BTC Holds Out Above $102,000 as Markets Trade Flat – Crypto News – Crypto News
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BTC Holds Out Above $102,000 as Markets Trade Flat BTC Holds Out Above $102,000 as Markets Trade Flat

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BTC Holds Out Above $102,000 as Markets Trade Flat – Crypto News

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Crypto markets are mostly flat today with a total market cap around $3.48 trillion while Bitcoin chops between $102K and $103K.

Crypto markets are mostly flat today, with Bitcoin holding above $103,000 and top altcoins by market capitalization trading mixed.

Bitcoin (BTC) is down about 1% on the day, holding out above $100,000 after reclaiming as high as $104,200 in the past 24 hours.

BTC 7-day price chart. Source: CoinGecko

Ethereum (ETH) is flat today, trading around $3,300, with weekly losses at 12%. Among the other large-cap crypto assets, most are flat or slightly in the red today, with Dogecoin (DOGE) and Cardano (ADA) losing the most, down 3%.

Glassnode explained in an X post today that Bitcoin has stabilized near $100,000 after losing “key cost-basis levels, with fading demand and long-term holder selling.”

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Bitcoin total supply held by long-term holders. Source: glassnode

In a Nov. 5 market overview, glassnode added that with crypto exchange-traded products seeing outflows, and options traders “still defensive,” the market is now positioned in a “precarious spot, cautious, oversold, but not yet deeply capitulated.”

Meanwhile, analysts at Coinbase Institutional suggested its monthly outlook, published on Nov. 4, that October’s $20 billion liquidation event is more likely to be a “prelude to medium to long term strength, not weakness, with a clean slate for Q4 upside.”

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Total crypto liquidations since January 2024. Source: Coinbase Institutional

Yet, they admitted that full market stabilization “will likely take a few months, and for now it’s more likely we’ll see a gradual grind up rather than a surge to new all-time highs in the medium term.”

Big Movers and Liquidations

Among the top-100 assets, Internet Computer (ICP) and Zcash (ZEC) are again today’s biggest gainers, up 32% and 12%, respectively, followed by another major privacy coin, DASH, up 11%.

On the downside, pumpfun’s PUMP, Mantle (MNT), and Hyperliquid’s HYPE are the biggest losers in the top-100, down between 5-7%.

Data from Coinglass shows that over the past 24 hours, $327 million in leveraged positions were liquidated, including $144 million in longs and $183 million in shorts. Ethereum led with $92.9 million in liquidations, followed by Bitcoin with $65.5 million, and altcoins with $20.6 million.

ETFs and Macro Conditions

Spot Ethereum ETFs recorded $118.6 million in net outflows on Wednesday, Nov. 5, bringing total net assets to $22.74 billion, per data from SoSoValue. Spot Bitcoin ETFs also saw continued withdrawals, with $137 million in net outflows, reducing total net assets to $139.15 billion.

On the macroeconomic front, U.S. services activity hit an eight-month high in October as new orders rose, Reuters reported today, citing data from the Institute for Supply Management. The ISM non-manufacturing index climbed to 52.4 from 50.0 in September, beating expectations of 50.8.

The Congressional Budget Office said the record-long government shutdown could cut 1-2 percentage points from Q4 GDP. Meanwhile, nearly half of Polymarket bettors think the shutdown will end after Nov. 16.

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