Crypto Markets Start November in the Red as Bitcoin Dips Below $108,000 – Crypto News – Crypto News
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Crypto Markets Start November in the Red as Bitcoin Dips Below $108,000 Crypto Markets Start November in the Red as Bitcoin Dips Below $108,000

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Crypto Markets Start November in the Red as Bitcoin Dips Below $108,000 – Crypto News

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Total market cap is down 3%, while most large-cap cryptocurrencies are solidly in the red today.

Crypto markets kicked off November on a down note. Bitcoin dipped below $108,000 again today, Nov. 3, and most top altcoins are taking a hit, while crypto ETF flows slow and the broader economy feels the squeeze.

Bitcoin (BTC) fell below $108,000 during Monday’s session, trading around $107,800 at press time, down roughly 2% on the day. All the top 10 cryptocurrencies by market capitalization, including Ethereum (ETH) and others are down in the red, losing between 1% and 6%.

BTC 24-hour price chart. Source: CoinGecko

Total crypto market capitalization of all cryptocurrencies has fallen almost 3% over the past 24 hours, now sitting at $3.68 trillion, according to CoinGecko.

Analysts at glassnode noted today on X that most altcoins are underperforming relative to BTC, adding that altcoin supply in profit is at levels “we’ve only seen during the tariff war and the 2022 bear market,” adding:

“If you’re a passive altcoin investor, it’s extremely likely you’ve underperformed BTC.”

In commentary for The Defiant, Emir Ibrahim, analyst at digital asset trading firm Zerocap, said that Bitcoin remains in a “consolidation phase” following the late-October liquidation event, trading within a narrow $108,000-$110,000 range.

“From a broader lens, Bitcoin’s consolidation remains constructive. Historical data shows November as the strongest month for BTC performance, averaging above 40% returns across the past decade,” Ibrahim said.

Shawn Young, chief analyst of MEXC Research, told The Defiant that the key resistance zone for BTC is currently in the $111,000–$113,000 range, explaining that a break of this level could “trigger upward momentum and pave the way to $117,000, and with favorable macroeconomic news, a retest of the all-time high of $126,000.” Young added:

“By the end of this year, we maintain a forecast for Bitcoin to reach the $125,000–$130,000 range and then consolidate within it amid significant market volatility.”

Big Movers and Liquidations

Among the top-100 assets, centralized exchange WhiteBIT’s WhiteBIT Coin (WBT) and decentralized perpetuals exchange Aster’s ASTER are the biggest gainers today, both up about 8%.

For ASTER, the price surge comes shortly after Binance founder Changpeng Zhao, an adviser to Aster, disclosed in an X post that he had bought some of the token, sharing a screenshot showing his Binance balance of about 2 million ASTER — worth just under $2 million.

Meanwhile, today’s biggest losers are World Liberty Financial (WLFI) and Mantle (MNT), which are down about 9%.

Data from Coinglass shows that over $539 million in leveraged positions were liquidated in the past 24 hours, including $476.8 million in longs and around $63 million in shorts. Ethereum accounted for $149 million of that total, followed by Bitcoin at $107 million, and altcoins with $65.8 million.

ETFs and Macro Conditions

Last week, spot Ethereum ETFs recorded $15.97 million in net inflows, bringing total net assets to $26 billion, while spot Bitcoin ETFs saw $798.95 million in net outflows last week, with its total net assets at around $147.7 billion, according to SoSoValue.

Meanwhile, October was a net green month for both spot ETH and BTC ETFs, which recorded 569.92M and $3.42 billion in net inflows respectively.

the-defiant
Bitcoin spot ETF flows. Source: glassnode

Addressing recent spot BTC ETF outflows, glassnode noted in another X post today that over the past three weeks, BlackRock’s spot BTC ETF has seen “less than 0.6k BTC in weekly net inflows,” which is a “sharp decline from the >10K BTC net inflow per week” that preceded each major rally this cycle, signalling a “notable slowdown in institutional demand.”

Analysts at QCP Capital pointed out in today’s market overview that the market has absorbed “roughly 405k BTC in legacy supply over the past month without breaching the 100k level.” They added:

“Despite slower accumulation from corporates like Strategy and Metaplanet, and light selling from smaller digital asset treasuries, spot prices remain well-supported. Even ETF outflows last week failed to break BTC’s current range.”

On the macroeconomic front, U.S. consumers are feeling more pressure as healthcare costs climb, food assistance programs face cuts, and job growth slows, Reuters reported today.

The U.S. government shutdown has disrupted SNAP, a federal program that helps about 42 million low-income Americans buy groceries.

While economists don’t think the U.S. is heading for a recession just yet, they still believe the shutdown could slow growth this quarter by about a full point, bringing it down to roughly 1%. Federal Reserve officials describe the trend as “K-shaped,” with wealthier households continuing to spend while others fall behind.

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