【BTC down nearly 25%, ETH down 35%—what is happening in the market?】
$BTC fell below 66,000, retreating about 24.6% from its September 21 peak of $87,395; $ETH fell to 1,845, down about 34.3% from its peak of $2,807 over the same period. The total crypto market cap also shrank from about $3.04 trillion to $2.35 trillion, a decline of roughly 22.6%. Major assets have continued to weaken, and the pressure on the market has become quite pronounced.
U.S. spot BTC ETFs have seen net outflows for seven consecutive trading days, with cumulative outflows of about $1.065 billion from November 9 to 13. ETH ETFs also saw net outflows of about $399 million over the same period. Although ETH ETFs recorded a small inflow on Friday, funds had flowed out for six consecutive days beforehand, and overall demand remains weak.
Meanwhile, about $1.47 billion in positions across the entire market were liquidated over the past 24 hours, including about $1.31 billion in long positions. The combination of institutional withdrawals and concentrated liquidations of leveraged longs has created pressure from insufficient spot-market buying and forced selling in the derivatives market.
The relative resilience of altcoins is also worth reassessing. Some smaller coins have indeed fallen less in the short term, but that does not mean funds are shifting from BTC to altcoins. The Fear and Greed Index is currently just 13, and the market as a whole remains in a state of extreme fear. My view is that the core issue in this market downturn is shrinking demand for capital, not simply a technical shakeout. Whether BTC can reclaim $70,000 and whether ETFs can end their streak of consecutive outflows matter more than a short-term rebound of a few percentage points.
$BTC fell below 66,000, retreating about 24.6% from its September 21 peak of $87,395; $ETH fell to 1,845, down about 34.3% from its peak of $2,807 over the same period. The total crypto market cap also shrank from about $3.04 trillion to $2.35 trillion, a decline of roughly 22.6%. Major assets have continued to weaken, and the pressure on the market has become quite pronounced.
U.S. spot BTC ETFs have seen net outflows for seven consecutive trading days, with cumulative outflows of about $1.065 billion from November 9 to 13. ETH ETFs also saw net outflows of about $399 million over the same period. Although ETH ETFs recorded a small inflow on Friday, funds had flowed out for six consecutive days beforehand, and overall demand remains weak.
Meanwhile, about $1.47 billion in positions across the entire market were liquidated over the past 24 hours, including about $1.31 billion in long positions. The combination of institutional withdrawals and concentrated liquidations of leveraged longs has created pressure from insufficient spot-market buying and forced selling in the derivatives market.
The relative resilience of altcoins is also worth reassessing. Some smaller coins have indeed fallen less in the short term, but that does not mean funds are shifting from BTC to altcoins. The Fear and Greed Index is currently just 13, and the market as a whole remains in a state of extreme fear. My view is that the core issue in this market downturn is shrinking demand for capital, not simply a technical shakeout. Whether BTC can reclaim $70,000 and whether ETFs can end their streak of consecutive outflows matter more than a short-term rebound of a few percentage points.