Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, ZEC and Other Altcoins Are Falling – Source: CoinGape
Crypto market collapses as global market cap falls to 6-month low of $3.27 trillion.
Bitcoin has now crashed 23% and Ethereum 36% from their ATH prices.
Hopes for a Fed rate cut in December are fading in the face of economic concerns.
Trading volumes are falling further as $4.7 billion worth of crypto options expire today.
More than $1.1 billion in crypto has been liquidated amid the one-time release of Bitcoin and Ethereum ETFs.
The crypto market crash continues in November, with the global market capitalization going from $4.28 trillion to a 6-month low of $3.27 trillion in one month. Bitcoin and Ethereum prices have now fallen23% and 36% of their ATH. Traders expect altcoins to fall further as JPMorgan sees BTC support at $94,000.
THE Crypto Market Fear and Greed Index slipped again into extreme fear at 3 p.m. today. This indicates bearish sentiment among investors and the potential for further declines in cryptocurrency prices.
The most popular and trending altcoins XRP, Binance Coin (BNB), Solana (SOL), Cardano (ADA), Zcash (ZEC), and AI coins fell by 5-12% in the last 24 hours. Meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) further have erased their earlier gains, with PEPE now down 80% year to date (YTD).
US President Donald Trump signs bill ending longest government shutdown After 43 days. However, the White House confirmed no release from CPI And employment data for October.
Additionally, Fed officials such as Neel Kashkari have warned of rising inflation amid the government shutdown. This has raised economic concerns And Markets reduced their bets on a Fed rate cut in December.
The CME FedWatch tool now shows the odds of a further Fed rate cut of 25 basis points, from 62.9% to 52.1%. This is in accordance with The hawkish stance of Fed Chairman Jerome Powellthat fueled the crypto market crash concerns last month.
THE US Dollar Index (DXY) fell to 99 on Friday, a second consecutive weekly decline. Also, the 10-year Treasury yield remains close to 4.1% after a sharp drop in previous sessions.
THE $4.7 Billion Crypto Options expiry today, trading volumes have deteriorated further and leads to a deeper crypto market crash. Over 41,000 BTC options with a notional value of $4 billion will expire today on Deribit. The put-call ratio is 0.7 And the maximum pain price is $105,000.
Over the past 24 hours, put volume has exceeded call volume, with a put/call ratio of 1.10. This indicates that traders are hedging to compensate for lossesexpecting BTC to fall below $95,000.
Bitcoin open interest by strike price. Source: Déribit
Additionally, over 233,000 ETH options with a notional value of nearly $738 million are set to expire today, with a put-call ratio of 0.68. Put volume doubled In the last 24 hours, but it is still low against over 99,000 call volumes. The put-call ratio is 0.91, confirming the bearish sentiment of options traders.
Furthermore, the maximum pain point is $3,500, well above the current market price of $3,175. Traders even open targeted put options ETH Price below $3,000 in the coming days.
Ethereum open interest by strike price. Source: Déribit
Spot Bitcoin and Ethereum ETFs continue to see outflows. Institutions are likely turning towards Solana and XRP. Canary Saw XRP ETF (XRPC) a recording $59 million and $245 million as starters at the beginning.
According to data from Farside Investors, Bitcoin ETF recorded a net outflow of $866.7 million. BlackRock’s IBIT and Grayscale Mini Trust Bitcoin ETFrecorded capital outflows of $256.6 million and $318.2 million amid bearish sentiment.
Meanwhile, others such like Fidelity, Bitwise, Invesco, Ark 21Shares and GBTC Also experienced massive releases. This indicates a massive decline in interest from institutional investors.
Spot the BTC ETF exits. Source: Farside Investors
Meanwhile, Ethereum spot ETFs saw net outflows of $259.6 million, the third consecutive day of outflows. ETHA from BlackRock comes in first with $137.3 million. Shorting Ethereum remains a smart move as long as the broader crypto trend remains firmly down. And there doesn’t seem to be any urgency to intervene.
As CoinGape reported, long-term holders (LTH) and whales were certain about BTC peaking in October. Historically, BTC has exceeded 12-18 months after a halving And The bull market peaked between 1,060 and 1,070 days, and this trend has continued this year.
coin mechanism data revealed during $1.1 billion in crypto liquidations, with 237,000 traders liquidated in the last 24 hours. The largest single liquidation order has occurred again on the HTX crypto exchange. BTCUSDT valued at $44.29 million was sold in one go.
Notably, more than $900 million longAnd 200 million dollars short the positions were liquidated. ETH, SOL, XRP, ZEC, DOGE, XPL, HYPE, BNB, PUMP and ADA are among the altcoins experiencing the most liquidations.
The hourly chart of crypto liquidations revealed that $300 million in long positions were liquidated a few hours ago, causing the crypto market to crash.
Crypto market liquidations within 1 hour. Source: Coinglass
The price of BTC fell today by more than 5% to 96,840 intraday low. While ETH price falls 10% to a low of $3,112 and XRP corrects 8% to $2.28. The crypto market crash see no signs of slowing down as experts predict a new drop in cryptocurrency prices.
ZEC price fell 4% to $485.20, correcting 40% from ATH after a massive 1000% parabolic run. Arthur Hayes said he would buy more on a dip to aim for another step up to $1,000.
10x Search According to the latest drop in BTC, traders searched for explanations, but the clues were visible weeks ago. The buyers who once supported every decline have suddenly disappeared. “Since October 10, our Ethereum and Bitcoin trend models have been firmly bearish, and this signal remains intact,” he adds.
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Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, ZEC and Other Altcoins Are Falling originally appeared on CoinGape
