on themorning of November 5, 2025, the cryptocurrency market suffered a major correction overnight. with global investor sentiment rapidly deteriorating, the price of Bitcoin has finally fallen below the psychological support level of $100,000 (approximately KRW 150 million). on the South Korean exchange Upbit, Bitcoin is currently trading at around KRW 150 million, down over -5% from the previous day. Ethereum has also seen a sharp drop of over -10% in 24 hours to around $3,190, while Ripple (XRP) is down around -6% at $3,231. other major altcoins also suffered, with Dogecoin (DOGE) falling by around -5% to 237 USD and Solana (SOL) falling by nearly -7%. While most of the top coins by market capitalization fell sharply, some privacy coins (Dash, Zcash, etc.) showed some decoupling, with Tron (TRX) rising slightly.
recent Crypto Sentiment Trends (Buy Recommendation Score)
the table below shows the evolution of the cryptocurrency buy recommendation score over the last 24 hours. The score is an indicator calculated from a combination of market conditions and news, with a positive number indicating a buy-side bias(bullish sentiment) and a negative number indicating a sell-side bias(pessimistic sentiment). Higher absolute values indicate stronger signals.
time buy Recommendation Score reason ž×-×-ר×-ת 2025-11-04 00:40:26 -1.71 negative factors persist: dollar strength, interest rate-shutdown risk, liquidation. upside momentum weakening. 2025-11-04 01:43:13 -0.77 hawkish comments, more liquidations, market correction continues. some privacy coins strengthen. 2025-11-04 02:45:52 -0.77 Fed hawkish comments, BTC-LTC plunge, and more negativity. some privacy coins gain. 2025-11-04 03:49:34 -1.39 negatives dominate, including interest rate concerns, whale selling, ETF outflows. 2025-11-04 04:39:37 1.25 Positive sentiment, including BTC long term favorable scenario (bull run in case of collapse of reserve currencies). 2025-11-04 05:49:18 1.25 Lots of positive news, including BTC holding support, institutional buying, and ETH trading boom. 2025-11-04 06:40:44 -1.82 ripple-Solar down, ETF outflows, liquidations continue. market jitters continue. 2025-11-04 07:44:56 -2.21 ETH plunges 6%, derivatives liquidations, bear market continues. 2025-11-04 08:39:08 -2.09 ETH derivatives liquidation and bearish news dominate despite good news, including Trump endorsement. 2025-11-04 09:41:01 -3.15 BTC falls below $1.6 billion, altcoins plunge, ETF outflows, etc. 2025-11-04 10:35:47 -2.81 BTC breaks $110,000, liquidations surge, institutional buying slows. bearishness continues. 2025-11-04 11:42:24 -1.8 ETH ETH hacks and capital outflows continue. some institutional buying also negative. 2025-11-04 12:43:05 -1.37 negative signals predominate, including large hacks, liquidations, and whale selling. 2025-11-04 13:37:29 -1.5 ETH hack, BTC collapse, memecoin weakness. overall weakness despite some Dogecoin moon mission hopes. 2025-11-04 14:35:11 -1.29 short-term correction as $108,000 support is tested, ETF outflows increase, and liquidations continue. 2025-11-04 15:36:44 -1.38 negative on hacking fears, derivatives liquidation, whale shorts extend. some rebound scenarios limited. 2025-11-04 16:38:22 -1.26 short-term negative flows on leverage liquidations, memecoin collapse, etc. bearish despite institutional buying. 2025-11-04 17:30:26 -0.43 liquidations, hacks, and other negative factors persist despite new listings and AI data center news. 2025-11-04 18:34:07 -2.29 bitcoin drops, ETF outflows, whales sell off, and more intensify short-term downtrend. 2025-11-04 19:43:19 -2.16 hacks, market weakness, and positive issues such as Kakao Pay stablecoin project keep the market negative. 2025-11-04 20:36:32 -2.91 hacking, liquidation, and market capitalization collapse concerns dampen investor sentiment. recommend a wait-and-see approach. 2025-11-04 21:41:56 -2.36 stablecoins plunge, liquidation and selling pressure intensifies. bearish sentiment prevails despite some positive issues. 2025-11-04 22:43:52 -1.38 bitcoin breaks support, stablecoins plunge, and other negatives. some AI trading news is mixed. 2025-11-04 23:43:35 -1.38 dollar strength and shutdown impact, liquidations and whale selling continue. some AI trades, including some positive. 2025-11-05 00:40:26 -1.71 dollar strength, liquidations, and uncertainty weigh on upside momentum. 2025-11-05 01:42:43 -3.07 lots of negative news, including Bitcoin plunges, ETF exits, and more liquidations. bearishness persists despite some institutional buying. 2025-11-05 02:42:44 -3.07 negative news dominates, including massive liquidations, ETF outflows, and quantum computer threats. dash surge partially offset. 2025-11-05 03:43:34 -1.73 more negative than neutral despite some good news, such as Mastercard's acquisition of ZeroHash, but weaker memecoin and ETF outflows. 2025-11-05 04:37:31 -2.41 whale selling, ETF outflows, and risk aversion. limited undervaluation appeal but overall bearish sentiment remains. 2025-11-05 05:40:25 -4.39 bitcoin breaks $100k, ETF outflows, whale selling, and overall bearishness continues. some privacy coins bounce back, but overall negative sentiment.
