Bitwise Sees Glimmer Of Hope For Investors After Grim Week

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After a painful week for cryptocurrencies, Bitwise says selling pressure is easing, offering investors a glimmer of hope even as market sentiment hits its lowest level since February.

Bitcoin fell to less than $96,000, and Ethereum, Ripple, and Solana also declined. Fear and Greed Index in Cryptocurrenciesa tool used to measure market sentiment, fell by 6 points in the past 24 hours to 10, indicating “extreme fear” among cryptocurrency investors.

Cryptocurrency Fear and Greed Index (Source: Alternative.mi)

But Bitwise’s head of European research, Andrei Dragosh, said “sellers are exhausted and it shows,” suggesting the market may be stabilizing after a series of declines.

While the company sentiment index remains bearish, it is “lower than previous corrections despite lower prices,” he said.

Update: Our Crypto Asset Sentiment Indicator also continues to show positive divergence.

Read: Sentiment index bearish but lower than previous corrections despite lower prices.

Sellers are exhausted and it shows. https://t.co/GYl5Ytc5zR pic.twitter.com/XxSeuo5Ewb

– Andre Dragosch, Ph.D.⚡ (@Andre_Dragosch) November 14, 2025

Santiment says excessive leveraged buyouts have largely been flattened

On-chain analytics company Santiment Repeat Same view, noting that liquidations have been much lower than during the previous sell-off and that over-leveraged long positions have largely been eliminated. Meanwhile, retail portfolios continued to accumulate even as larger holders reduced exposure.

“The market may have exhausted the supply of overly leveraged long positions to liquidate,” Santiment said, adding that the shift in portfolio behavior could represent a “true bottom signal” for bitcoin and broader cryptocurrency prices.

Liquidations during the past 24 hours exceeded $763 million According to To Quinglass. Most of these liquidations ($580.39 million) were for buy deals, which are bets on rising prices.

This is significantly lower than the record $19 billion liquidated on October 10There appears to be a shift in recent hours, as the market has seen much more short liquidations than long liquidations during this period. For example, $1.38 million of short positions were liquidated in the last hour, while only $696.90 thousand of long positions were liquidated.

Santiment also noted that open interest for perpetual contracts is now a fraction of what it was a month ago, suggesting that this may “change internal market dynamics.”

She added that while larger bitcoin holders, specifically those handling between 10 and 10,000 bitcoins, have been steadily selling off their holdings since bitcoin reached an all-time high in October, smaller retail portfolios “continued to accumulate during the decline.”

She said the “true signal of a bottom” for the market would likely be if that dynamic between large addresses and smaller portfolios changed.

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