After a rough October that didn’t produce the expected “Uptober” gains for Bitcoin and other top crypto assets, November’s getting off to a rough start.
Major crypto assets are deep in the red so far on Monday, with Bitcoin diving by 4% and altcoins showing much larger losses. All the while, liquidations are piling up, with approximately $1.16 billion worth of positions zapped over the last 24 hours per data from CoinGlass.
The majority of the positions, $1.08 billion worth, are long positions, or bets that an asset’s price will rise. Bitcoin and Ethereum are currently leading the wreckage, with about $298 million and $273 million worth of liquidations, respectively.
Bitcoin has fallen 4% on the day to a recent price of $105,699, the lowest since October 17, per CoinGecko.
Ethereum and other alts have been hit much harder, though, with ETH diving about 7% to $3,583—a nearly three-month low. XRP has fallen about 7% to $2.33, while BNB, Solana, and Dogecoin are all showing daily dives around 9% as of this writing.
Crypto’s latest plunge came as stock indices like the Nasdaq and S&P 500 remained in the green, with no obvious catalysts prompting such sizable crypto losses.
However, on X, noted pseudonymous analyst Maartunn from CryptoQuant pointed out potential factors that could be leading to Monday’s losses, including sell pressure from U.S. spot Bitcoin traders and “signs of fragility” in the Ethereum charts. Both Bitcoin and Ethereum have been retesting support levels lately.
“During strong bullish phases, you often don’t get a retest of a support level because it gets front-run,” he told Decrypt. “In more bearish periods, however, such retests are more likely. Multiple tests of the same support level are not a bullish sign. It’s hard to put an exact number on it, but at some point new buyers simply get exhausted.”
He also told Decrypt that the Coinbase premium—the difference between the exchange’s spot price and the average across exchanges—may have also played a role.
“The Coinbase premium gap disappeared because trading desks are closed over the weekend,” he said. “Once Monday morning came around, the Coinbase premium turned negative again and kept widening into the market open. This shows that U.S. investors have large influence on the price (same as last month).”
Crypto prices had started to slip late Sunday following weekend remarks from U.S. Treasury Secretary Scott Bessent about the impact of high interest rates on the economy. He said that “parts of the economy” may have been driven “into recession”—and crypto traders may be bracing for short-term volatility ahead of this week’s jobs report.
Additional reporting by Stacy Jones
Editor’s note: This story was updated after publication with additional details.
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