Bitcoin and Ethereum fell on Nov 3 as traders locked in profits following a recent rally, while broader risk sentiment weakened amid renewed macroeconomic uncertainty.
Bitcoin dropped 2.9% to US$107,550, retreating from an intraday high of US$111,184, while Ethereum slipped 4.6% to US$3,714 after touching US$3,913 earlier in the session. The declines came as total crypto market capitalisation fell about 3% to US$3.69 trillion, according to data from AInvest.
Analysts attributed the pullback to profit-taking by large holders and a wave of leveraged liquidations. Around US$334 million in long positions were wiped out over the past 24 hours, with Ethereum accounting for a significant share.
The sell-off followed reports that major wallets offloaded an estimated US$600 million worth of Bitcoin, triggering a chain of stop-loss orders and forced liquidations across major exchanges.
A stronger US dollar and cautious signals from the Federal Reserve, which suggested that interest rate cuts may not come as soon as expected, further dampened investor appetite for risk assets.
Bitcoin is now hovering near a key support range between US$106,000 and US$108,000, while Ethereum faces technical support around US$3,650-US$3,700. Traders said a break below those levels could lead to further selling, although most view the move as short-term consolidation rather than the start of a deeper correction.
Despite the pullback, sentiment among long-term investors remains positive. Analysts said the current correction is part of a normal market cycle following months of gains.
