The cryptocurrency markets have registered an alarming drop after Federal Reserve officials reignited concerns about inflation. The Fed’s hawkish tone soured market sentiment, with markets dropping across the board. Bitcoin (BTC) fell below $100,000 early on Friday, falling to a low of $98,138. It briefly reclaimed the $100,000 mark but fell to a low of $96,351. BTC is down over 6% in the past 24 hours, trading around $97,311.
Ethereum’s (ETH) drop was more dramatic as it plunged over 10% to an intraday low of $3,112 before moving to its current level. The world’s second-largest cryptocurrency is down almost 10%, trading around $3,213. Ripple (XRP) is down nearly 9%, while Solana (SOL) is down 8.47%, trading around $143. Dogecoin (DOGE) is down almost 7%, while Cardano (ADA) is also trading in bearish territory at $0.523, and Chainlink (LINK) is down nearly 9% at $14.47. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) have also registered heavy losses over the past 24 hours.
Bitcoin (BTC) Slips Below $100,000 As Asian Markets Open
Bitcoin (BTC) fell below $100,000 on Friday as traders scaled back expectations of a rate cut next month. The sentiment shift comes after Federal Reserve officials adopted a hawkish tone, reigniting fears about inflation. The flagship cryptocurrency closed below $100,000 for the first time in 88 days on Thursday, with the downturn intensifying during the ongoing session. The Dow Jones is down nearly 2%, while the S&P 500 fell 1.66%. The Nasdaq is down over 2% as investors dump tech stocks amid growing concerns about valuation and policy uncertainty.
BTC’s decline has wiped out recent gains due to optimism around rising institutional inflows. According to analysts, renewed institutional conviction will be key for a recovery. Market analytics platform Santiment noted,
“Bitcoin ETFs have seen a net flow of -$963.7 million over the past 9 trading days, with the trend turning right as it rebounded to $115K back on October 28th. This isn’t necessarily bad news, but it does indicate how much confidence has been lost as crypto has slid.”
No Reason To Panic Despite Selling: Glassnode
Analysts from Glassnode believe Bitcoin’s (BTC) recent wave of whale selling pressure is typical of late-stage crypto cycles and shouldn’t be cause for alarm. Arkham Intelligence flagged a major Bitcoin whale preparing to sell their holdings on Thursday. The wallet, belonging to trader Owen Gunden, transferred 2,400 BTC to Kraken, adding to a recent trend where large whales have been dumping their holdings on the market. However, Glassnode analysts argued that narratives around “OG whales dumping” are more nuanced. The analysts highlighted that the monthly average spending by long-term holders suggests inflows have climbed from above 12,000 BTC per day to around 26,000 as of Thursday, indicating regular and evenly spaced distribution.
“This steady rise reflects increasing distribution pressure from older investor cohorts — a pattern typical of late-cycle profit-taking, not a sudden exodus of whales. Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one.”
Bitfarms Plans To Shutter Mining Operations
Bitfarms has confirmed plans to shutter its Bitcoin (BTC) mining operations over the next two years as it pivots to AI. The company plans to convert its operations to artificial intelligence and high-compute data centers. The announcement comes after the company’s third-quarter results reported deeper losses. Bitfarm plans to begin its transition by converting its 18-megawatt Bitcoin mining site in Washington to support AI. It expects the transition to be completed by December 2026. The firm then plans to wind down the rest of its mining operations through 2026 and 2027.
Bitfarms CEO Ben Gagnon stated that the conversion of the mining site to support AI could “potentially produce more net operating income than we have ever generated with Bitcoin mining,” adding that Bitcoin mining is becoming increasingly competitive because miners can “go to cheaper locations, higher-risk locations, more remote locations” compared to AI data centers.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) slumped below $100,000 on Thursday as market sentiment soured thanks to a fresh wave of risk aversion compounded by a selloff in tech stocks that spooked investors. The flagship cryptocurrency has traded in the red almost all week, falling below $105,000 on Wednesday and settling at $101,639. Selling pressure and volatility intensified on Thursday. As a result, BTC fell below $100,000 for the first time since June, dropping to a low of $97,870 before settling at $99,614. Selling pressure has intensified during the ongoing session, with BTC down 2.40% at $97,341.
BTC’s decline intensified this week, with over $450 billion wiped out since early October. Large investment funds, ETFs, and corporate treasuries, once reliable support forces, have stepped back, cratering BTC’s price. 10x analysts believe the market has entered a confirmed bear cycle. The analysts highlighted weakening ETF inflows, continuous selling by Bitcoin whales, and a slump in retail interest. 10x warned of further declines, highlighting $93,000 as a key level that could arrest the slide. 10x analysts stated in a note,
“There’s no longer the smell of a bear market — Bitcoin and most crypto-linked assets are in a bear market.”
