Crypto Bloodbath: Nov 17–30, 2025 – $566M Token Unlock Avalanche Triggers 20% Bitcoin Crash and Market Mayhem

A vicious mix of large token releases totaling more than $566 million across important projects the week of November 24–30, 2025, drove great selling pressure and market volatility. Leading the pack were Plasma (XPL) with an $18.13M unlock (almost 50% of its market cap) on Nov 25, WalletConnect (WCT) dropping $14.84M (68.8% of market cap) on Nov 26, and Kamino (KMNO) releasing $11.22M (22% of market cap) on Nov 30. These events startled already edgy investors as they sharply raised the supply in circulation at the worst conceivable moment.

Bitcoin experienced a fierce 20%+ correction in November, displaying a bearish "death cross" along $3.79 billion in ETF outflows and $2 billion in leveraged liquidations. From around $94,000 to below -$81,000, the king crypto crashed before clawing back toward $86,000–$91,000 by week's finish. Solana stood out as the only bright spot, drawing in $531 million of ETF inflows against the general bloodbath, but Ethereum stagnated between $2,800 and $3,000 under severe whale selling and pending staking withdrawals.

With no headline conferences (European Blockchain Week just finished) and U.S. markets thinned by Thanksgiving, macro data drops like PPI, retail sales, and GDP added extra turbulence to an already fragile crypto landscape. November 2025 will be remembered as the month the unlock avalanche met a perfect storm of liquidations and risk-off sentiment.