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.<\/p>\n
Bitcoin (BTC<\/a>) fell below $108,000 during Monday\u2019s 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<\/a>) and others are down in the red, losing between 1% and 6%.<\/p>\n 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.<\/p>\n Analysts at glassnode noted today on X<\/a> that most altcoins are underperforming relative to BTC, adding that altcoin supply in profit is at levels \u201cwe’ve only seen during the tariff war and the 2022 bear market,\u201d adding:<\/p>\n \u201cIf you’re a passive altcoin investor, it’s extremely likely you’ve underperformed BTC.\u201d<\/p>\n In commentary for The Defiant, Emir Ibrahim, analyst at digital asset trading firm Zerocap, said that Bitcoin remains in a \u201cconsolidation phase\u201d following the late-October liquidation event, trading within a narrow $108,000-$110,000 range.<\/p>\n \u201cFrom a broader lens, Bitcoin\u2019s consolidation remains constructive. Historical data shows November as the strongest month for BTC performance, averaging above 40% returns across the past decade,\u201d Ibrahim said.<\/p>\n Shawn Young, chief analyst of MEXC Research, told The Defiant that the key resistance zone for BTC is currently in the $111,000\u2013$113,000 range, explaining that a break of this level could \u201ctrigger upward momentum and pave the way to $117,000, and with favorable macroeconomic news, a retest of the all-time high of $126,000.\u201d Young added:<\/p>\n \n\u201cBy the end of this year, we maintain a forecast for Bitcoin to reach the $125,000\u2013$130,000 range and then consolidate within it amid significant market volatility.\u201d<\/p><\/blockquote>\n<\/figure>\n Among the top-100 assets<\/a>, centralized exchange WhiteBIT\u2019s WhiteBIT Coin (WBT<\/a>) and decentralized perpetuals exchange Aster\u2019s ASTER<\/a> are the biggest gainers today, both up about 8%.<\/p>\n 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<\/a> some of the token, sharing a screenshot showing his Binance balance of about 2 million ASTER \u2014 worth just under $2 million.<\/p>\n Meanwhile, today\u2019s biggest losers are World Liberty Financial (WLFI<\/a>) and Mantle (MNT<\/a>), which are down about 9%.<\/p>\n Data from Coinglass<\/a> 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.<\/p>\n 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<\/a>. <\/p>\n 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.<\/p>\n Addressing recent spot BTC ETF outflows, glassnode noted in another X post today<\/a> that over the past three weeks, BlackRock\u2019s spot BTC ETF has seen \u201cless than 0.6k BTC in weekly net inflows,\u201d which is a \u201csharp decline from the >10K BTC net inflow per week\u201d that preceded each major rally this cycle, signalling a \u201cnotable slowdown in institutional demand.\u201d<\/p>\nBig Movers and Liquidations<\/h2>\n
ETFs and Macro Conditions<\/h2>\n
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