The cryptocurrency market faced a brutal downturn today, with total market capitalization plunging 3.2% to $3.6 trillion, marking one of the steepest single-day drops in months.
According to data from CoinGlass, more than $400 million worth of crypto positions were liquidated in just 24 hours, wiping out over 162,000 long traders.
At the center of the storm was Bitcoin (BTC), which tumbled below the critical $107,500 support level after reaching a recent high of $111,721. The asset is now trading around $107,662 at the time of writing this report, signaling mounting bearish momentum.
Analysts attribute the sharp retracement to the U.S. Federal Reserve’s October rate hike and subsequent comments by Chair Jerome Powell, which dampened hopes of a December rate cut. The resulting surge in the U.S. dollar has intensified selling pressure across digital assets.
Altcoins suffered even more severe losses. The top 50 cryptocurrencies fell by an average of 4% in 24 hours, with Ethereum, Solana, DOGE, and Uniswap among the hardest hit.
Ethereum liquidations totaled $112.8 million, slightly surpassing Bitcoin’s $96.9 million. Meanwhile, Bitcoin’s market dominance climbed to 60%, highlighting traders’ retreat to relative safety amid growing uncertainty.
Bitcoin fell below key support levels after major holders, often referred to as “whales”, reportedly offloaded large volumes of BTC, triggering heightened volatility and widespread selloffs across exchange.
Fueling the market’s anxiety are large on-chain transfers by prominent Bitcoin whales. Two long-term holders, BitcoinOG and early adopter Owen Gunden, have moved significant sums of BTC to major exchanges in recent weeks, raising speculation of potential selloffs or short positions.
Data shows that since October 1, BitcoinOG has deposited roughly 13,000 BTC (worth $1.48 billion) across platforms such as Kraken, Binance, Coinbase, and Hyperliquid. Similarly, between October 21 and November 3, Owen Gunden transferred 3,265 BTC ($364.5 million) to Kraken, marking a notable reactivation of previously dormant wallets.
Market watchers warn that these inflows, while not definitive proof of imminent selling, often precede heightened volatility. “Whale deposits of this scale typically foreshadow aggressive short activity or large-scale profit-taking,” said one analyst.
Notably, the reemergence of BitcoinOG, a pseudonymous trader known for accurately timing previous market downturns, has intensified fears of renewed bearish pressure. The trader gained notoriety after reportedly earning $197 million during Bitcoin’s October 11 crash through well-timed short positions.
On-chain data indicates that the same wallet cluster continues to send BTC to exchanges, mirroring earlier cycles that preceded downward swings. In the first days of November alone, BitcoinOG transferred 500 BTC ($55 million) to Kraken, alongside several smaller deposits to Hyperliquid.
Meanwhile, Owen Gunden, a respected Satoshi-era holder, has resumed on-chain activity after years of near dormancy. His recent transfers spread across multiple batches suggest strategic repositioning as Bitcoin’s price struggles near $108,000.
With whales moving coins, institutional demand waning, and macro pressures mounting, market analysts describe the overall sentiment as “cautiously bearish.” The recent plunge underscores how quickly optimism can turn in crypto markets — especially when major holders begin to stir.
