Corrected Bitcoin Below US$90,000: Crypto Fundamentals Remain Strong Amid ETF Pressure And Global Sentiment

JAKARTA - The price of Bitcoin (BTC) was corrected and touched the US$89,000 level which recorded its lowest level in the last seven months on Tuesday 18 November. This decline comes amid a combination of technical pressure, outflows from Bitcoin ETF in the United States (US), as well as growing market concerns over the new US administration's tariff plan. However, it should be underlined that this weakening is not due to a decline in crypto asset fundamentals.

For four consecutive days, Bitcoin ETF in the US recorded an outflow from total ownership of 441,000 BTC to around 271,000 BTC. At its peak, there was a reemption of more than US$800 million in one day. This situation adds to the selling pressure, especially after the price of Bitcoin failed to hold above the US$92,000 area and fell past the psychological limit of US$90,000.

Market sentiment is increasingly under pressure by a 500 percent tariff plan proposed by President Donald Trump to countries that are still trading with Russia. The policy sparked new concerns in the global market, especially on risky assets such as crypto. A number of large altcoins were also corrected, while the Fear & Greed index slumped to the extreme fear zone.

As of today, Wednesday, November 19, Bitcoin is starting to show signs of strengthening as liquidity expectations improve in the United States, especially after the Fed plans to stop its balance sheet decline and open up a repo operation option that could increase funding reserves to the financial system. However, macro pressure still holds back Bitcoin's move to rise further. Market sentiment remains fragile due to unsolvable inflation, weakening property and automotive sectors, as well as uncertainty ahead of the Fed's interest rate decision on December 10, 2025.

At the same time, US regulators are also concerned after the SEC no longer places crypto assets as the main focus in its 2026 inspection priorities. The focus of the agency is now shifting to fiduciary obligations, cybersecurity, data privacy, and technological risks such as AI. Even so, the SEC emphasized that crypto assets can still be included in the examination if they are considered to have a high level of risk, so that supervision of this industry has not actually disappeared.

On the other hand, this correction does not mark the start of a new bearish trend. Current pressure is due to tightening market liquidity, rotation between large investors, and weakening

sentiment due to the uncertainty of the Fed's interest rate policy. Postponement of important economic data releases such as CPI and labor reports in October 2025 due to the US shutdown are also one of the factors that hold back the trust of short-term investors.

INDODAX Vice President, Antony Kusuma emphasized that market conditions like this are part of the natural dynamics of crypto cycles.

The current price movements are more influenced by global technical factors and sentiment in the short term. Digital asset fundamentals remain strong, and in a situation like this it is important for investors to make decisions in a calm and measurable manner," said Antony.

Antony also emphasized that sharp price pressures like this often occur when the market is adjusting to global conditions.

We understand that quick corrections can make many investors feel anxious. But this kind of phase is usually temporary and the market will move again more rationally after the volatility subsides," he explained.

He continued that short-term volatility did not change the long-term views of experienced market players.

"For long-term investors, moments like this are often considered an opportunity to gradually increase their position," added Antony. He emphasized that confidence in digital assets remains strong, even though prices are under pressure.

In the midst of increasing volatility, Indodax appealed to all investors to continue to prioritize risk management and not make emotional decisions. Corrections like this are considered reasonable after Bitcoin hit an all-time high in early October 2025. Indodax will continue to monitor market conditions in real-time and ensure all trade operations are stable to protect user interests.