5th November 2025 – (New York) Bitcoin slid beneath the US$104,000 threshold on Tuesday, extending the previous day’s sell-off and touching prices last seen in late June. As of publication, the leading cryptocurrency was trading at US$103,849, down 3.2% on the day, according to CoinGecko, and roughly 17.5% below its early‑October record.
Losses rippled across the market, with major altcoins including Ethereum, XRP, BNB and Solana dropping between 5% and 9% over 24 hours. Liquidations surged to about US$1.37 billion over the same period, CoinGlass data showed, highlighting the speed and scale of the risk unwind. Derivatives metrics reflected the deterioration in sentiment: the annualised futures premium on major venues has slipped from around 7% to under 4% in a week, signalling waning appetite to pay up for bullish exposure.
Analysts attributed the downturn to a confluence of intensifying decentralised finance stress and broader macroeconomic jitters. A series of DeFi shocks has frayed confidence, with Stream Finance disclosing around US$93 million in asset losses and total bad debt across lending markets estimated at US$284 million. Earlier blows, including the US$128 million Balancer exploit and October’s sweeping liquidation cascade, have compounded concerns, prompting forced redemptions and exposing multiple stablecoins and vaults to elevated strain.
Macro headwinds have amplified the shake‑out. Softer US labour readings, a more hawkish tone from the Federal Reserve and fresh uncertainty over a potential US government shutdown have pushed traders to reduce leverage across risk assets, with heightened bond market volatility adding to nerves. Sentiment gauges mirrored the shift: readings of “greed” have eased from 59% on 1st November to 51.9%, while users on prediction platform Myriad now assign a 71% probability that Bitcoin next tests US$100,000 rather than US$120,000, up sharply from 44% two days earlier.
