Crypto Market Update: Bitcoin Price Slide Continues, Kraken Files for IPO

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,503.92, down by 3.5 percent over 24 hours. Its lowest price of the day was US$88,540.26 and its highest was US$92,074.61.

Bitcoin price performance, November 19, 2025.

Chart via TradingView.

Ether (ETH) was at US$2,942.52, down 5.8 percent over 24 hours. Its lowest price on Wednesday was US$2,872.51 and its highest was US$3,093.82.

Altcoin price update

• XRP (XRP) was priced at US$2.04, down by 8.4 percent over 24 hours. Its lowest price of the period was US$2.03 and its highest was US$2.14.

• Solana (SOL) was trading at US$132.84, down by 6.2 percent over 24 hours. Its lowest price of the day was US$130.72 and its highest was US$138.25.

Crypto derivatives and market indicators

Derivatives markets witnessed significant long position liquidations totaling approximately US$68.99 million for Bitcoin and US$117.35 million for Ether. The dominance of long liquidations highlights persistent bearish pressure and forced deleveraging across the derivatives ecosystem, exacerbated by price drops below key support levels.

Meanwhile, open interest in Bitcoin rose by 1.5 percent, reaching US$66.11 billion, and Ether’s open interest increased by 1.64 percent to US$37.78 billion, signaling continued trader engagement despite recent volatility.

Bitcoin’s relative strength index is at 32.54, indicating that the cryptocurrency is in oversold territory. That suggests potential for a near-term technical bounce, although the market remains vulnerable.

Funding rates remain slightly positive, with Ether at 0.008 and Bitcoin at 0.01, implying that the perpetual futures market still carries a mild premium for longs, despite liquidation pressure. This delicate funding rate environment reflects cautiously bullish sentiment mixed with forced position unwinds.

Traders should watch open interest trends and funding rates closely to gauge whether the market stabilizes, or if continued downside liquidity pressure will push Bitcoin and Ether toward lower technical support zones — near US$88,000 for Bitcoin, and closer to US$2,800 for Ether. This dynamic underscores the high risk and opportunity for derivatives traders navigating the current oversold but volatile crypto market conditions.

Today’s crypto news to know

21shares launches spot Solana ETF in US

Despite a volatile market, 21shares has successfully launched its spot Solana exchange-traded fund (ETF), TSOL, in the US. It debuted with more than US$100 million in assets under management.

This is the fifth Solana-focused ETF in the US and it offers a key feature: the ability for holders to indirectly earn staking rewards from underlying SOL tokens, enhancing its appeal. Its number for assets under management at launch underscores persistent investor demand for regulated altcoin exposure.

TSOL’s success could be a leading indicator for further crypto ETF innovation, with forecasts predicting over 100 new altcoin ETFs by 2026. This influx is expected to inject significant institutional capital into altcoins like SOL, potentially legitimizing them further and boosting token prices.

Kraken files confidential IPO with SEC

Kraken announced it has confidentially filed a registration statement for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), a significant step toward becoming a publicly traded company.

The offering is contingent on SEC review and market conditions. This filing follows others, like Grayscale’s, aligning Kraken with major US crypto exchanges like Gemini and Coinbase Global (NASDAQ:COIN). Kraken’s IPO pursuit signals the growing maturity and institutional acceptance of crypto exchanges. A public listing would provide capital for expansion, increase visibility and transparency and potentially boost investor confidence.

More broadly, a successful IPO for Kraken would be a landmark event, cementing crypto exchanges’ transition from niche startups to mainstream financial infrastructure.