After a tough week for crypto, Bitwise says selling pressure is easing, offering investors a glimmer of hope even as market sentiment reaches its lowest level since February.
Bitcoin fell below $96,000 and Ethereum, XRP and Solana then plummeted Crypto Fear & Greed Indexan instrument used to measure market sentiment fell 6 points to 10 in the past 24 hours, indicating “extreme fear” among crypto investors.
Crypto Fear & Greed Index (Source: Alternative.me)
But Bitwise European research head Andre Dragosh said “sellers are exhausted and it shows,” suggesting the market may be stabilizing after a series of declines.
While the company’s sentiment index remains bearish, it is “less than previous corrections despite lower prices,” he said.
🔴UPDATE: Our Cryptoasset Sentiment Index also continues to show positive divergence.
Read: The sentiment index is bearish, but less so than during previous corrections, despite lower prices.
Salespeople are exhausted and it shows. https://t.co/GYl5Ytc5zR pic.twitter.com/XxSeuo5Ewb
— André Dragosch, PhD⚡ (@Andre_Dragosch) November 14, 2025
Santiment says that congested lungs have largely disappeared
On-chain analytics company Santiment echoed took the same view, noting that liquidations were much smaller than during previous sell-offs and that long positions with excessive debt have been largely cleared. Retail portfolios, meanwhile, have continued to accumulate even as larger holders reduced their exposure.
“The market may have exhausted the supply of long, over-indebted positions to liquidate,” Santiment said, adding that a shift in wallet behavior could mean a “real bottom signal” for Bitcoin and broader crypto prices.
Liquidations in the last 24 hours exceeded $763 million, according to to Coinglass. Most of these liquidations ($580.39 million) were for long trades, suggesting prices will rise.
This is much lower than the record $19 billion liquidated on October 10There appears to have been a shift here in recent hours, with the market seeing significantly more short than long liquidations during this period. For example, $1.38 million was wiped out from short positions in the last hour, while only $696.90K was liquidated from long positions.
Santiment also pointed out that open interest on perpetual contracts is now a fraction of what it was a month ago, suggesting this “could change the internal dynamics of the market.”
It added that while larger Bitcoin holders, particularly addresses holding between 10 and 10,000 BTC, have steadily sold off their holdings since BTC hit its all-time high in October, smaller retail portfolios “have continued to accumulate during the decline.”
A “real bottom signal” for the market will likely be if the dynamic shifts between large addresses and smaller wallets, the report said.
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