Blockspace Podcast: Bitcoin Collapse: Here's Who's Bleeding In The Street

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4.8 • 689 Ratings

🗓️ 22 November 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin's down 30%, ETF holders are underwater, and treasury companies are struggling. Colin and Charlie break down the anatomy of the November 2025 crash and what it means for miners, leverage plays, and your portfolio. 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. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **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 Timestamps: 00:00 Start 00:34 Number Go Down WTF! 04:15 Bitcoin is volatile, strap in! 09:02 But why go down? 16:50 NAKA 20:20 Treasury company bubble 21:50 Metaplanet 25:09 Leverage will break you 28:32 Hashprice - 👋Blockspace Podcast is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech! Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected]

Transcript

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0:00.0	Red is the color of Christmas, but it's also the color of your portfolio this week today and,
0:05.5	you know, for the most of the month of November. Welcome back to Riders Room by Blockspace.
0:11.0	Today we are going to be doing a market recap on the blood that is in the streets between Bitcoin,
0:16.1	AI, and basically everything except for gold right now. So if you've been wondering why Bitcoin
0:20.7	is selling off and why tech stocks are selling off,
0:22.9	even after Navidia had a Bangor earnings report, this one's for you.
0:26.7	You're listening to Blockspace.
0:33.8	So, Colin, you just said red red is the color of my portfolio and Christmas, but Colin, what's the other color of Christmas? It's green. Yeah, that's right. It's kind of a funny irony there. So we could do this either way. Yeah, we could just cut the episode right there because basically what we're going to do is we're going to gang up. We're going to punch down on everyone's portfolio. No one is safe.
0:55.0	We're going to lead by punching down on the treasury companies.
0:57.5	We're going to punch down on AI.
0:59.3	We're going to punch down on like friends of ours who run, you know, these,
1:02.7	these publicly traded companies because misery loves company.
1:07.8	This is the anatomy of the Bitcoin crash of fall 2025.
1:13.6	And this is an exercise in masochism as well as shodden fraud because you cannot criticize
1:18.9	this industry's price performance and work in it without recognizing that you too are down
1:23.9	bad over the last few weeks. So I guess guess should we just start with what the hell is Bitcoin doing?
1:32.5	Yeah, what the hell is Bitcoin doing?
1:33.8	So this is Thursday afternoon, November 20th, 3 p.m.
1:38.3	Markets are closing.
1:40.4	The boring boomer markets are closing, but Bitcoin still trades.
1:46.0	And that is going down.
1:53.7	Bitcoin's at between 86 and 87K right now, which is the means word red for the year.
	...

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