Bitcoin slid toward the $100,000 level in the past 24 hours, down around 2.6%, while most major altcoins followed with even sharper losses. Ethereum dropped more than 5%, Solana shed over 10%, and XRP dipped almost 2% as the entire market turned red. Dogecoin and Cardano fell roughly 6% and 7% respectively, while traders fled into stablecoins.
So what’s behind the sudden pullback? A mix of macro pressure, ETF outflows, and derivatives heavy-selling created a storm that dragged the entire market lower.
What you'll learn 👉
Federal Reserve Caution Returns, Bitcoin ETF Outflows Hit Sentiment
The sell-off kicked into gear after Federal Reserve Chair Jerome Powell signaled that the central bank is not fully committed to another rate cut in December. That hawkish tone gave the U.S. dollar a boost and pushed risk assets (like crypto) lower.
Investors are also waiting for fresh U.S. jobs data this week, which could impact rate expectations again. Until the macro picture becomes clearer, traders are staying cautious.
Bitcoin ETF flows turned negative again last week, with over $1.15 billion in withdrawals. Those outflows put direct sell pressure on BTC while also signaling lower institutional appetite right now.
When the biggest category of new crypto demand starts selling instead of buying, the market notices quickly.
Altcoins will likely drop another 30% against Bitcoin over the coming weeks.
— Benjamin Cowen (@intocryptoverse) November 3, 2025
Leverage Washout: $1.27B Liquidated, Bitcoin Gets Hit
A wave of futures liquidations added fuel to the drop. In just 24 hours, more than $1.27 billion worth of crypto longs were wiped out, including $358 million in Bitcoin alone.
Funding rates flipped negative, meaning bears took control as overly leveraged long positions were forced to exit.
Open interest has fallen more than 30% this month, a clear sign that the market is aggressively de-risking.
Crypto’s correlation with the Nasdaq-100 jumped back to 0.73, one of the highest readings this year.
That means when tech stocks fall (like Nvidia and Oracle did last week) crypto is dropping right alongside them. Until investors shift back into growth and risk assets, crypto may struggle to break higher.
Read also: Central Banks Won’t Use XRP for CBDCs? Analyst Says There’s a Twist
Crypto Traders, Here’s What to Watch Next
Two key events could decide whether Bitcoin holds $100k or retests deeper support:
• November 7 U.S. CPI report — hotter inflation = more bearish
• ETF flows over the next few days — a quick reversal would spark relief
If the macro fear fades, many analysts expect crypto to regain strength into the final weeks of the year. But for now, the trend is clear: caution is back, and dip buyers are waiting for the next green light.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
