Bitcoin Falls Below $105,000: Crypto Market Experiences Selloff
Date: 2025-11-04 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Over the past 24 hours, Bitcoin's price has fallen 2.2%, reaching around $104,800—its lowest level in months. Ethereum also experienced a significant decline, losing 5.4% to $3,500. The total crypto market capitalization has declined by approximately 3%, to $3.5 trillion.
Amid the decline in prices, more than $1.3 billion in positions were liquidated in the past 24 hours, $1.2 billion of which were long positions. According to HTX, the largest liquidation was $47.8 million in the BTC/USDT pair. In total, over 338,000 traders suffered losses. The crypto market's Fear and Greed Index has dropped to 21, reflecting a state of "extreme fear."
Analysts attribute the price drop to the activity of major Bitcoin holders. According to Lookonchain, one early investor has withdrawn approximately 13,000 BTC (worth $1.4 billion) to exchanges since the beginning of October. Another major market participant, known as Owen Gunden, has transferred over 4,500 BTC to Kraken in the past two weeks alone. Meanwhile, a wallet that has been inactive since 2019 moved 2,300 BTC to Paxos, a platform specializing in over-the-counter (OTC) trading.
According to WeRate co-founder Quinten Francois, long-term investors have sold approximately 400,000 BTC in the past month, representing approximately 2% of the total supply. Experts believe that pressure on the market is also increasing due to ongoing outflows from Bitcoin-based spot ETFs. Since October 29, their cumulative losses have exceeded $1.1 billion, and on the last trading day alone, investors withdrew $191 million.
CryptoQuant analyst Maartun added that Coinbase's negative premium, which remains around -$25, indicates increased selling pressure from American investors. The company's head of research, Julio Moreno, emphasized that the market is suffering from an imbalance between supply and demand: interest in cryptocurrencies is growing, but significantly slower than expected.
According to Swissblock, the key level for Bitcoin remains $100,000, a level below which the asset has not fallen for the past six months. If this level holds, a resumption of growth is possible, but if it breaks through, analysts predict a further correction. Glassnode believes that $104,000 could become a capitulation zone for "weak hands," after which assets will be redistributed among more stable investors.
Interestingly, Binance recorded its largest stablecoin inflow since December 2024—$7.3 billion. According to Maartun, such increases in liquidity often precede market recovery. A similar situation was observed before Bitcoin reached its all-time high of $67,000 in 2024 and later rose to $108,000 in May 2025.
