Key Insights:
- Today’s crypto market crash comes as Bitcoin whales have been transferring over $1.8 billion worth of BTC to exchanges since October.
- Macro investor Jordi Visser described this as Bitcoin’s “silent IPO” phase, marking a transfer of ownership from early adopters to institutional holders.
- Top altcoins fell 5–8%, with Ethereum price slipping below $3,700 in today’s market crash.
Today’s crypto market crash is marked by strong selling pressure, as Bitcoin and altcoins lose the gains made over the last weekend, with total liquidations soaring to $470 million. BTC price has once again tested the crucial support at $105,000 while scooping up downside liquidity. After the ‘Uptober’ rally, expectations falling flat, investors will be looking at what holds for them in November.
Crypto Market Crash Triggers $470 Million Liquidation
Bitcoin, along with top altcoins like Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE), are seeing another major selling pressure today. This has triggered yet another crypto market crash as profit-taking and a drop in trading activity trigger $470 million in liquidations, as per Coinglass data. Crypto analyst Ted Pillows stated:
The 100% Trump tariffs on China, in early October, triggered $19 billion in crypto market liquidations. It was enough to derail the ‘Uptober’ rally expectations, with BTC ending negatively last month. This is the first time in the past six years that BTC ended in the red for the month of October.
Despite facing continuous selling pressure, market experts are positive about a November rally. Historically, this has been the strongest month for crypto, with BTC netting an average gain of 42.5% since 2013.
This week is very much crucial for the broader crypto market, with the U.S.-China trade deal potentially being signed next week. Such a development could trigger a rally across the global market.
On Sunday, November 2, the U.S. and China finalized a trade agreement under which China will ease export restrictions on specific automotive chips. This is a major breakthrough as the easing of the trade tensions could be beneficial to the market.
Bitcoin OG Whales Dumping During the Crypto Market Crash
According to data from blockchain analytics firm Arkham Intelligence, Bitcoin OG whales are continuing to engage in profit-booking. Wallet tracker reports reveal that since October 1, the address BitcoinOG (1011short) has transferred roughly 13,000 BTC worth $1.48 billion to major exchanges, including Kraken, Binance, Coinbase, and Hyperliquid.
Additionally, prominent holder Owen Gunden has deposited 3,265 BTC (around $364.5 million) to Kraken since October 21. This signals potential selling pressure from early adopters.
While this sell-off from old hands has stirred uncertainty, macro investor Jordi Visser noted that BTC is in a “Silent IPO” phase. Visser made these comments during his recent interview with crypto market evangelist Anthony Pompliano.
The macro analyst noted that ETFs, funds, corporates, and banks are absorbing the recent selling activity. This marks a transfer of ownership from early adopters to institutional players, he added. U.S. Vice President JD Vance also believes that the BTC adoption will skyrocket in 2026.
However, BTC critic Peter Schiff took the opportunity to slam the largest crypto amid its recent underperformance. He said that Bitcoin has neither exhibited the characteristics of risk-on or risk-off assets, despite the strong rallies of gold and the Nasdaq index last month.
Altcoins Crash: Will ETH, XRP, SOL Revive Anytime Soon?
In addition to BTC, altcoins have contributed more to today’s crypto market crash. The largest altcoin, Ethereum (ETH), has been leading the fall, dropping 5% today, and slipping under $3,700. With this crash, ETH price has extended its weekly losses to more than 11.5%.
Other top altcoins have also contributed to this rally, with XRP, BNB Coin (BNB), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), all correcting 5-8%.
Despite this, market experts continue to believe in the upcoming altcoin season in November. Crypto analyst Michael van de Poppe drew parallels between the current market conditions and Q4 2019. He suggested that the crypto market is in a similar buildup phase.
According to van de Poppe, altcoins are gaining momentum as many projects continue to roll out strong fundamental updates. He added that while the market appears stagnant for now, a sharp acceleration could follow once momentum shifts. Poppe noted that such phases typically precede rapid price movements.
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