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Crypto prices retreated again as total market capitalization dipped back under 3 trillion dollars for the third time in a month, putting that level to the test as a possible floor. Selling was concentrated in the largest coins, especially those with active ETF flows, hinting that positioning shifts among big investors are driving this leg lower rather than a full scale exit from retail traders.
Bitcoin slipped about 1.5% to roughly 86,580 dollars, giving back part of Tuesday’s rebound. Ether pulled back to around 2,930 dollars after touching an overnight peak near 2,980 dollars, while XRP’s latest bounce stalled close to 1.90 dollars. These three have been among the main beneficiaries of institutional demand earlier in the year, and they are now leading the downside as appetite cools. FxPro chief market analyst Alex Kuptsikevich described the majors as “victims of changing institutional sentiment” as large investors trim risk into year end.
The weakness in crypto stood in contrast to a steadier tone in Asian equities. Indexes such as the Hang Seng, Shanghai Composite, Kospi and Indonesia’s IDX posted modest gains, supported by expectations that Beijing will respond to soft November economic data with fresh fiscal support. At the same time the dollar index bounced from a recent two and a half month low near 97.9 to about 98.3 after United States jobs figures showed 64,000 positions added in November compared with a 50,000 forecast, even as unemployment climbed to 4.6%, its highest level since 2021. A firmer dollar often weighs on bitcoin and other dollar priced assets, even when gold manages to hold firm, as it did above 4,300 dollars an ounce.
Sentiment on the ground has clearly deteriorated. The crypto fear and greed index dropped to 11, the lowest reading in a month and deep inside the fear zone. Analysts note that this decline looks more serious than the brief pullbacks seen in February and April, since several large cap tokens have already slipped under intermediate support levels. On the charts, traders are watching the 81,000 dollar area in bitcoin, where November lows line up with consolidation from March. A move through that band could bring the broader 60,000 to 70,000 dollar region back into play, a zone that acted as a major ceiling in both the 2021 and 2024 cycles before finally breaking.
Thinning liquidity is adding extra stress. Data from market maker FlowDesk point to fading order book depth as the holidays approach, while leverage remains low as traders close positions and scale back exposure. That combination has made price swings more violent during United States trading hours, even though overall exchange volumes are running at historically subdued levels. On chain metrics paint a mixed picture. CryptoQuant argues that the most recent bitcoin rally has likely run its course and that a deeper correction is possible before any fresh advance begins, while Glassnode still sees steady accumulation by corporations and financial institutions. Strategy’s recent purchase of 10,624 BTC, close to 1 billion dollars, is one example of long term buyers continuing to add even as short term momentum fades.
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