Coinbase UK CEO Keith Grose said on November 19, 2025 that the latest crypto pullback has far more to do with global macro anxiety than with any loss of conviction in the technology. His comments come at a moment when volatility has shaken prices, liquidity and expectations across the entire market.
Macroeconomic pressure and shifting risk appetite
Throughout 2025, several external forces reshaped investor behavior. Grose pointed to stubborn inflation and tighter monetary policy as the main drivers raising the cost of capital. Uncertainty only grew ahead of the Federal Reserve’s September 16–17 meeting, when investors were watching closely for potential rate cuts.
Trade tensions between the United States and China added more instability. At the same time, nearly half of global venture capital shifted toward AI, leaving blockchain projects with reduced funding. Market sentiment deteriorated sharply: the Fear & Greed Index sank to 10, a level that signals “extreme fear” and widespread capital flight.
The price action reflected this mood. Bitcoin swung from $124,500 on August 14 to $108,600 by September 1, then suffered a flash crash on October 10 that took it from $122,500 to $104,600. By November 19, it had fallen to $92,200. Ethereum also hit lows around $3,000, adding to the sense of stress across the sector.
The sell-off intensified through liquidations. On November 17 alone, more than $900 million in positions were wiped out, contributing to nearly $1 billion in daily liquidations across the crypto market. Bitcoin also lost its 50-week moving average and slipped into the weekly Ichimoku Cloud, a combination traders often see as weakening long-term momentum.
Coinbase made operational adjustments to navigate these conditions. The company had already reduced staff by 18% in 2022 — roughly 1,100 employees — and later maintained strict hiring freezes. On November 17, 2025, its stock dropped more than 7%, a reflection of broader investor unease.
Even so, Coinbase continues expanding, including launching institutional staking services in New York. Grose described the market mood as “jitters around AI-bubble fears and a broader risk-off shift”, framing the downturn as “a recalibration, not a reversal.” In other words, a temporary adjustment rather than a collapse in trust.
The industry is now watching the outcome of the SEC lawsuit closely, since a withdrawal or favorable ruling could unlock institutional confidence and bring new capital back into the ecosystem.
This period acts as a stress test for crypto adoption. While macro pressure has dragged prices lower and drained liquidity, industry leaders insist that development, infrastructure growth and long-term conviction remain intact.