as shown in the table above, the Buy Recommendation Score has been consistently in negative territory over the past day, indicating that investor sentiment has become extremelybearish. In particular, it reached a recent low of-4.39 around 5am today, indicating that market participants are strongly considering selling rather than buying, suggesting a very negative investment environment. yesterday morning (Nov. 4), sentiment briefly recovered to above neutral, hitting +1.25, but it was only a brief bounce and was quickly followed by a decline. overall, the trend over the past two days has been one of deepening bearish sentiment following a string of negative news.
key Causes of the Cryptocurrency Market Plunge (Fundamental Analysis)
we analyze the plunge as the result of a "triple whammy" of adverse factors. from the external macro environment to the internal issues in the crypto market, the market sentiment cooled down simultaneously. Here are the main factors that contributed to the decline
stronger Dollar and Rising US Interest Rates: The US Treasury yields rose once again due to hawkish commentsfrom the US Federal Reserve (Fed) andfears of further rate hikes. a stronger dollar index and signs of a global liquidity crunch, with the Korean won exchange rate topping 1,420 won at one point, led to outflows from riskier assets such as cryptocurrencies.
bitcoin ETF outflows: News that fundshave begun to flow outof Bitcoin spot ETFs, which had been driving the bull market until recently, weighed on sentiment. In fact, some reports suggest that as much as $187 million worth of fundshave left the ETFs in a short period of time, suggesting that institutional investors are taking profits or reducing their allocations to riskier assets. The outflows from ETFs weakened the demand base for Bitcoin's price, putting further downward pressure on it.
massive selling by whale investors: on-chain data also suggests that big money holders are on the move. Bitcoin whale wallets have been sellingin large volumes, significantly increasing the volume of coins moved to exchanges. For example, one whale address for Dogecoin (DOGE) was seen selling as much as 1 billion,threatening the $0.11 support level for the price of Dogecoin. There is also analysis that some early Bitcoin holders are alsomoving coins after a long time, driving the November decline.
leveraged trade liquidations and cascading effects: during the price plunge, large-scale liquidations of leveraged long positions inthe futures market were triggered, fueling the decline - a so-called "long squeeze" phenomenon, which set in motion a vicious cycle of falling price → collateral shortage forced liquidations → further selling pressure. Notably, the drop was the largest in months, with news breaking the previous day that a wave of leveraged liquidationsin the New York market had sent the price of bitcoin crashing below $100,000 in an instant. The cascading liquidations unwound billions of dollarsin positions, increasing volatility.
memecoin and altcoin bubbles bur st: Some memecoins (e.g., Sibainu, Pepe, etc.) and highly valued altcoins that had seen huge gains over the past year have recently plummeted, sending shockwaves through the market. As headlines like "billions wiped out in tokens that started as jokes" suggest, investors are becoming more wary of speculative assets. dogecoin has suffered a near 20% drop in a short periodof time in the wake of the whale selloff, and other meme coins have followed suit. the bubble across altcoins is deflating, and Bitcoin Dominance (as a percentage of the market capitalization) is trending higher.
