding was deeply negative.\u201d By contrast, their read of the present is that confirming stress isn\u2019t there. \u201cETFs remain net positive, their cost basis is still intact,\u201d they write, and they emphasize that \u201clong-term holders are removing supply aggressively.\u201d<\/p>\n
They also point to cross-crypto resilience: \u201cSolana ETF inflows are steady, altcoins are holding up relatively well vs btc & eth,\u201d and \u201ceth is holding stronger than btc.\u201d For Negentropic, those relative-strength signals are the tell that this is not a systemwide risk-off event. \u201cIf this were real sentiment, all of that would be breaking. It isn\u2019t,\u201d they conclude.<\/p>\n
Flow regularity is the other pillar of the Glassnode co-founders\u2019 case. They describe a pattern that they say has repeated since October 10: \u201cSame timestamps, same venue-specific thinness, same lack of reflexive bids.\u201d The implication is mechanical intent rather than discretionary trading. \u201cIt\u2019s a schedule, not a market,\u201d they write, claiming \u201c21 days of consistent toxic flow.\u201d That sequence, in their view, aligns with \u201cone explanation\u201d: \u201ca liquidity provider or fund was structurally damaged on October 10th,\u201d and \u201cthe entity tied to that failure has been reducing risk in a forced, rules-based manner.\u201d<\/p>\n
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 \u201ctwo weeks straight,\u201d they say, the entity \u201chit the sell button exactly at 9:30 EST, every US market open, without fail.\u201d<\/p>\n
They add that \u201ckind of consistency usually points to a sophisticated actor operating under specific mandates or time windows,\u201d and that it looks \u201cless like random flow and more like a single entity (or a tightly-coordinated group).\u201d<\/p>\n
Macro analyst Alex Kr\u00fcger expands<\/a> on how that could manifest across venues. He suggests the seller could be \u201cdumping during US hours via a broker or OTC desk that employs smart order routing or hedging strategies across multiple venues.\u201d In his view, the dominance of Binance prints doesn\u2019t require Binance to be the origin. \u201cMost volume naturally\u201d would flow there, he argues, \u201csince it\u2019s where the bulk of the liquidity resides.\u201d<\/p>\n Kr\u00fcger also highlights venue asymmetries that fit a routed-flow story: he has seen \u201crelatively little spot selling routed via Coinbase this week,\u201d while noting \u201cextraordinary levels of spot selling via Bitfinex.\u201d<\/p>\n 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, \u201cthe speed at which they\u2019re selling BTC is pretty crazy.\u201d He interprets that as compulsion rather than strategy: \u201cMeans they are price insensitive and need to exit, fast.\u201d Shaughnessy characterizes the move as \u201cviolent,\u201d but adds a key qualifier consistent with Negentropic\u2019s finite-seller framing: it\u2019s likely \u201cshort lived because it\u2019s not orderly.\u201d<\/p>\n If there is a body from 10\/10 the speed at which they\u2019re selling $BTC<\/a> is pretty crazy<\/p>\n Means they are price insensitive and need to exit, fast. (Someone had that chart of all red candles for days)<\/p>\n Violent but means it\u2019s hopefully short lived because it\u2019s not orderly https:\/\/t.co\/kaJAKh5Z4M<\/a><\/p>\n \u2014 Tommy (@Shaughnessy119) November 21, 2025<\/a><\/p>\n<\/blockquote>\n Multicoin Capital founder Tushar Jain likewise describes<\/a> what he sees as forced liquidation behavior. \u201cIt feels like a big forced seller is in the market,\u201d he writes, adding, \u201cWe are seeing systematic selling during specific hours.\u201d Jain explicitly ties this to the same October window Negentropic flags, calling it \u201cprobably a consequence of 10\/10 liquidations,\u201d and says it\u2019s \u201chard to imagine this scale of forced selling continues for much longer.\u201d<\/p>\n He also situates the moment within a longer unwind process, recalling a lesson from prior cycles: \u201cit takes some time for all the bankruptcies to reveal themselves after a big liquidation flush like this,\u201d because \u201cshops are running around trying to figure out what their exposure to insolvent counterparties is.\u201d<\/p>\n 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<\/a><\/p>\nWill The Crypto Crash Be Short-Lived?<\/h2>\n
\n
\n
![\"Total](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/11\/TOTAL_2025-11-21_14-08-23.png?resize=1024%2C473\")
<\/p>\n","protected":false},"excerpt":{"rendered":"