Why Is Crypto Down Today? – November 4, 2025

The cryptocurrency market is trading lower today, with total market capitalization down 3.9% to $3.54 trillion, according to data from CoinMarketCap. However, 24-hour trading volume rose to $223 billion, indicating a slight uptick in activity despite the market-wide decline.

Crypto Winners & Losers

At the time of writing, 9 of the top 10 cryptocurrencies are in the red over the past 24 hours.

Bitcoin (BTC) slid 2.8% to $104,577, holding a market cap of about $2.08 trillion.

Ethereum (ETH) fell 6.4% to $3,493, while BNB (BNB) lost 8.3%, now trading at $946.

XRP (XRP) dropped 6.7% to $2.25, and Solana (SOL) suffered one of the steepest declines among majors, down 11.0% to $157.

Dogecoin (DOGE) slipped 6.6% to $0.1625, while Cardano (ADA) extended losses to $0.5349, down 7.4% in the past 24 hours.

Despite the downturn, a few altcoins stood out with remarkable gains.

Jelly-My-Jelly (JMJ) surged 183.3%, followed by Decred (DCR) with a 150% jump, and Zcash (ZEC) up 19.4%.

Meanwhile, trending tokens included Dash, Decred, and Zcash, reflecting renewed interest in privacy and masternode-based cryptocurrencies amid heightened volatility.

Meanwhile, Michael Saylor’s Bitcoin-focused firm, Strategy, has announced plans to launch a Euro-denominated credit instrument under the ticker STRE, marking its first-ever issuance aimed at European and global institutional investors.

The company intends to offer 3.5 million shares of its 10% Series A Perpetual Preferred Stock, with proceeds earmarked for general corporate use and additional Bitcoin acquisitions.

The announcement coincides with Strategy’s latest Bitcoin purchase of 397 BTC worth $45.6 million made between October 27 and November 2.

Bitcoin Slips Below $107K as ETF Outflows and Whale Selling Pressure Market

Bitcoin dropped 2% in early Asian trading, sliding below $107,000 amid continued ETF outflows and profit-taking by large holders.

The move extended the market’s cautious tone from late October’s $19 billion washout, with traders viewing the pullback as consolidation after a volatile stretch.

On-chain data shows institutional accumulation has slowed, with inflows falling below new Bitcoin issuance for the first time in seven months, according to Capriole Investments founder Charles Edwards.

The shift reflects a broader risk-off tone as equities advanced, led by tech gains and Amazon’s OpenAI deal, while the dollar strengthened on reduced expectations for rapid US rate cuts.

Analysts say October’s correction flushed out excessive leverage, leaving the market in a rebuilding phase. SynFutures CEO Rachel Lin noted that long-term holders remain steady and exchange outflows persist, which is typically a positive sign.

For now, the market is expected to trade sideways as traders watch ETF flows and Fed signals, with a softer inflation print potentially reigniting buying momentum later this month.

Levels & Events to Watch Next

At the time of writing, Bitcoin is trading at $104,370, down 2.04% on the day. The asset has extended its pullback after losing support near the $107,000 level, with intraday sentiment turning defensive.

BTC is currently fluctuating between $104,000 and $106,000, a range that suggests consolidation following recent sell pressure.

A decisive move above $106,500 could pave the way for a rebound toward $109,000 and $112,000, where prior resistance has capped gains.

On the downside, a break below $103,500 could expose the market to deeper losses, with the next notable support seen around $101,000–$100,000, a key psychological zone watched by traders.

Meanwhile, Ethereum trades at $3,477, down 3.48% over the past 24 hours. The coin has weakened after repeatedly failing to hold above $3,700, suggesting sellers remain in control.

If ETH reclaims $3,550, it may attempt a rebound toward $3,750–$3,900. However, a drop below $3,450 could open the door to a sharper correction toward $3,300–$3,250, where stronger buying support previously emerged.

Meanwhile, market sentiment has turned sharply bearish, with the Crypto Fear and Greed Index dropping to 27, signaling “Fear.”

The index stood at 36 yesterday, 42 last week, and 59 a month ago, reflecting a consistent erosion in investor confidence as crypto prices continue to fall. The steep decline underscores the market’s growing caution, with traders reducing exposure amid volatile price action and fading risk appetite.

The US spot Bitcoin exchange-traded funds (ETFs) recorded $186.5 million in outflows on November 3, signaling renewed selling pressure across institutional products, according to data from SoSoValue.

The cumulative total net inflow now stands at $61.0 billion, with combined net assets valued at $143.5 billion, accounting for 6.75% of Bitcoin’s market capitalization. Total trading volume for the day reached $4.69 billion, reflecting continued activity despite the broader market downturn.

Among individual issuers, BlackRock’s IBIT led the outflows with $186.5 million, while Fidelity’s FBTC, Grayscale’s GBTC, and Ark & 21Shares’ ARKB posted no new inflows. Despite the pullback, BlackRock’s fund remains dominant with $85.3 billion in total assets, followed by Fidelity’s $21.8 billion and Grayscale’s $18.2 billion.

Spot Ethereum ETFs also saw $135.76 million in outflows on November 3. Among the nine listed ETFs, BlackRock’s ETHA recorded the largest outflow of $81.7 million, followed by Fidelity’s FETH with $25.1 million, and Grayscale’s ETHE with $15 million.

Other issuers, including Bitwise, VanEck, and 21Shares, also reported smaller redemptions as institutional sentiment cooled alongside Ethereum’s market pullback.

The total cumulative net inflow now stands at $14.23 billion, while total net assets dropped to $24.02 billion, representing 5.55% of Ethereum’s market capitalization. Daily trading volume across all funds reached $2.51 billion, reflecting high turnover amid declining prices.

In contrast, spot Solana ETFs saw $70.05 million in net inflows on November 3, marking their fourth consecutive day of positive flows, according to data from SoSoValue.

The total cumulative net inflow now stands at $269.26 million, with total net assets reaching $513.35 million, representing 0.57% of Solana’s market capitalization. Total trading value for the day amounted to $67.59 million.

Among the two listed ETFs, Bitwise’s BSOL dominated with $65.16 million in inflows, while Grayscale’s GSOL added $4.9 million.

Meanwhile, FTX has abandoned its controversial proposal to limit repayments in dozens of countries after sharp opposition from creditors, particularly those in China.

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