high-profile hacksand security concerns: High-profile hacks have alsoshaken the confidence of the crypto market. The recent $100 million hackof an Ethereum-based DeFi protocol caused waves and raised security concerns, with some pointing to the "paradox of the unhackable myth." Along with this, allegations of crypto money laundering in Venezuela, worth around $24 trillion, have highlighted some of the negative uses of cryptocurrencies and raised concerns about increased regulation.
quantum computer risk: Recent reports have raised "Q-day shock" concerns that advances in quantum computing technology could cr ack cryptographic algorithms such as Bitcoin, Ethereum, and Ripple within a few years. While this future technology risk has yet to materialize, it has negatively impacted investor sentiment, making even long-term investors nervous.
bitcoin bubble controversy: Pessimistic comments from traditional financial experts are also weighing on market sentiment. peter Schiff, a leading Bitcoin skeptic, has called Bitcoin "a bubble on the verge of collapse," calling the current situation an illusion created by politicians and Wall Street. Some have also pointed out that Bitcoin's four-year halving cycle doesn't work as well as it used to, and that Wall Street moneynow controls the market, making itimpossible to be as optimistic as in the past.
however, amidst all of the bad news, there have been intermittentbright spots, such as BlackRock, one of the world's largest asset managers, announcing the launch of a Bitcoin ETF in Australia after theU.S., hinting at a broader market base, and global payments giant Mastercard's move to acquire crypto custody firm Zero Hash to build a stablecoin paymentinfrastructure. in Korea, it was also reported that Kakao Pay is preparing to launch its own Korean won stablecoinproject, and privacy coins such as Dash and Monero (XMR) surged nearly 50% in a short period of time, giving some investors some breathing room. However, these developmentswere only localized and short-term, and were not enough to reverse the market's downward trend. the overall market remains under tremendous downward pressure from a combination of macroeconomic headwinds and deteriorating investor sentiment.
technical Analysis: Chart Indicator Trends
from a chart perspective, the current market is showing clear bearish signals. bitcoin price has broken below key moving average support and has also formed a downtrend technically. Let's take a look at some key technical indicators
RSI (Relative Strength Index): bitcoin's daily RSI has entered oversold territory, falling below 30during the recent plunge. Normally, an RSI below 30 indicates overheated selling, suggesting a possible technical rebound, but the current downward momentum is so strong that the oversold conditioncould persist for some time.
MACD: The MACD oscillator is also increasingly bearish after a dead cross (negative crossover ). the rapidly falling MACD line has widened below the signal line, indicating a strengthening downtrend. this MACD downtrend suggests the potential for further weakness in the near term, but history has shown that when the MACD histogram reaches extremely negative values, the bearish energy is exhausted and the likelihood of a new low is likely.
bollinger Bands: The recent plunge has caused the Bollinger Bands to widen sharply to the downside. Currently, price is located near the bottom line of the bands, which statistically indicates a short-term oversold zone. the band widening signals a spike in volatility, and if the closing price sticks to the lower band, we could see a short-term technical bounce, but further confirmation is needed before we can consider it a trend reversal.
moving averages: Bitcoin price has broken below both the short-term 20-day and 60-day moving averages, and has retreated to the mid-to-long-term 120-daymovingaverage. The previous day's sharp decline triggered a short-term bearish crossthat took the 20-day below the 60-day, signaling a technical bear market. A clear break below the 120-day (around $100,000) would signal a mid-to-long-term trend reversal. meanwhile, the 200-day moving average, which has acted as support during major corrections in the past, is currently estimated to be in the low $90,000s, which is likely to be the last area of supportfor any further decline.
overall, technical indicators are showing both short-term oversold signals and medium-term bearish trend signals. this suggests that there may be a short-term bouncein the future , but a recovery of the larger trend may take time. investors should take a cautious approach and wait for signs of a trend reversal (such as a significant resistance breakout or a clear reversal in the indicators) to be confirmed, rather than rushing to buy the lows.
