Overview
- The global crypto market has erased more than $1 trillion over roughly 41 days, with total value now about 10% below levels seen after the Oct. 10 liquidation shock, according to The Kobeissi Letter.
- CoinShares reported $1.2 billion of withdrawals from crypto investment products in the first week of November, removing a key source of demand during heightened volatility.
- Bitcoin is down about 25% over the past month despite upbeat political rhetoric on digital assets, with the Fear & Greed Index dropping to 10 to signal extreme risk aversion.
- Ethereum has fallen roughly 35% since Oct. 6 and is down 8.5% year to date, diverging from gains in other risk assets over the same period.
- High leverage—often 50x to 100x—has fueled repeated liquidation waves, including an estimated $19.2 billion forced-selling event on Oct. 10 and multiple subsequent wipeouts exceeding $1 billion, as analysts frame the pullback as a structural reset.