- The crypto market slipped as Bitcoin fell 4% to around $105,699 and Ethereum dropped 7% to nearly $3,583, with alts losing even more.
- Around $1.16B in liquidations hit traders in one day, with $1.08B from long positions and major losses seen in BTC and ETH futures.
- Stocks ended higher while crypto moved lower, as the Coinbase premium turned negative and U.S. spot flows added pressure.
The crypto market opened November on a weak note after October failed to deliver the usual “Uptober” bounce, with selling pressure broadening and key assets slipping to fresh multi-week lows. Bitcoin fell about 4% on Monday to a recent price near $105,699, its lowest level since October 17, while Ethereum dropped roughly 7% to around $3,583 as traders cut risk and forced liquidations accelerated across the board. The move came even as U.S. stock indices stayed green, which left the crypto market to digest its own drivers and the growing list of failed support retests that have started to weigh on sentiment.
Bitcoin and Ethereum under pressure as support retests continue
Bitcoin led the market lower with a swift slide of about 4% on the day, testing support that bulls had defended several times in recent weeks and slipping to roughly $105,699 on major trackers. Repeated checks of the same level have offered fewer bounces each time, which signals buyer fatigue and a market that now reacts to overhead supply faster than it finds fresh demand. Ethereum’s decline proved sharper than Bitcoin’s, with ETH down close to 7% toward $3,583, a price area not seen in nearly three months, which highlights how quickly leadership rotates when risk appetite cools. That relative weakness spilled over to other large caps. XRP lost about 7% to near $2.33, while BNB, Solana, and Dogecoin posted daily losses around 9% at the time of writing. The divergence with equities stood out because the Nasdaq and S&P 500 finished in positive territory, suggesting the current downdraft reflects internal crypto positioning more than a broad risk-off move. Traders who entered on breakouts across September and early October now face a tape that punishes late longs, and that shift explains why recent intraday bounces fade faster than they did during stronger weeks.
Crypto market liquidations, funding, and the long bias unwind
Forced deleveraging added fuel. Over the last 24 hours, derivatives trackers estimated roughly $1.16 billion in liquidations, with a striking $1.08 billion of that total hitting long positions. Those numbers align with the price action: long-heavy positioning magnifies downside once prices tip through near-term support because engines trigger stops and liquidation cascades across multiple venues. Bitcoin accounted for about $298 million of the wiped-out positions and Ethereum for about $273 million, which matches their share of open interest and their role as the main collateral legs for many spread trades. Liquidity pockets sit thinner during early week sessions, so once the first wave triggered, later waves found fewer bids and pushed prices lower in shorter bursts. Funding rates cooled as speculative longs exited, which eases some pressure for a mechanical bounce but does not in itself rebuild the risk budget needed to sustain a trend. Market depth remains fragmented across venues, and that fragmentation becomes visible when books thin around round numbers and recent swing lows. Traders who run systematic strategies reduced gross exposure to meet risk targets after volatility picked up, which kept rallies contained and capped recoveries before resistance. The crypto market tends to normalize after such flushes, yet normalization depends on whether spot demand steps in and whether the next catalyst appears supportive rather than uncertain.
Coinbase premium turns negative and U.S. flows weigh on price
A separate tell came from the Coinbase premium, the gap between Coinbase’s spot price and the broader exchange average. That premium often turns positive during heavy U.S. spot buying, but it vanished over the weekend when trading desks stood down, then flipped negative into the Monday open as U.S. activity returned and supply dominated. The shift implies U.S. flows leaned to the sell side, which fits the long liquidation skew and the weaker behavior on large-cap pairs quoted in dollars. Analysts also noted “signs of fragility” in Ethereum’s structure, with multiple retests near key horizontal levels and less follow-through after short squeezes, which together reduce confidence in dip-buying. During strong phases, support often gets front-run because traders compete for entries, but during softer phases the market tests the same shelf multiple times and finds fewer fresh bids with each attempt. That pattern showed up across majors on Monday and helps explain why a small push through intraday levels quickly expanded into broader declines. The crypto market reacts to these microstructure signals because passive liquidity concentrates near obvious levels, and when that liquidity gets consumed, price discovery accelerates until new buyers appear or volatility itself runs out of momentum.
Macro and equities diverge as the Crypto market slips
Macro headlines did not deliver a single clear catalyst, which left positioning to do most of the work. Over the weekend, U.S. Treasury Secretary Scott Bessent said high interest rates may have pushed “parts of the economy” into recession, a line that can raise short-term uncertainty as traders consider how the next jobs report might shape rate expectations. Equities, however, finished Monday in the green, and that divergence suggests crypto-specific factors dominated the session. The crypto market often trades its own cycle when narrative drivers shift from policy to flows, and the current debate focuses on ETF demand patterns, the durability of U.S. spot buying, and how much dry powder remains after October’s unfulfilled “Uptober” hopes. If ETF outflows persist this week while spot demand stays light, rallies may stall near recently broken supports that now act as resistance. If the Coinbase premium flips positive again and open interest rebuilds with healthier funding, the tape can stabilize and carve a range while it waits for macro data. Until then, traders will watch how the crypto market handles quick tests of prior lows, how alts behave versus Bitcoin on bounces, and whether liquidity improves around the U.S. session close, when spreads typically tighten and slippage shrinks.
Conclusion
Monday’s session delivered a clear message: the crypto market weakened as support retests failed, long liquidations climbed to about $1.16 billion, and U.S. flows leaned defensive as the Coinbase premium turned negative into the open. Bitcoin fell around 4% to roughly $105,699 and Ethereum dropped near 7% to about $3,583, while large caps such as XRP, BNB, Solana, and Dogecoin recorded losses around 7% to 9%. The move arrived without a single dominant macro spark, even as stocks rose, which points to internal positioning and fading dip-buying rather than a broad risk shock. The path from here depends on whether spot demand returns, whether ETF-related flows stabilize, and whether the next data print shifts the rate debate. Until that clarity appears, the crypto market will trade the levels it just revealed, with buyers and sellers testing each other near recent lows and the most visible resistance above.
Disclaimer
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