Bitcoin falls below $93,000 amid sharp outflows from stable exchanges

^{At the start of the new week, the cryptocurrency market continued to decline. ETH fell 35% from its yearly high, and Bitcoin fell 25%, putting most cryptocurrencies in a technical bear market.}

On November 17, the Fear and Greed Index fell to "Extreme Fear," reaching 17 points—the lowest since April, when Donald Trump announced retaliatory tariffs.

Stablecoin outflows from exchanges also increased. Data compiled by Nansen shows that stablecoin balances on exchanges fell to $85 billion, the lowest since October 11. This figure had been steadily declining throughout the month, declining by $4 billion.

The decline in stablecoin balances indicates that investors are closing positions. Retail traders continue to sell their tokens, while many others have adopted a wait-and-see approach, demonstrating disillusionment with the market.

Bitcoin continues to fall

Against this backdrop, the price of Bitcoin fell below $93,000, and Ethereum traded around $3,020, while the broader market fell by more than 2%.

Bitcoin price dynamics over the past 24 hours. Source: CoinMarketCap

Having lost support, Bitcoin could continue to decline toward $88,790, its March high.

This week, the cryptocurrency market will react to Nvidia's earnings report and the upcoming Federal Open Market Committee (FOMC) meeting minutes on Wednesday.

Nvidia's report is attracting attention because strong results would indicate a thriving artificial intelligence industry, potentially boosting the stock market and, perhaps, cryptocurrencies.

The upcoming FOMC meeting minutes will shed more light on the previous meeting and provide insight into expectations for the December meeting.

As we previously reported, Bitcoin Halved in 2028: Can it Survive Without Innovations in Energy and AI