Executive Summary

Bitcoin experienced its most significant weekly decline in months, dropping below the $100,000 psychological barrier for the first time since late June 2025 as U.S. election uncertainty and Federal Reserve rate cut doubts triggered a broad risk-off rotation across cryptocurrency markets. The week saw Bitcoin plunge from $109,556 (October 31) to $103,878 (November 6), marking a -5.3% weekly decline amid $2.09 billion in total liquidations primarily affecting long positions. Ethereum ETFs recorded six consecutive days of outflows totaling $938 million with BlackRock's ETHA leading withdrawals, yet institutional whales accumulated $1.37 billion worth of ETH over three days, indicating strategic positioning ahead of potential recovery. Despite broader market weakness, privacy coins surged 80% with Zcash up 246% for October and DASH gaining 68% weekly, while Solana's DeFi dominance remained intact at 81% global DEX transaction share with $9.621 billion TVL demonstrating protocol resilience amid macroeconomic turbulence.

Disclaimer: This report is for informational purposes only and does not constitute financial advice. Cryptocurrency trading involves significant risk. Past performance does not indicate future results. Always conduct your own research before making investment decisions.

Most Important News & Narratives  

Bitcoin Breaks Below $100K as Election and Macro Fears Intensify

Bitcoin suffered its most violent weekly collapse since October's tariff shock, plunging below the $100,000 threshold for the first time in four months as investors fled risk assets amid compounding macroeconomic headwinds:

- Bitcoin crashed to $99,966 low on November 4 before recovering to $103,878 by week-end, down -5.3% for the week  
- $2.09 billion in leveraged positions liquidated within 24 hours  
- Bitcoin-Nasdaq correlation dropped to -0.2 amid tech sector selloff driven by AI stock profit-taking  
- Key support at $100,000 dynamic; $98,000 next critical level  

Cascade triggers included Fed policy uncertainty, 36-day US government shutdown halting economic data, AI valuation concerns, and political risk from Democrat state election victories, compounding crypto market fears and breaking long-held support levels.

Ethereum ETF Outflows Accelerate While Whales Deploy Strategic Accumulation

Ethereum faced six consecutive days of massive ETF outflows totaling $938 million with BlackRock ETHA leading withdrawals, though institutional whale activity suggested underlying conviction:  

- $219 million single-day withdrawal by BlackRock ETHA on November 4  
- Total ETF AUM shrank from $30.35B to $21.125B, erasing months of gains  
- Whales accumulated 394,682 ETH ($1.37 billion) over three days, including $896 million leveraged position at a discount to spot price  
- Institutional defense solidified support just above $3,100  

This divergence highlights that panicked ETF outflows mask strategic, long-term institutional accumulation.

U.S. Election Uncertainty Reshapes Crypto Policy Expectations

Democrat wins in major 2025 state elections created regulatory uncertainty for the Trump administration’s pro-crypto agenda, which had underpinned significant crypto adoption growth:  

- Victories in Virginia, California, and Pennsylvania challenged Trump’s crypto policies  
- Industry braces for possible shifts or delays in regulatory clarity  
- Predictions of pre-midterm fiscal stimulus by Trump administration could buoy crypto liquidity  
- Crypto policy emerging as a key 2026 electoral issue  

This political risk adds a complex layer to macro headwinds depressing risk appetite across markets.

Price Movements & Onchain Activities  

Bitcoin: Experienced a volatile week from $126,000 all-time high (Oct 7) down to $99,966 (Nov 4), closing at $103,878 (Nov 6), marking worst weekly plunge since October tariff shock. Fear and Greed Index plummeted from 70 to 24 but has stabilized near 35. Long liquidations reached $1.6 billion, with dormant wallets moving vintage BTC indicating capitulation.

Ethereum: Fell 14% weekly to $3,388 with ETF outflows driving price but whale accumulation strengthening support around $3,100-3,200. Potential recovery depends on institutional sentiment stabilizing and macro clarity.

Solana: Maintained strong ecosystem dominance with steady price ~$185, 81% market share in decentralized exchange volume, and $9.621 billion TVL. Institutional pilots such as Franklin Templeton’s BENJI platform reinforce ecosystem confidence.

Privacy Coins and Exchange Tokens Dominate Sector Rotation  

Privacy tokens outperformed dramatically, with Zcash surging 246% for October and DASH rallying 68% during the week, driven by regulatory surveillance concerns and institutional access through Grayscale trusts. Exchange tokens also showed resilience amid risk-off sentiment as capital rotated towards utility-driven tokens.

Regulatory & Institutional Developments  

The Federal Reserve delivered a second 25 basis point rate cut but Powell cast doubt on a December cut, heightening uncertainty amid a 36-day US government shutdown halting crucial economic data. Institutional crypto AUM surpassed $235 billion globally, propelled by increasing professional capital inflows. European bank consortiums advanced stablecoin initiatives, Switzerland launched a new consultation, and UK’s FCA committed to accelerated stablecoin framework development. Meanwhile, the US elections created a forecast landscape of regulatory volatility.

Looking Ahead  

Crypto markets face critical support tests near $100K for Bitcoin and $3,100 for Ethereum with the potential for more correction if macro and political risks worsen. Institutional flows and whale positioning signal strategic accumulation at current levels. Privacy coins may face technical pullbacks after parabolic rallies following new regulatory scrutiny. The evolving regulatory framework and anticipated fiscal policies could provide the foundation for a Q4 recovery.

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Disclaimer: This report is for informational purposes only and does not constitute financial advice. Cryptocurrency trading involves significant risk. Past performance does not indicate future results. Always conduct your own research before making investment decisions.