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BTC, ETH Prices Under Pressure as Altcoins Reel, Futures Flash Caution: Crypto Daybook Americas

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By francisco rodrigues (all times and unless otherwise indicated)

Bitcoin BTC$102,019.12 Briefly slipped below $ 100,000 for First time since June As a wave of liquidity and shifting macro expectations triggered a broad crypto sell-off.

The leading cryptocurrency is now down more than 20% from the all-time high of $126,000 it set in early October. The broader crypto market, as measured by Coindesk 20 (CD20) Index, fell 2.6% in the last 24 hours and more than 27% in the previous 30 days.

The sell-off intensified in the past 24 hours with more than $1.7 billion in crypto positions liquid, according to Coinglass. Long traders gave a pulse of losses.

“Since ~$19B was liquid on 10/10, the markets were lower,” Jasper de Maere, an over-the-counter trader at Wintermute, told Coindesk. “The current weakness reflects a mix of continued 10/10 dilution, a slightly more hawkish fed tone, and a broader risk-off across assets, with the NASDAQ, the closest Crypto proxy, down ~2% on valuation concerns.”

The drawdown sees Bitcoin today struggle to defend a basic levelthe 50-week simple moving average, which has historically supported long-term price recovery. That level is just under $103,000.

“The sell-off is a reminder that liquidity remains thin, especially in long-tail alts, which is why we’re seeing non-negative price action, largely driven by a global market,” De Maere said.

Meanwhile, the $ 128 million of Tuesday Hack the balancer Fresh concerns were raised about security in the decentralized financial ecosystem, further chilling sentiment.

As it stands, sentiment hit the Crypto Fear and Greed Index today which sits at “fear.” Near-term catalysts are limited according to De Maere, although the opening of the US government and support for crypto legislation could support prices.

Stay Alert!

What to watch

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Crypto
Macros
- November 5, 8 AM: S&P Global Brazil Oct. Services PMI (prev. 46.3).
- November 5, 8:15 AM: US Oct. ADP Employment Change Est. 25k.
- November 5, 9:30 AM: S&P Global Canada Oct. Services PMI (Prev. 46.3).
- November 5, 9:45 AM: S&P Global US October (Final) Services PMI EST. 55.2.
- November 5, 10 am: US ISM Oct. Services PMI Est. 50.8.
- November 5, 4:30 pm: Brazil Central Bank interest rate decision. Est. 15%
Revenue (Estimates based on factSet data)
- November 5: Robinhood Markets (Hood), Post-Market, $0.54

Token events

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Management votes and calls
- Decentraland dao is voting On a $10,000 proposal to fund an independent audit of regenesis labs by community member “Maryana,” following concerns about the use of funds. Voting ends November 5.
- Cow Dao votes to allow the Foundation to sell 50% stake of DAO With MeV Blocker, allowing the core team to focus on core products and directing all sales proceeds to the Treasury. Voting ends November 5.
- SSV.Network DAO votes to sell SSV for USDC at a lower price tier ($11-$20) until build up reserves. Voting ends November 5.
Unlocks
Launching a token
- November 5: line exponent schedule at begin.

Conference

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Token talk

By Oliver Knight

The Altcoin market remains in oversold territory following Tuesday’s frenzied sell-off that saw many tokens fall to their monthly lows.
The Average Crypto Relative Strength Index (RSI) is at 38/100, with tokens including OKB, Sky and FLR printing figures below 23/100. This indicates that while the overall crypto market is leaning, a short-term rally may be in the cards.
Any suggestion of a bounce is invalid if Bitcoin BTC$102,019.12 and ether Eth$3,337.93 Break below the respective support levels at $99,000 and $3,100.
If further downside to BTC and ETH occurs, altcoins will fare worse due to lack of liquidity and levels of foreclosure. This means that altcoin orders do not have enough buy orders to absorb the pressure and subsequent withdrawals, resulting in dramatic spikes on the downside.
Traders will be wondering if the recent “altcoin season” is officially over with most tokens, with the exception of privacy coins, erasing their rallies from July and August.
The privacy coin narrative remains a key driver in the current market, while DCR and ZEC cooled on Wednesday, XMR rose 7% and the entire sector remains higher over the past month.

