Bitcoin just erased an entire year’s worth of gains—and took a chunk of the Trump family’s fortune with it. In this episode, recorded Monday, November 24th, 2025, we walk straight into one of the most violent phases of the current crypto cycle and unpack what real capitulation looks like when leverage, politics, and AI hype all collide.

We start with Bitcoin’s historic rout. After spending 2025 grinding higher on institutional optimism and spot ETF euphoria, BTC has crashed from an October peak near $126,000 to a terrifying low around $80,548. That breakdown doesn’t just sting; it retroactively wipes out the entire 2025 bull thesis and pushes year-to-date returns negative. We explain why the break of the “new floor” at $97,000 mattered so much, how the $80,000 support level became the final line of defense, and why a deeply oversold RSI reading of 26 is both a potential bounce signal and a warning that a structural bear market could still be ahead. You’ll hear how a failure to hold $80,000 could, in some of the more extreme technical models, open the door to 60% more downside toward the $32,000 zone.

From there, we lift the hood on the mechanics of the crash. This isn’t just “people selling”; it’s a leverage-driven cascade. We break down more than a billion dollars in liquidations, with over half a billion in Bitcoin alone, and explain in plain language how margin calls, forced selling, and derivatives positioning can create a self-feeding downward spiral. You’ll learn how negative funding rates, collapsing futures open interest, and a heavily skewed options market—with traders paying rich premiums for puts—signal an extreme risk-off environment. We also walk through how delta hedging by options dealers turns fear into actual spot selling, effectively turning protective puts into gasoline poured on the fire around the key $90,000 and $93,000 levels.

Then we follow the money into the ETF arena and institutional flows. The same U.S. spot Bitcoin ETFs that powered the 2025 bull run are now bleeding. We look at sustained multi-billion-dollar outflows, including BlackRock’s transfers of thousands of BTC and tens of thousands of ETH to Coinbase Prime and roughly $2.5 billion in redemptions from their products alone. Combined with other issuers, spot ETFs have seen about $3.5 billion pulled in November, making it one of the worst months since launch. We frame this not as simple profit-taking but as institutional capitulation and mandated de-risking in a macro environment where the Federal Reserve may delay rate cuts and global liquidity is thinning.

That brutal macro meets a very specific story: the Trump family’s crypto-linked wealth. We outline how a highly concentrated ecosystem—Trump Media & Technology Group (DJT), Trump-branded meme coins, World Liberty Financial, and mining stakes—has seen more than a billion dollars in paper wealth evaporate since early September. You’ll hear how DJT stock cratered from post-merger highs above $43 to around $10, erasing roughly $800 million from Donald Trump’s stake, and why a company with under a million dollars in quarterly revenue was ever valued in the billions. We look at the crashes in Trumpy and WLFI tokens, the drawdown in American Bitcoin Corporation, and how this all showcases the dangers of tying political brand, speculative tokens, and leveraged mining to a single “crypto always goes up” narrative—even as Eric Trump publicly insists this is a “great buying opportunity.”