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Key Takeaways:The total crypto market cap dropped 3.1% to $3.69 trillion on Nov. 3, 2025.Over $395.7 million in leveraged positions were liquidated within 24 hours.Bitcoin slipped to $107,900, while Ethereum dropped to $3,753.Fed comments and profit-taking triggered the sell-off, as traders brace for U.S. jobs data.Market OverviewThe cryptocurrency market turned sharply lower on Monday, Nov. 3, as global risk sentiment weakened following fresh remarks from Federal Reserve officials. The total market capitalization fell by nearly 3% to $3.69 trillion, while Bitcoin (BTC), Ethereum (ETH), and major altcoins posted steep declines.According to CoinGlass, more than 162,000 traders were liquidated in the past 24 hours, with total liquidations reaching $395.7 million. Of that, $334.7 million were long positions, indicating that leveraged traders betting on further price gains were caught off guard by the sudden reversal.Fed Remarks Curb Market OptimismThe downturn followed comments from Federal Reserve Chair Jerome Powell, who said another interest rate cut in December is not “a foregone conclusion.” The statement came after a 25 basis-point cut in October, tempering expectations of continued monetary easing.Meanwhile, Treasury Secretary Scott Bessent warned that the Fed’s tightening “may have driven parts of the economy, particularly housing, into recession.” His remarks reinforced concerns that rate cuts could stem from economic weakness rather than confidence in a soft landing.The CME FedWatch Tool now shows a 69.3% probability of another rate cut in December, down sharply from earlier expectations.Bitcoin ETFs See Heavy OutflowsFurther dampening sentiment, Bitcoin ETFs recorded substantial outflows last week. Data from Fairside shows that U.S. spot Bitcoin ETFs saw $1.15 billion in withdrawals, led by funds from BlackRock, ARK Invest, and Fidelity.The retreat suggests institutional investors are reducing Bitcoin exposure amid macro uncertainty and declining market momentum.Cascading Liquidations Intensify the Sell-OffBitcoin’s dip below $107,500 triggered a wave of forced liquidations, further amplifying selling pressure. Ethereum bore the brunt with $85.6 million in long liquidations, followed by Bitcoin’s $74.6 million and Solana’s $35 million.Analysts now warn that if BTC falls below $106,000, the market could face another $6 billion in liquidations, potentially extending the correction.Altcoins Underperform as Traders Flee RiskAltcoins faced even heavier losses, with the top 50 tokens down nearly 4% in 24 hours.Ethereum (ETH): −4.4% to $3,734BNB: −4.8% to $1,039XRP: −3.4% to $2.45Uniswap (UNI): −9%Dogecoin (DOGE): −6.9%Bitcoin dominance climbed to 60.15%, reflecting a market rotation toward more stable assets as traders de-risk.Profit-Taking and Macroeconomic CautionThe latest decline also coincided with profit-taking after the total crypto market briefly touched $3.81 trillion earlier in the day, driven by optimism over a U.S.–China trade deal.However, sentiment quickly reversed as traders positioned cautiously ahead of Friday’s U.S. jobs report, which could determine the Fed’s next policy move. Economists expect slower hiring and steady unemployment, signaling a fragile yet stable economic backdrop.Bitcoin Closes October in the RedBitcoin ended October down 3.7%, marking its worst “Uptober” performance since 2018. The Crypto Fear and Greed Index remained in the “Fear” zone at 42, underscoring persistent market caution despite temporary rallies.The muted sentiment suggests traders may continue to trim risk exposure until macroeconomic clarity improves.