Colin and Charlie break down the brutal November 2025 Bitcoin selloff. With BTC trading at $87K, the average ETF holder is now underwater, hash prices are at all-time lows, and treasury companies like MicroStrategy and Nokia are facing serious headwinds. We discuss whether this is just typical Bitcoin volatility or something more concerning, analyze the dangers of leverage in crypto, and examine what happens when treasury companies can no longer access capital markets.
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Notes:
• Bitcoin trading at $86-87K (red for the year)
• Average BTC ETF holder now underwater
• Hash price at all-time low for miners
• MicroStrategy convertible notes taking haircuts
• 30% drawdown within historic BTC range
• Treasury companies face capital access issues
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