Massive ETF outflows and trader liquidations push crypto lower, but range trading hints at potential rebound.
The crypto market entered a fresh wave of turbulence this week as Bitcoin (BTC) slipped below $100,000 for the first time since June. The world’s largest cryptocurrency has fallen more than 20% from its record highs a month ago, testing the edges of bear-market territory.
The price drop coincided with long-term Bitcoin holders offloading nearly 400,000 BTC worth roughly $45 billion over the past month, according to Bloomberg.
Institutional flows have shown similar weakness. Data compiled by SoSoValue shows that on November 4, Bitcoin spot exchange-traded funds (ETFs) logged over $577 million in net outflows, extending a five-day streak of withdrawals.
Ethereum spot ETFs also recorded their fifth consecutive day of redemptions, totaling more than $219 million. Combined, Bitcoin and Ethereum ETF products have seen roughly $800 million in outflows as investors respond to growing market unease. Ethereum (ETH) fell below $3,4000 officially ereasing all of its 2025 gains.
Heavy liquidations among overleveraged traders are deepening the market slump, with more than $1.7 billion wiped out in the past 24 hours, including about $1.2 billion from long positions, according to market data.
The Crypto Fear & Greed Index has plunged into the “extreme fear” zone, underscoring a sharp shift in sentiment.
However, it wasn’t just the crypto markets flashing red today. Markets saw broad declines across nearly all asset classes, with brief rebound attempts quickly sold off in what analysts described as a wave of profit-taking.
“It’s simply widespread profit-taking,” said The Kobeissi Letter analysts, adding that despite the pullback, fundamentals remain unchanged.
They note that rate cuts have arrived, financial rules are loosening, corporate earnings are growing by more than 10% year over year, and the AI boom continues to accelerate.
Crypto trader Astronomer is also convinced that Bitcoin is currently trading within a range, moving from the current low back toward the high, with a likely upside breakout, seeing $112K as the first target for the rally.
Why This Matters
The sell-off highlights crypto’s volatility, testing investor resilience even as fundamentals remain intact.
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