Jake Ostrovskis, head of OTC at Wintermute, stated,
“Bitcoin was already under pressure from heavy spot selling and corporate-hedging activity, with traders avoiding alt coins almost entirely. When crypto-specific narratives thin out, correlations to traditional assets increase. This is driving today’s move.”
BTC’s retreat comes amid renewed volatility in global markets, with key economic reports also delayed. As a result, investors are reassessing whether the Federal Reserve can justify rate cuts in the near term, intensifying pressure on risk assets like BTC. According to market data, long-term holders have sold over 815,000 BTC in the past 30 days, intensifying focus on lower liquidity pockets. According to Daan Crypto Trades, a large liquidity cluster sits below the local lows at $98,000-$100,000. The trader added that this aligns with the series of marginally higher lows forming above the liquidity zone.
Meanwhile, the derivatives markets have seen demand for downside protection increase. According to data from Deribit, interest in protective puts below the $100,000 strike has surged, with contracts between $90,000 and $95,000 witnessing the most action.
BTC started the previous weekend in positive territory, rising 1.15% on Friday and settling at $109,555. Price action remained positive on Saturday and Sunday as BTC rose 0.45% and 0.44% to cross $110,000 and settle at $110,536. Selling pressure returned on Monday as the price fell nearly 4% and settled at $106,557. The bearish sentiment intensified on Tuesday as BTC slipped below $100,000, falling to a low of $98,892. However, it rebounded from this level to reclaim $100,000 and settle at $101,468. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 2% and settling at $103,869. BTC returned to bearish territory on Thursday, dropping to a low of $100,235 before settling at $101,290. The price slipped below $100,000 again on Friday, falling to a low of $99,170 before recovering and settling at $103,284, ultimately rising nearly 2%.
Source: TradingView
Price action was mixed over the weekend as BTC fell 0.97% on Saturday before rising 2.36% on Sunday and settling at $104,964. Buyers retained control on Monday as BTC rose 1.23% and settled at $105,979. Buyers lost momentum on Tuesday as BTC fell nearly 3% and settled at $103,009. Sellers retained control on Wednesday as the flagship cryptocurrency fell 1.33% to $101,639. BTC registered a sharp uptick in volatility and selling pressure on Thursday. As a result, the price fell below $100,000 for the first time since June, dropping to a low of $97,870 before settling at $99,614. Selling pressure has intensified during the ongoing session, with the price down 2.53% at $97,088.
Ethereum (ETH) Price Analysis
Ethereum (ETH) risks losing the $3,000 level if the ongoing market downturn intensifies. The altcoin registered a sharp drop on Wednesday as it fell from $3,586 to $3,414. Selling pressure intensified on Thursday as ETH fell over 5% and settled at $3,232. Sellers have retained control during the ongoing session, with the price down 2.42% at $3,157.
ETH is down nearly 36% from its all-time high as traders anticipate a deeper decline. The Crypto Fear & Greed Index has slipped into “extreme fear,” indicating that prices could drop further. While President Trump has signed off on a bill to end the US shutdown, there has been no indication or confirmation when CPI and jobs data will be released. Additionally, Fed officials have warned of rising inflation, raising economic concerns. CME’s FedWatch tool has slashed the odds of another rate cut from 62.9% to 52.1%, in line with Fed Chair Jerome Powell’s hawkish stance.
The $4.7 billion crypto options expiry has further worsened market sentiment. According to available data, over 233,000 ETH options with a notional value of $738 million are set to expire, with a put-call ratio of 0.68. The put volume has doubled over the past 24 hours, but remains low against the 99,000 call volume. Spot Ethereum ETFs have also registered substantial outflows. According to on-chain data, Ethereum ETFs registered a fourth consecutive day of outflows on Thursday, with $259 million exiting the funds. BlackRock’s ETHA led the exodus with $137 million, followed by Grayscale’s ETHE with $67.90 million in outflows. Grayscale’s ETH registered $35.80 million in net outflows, while Fidelity’s FETH saw $14 million. Invesco’s QETH rounded up the outflows with $4.40 million.
