Bitcoin fell below the $100,000 mark. When will the sell-off on Wall Street end?

Nakamoto 2025-11-6 21:10 62689人围观 BTC

In the first week of November, the cryptocurrency market encountered an unprecedented "cold wave." Bitcoin, the former "King of Cryptocurrency", after hitting a record high on October 11, has now fallen below the psychological mark of $100,000, reaching a low of below $99,000, setting a new low in the past six months. Ethereum was not spared, with the price briefly touching the key support level of $3,000.
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Liquidations surged and market sentiment collapsed

During this cold snap, the entire network's liquidated positions exceeded US$2 billion within 24 hours, of which longs lost as much as US$1.63 billion, and shorts were not spared, with positions liquidated of US$400 million. Behind this is a complete collapse of market sentiment. Just a month ago, the market was still cheering for Bitcoin to break through 100,000 US dollars. Institutional investors entered the market one after another, and retail investors were also immersed in FOMO (fear of missing out).

However, in the first week of November, the market situation suddenly changed, and Bitcoin fell all the way from a high of $105,000, a drop of more than 6%.； Ethereum also fell from around $3,300 to $3,000, a drop of nearly 10%. The derivatives market has become the hardest hit area, with nearly 342,000 people liquidated, and long positions accounting for 85% of the losses, showing a typical "more kills more" pattern.

Wall Street sells off, fundamental expectations shift

The particularity of this round of decline is that it is not a simple technical correction, but a fundamental change in fundamental expectations. The continued selling by Wall Street institutions became the final straw that broke the market.

The U.S. Federal Reserve's shift in monetary policy was the main driver of the plunge. Federal Reserve Chairman Powell's hawkish remarks downplayed market expectations for an interest rate cut in December. The strength of the U.S. dollar hit a new high in nearly six months, putting direct pressure on non-interest-bearing assets such as Bitcoin.

Problems within the industry are highlighted and liquidity is tightened

Structural issues within the industry cannot be ignored either. During October, a large amount of Bitcoin was sold by long-term holders, indicating that early investors were taking profits. At the same time, Wall Street institutions are also significantly reducing their positions, with investors withdrawing more than $1.8 billion from spot ETFs on Bitcoin and Ethereum, causing market liquidity to further tighten.

When will the market bottom appear? Analysts divided

Market analysts pointed out that if the price of Bitcoin remains below $100,000, it may trigger a sharper sell-off. If Bitcoin wants to reverse upward, it first needs to regain the key resistance level.

In terms of on-chain data, the stablecoin supply ratio has fallen back to the range that marks the inflection point of market liquidity, suggesting that stablecoin liquidity may be quietly rebuilding. However, investors still need to remain cautious until there is a clear signal of a turnaround in the market.

Whether Bitcoin can hold its current position will depend on the dual game of macro policy trends and the industry's own resilience.