Bitcoin just broke below the $100,000 mark! Today, ( November 5 ), the entire crypto market is awash in red—$2.1 billion was liquidated in 24 hours, and the total market cap evaporated by $300 billion.

BTC once dropped to $99,075, now barely holding steady around $100,870, down 5%. ETH fared even worse, plummeting 8.6% to $3,322. XRP and BNB weren't spared either, falling 3.5% and 4.4% respectively.

What's the main culprit behind this drop? Primarily, it's high-leverage liquidations in the derivatives market. Data shows that 24-hour liquidation volume surged 88%, and market open interest shrank 6% to $141 billion. The market's Relative Strength Index (RSI) has dropped to 39, indicating an extremely oversold condition.

To make matters worse, US stock ETFs are seeing outflows as well—Bitcoin spot ETFs had a single-day net redemption of $577 million, and Ethereum spot ETFs saw $219 million redeemed. This marks the fifth consecutive trading day of outflows. Institutional investors are clearly pulling out.

Market sentiment remains in extreme fear ( Fear Index only 23 ), but historical data shows that November is usually a "rebound month" for cryptocurrencies. The problem is, with Fed rate hike expectations, a strengthening dollar, and ongoing US-China tensions, it's hard to say whether the $100,000 level can hold in the short term.

Interestingly, Bitcoin closed October in the green for the first time ( since 2018 ). Are whales and long-term holders buying the dip or cashing out at the top? The market's direction in the next couple of days will be crucial.