Bitcoin Plummets to $104K Amidst Massive $1.34B Crypto Market Liquidation in 24 Hours

Key Points

• Bitcoin’s price fell to $104,000 amid market volatility and crypto liquidations.
• The general crypto market saw a 4% drop, with BTC ETFs recording continuous outflows.

Bitcoin’s value experienced a decline on November 4th, reaching $104,000 due to high market volatility and crypto liquidations.

The overall crypto market also saw a decrease, dropping by nearly 4% in the past 24 hours, bringing the total market cap to $3.46 trillion.

Bitcoin’s Price Drop

At the time of the article, Bitcoin was trading above $104,000, marking a nearly 3% decrease in the last 24 hours.

Following a turbulent week, Bitcoin’s value continued its downward trend, dropping from $107,000 to its current price.

This decline in Bitcoin’s price can be attributed to several factors including crypto liquidations, continued BTC ETF outflows, and the recent Balancer exploit.

Outflows from BTC ETFs

US-based BTC ETFs have experienced a continuous outflow.

On November 3, these crypto products saw over $186.5 million in outflows, all from BlackRock’s IBIT.

This marks the fourth consecutive day of outflows from these crypto products since October 29, indicating a pause in institutional interest.

24-Hour Crypto Liquidations

Another contributing factor to the market volatility and Bitcoin’s price decline is the high number of crypto liquidations.

Data from CoinGlass shows that over $1.34 billion in crypto liquidations were recorded in the past 24 hours, with more than $1.2 billion in longs and over $142 million in shorts.

Bitcoin recorded the highest number of liquidations, over $389 million, mostly in long positions, followed by Ethereum with over $351 million in liquidations, mostly longs.

Nearly 336,000 traders were liquidated in the past 24 hours, with the largest single liquidation on HTX – BTC/USDT ($47.87 million).

Hyperliquid was the exchange with the highest liquidations in the past 24 hours, over $389 million, followed by Bybit and Binance, according to CoinGlass data.

Balancer Exploit

The volatility in the crypto market was further exacerbated on November 3, when Balancer suffered an exploit, resulting in over $116 million in stolen funds.

This incident, despite the platform being audited by several firms, led to a decrease in trust within the industry.

Balancer released an official statement regarding the exploit that affected its Composable Stable Pools and promised to deliver more findings soon.

It’s also important to note that assets on the BNB Chain were not affected by the incident.

After a disappointing October, the ecosystem was expecting a rebound this month due to several optimistic factors.

However, the current lower prices for Bitcoin present an opportunity for accumulation.