Market Downturn and Liquidations
Bitcoin has experienced a significant price drop, falling below the $100,000 mark. This downturn has led to substantial liquidations across the cryptocurrency market, with over $1.67 billion in leveraged positions being wiped out within a single day. At the time of reporting, Bitcoin is trading at approximately $100,031, marking a decrease of over 6% in the last 24 hours. Ethereum has seen even steeper losses, sliding 12.5% to around $3,158. Both major cryptocurrencies have recorded double-digit declines over the past week, indicating a significant correction following a period of strong gains.
Billions Lost as Leveraged Traders Face Liquidation
Data from Coinglass indicates that more than 387,000 traders have been liquidated in the past 24 hours. Ethereum is at the forefront of these liquidations, accounting for $569 million, closely followed by Bitcoin with $539 million. Other cryptocurrencies like Solana and XRP have also experienced substantial losses, contributing to the overall market wipeout. The largest single liquidation order recorded was a $47.8 million BTC/USDT position on the HTX exchange.
The liquidation heatmap illustrates that long positions bore the brunt of this correction, with over $1.46 billion in long trades being forced out compared to approximately $210 million in short positions. This imbalance suggests that the market had become overextended with bullish sentiment prior to the current correction.
Market Cap Falls to $3.29 Trillion
The total cryptocurrency market capitalization has fallen to $3.29 trillion, representing a decrease of nearly 7% in a single day. Bitcoin's market capitalization now stands at approximately $2 trillion, while Ethereum's has declined to $388 billion. Despite this sharp pullback, overall trading activity remains high. Bitcoin recorded a 24-hour trading volume of $95.6 billion, and Ethereum surpassed $62 billion.
Market analysts suggest that short-term volatility was likely exacerbated by automated liquidations and profit-taking following an extended period of gains. While retail investors may be experiencing concern, long-term holders and institutional participants have not yet shown signs of panic.
November’s Bullish Reputation Tested
Historically, November has been a strong month for Bitcoin, often marked by renewed rallies and significant inflows. However, the current market behavior challenges this established pattern. Analyst Crypto Rover noted that while November typically delivers the largest monthly returns, the present price action indicates that traders are finding it difficult to sustain optimism amidst global macroeconomic uncertainty.
NOVEMBER IS USUALLY THE MOST BULLISH MONTH FOR BITCOIN… pic.twitter.com/Lmkw4V0ugb
— Crypto Rover (@cryptorover) November 4, 2025
The coming days are anticipated to be crucial for the market. If Bitcoin can successfully reclaim the $102,000–$105,000 price zone, market sentiment may stabilize. Conversely, a decisive break below $95,000 could potentially lead to deeper corrections, with prices potentially moving towards the $90,000 range.