Yesterday (November 5), the cryptocurrency market saw a significant correction, with the two largest coins by market capitalization both closing with steep losses.$BTC closed the daily session at 76,088 USDT, down 5.49%, after hitting an intraday low of 75,208 USDT. ETH fell even further, dropping 7.70% to close at 2,238 USDT. As of this morning, the market downturn has continued, with major coins extending their declines. Of the 724 USDT trading pairs across the market, only 86 rose, while as many as 638 fell, with declines broadly spread across the market.

【Market Recap】

ETH’s decline yesterday (-7.70%) was greater than BTC’s (-5.49%), and its cumulative loss over the past 30 days has reached 12.73%, significantly underperforming BTC’s 8.43% loss over the same period. This shows that Ethereum has faced greater selling pressure during the recent market correction.$SOL also fell 5.89%, but its 24-hour trading volume reached 246 million USDT, second only to BTC and ETH among major coins, indicating that market interest in it remains strong and trading activity is brisk.

Worth noting is privacy coin ZEC, which rose 1.40% over the past 24 hours against the trend, while major coins broadly declined. Its trading volume unusually reached 245 million USDT, nearly matching SOL, suggesting some funds flowed into this sector amid risk aversion.

Most of the biggest decliners were small-cap tokens. NFP, BETA, VIB, and others fell by more than 60%. These assets have thin liquidity and can experience sharp volatility in extreme market conditions, so their risks warrant caution.

【Market Sentiment】

In terms of funding rates, the current rates for BTC and ETH perpetual contracts are both 0.0100%, while SOL is at 0.0040%—all extremely low. Positive rates indicate that longs still have the upper hand, but the extremely low rates suggest that appetite for long positions has weakened considerably and leveraged funds are reluctant to enter the market. Combined with the broadly declining market structure (88% of coins were down), overall sentiment is cautious, with bulls on the defensive.

【Today's Outlook】

First, BTC's closing price of 76088 USDT yesterday fell below both MA7 (77585) and MA30 (80630), with the short-term moving averages acting as resistance. Watch whether 75208 USDT (yesterday's low) can provide solid support today. If it fails, look for further downside below MA7; if BTC rebounds, the area between MA7 and MA30 (around 77000–80000) will be a key battleground between bulls and bears.

Second, ETH is weaker than BTC. It has fallen below both MA7 (2281) and MA30 (2378), so watch the support at 2206 USDT (yesterday's low). If ETH cannot stabilize first, it could weigh on overall market sentiment.

Finally, if ZEC's surge in trading volume and price continues today, it may suggest that some funds are seeking safe-haven or rebound opportunities outside major coins. However, note that ZEC is highly volatile and should be treated as an asset to watch only. Overall, with funding rates subdued and market breadth bearish, short-term sentiment will take time to recover. Whether trading volume can rebound is key.

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The content above reflects only personal views and a compilation of publicly available information; it does not constitute investment advice. Markets involve risk; invest with caution (DYOR).