Bitcoin’s nosedive that started earlier this morning continued in the past hour or so as the asset plunged to a two-week low of just over $105,000.
The altcoins were obliterated once again, with BNB slumping below $1,000, ETH dropping by over 6%, and SOL plunging by over 8% daily.
CryptoPotato reported the first wave of BTC declines that transpired earlier today when the cryptocurrency was rejected at $111,000 and slumped by roughly four grand to $107,000. It managed to stabilize there at first and even tapped $108,000 before the bears initiated another leg down an hour ago, pushing the asset south to $105,300 (on Bitstamp).
This multi-week low harmed over-leveraged traders, as the total longs liquidated for BTC alone are worth over $300 million on a daily scale.
Even whales with impeccable records up to this point were wrecked. Lookonchain reported that Machi Big Brother has been fully liquidated, marking a total loss of over $15 million. Another trader – 0xc2a3 – that had a 100% win streak until today has “surrendered,” closing BTC, ETH, and SOL longs at a loss. Their total P&L went from over $33 million to -$17.6 million.
The 100% win streak is over — trader 0xc2a3 has surrendered.
He closed all his $BTC longs and part of his $ETH and $SOL longs at a loss.
His total P&L has flipped from +$33M to –$17.6M.https://t.co/2I4Jrb3MUA pic.twitter.com/3bSIXFG9JV
— Lookonchain (@lookonchain) November 3, 2025
Most altcoins have suffered even more in the past 24 hours, led by double-digit declines by ASTER (-20%), WLFI (-12%), APT (-12%), PEPE (-11.3%), WLD (-11%), ARB (-11%), and several others.
Even the larger caps were not spared. Ethereum slipped below $3,600 earlier today, BNB trades below $1,000 as of press time, XRP has lost the $2.40 support, while SOL has dumped below $170 after an 8% drop.
The total value of wrecked positions has skyrocketed to more than $1.1 billion, according to CoinGlass data. In total, more than 300,000 traders have been liquidated, with the single-largest position taking place on HTX, which was worth almost $34 million.
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