Currently, the cryptocurrency market is mostly flat, with a market capitalization of approximately $3.48 trillion, but Bitcoin has fallen between $102,000 and $103,000.
The crypto market is mostly flat today, with Bitcoin trading above $103,000 and the top altcoins by market cap trading mixed.
Bitcoin (BTC) fell about 1% on the day, rallying to $104,200 over the past 24 hours before holding above $100,000.
Ethereum (ETH) is flat today, trading around $3,300, with a weekly loss of 12%. Among other large crypto assets, most are currently flat or slightly in the red, with Dogecoin (DOGE) and Cardano (ADA) having the biggest losses, down 3%.
Glassnode explained in today’s X Post that Bitcoin stabilized near $100,000 after losing “significant cost base levels due to declining demand and selling off long-term holders.”
In its November 5 market overview, Glassnode added that the market is currently in a “volatile situation, cautious and oversold, but not yet fully depressed” due to the outflow of products traded on crypto exchanges and option traders “remaining on the defensive.”
Meanwhile, analysts at Coinbase Institutional suggested in their monthly outlook released on November 4 that October’s $20 billion liquidation event is likely to be a “blank slate for Q4 upside and a harbinger of medium- to long-term strength rather than weakness.”
However, they acknowledged that it would “likely take several months for the market to fully stabilize, and we are now more likely to see a gradual contraction rather than new record highs in the medium term.”
big moves and liquidations
Among the top 100 assets, Internet Computers (ICP) and Zcash (ZEC) were again the biggest gainers, rising 32% and 12% respectively, followed by DASH, another leading privacy coin, up 11%.
On the downside, pumpfun’s PUMP, Mantle (MNT), and Hyperliquid’s HYPE are the biggest losers in the top 100, down 5-7%.
According to Coinglass data, $327 million in leveraged positions were liquidated in the past 24 hours, including $144 million long and $183 million short. In terms of liquidations, Ethereum had the largest amount of liquidations at $92.9 million, followed by Bitcoin at $65.5 million and altcoins at $20.6 million.
ETFs and the macro environment
The Spot Ethereum ETF recorded net outflows of $118.6 million on Wednesday, November 5, bringing its total net assets to $22.74 billion, according to SoSoValue data. Withdrawals continued from the Spot Bitcoin ETF, with net outflows of $137 million, reducing total net assets to $139.15 billion.
On the macroeconomic front, U.S. service activity hit an eight-month high in October due to an increase in new orders, Reuters reported today, citing data from the Institute for Supply Management. The ISM non-manufacturing economy index rose to 52.4 from 50.0 in September and exceeded the expected reading of 50.8.
The Congressional Budget Office said the record-long government shutdown could reduce gross domestic product (GDP) by 1 to 2 percentage points in the fourth quarter. Meanwhile, almost half of Polymarket bettors believe the shutdown will end after November 16th.