Bitcoin
Bitcoin (BTC)
$102,610.00 3.90865
Bitcoin price
Ethereum
Ethereum (ETH)
$2,208.45 19.89623
Ethereum price
BNB
BNB (BNB)
$624.14 2.85558
BNB price
Solana
Solana (SOL)
$162.59 8.67955
Solana price
XRP
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$2.31 6.47257
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000143 9.85249
Shiba Inu price
Pepe
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$0.000011 30.29674
Pepe price
Bonk
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$0.0000202 15.36385
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dogwifhat
dogwifhat (WIF)
$0.704993 19.3695
dogwifhat price
Popcat
Popcat (POPCAT)
$0.473425 4.17797
Popcat price
Bitcoin
Bitcoin (BTC)
$102,610.00 3.90865
Bitcoin price
Ethereum
Ethereum (ETH)
$2,208.45 19.89623
Ethereum price
BNB
BNB (BNB)
$624.14 2.85558
BNB price
Solana
Solana (SOL)
$162.59 8.67955
Solana price
XRP
XRP (XRP)
$2.31 6.47257
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000143 9.85249
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 30.29674
Pepe price
Bonk
Bonk (BONK)
$0.0000202 15.36385
Bonk price
dogwifhat
dogwifhat (WIF)
$0.704993 19.3695
dogwifhat price
Popcat
Popcat (POPCAT)
$0.473425 4.17797
Popcat price
Bitcoin
Bitcoin (BTC)
$102,610.00 3.90865
Bitcoin price
Ethereum
Ethereum (ETH)
$2,208.45 19.89623
Ethereum price
BNB
BNB (BNB)
$624.14 2.85558
BNB price
Solana
Solana (SOL)
$162.59 8.67955
Solana price
XRP
XRP (XRP)
$2.31 6.47257
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000143 9.85249
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 30.29674
Pepe price
Bonk
Bonk (BONK)
$0.0000202 15.36385
Bonk price
dogwifhat
dogwifhat (WIF)
$0.704993 19.3695
dogwifhat price
Popcat
Popcat (POPCAT)
$0.473425 4.17797
Popcat price
Bitcoin
Bitcoin (BTC)
$102,610.00 3.90865
Bitcoin price
Ethereum
Ethereum (ETH)
$2,208.45 19.89623
Ethereum price
BNB
BNB (BNB)
$624.14 2.85558
BNB price
Solana
Solana (SOL)
$162.59 8.67955
Solana price
XRP
XRP (XRP)
$2.31 6.47257
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000143 9.85249
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 30.29674
Pepe price
Bonk
Bonk (BONK)
$0.0000202 15.36385
Bonk price
dogwifhat
dogwifhat (WIF)
$0.704993 19.3695
dogwifhat price
Popcat
Popcat (POPCAT)
$0.473425 4.17797
Popcat price

Bitcoin, Ethereum fall: Whales panic as market corrects

Anthony Patrick
Edited by
Markets
Bitcoin, Ethereum fall: Whales panic as market corrects

Bitcoin and Ethereum have been struggling as October came to an end, triggering fear, doubt and uncertainty among large holders.

Bitcoin (BTC) dropped 1.75% in the past 24 hours and is trading at $68,500 at the time of writing. Its market cap is currently sitting at the $1.35 trillion mark with a daily trading volume of $23 billion.

According to data provided by IntoTheBlock, the daily amount of whale transactions, consisting of at least $100,000 worth of BTC, have started to decline with the asset’s price fall—plunging from $67.8 billion on Oct. 29 to $21.1 billion on Nov. 2.

Bitcoin, Ethereum fall: Whales panic as market corrects - 1
Large BTC transactions | Source: IntoTheBlock

Ethereum (ETH), the leading altcoin, recorded a similar momentum to Bitcoin. ETH declined 2.2% over the past day and is changing hands at $2,450 at the reporting time. Its market cap is hovering close to the $300 billion mark.

Large Ethereum transactions also plunged from $8.1 billion on Oct. 29 to $2.5 billion yesterday.

Bitcoin, Ethereum fall: Whales panic as market corrects - 2
Large ETH transactions | Source: IntoTheBlock

Sharp declines in whale activity usually hint at FUD and market-wide panic.

Two main reasons

One of the reasons behind the fall is the uncertainty surrounding the U.S. presidential elections, scheduled for Nov. 5. 

According to a Friday report, Ryan Lee, the chief analyst at Bitget Research, told crypto.news that the crypto “market is anticipating that the future administration, whether led by [Donald] Trump or [Kamala] Harris, might adopt a friendlier stance toward the cryptocurrency sector.”

Another reason could be the start of spot BTC exchange-traded fund outflows on Nov. 1. Per a crypto.news report, these U.S.-based investment products saw a net outflow of $54.9 million on Friday.

Spot ETH ETFs in the U.S. also saw a net outflow of $10.09 million on the same day.

The spot BTC ETF outflows came after seven consecutive days of inflows. Notably, these ETFs saw a net inflow of over $5 billion in October.