Key Takeaways
- Bitcoin drops below $104K amid broader 4.16% market decline.
- $1.34B in leveraged positions liquidated, mostly from longs.
- Rising dollar and ETF outflows amplify market pressure.
- Whales accumulate BTC, signaling potential long-term confidence.
Bitcoin Faces Renewed Selling Pressure
Bitcoin has once again led the crypto market into a downturn, with over $1.34 billion in leveraged positions liquidated in just 24 hours. The leading cryptocurrency fell below $104,000 for the first time since mid-October, highlighting growing bearish momentum amid a broader 4.16% market drop.
At the time of writing, Bitcoin was trading at $103,812, reflecting a 3.64% daily decline. The selloff was largely fueled by macroeconomic headwinds and renewed investor caution.
Macroeconomic Forces Weigh on Bitcoin
A key factor behind the decline is the strengthening U.S. dollar, which has historically pressured risk assets like Bitcoin. The U.S. Dollar Index (DXY) climbed to 100.075, gaining 2.26% over the past 30 days. This increase often prompts investors to shift toward safer, dollar-backed instruments.
In parallel, Bitcoin exchange-traded funds (ETFs) have seen sustained outflows totaling $1.33 billion between October 29 and November 3, 2025. These outflows suggest a cautious sentiment among institutional investors, further amplifying selling pressure across the market.
$1.34 Billion in Leveraged Positions Wiped Out
According to Coinglass, roughly 334,936 traders were liquidated over the last 24 hours. Of the $1.34 billion erased, $1.18 billion came from long positions, underscoring how overly bullish traders were caught off guard by the steep drop.
The single largest liquidation—worth $47.87 million—occurred on OKX involving a BTC-USDT order. Bitcoin led all assets in daily liquidations with $407 million, followed by Ethereum at $324 million, Solana at $154 million, and XRP at $32 million.
Whales Accumulate Bitcoin Amid Market Fear
Despite widespread panic, large investors appear to be buying the dip. On-chain tracker Lookonchain reported that three whale wallets withdrew over 1,100 BTC from centralized exchanges today.
Also Read: Bitcoin Set to Surge: Why a New All-Time High Is Imminent Amid Growing Market Momentum
One dormant wallet reactivated to move 800 BTC (worth $85.5 million) off exchanges, while a new address received 190 BTC from Binance. Another whale added 174 BTC, increasing holdings to 3,036 BTC, valued at approximately $315 million.
While short-term sentiment remains bearish, whale accumulation hints that high-net-worth investors view the correction as an opportunity rather than a crisis. As macro conditions stabilize, Bitcoin’s resilience could once again be tested in the coming weeks.
