In a surprising show of confidence, Indian crypto investors rushed to buy Bitcoin even as the world’s largest cryptocurrency tumbled below $90,000 for the first time in seven months on November 18. A massive $1-billion liquidation wave triggered the sharp fall, but instead of retreating, Indian traders saw an opportunity—and acted fast.
According to leading exchanges, “buying the dip” was the dominant sentiment of the day. Bitcoin alone made up nearly 40% of CoinSwitch’s retail spot trading volumes, even as the coin continued trading in deep red.
At Giottus, the platform’s “big buyers”—investors holding more than ₹5 lakh worth of BTC—increased their Bitcoin holdings by 15–20%, while buy orders across all user categories rose by 10%. CoinDCX also reported steady spot-trading volumes between $10 million and $23 million, showing that Indian traders used the correction to rebalance portfolios, book profits, and accumulate more assets.
Despite a steep 30% drop from its 2025 peak, industry leaders said there was little cause for alarm. They called the fall a short-term bull market correction, not the start of a long-term bearish cycle.
Ashish Singhal, Co-founder of CoinSwitch, explained:
“Bitcoin fell below $90,000 due to uncertainty around potential US interest rate cuts, negative equity market sentiment, and large holders reducing positions. But similar patterns in the past have preceded recoveries. This is short-term volatility.”
Sumit Gupta, Co-founder of CoinDCX, added:
“The spike in trading volumes shows strong investor participation. Confidence in Bitcoin’s long-term potential remains intact despite the turbulence.”
The crypto downturn wasn’t limited to Bitcoin. Over the past month, BTC slid nearly 15%, dropping from above $110,000 to around $91,000 by late evening on November 18. Ethereum mirrored the trend on a smaller scale—ETH buy orders jumped 5% on Giottus as long-term investors positioned themselves for recovery.
Vikram Subburaj, Co-founder of Giottus, said today’s investor behaviour is far more strategic than emotional, unlike previous cycles in 2017 or 2021.
“Many customers now invest via SIPs, understand halving cycles, and pair BTC with stablecoins and blue-chip alts. They’re better prepared, sizing positions wisely and maintaining liquidity.”
Institutional investors also saw the correction as a buying opportunity. At 9Point Capital, which manages assets for HNIs and family offices, the flash crash prompted fresh accumulation.
“The fall is a structural, bull-market correction,” said Parth Srivastava, Head of Quant. “Long-term holders liquidating positions caused a trickle-down effect and panic selling.”
What triggered the Bitcoin crash?
The sell-off began in early October when long-term holders started unlocking and selling Bitcoin that had remained dormant since 2020–2022. The movement of these old tokens sparked a chain reaction across global markets, leading to widespread panic selling.
In just five weeks, the total global crypto market cap plunged by more than $1.2 trillion from its record highs.
Still, if India’s investor sentiment is any indication, the correction may have opened the door for the next wave of strategic accumulation—rather than signaling the end of the bull run.