Why Is Crypto Down Today? – November 4, 2025

The cryptocurrency market is experiencing a decline today, with the total market capitalization falling by 3.9% to $3.54 trillion, as reported by CoinMarketCap. Despite this overall drop, trading volume in the last 24 hours has increased to $223 billion, indicating a slight increase in trading activity.

Key Takeaways

The global cryptocurrency market cap decreased by 3.9%, reaching $3.54 trillion.
Nine out of the top ten cryptocurrencies saw declines.
Bitcoin (BTC) fell by 2.8%, now priced at $104,577, and Ethereum (ETH) dropped by 6.4% to $3,493.
The Fear & Greed Index declined to 27 (Fear) from 36 the previous day.
Bitcoin ETFs experienced outflows of $186.5 million.
Ethereum ETFs faced $135.76 million in outflows.
Solana (SOL) ETFs, however, received inflows of $70.05 million.
Strategy announced a Euro-denominated preferred stock offering to facilitate more Bitcoin purchases.
FTX rescinded its plan to restrict repayments in 49 jurisdictions due to backlash from creditors.

Crypto Winners & Losers

As of now, nine of the top ten cryptocurrencies are showing negative performance over the past 24 hours.

Bitcoin (BTC) has decreased by 2.8% to $104,577, maintaining a market cap of approximately $2.08 trillion.

Ethereum (ETH) has dropped 6.4% to $3,493, while BNB (BNB) has seen an 8.3% decline, now trading at $946.

XRP (XRP) fell 6.7% to $2.25, and Solana (SOL) noted a significant decline, dropping 11.0% to $157.

Dogecoin (DOGE) lost 6.6% to $0.1625, with Cardano (ADA) also falling to $0.5349, down 7.4% in the last 24 hours.

Despite the downturn, some altcoins have gained considerably.

Jelly-My-Jelly (JMJ) surged by 183.3%, followed by Decred (DCR) which jumped by 150%, and Zcash (ZEC) rising by 19.4%.

Tokens trending at the moment include Dash, Decred, and Zcash, highlighting a renewed interest in privacy-focused and masternode-based cryptocurrencies amidst ongoing market volatility.

Additionally, Michael Saylor’s Bitcoin company, Strategy, has announced a Euro-denominated credit instrument under the ticker STRE, its first issuance aimed at European and global institutional investors. The firm plans to offer 3.5 million shares of its 10% Series A Perpetual Preferred Stock, using the proceeds for corporate operations and additional Bitcoin purchases. This announcement coincides with Strategy’s recent acquisition of 397 BTC valued at $45.6 million from October 27 to November 2.

Bitcoin Slides Below $107K Amid ETF Outflows and Whale Selling

Bitcoin fell 2% in early Asian trading, dipping below $107,000 due to ongoing ETF outflows and profit-taking by significant holders. This drop continues the cautious sentiment from late October, where the market experienced a $19 billion washout, seen as a consolidation after a volatile period.

On-chain data suggests that institutional buying has slowed, with inflows dropping below new Bitcoin issuance for the first time in seven months, as noted by Charles Edwards, founder of Capriole Investments. This trend reflects a broader risk-averse atmosphere, coinciding with rising tech stocks and strength in the dollar, driven by reduced expectations for rapid US interest rate cuts.

Analysts point out that the October correction has eliminated excessive leverage in the market, suggesting a period of rebuilding ahead. Rachel Lin, CEO of SynFutures, observed that long-term holders maintain their positions and that outflows from exchanges continue, often a positive indicator.

Currently, traders are anticipating sideways movement while paying attention to ETF flows and signals from the Federal Reserve, with a better-than-expected inflation report potentially stimulating buying interest later this month.

Important Levels and Events to Watch

At this moment, Bitcoin is trading at $104,370, down 2.04% for the day. The cryptocurrency continues its retreat after losing support near the $107,000 mark, leading to a defensive sentiment among traders.

BTC is currently oscillating between $104,000 and $106,000, which indicates consolidation after the recent selling pressure.

A breakthrough above $106,500 might lead to a price recovery towards $109,000 and $112,000, where previous resistance levels have acted to cap gains.

On the downside, a decline beneath $103,500 could subject the market to further losses, with significant support expected around the $101,000 to $100,000 range, a crucial psychological threshold for traders.

Meanwhile, Ethereum is priced at $3,477, down 3.48% in the past 24 hours. The asset has struggled to stay above $3,700, suggesting ongoing selling pressure.

If Ethereum manages to reclaim $3,550, it may attempt a rebound toward $3,750 to $3,900. Conversely, a drop below $3,450 could expose it to a more pronounced correction toward the $3,300 to $3,250 range, where stronger buying support previously appeared.

Market sentiment has shifted significantly to a bearish outlook, evidenced by a decrease in the Crypto Fear and Greed Index, which has fallen to 27, indicating “Fear” among investors.

This index was at 36 yesterday, 42 last week, and 59 a month ago, illustrating a steady decline in confidence among investors as cryptocurrency prices continue to fall. This significant downturn emphasizes the growing caution in the market, with traders reducing their exposure amid volatile price movements and diminishing risk appetite.

On November 3, US spot Bitcoin exchange-traded funds (ETFs) recorded outflows totaling $186.5 million, reflecting renewed selling pressure within institutional products, according to SoSoValue data.

Currently, total net inflow stands at $61.0 billion, with combined net assets valued at $143.5 billion, constituting 6.75% of Bitcoin’s market capitalization. Daily trading volume reached $4.69 billion, indicating ongoing activity despite the overall market downturn.

Among the various issuers, BlackRock’s IBIT spearheaded the outflows with $186.5 million, while Fidelity’s FBTC, Grayscale’s GBTC, and Ark & 21Shares’ ARKB reported no new inflows. Even with this pullback, BlackRock's fund retains considerable dominance with $85.3 billion in total assets, followed by Fidelity’s $21.8 billion and Grayscale’s $18.2 billion.

On the same day, spot Ethereum ETFs experienced outflows of $135.76 million. Among the nine listed ETFs, BlackRock’s ETHA saw the highest outflow of $81.7 million, followed by Fidelity’s FETH with $25.1 million, and Grayscale’s ETHE with $15 million.

Other issuers, such as Bitwise, VanEck, and 21Shares, also faced minor redemptions as institutional sentiment declined along with Ethereum’s market drop.

Cumulatively, Ethereum’s net inflow stands at $14.23 billion, while total net assets decreased to $24.02 billion, representing 5.55% of Ethereum’s market capitalization. Daily trading volume across all funds reached $2.51 billion, highlighting significant turnover amid declining prices.

In contrast, Solana ETFs saw a net inflow of $70.05 million on November 3, marking a fourth consecutive day of positive flows, as per SoSoValue data.

Total cumulative net inflow now equals $269.26 million, with total net assets amounting to $513.35 million, which represents 0.57% of Solana’s market cap. Daily trading value reached $67.59 million.

Among the two listed ETFs, Bitwise’s BSOL recorded inflows of $65.16 million, while Grayscale’s GSOL saw an increase of $4.9 million.

Finally, FTX has withdrawn its contentious proposal to limit repayments across numerous countries, responding to significant opposition from creditors, particularly those in China.