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Bitcoin Sinks Below $104,000 as $1.3 Billion in Leverage Unwinds

ETF withdrawals following a hawkish Fed tone removed a key buyer from the market.

Overview

  • Bitcoin fell from above $109,000 to lows near $103,900, leaving the token trading around the $103,000–$105,000 range early Tuesday.
  • CoinGlass data show $1.27–$1.37 billion in 24-hour liquidations, mostly longs, with over 300,000 traders wiped out and a single $47.9 million BTC long closed on HTX.
  • U.S. spot Bitcoin ETFs posted $186.5 million in net outflows on Nov. 3, marking a fourth straight day and more than $1.3 billion pulled since late October; Ethereum funds also saw withdrawals.
  • The Crypto Fear & Greed Index fell to 21, its lowest in months, as a stronger dollar and comments from Jerome Powell, Lisa Cook, and Mary Daly lowered near-term rate-cut odds.
  • On-chain metrics show short-term holders selling below cost basis as some mid-term cohorts add exposure, and CoinShares reports strong recent inflows to Solana products despite broad price declines.