ETH started the previous week in positive territory, rising 1.14% on Friday. Buyers retained control over the weekend as the price rose 0.67% on Saturday and 0.87% on Sunday to settle at $3,908. However, price action turned bearish on Monday as ETH fell nearly 8% and settled at $3,604. Selling pressure intensified on Tuesday as the price plunged to an intraday low of $3,058. However, it rebounded from this level to reclaim $3,200 and settle at $3,286, ultimately dropping almost 9%. Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising over 4% to reclaim $3,400 and settle at $3,424. Selling pressure returned on Thursday as ETH fell over 3% and settled at $3,313. The price fell to an intraday low of $3,196 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $3,400 and settle at $3,433, ultimately rising 3.63%.
Source: TradingView
Price action was mixed over the weekend as ETH fell 0.94% on Saturday before rising 5% on Sunday and settling at $3,583. ETH’s momentum stalled on Monday as it registered a marginal decline and settled at $3,567. Selling pressure intensified on Tuesday as the price fell by over 4% and settled at $3,417. ETH faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price fell from an intraday high of $3,586 to $3,414. Selling pressure intensified on Thursday as ETH fell over 5% and settled at $3,232. The altcoin is down almost 2% during the ongoing session, trading around $3,170.
Solana (SOL) Price Analysis
Solana (SOL) ETFs reported their eleventh consecutive day of inflows despite the broader market registering an alarming drop over the past 24 hours. Bitwise and Grayscale SOL spot staking ETFs have outperformed all other crypto ETPs, recording $368 million in inflows in under two weeks. The consistent inflows indicate TradFi markets are eager to gain regulated exposure to SOL staking yields, with the inflow streak suggesting traders are positioning themselves for the long term.
SOL started the previous weekend in positive territory, rising 1.34% on Friday and settling at $187. The price fell 0.45% on Saturday before rising 0.76% on Sunday to end the weekend at $187. Selling pressure returned on Monday as SOL fell 11.55% and settled at $166. Sellers retained control on Tuesday as the price fell 6.65% to an intraday low of $145 before settling at $155. Despite the overwhelming selling pressure, SOL recovered on Wednesday, rising nearly 5% to cross $160 and settle at $162. SOL lost momentum on Thursday, dropping over 4% and settling at $155. Positive sentiment returned on Friday as the price rose over 4% to reclaim $160 and settle at $161.
Source: TradingView
Price action was mixed over the weekend as SOL fell 2.24% on Saturday before rising 4.09% on Sunday and settling at $164. Buyers retained control on Monday as the price rose 1.65% to $167. However, selling pressure intensified on Tuesday as SOL plunged nearly 8% to $154. Sellers retained control on Wednesday as the price fell almost 1% to $153. SOL plunged 6% on Thursday and settled at $144 as bearish sentiment persisted. The altcoin is down over 2% during the ongoing session, trading around $141.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) started the previous week in bearish territory, dropping over 8% to $3.933. Bullish sentiment returned on Tuesday as the price rallied, rising nearly 32% to an intraday high of $6.625 before settling at $5.185. The price continued pushing higher on Wednesday, rising almost 14% and settling at $5.961. Buyers retained control on Thursday as ICP rose 12.57% and settled at $6.710. Bullish sentiment intensified again on Friday as the price increased 22.46% and settled at $8.217.
Source: TradingView
ICP rose over 9% to reach $8.963 on Saturday, but lost momentum after reaching this level. As a result, it fell 15.66% on Sunday and settled at $7.559. Sellers retained control on Monday as ICP fell 9.88% to $6.812. A 12.43% drop on Tuesday pushed ICP to $5.965. Despite the overwhelming selling pressure, ICP recovered on Wednesday, rising 7.26% to $5.768. Price action turned bearish on Thursday, falling 8.44% to $5.858. ICP is down over 1% during the ongoing session, trading around $5.795.
Uniswap (UNI) Price Analysis
Uniswap (UNI) dropped sharply on Monday (November 3), falling over 11% to $5.202. Sellers retained control on Tuesday as the price fell 2.49% and settled at $5.072. UNI recovered on Wednesday, rising 5.50% and settling at $5.351. The price lost momentum on Thursday, dropping 1.91%, but recovered on Friday, rising nearly 12% and settling at $5.870. Price action remained positive over the weekend as UNI rose 2.23% on Saturday and 9.59% on Sunday to settle at $6.576.
Source: TradingView
Bullish sentiment intensified on Monday as UNI rallied, rising over 42% and settling at $9.358. Selling pressure returned on Tuesday as the price fell 11.90% to $8.244. Sellers retained control on Wednesday as UNI fell over 8%. It recovered on Thursday, rising 2.36% and settling at $7.747. However, selling pressure has returned during the ongoing session, with UNI down nearly 7% at $7.234.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.