Derivatives Positioning

The BTC futures market reflects increased caution. Open Interest (OI) declined to $25.3 billion from $26 billion last week, suggesting traders are reducing leverage. Seen against BTC’s higher year-over-year price, the drop indicates that the relative value of market action has not kept up with the asset’s appreciation.
The three-month annualized basis was held at 3%-4%, which signaled that the trading basis is currently untroubled. Funding rates are mixed but low in key areas (4% -9% annualized), reinforcing a lack of strong commitment of the trend and general caution in the market from the futures side.
The bitcoin options market is showing mixed but volatile signals.
Implied volatility (IV) is high at all expirations, pointing to elevated near-term expectations. Structurally, the term IV structure shows near-term backwardation (downward slope) before resuming a long-term contango (upward slope).
Despite this volatility, the recent trade bias is back to Bullish, with 24-hour placing volume leaning 58%-42% in favor of calls, indicating active upside preference.
The recent price drop was heavily influenced by leveraged losers, with $1.7 billion in liquidations in the past 24 hours split 76%-24% in favor of long positions. ETH led notional losses with $572 million liquid.
Crucially, the average long liquidation volume over the past two days of $1 billion was significantly higher than the seven-day average of $620 million, confirming the amplified effect of forced selling on current price action.
Ahead, a bounce could face immediate resistance, with a key price level at $102,500 holding $124 million in potential liquidation.

Market movements

BTC is up 1.79% as of 4 PM ET Wednesday at $102,069.70 (24hrs: -2.41%)
ETH is up 3.03% at $3,310.76 (24hrs: -6.74%)
Coindesk 20 climbed 3.01% to 3,209.70 (24hrs: -3.56%)
Ether CESR Composite Staking Rate is up 8 bps to 3.01%
BTC funding rate is at 0.0036% (3.8905% annual) on Binance

DXY is unchanged at 100.21
Gold futures were up 0.44% at $3,977.80
Silver futures were up 0.44% at $47.50
The NIKKEI 225 closed up 2.5% at 50,212.27
Hang Seng closed unchanged at 25,935.41
The FTSE was unchanged at 9,707.29
The Euro Stoxx 50 was down 0.64% at 5,624.23
The DJIA closed Tuesday down 0.53% at 47,085.24
The S&P 500 closed up 1.17% at 6,771.55
NASDAQ COMPOSITE Closed up 2.04% at 23,348.64
The S&P/TSX Composite closed up 1.64% at 29,777.82
The S&P 40 Latin America closed up 1.15% at 2,985.42
The US 10-Year Treasury Rate was down 1 bps at 4.081%
E-Mini S&P 500 futures were down 0.25% at 6,784.50
e-mini NASDAQ-100 futures were down 0.41% at 25,470.50
The E-Mini Dow Jones Industrial Average Index was unchanged at 47,214.00

Bitcoin Stats

BTC Dominance: 60.66% (-0.19%)
Ether to Bitcoin Ratio: 0.03248 (0.25%)
Hashrate (seven-day moving average): 1,091 eh/s
HashPrice (Spot): $41.43
Total fees: 3.95 BTC / $408,873
CME Futures Open Interest: 135,465 BTC
BTC is priced in gold: 24.1 oz
BTC vs Gold Market Cap: 6.80%

Technical Analysis

The Bitcoin Weekly Price chart is currently trading below the key support level near $107,000.
A confirmed weekly candle close to the bottom of this mark is a significant bearish signal, turning the main support into stunning overhead resistance and signaling a breakdown of the existing bullish trend.
It is important to monitor if BTC can get and close above $107,000 by the end of the week to avoid a structural reversal.

Crypto Equities

Coinbase Global (coin): Closed on Tuesday at $ 307.32 (-6.99%), +1.71% at $ 312.56 in the pre-market
Circle Internet (CRCL): Closed at $111.25 (-5.61%), +1.84% at $113.30
Galaxy Digital (GLXY): Closed at $31.17 (-10.64%), +0.74% at $31.40
Bullish (BLSH): Closed at $45.75 (-8.97%), +2.86% at $47.06
Mara Holdings (MARA): Closed at $16.62 (-6.68%), +1.87% at $16.93
Riot Platform (Riot): Closed at $19.27 (-6.97%), +0.49% at $19.37
Core Scientific (CORZ): Closed at $21.74 (-5.07%), +0.78% at $21.91
CleanSpark (CLSK): closed at $16.22 (-6.89%), +0.62% at $16.32
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $58.44 (-4.91%)
Exodus Movement (Exod): Closed at $23.13 (-8.18%)

Crypto Treasury Companies