analyzing on-chain and derivatives indicators
examining investor sentiment and supply and demand trends through on-chain data and derivatives market indicators reveals speculative positioning and psychological pressure in thecurrent market:
the Fear-Greed Index: the Crypto Fear & Greed Index, an indicator of investor sentiment in the crypto market, has fallen sharply in recent days, at one point hitting the "Extreme Fear" level. The index, which indicates extreme fear the closer it is to zero, has droppedsignificantly from the previous week, with the current value estimated to have entered the Extreme Fear phase around 20-25. this is notable in that market participants are extremely pessimistic, and on the other hand, excessive fear is historically characteristic of near-bottoms.
funding Rate: bitcoin futures funding rateson major exchanges are currently negative. a negative funding rate means that investors with short positions are paying interest to those with long positions, indicating that short forcesare dominating the market. recently, the funding ratio became significantly negative immediately after the plunge, suggesting overheated short positions. typically, when the funding rate skews too negative, there is the potential for a short-term rebound (short squeeze) due to short covering, so it remains to be seen if the current levels hold.
futuresOpen Interest: Prior to the plunge,open interest (OI) in the futures market was running near record high levels. The massive liquidation that occurred during the downturn temporarily reduced OI, but open interest remains higherthan normal. this means that there are still a lot of leveraged positionsin the market, and it also means that the market's bets on direction are extremely concentrated. if further volatility were to occur, the remaining leveraged positions would likely trigger another round of liquidations, amplifying the volatility.
options Put/Call Ratio: Sentiment is also tilted toward the bearish side in the options market. a leading indicator is the Put/Call Ratio for Bitcoin options, which has recently seen an increase in demand for puts, pushing the ratio higher. Typically, a Put/Call Ratio above 1 indicates a high demand for puts to hedge against future declines, indicating that investors are betting on a price decline. currently, the Put/Call ratio in the Bitcoin options market is higher than usual, indicating heightened hedging sentiment.
leveraged positioning trends: Taken together, the positioning trends in the futures and options markets paint a picture of somewhat accumulated leverage skewed in the short (sell) direction. in terms of long/short ratios, there has been a significant liquidation of long positions, while new short position entries have increased, skewing the balance towards the short side. This situation, on the one hand, indicates oversold conditions in the near term, but on the other hand, it also suggeststhat short positions are profiting from the market's continued decline, leaving room to bet on further declines. For now, this suggests that derivatives market participants are taking defensive (bearish)positions.
future outlook and conclusions
currently, the cryptocurrency market appears to be in a bearish cycledue to a combination of macroeconomic headwinds and internal risk factors. while a temporary bounceis possible as the market is technically and psychologically oversold in the near term, a trend recoverywill require a stabilization of investor sentiment and a resolution of the headwinds. in the near term, Bitcoin price has potential support around the $90,000 mark (mid-$130,000 ), which is also the 200-day moving average and will be the focus of market attention. a break below this level could point to further declines to the $80,000-$90,000 level by year-end(bearish scenario).
conversely, there is a view that a lot of bad news is already baked into the price. the extreme levels of theaforementioned fear indices andthe accumulation ofexcessive short positions also suggest a possible near-term bottom from acontrarianperspective. if unexpected easing signals emerge from the macro environment (e.g., Fed hints of tighter monetary policy or a weaker dollar) or big favorable news (e.g., the formalization of the first US spot ETF approval), there is still room for a steep technicalrebound to unfold withshort covering.
in conclusion, as of early November 2025, the crypto market is dominated by extreme fear, and investors should proceed with caution. with buy recommendation scores consistently negative,the market is favoring a wait-and-see or defensive stance for now. however, historically, when everyone is so pessimistic, the seeds of great opportunity have been sown, so rather than selling out of sheer fear, it's worth considering a strategy of watching key indicatorsand looking for opportunities to buy in stages. while the underlying fundamentals of Bitcoin's network remain strong, and there are potentially favorable factors such as the upcoming Bitcoin halving next year, there's no need to be overly pessimistic about the medium to long-term outlook. It's time to keep a close eye on the macro indicators and market news that will be released over the next few days, and prioritize risk managementin your investment strategy.