The encryption market has been wiped out by 500 million! BTC has fallen below 110,000, ETH has lost 3,700, who is secretly positioning?

As of November 3, 2025, the encryption market is experiencing a "de-leveraging" storm. The price of Bitcoin has fallen below the key psychological level of $110,000, currently trading around $107,000, while Ethereum has also dropped to $3,700. In the past 24 hours, the total liquidation amount across the network has reached $489 million, with long positions accounting for over 80%, indicating that the market is undergoing structural adjustments rather than a complete collapse. This sell-off, triggered by a resonance of macro pressures and technical factors, raises the question of whether it signals short-term risks or long-term opportunities?
Market Status: The battle between bulls and bears has intensified.
The fall of Bitcoin is not an isolated event. On-chain data shows that the net inflow of exchanges surged by 18% week-on-week, with short-term selling pressure being released. However, the movements of huge whale funds reveal another layer of signal: a mysterious whale has accurately accumulated positions 14 times in a row, increasing holdings by a total of 140 BTC, with a holding value reaching 406 million USD. This reverse operation of "while others panic, I am greedy" suggests that the market bottom may be forming.
It is worth noting that the selling behavior of long-term holders is strongly correlated with Bitcoin breaking the $100,000 mark. Whenever the price reaches this round number, structural selling pressure is automatically triggered, making it difficult for the price to stabilize. This "breakout-sell-off-correction" cycle has become the main contradiction in the current market.
Technical Analysis: Support Level Becomes a Life-and-Death Battle
BTC four-hour level strategy:
Key support: The range of $107,000-$108,000 is the core area of short-term bull-bear contention. If the four-hour K-line closes above $108,000, the probability of a rebound significantly increases; if it falls below this level, one needs to be cautious of a "pin bar" bottoming action near $107,000.
Rebound signal: If the trading volume gently increases around 107,000, and the RSI indicator shows a bottom divergence, it may constitute a short-term stabilization signal.
Ethereum four-hour level strategy:
Defensive range: $3,650-$3,750 is the current key support zone, and the gain or loss at the $3,700 round number will determine the short-term direction.
Risk Warning: If ETH falls below $3,650 and trading volume increases, it may trigger a new round of selling pressure.
On-chain data: The hidden logic behind the panic
Despite retail investors accelerating their exit, the actual market value of Bitcoin has surpassed $1.1 trillion, and on-chain data shows that the "actual price" remains above $110,000. This paradox reveals a core truth: long-term holders are using the price fall to increase their holdings at a low cost.
From a historical cycle perspective, the phenomenon of "market capitalization expansion + price contraction" often occurs in the "cleansing phase" at the end of a bull market. The two major adjustments in June 2021 and November 2022 both confirmed this rule – when institutional funds begin to reposition, the market will enter a new upward channel.
Reverse Investment: A Hidden Opportunity for Bottom Fishing
1. Expectations of macro turning points
Federal Reserve Rate Cut Window: If the December meeting releases dovish signals, liquidity easing may lead to a capital inflow into high-volatility assets.
ETF funding resumes: After the current restrictions on Bitcoin ETF subscriptions are lifted, it is expected to bring in an additional $2-3 billion in funds each month.
2. Technology-Supported Game
BTC key range: If the area of 102,000-104,000 USD can stabilize, it may trigger a second round of accumulation by whales.
ETH rebound signal: If there are signs of "accumulation" on-chain below $3,500 (such as a decrease in exchange withdrawals and an increase in large buy orders), it may become a layout node.
3. Verification of Long-term Logic
Halving Cycle Effect: It has been 12 months since the halving event in 2024, and historical data shows that 6-18 months after the halving is a key window for price breakthroughs.
Institutional Position Rebuilding: According to CoinMarketCap, publicly listed companies hold a total of 5.3% of the circulating supply of BTC. If institutions reallocate their encryption assets, the market space will significantly expand.
Conclusion: Seeking rebirth in the ruins
The fall of Bitcoin below 100,000 USD is by no means the "end of the world", but rather an inevitable stage in the evolution of market cycles. The current adjustment is essentially a resonance process between "weak hands exiting the market" and "strong hands accumulating positions". For investors with risk tolerance, this crisis offers three key opportunities:
1. Structural undervaluation: The divergence between Bitcoin's "actual price" and the spot price suggests that a medium-term allocation window is opening.
2. Liquidity repair: The expected return of funds under the Federal Reserve's policy shift may spark a new round of bullish market.
3. Ecological Reconstruction Opportunities: Market downturns are often an upgrade window for infrastructure such as DeFi protocols and L2 networks.
As the Wall Street saying goes: "A bear market is a furnace for preparing a bull market." When panic reaches its peak, true value investors have already begun to lay the groundwork for the next round of bull market feasts. #Gate新一期储备金报告出炉 #参与创作者认证计划月领$10,000 #十二月降息预测