Ethereum Turns Negative for 2025 as Crypto Liquidations Exceed $1.1 Billion
Ethereum and Bitcoin experienced significant declines on November 4, triggering over $1.1 billion in crypto liquidations within 24 hours as investors exited amid market stress. Ethereum dropped below $3,400, turning negative year-to-date, while Bitcoin neared the critical $100,000 support level. The widespread selloff affected major altcoins like Solana, BNB, and XRP, reflecting a market-wide deleveraging. On-chain data revealed that whales sold off significant Bitcoin holdings, while retail investors accumulated small amounts during the dip. Analysts warn that market recovery hinges on renewed whale accumulation. The sharp losses have raised concerns about further potential breakdowns in the crypto market.
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Ethereum and Bitcoin Extend Declines
Ethereum and Bitcoin extended their sharp declines on November 4, triggering over $1.1 billion in crypto liquidations within 24 hours as traders rushed to the exits amid mounting market stress. The drawdown plunged the Ethereum price to a milestone last seen a year ago, marking a significant shift in market conditions.
Ethereum Turns Negative for 2025
Ethereum broke below the critical $3,400 mark, officially turning negative year-to-date (YTD) after starting 2025 near $3,353. The move marked a 7% daily plunge, the steepest drop in months. According to a chart from TradingView, the decline has erased all of ETH’s YTD gains, signaling a shift in sentiment after months of relative stability in the altcoin market.
Bitcoin Falls Near Key Support Levels
Bitcoin, meanwhile, slid to an intraday low of $100,721, moving dangerously close to the psychologically crucial $100,000 support zone, a level not seen since June 23. TradingView data highlights how both assets saw their Relative Strength Index (RSI) trend near oversold territories, underscoring the magnitude of bearish investor sentiment. The synchronized selloff impacted the broader market, with major altcoins following suit amid widespread deleveraging.
$1.1 Billion in Liquidations
Data from Coinglass reveals that over 303,000 traders were liquidated in the past 24 hours, resulting in a total of $1.10 billion in forced liquidations across major exchanges. In just a single hour, over $300 million in positions were wiped out, with approximately $287 million representing long positions, underscoring how overleveraged bullish bets were punished as prices broke critical support levels. Bitcoin and Ethereum accounted for the majority of these liquidations, though high-beta assets like Solana, BNB, and XRP also saw aggressive unwinding as traders reduced exposure.
James Wynn and Market Chaos
Amid the chaos, one controversial trader, James Wynn, has finally been vindicated. According to Lookonchain, Wynn is sitting on an unrealized profit of $66,465 after being liquidated 45 times over the past two months. Lookonchain highlighted Wynn’s recent turn of fortune in a social media post: 'James Wynn has finally won! Sitting on $66,465 in unrealized profit.'
Whale Selling Deepens Bearish Pressure
On-chain analytics firm Santiment reported notable behavior among large and small Bitcoin holders. Wallets holding between 10 and 10,000 BTC (whales and sharks) sold over 38,366 BTC since October 12, resulting in a 0.28% decline in their holdings. These wallets now control 68.5% of Bitcoin’s total supply, amplifying their market impact. Conversely, retail traders holding less than 0.01 BTC ('shrimps') have been accumulating, adding 415 BTC (+0.85%) during the same period. Santiment emphasized that a sustained market rebound depends on whales transitioning from distribution to accumulation.