Key Takeaways
- Bitcoin and Ethereum plunge to multi-month lows as market cap hits $3.45T.
- Fear and Greed Index crashes to 21, signaling extreme investor fear.
- $360M exits crypto funds; Bitcoin sees $946M outflow while altcoins gain.
The crypto market plunged to a five-month low today, with global capitalization falling 4% to $3.45 trillion. The crash saw Bitcoin price drop to $103,650, while Ethereum tumbled to a three-month low of $3,461. These declines pushed Bitcoin and Ethereum monthly losses to 18% and 27%, respectively.
The primary keyword crypto market crash appears here naturally, with related terms such as Bitcoin price today and Ethereum price drop used in context.
According to CoinMarketCap, this recent drop erases $830 billion in investor value and signals deepening bearish momentum. The Crypto Market Fear and Greed Index plummeted from 42 to 21 within a day — a clear indicator that investor sentiment has swung from fear to extreme fear, its lowest point since April 9.
Bitcoin, Ethereum Lead the Sell-Off as Altcoins Suffer Deeper Losses
Bitcoin has fallen below $105,000, marking levels last seen in June, barring minor blips in recent months. Analysts observe that BTC is now testing support zones established in December and January. Market participants are watching closely to see if this will hold or lead to a steeper breakdown.
Ethereum’s decline to $3,461 reinforces altcoin vulnerability during high volatility. XRP also dropped by 6% to $2.25. Experts note that this phase of extreme fear mirrors the early stages of the 2024 consolidation before a market rebound. However, the broader sell-off today shows more aggressive liquidation.
QCP Capital highlighted large Bitcoin transfers to Kraken by early holders, while CryptoQuant suggested BTC may only recover after institutional players like Strategy resume bulk purchases. Strategy’s recent acquisition of 397 BTC at an average price of $114,771 brought its holdings to 641,205 BTC — but purchase volume remains at near-record lows.
Investment Flows Shift as Sentiment Sours
CoinShares reported a net outflow of $360 million from crypto investment funds last week. Bitcoin saw the sharpest decline, with $946 million withdrawn. On the contrary, Ethereum registered $58 million in inflows, while Solana, XRP, and Sui saw gains of $421 million, $43 million, and $9 million, respectively — signaling that investors are cautiously rotating capital into altcoins.
Meanwhile, Ethereum’s network continues to post strong on-chain activity, processing a record $2.8 trillion in stablecoin transactions in October. USDC accounted for $1.6 trillion of this total, underscoring Ethereum’s growing role in stablecoin utility despite price weakness.
