Currently, market capitalization is slightly in the red, but large-cap stocks are mostly flat or falling.
Cryptocurrency markets were mixed on Wednesday, November 5th, with most large assets continuing to trade in the red, while Bitcoin fell below $100,000 twice in the past 24 hours.
Bitcoin (BTC) is down 1.2% on the day and is trading around $102,600 at the time of writing.
Ethereum (ETH) has fallen the most among the top 20 large-cap stocks today, posting losses and trading around $3,335. XRP, BNB, TRON (TRX), Dogecoin (DOGE), Cardano (ADA), and Chainlink (LINK) are flat or slightly up, while Hyperliquid’s HYPE performed well today, up 8.8%.
Analysts at Glassnode noted that there has been a “substantial spike in realized losses,” suggesting some level of capitulation by Bitcoin holders.
“We still see a lot of long-term holder selling, but it will be interesting to see if the selling continues at these levels,” Glassnode analyst Chris Beamish wrote in today’s XPost.
As Glassnode explained in a November 4th X post, Bitcoin’s key level is around $99,000, which has “historically provided support during pullbacks.”
Mark Hillierart, an executive at digital asset trading firm ZeroCap, said in comments shared with The Defiant that while November has historically been “the strongest month for Bitcoin,” this “healthy correction” that has pushed Bitcoin’s price down 10% from a peak of $110,000 is “consistent with the pattern we’ve seen in previous cycles, where a post-euphoria decline precedes a strong rally.”
big moves and liquidations
Among the top 100 assets, decentralized perpetual exchange ASTER and ZCash (ZEC) are the biggest gainers today, both up about 15%.
For Astor, the price jump follows reports that the company’s CEO announced plans to build a privacy-focused public chain for traders conducting gas-free trading.
Meanwhile, today’s biggest decliners are DASH, one of yesterday’s top gainers, and Internet Computer (ICP), down 27% and 11%, respectively. For DASH, the decline marks a correction from last week’s asset rally, which is still up more than 110% in that period and joins a broader privacy coin rally, as The Defiant previously reported.
Meanwhile, over $1.7 billion of leveraged positions were liquidated in the past 24 hours, with $1.29 billion going long and about $403 million going short, according to Coinglass data. Of this amount, Ethereum accounted for $575 million, followed by Bitcoin with $485 million and MMT with $134 million.
ETFs and market psychology
On Tuesday, November 4th, the Spot Ethereum ETF recorded its fifth consecutive day of outflows, with net outflows of $219 million and total net assets of $21.1 billion. The Spot Bitcoin ETF also continued to see net outflows, with more than $577 million leaving the product, according to SoSoValue.
On the macroeconomic front, CNBC reported today that U.S. private companies added 42,000 positions in October, rebounding from a decline of 29,000 in September and beating expectations for an increase of 22,000.
All of this growth was driven by large companies with 250 or more employees, which added 76,000 jobs, while small businesses shed 34,000 jobs.
At the same time, job openings in the U.S. fell to their lowest level in more than 4 1/2 years at the end of October as the government shutdown continued, according to data from job site Indeed.
Sentiment in the DeFi industry remains dark this week, with news of a balancer hack and the collapse of yield optimization company Stream Finance shaking confidence in the sector.
According to the cryptocurrency market’s Fear & Greed Index, sentiment has shifted to extreme fear over the past two days.
