The cryptocurrency market suffered a sharp sell-off.

Ethereum’s intraday decline expanded to 4%, once falling below $3,700 per coin.

In addition, BNB, Dogecoin, Adacoin, etc. all fell by more than 5%.

Coin Glass data shows that nearly 180,000 people were liquidated in the cryptocurrency market in the past 24 hours, with a total liquidation amount of US$482 million, of which long orders were liquidated at US$430 million and short orders were liquidated at US$55.944 million. Among them, the largest single liquidation occurred in Hyperliquid-BTC.

On the news, institutional caution remains due to regulatory uncertainty and market weakness. A sharp divergence in exchange-traded fund (ETF) flows has added to the pessimism in the crypto market .

On November 3, Matrixport published a market opinion saying that the recent performance of Ethereum ETF has been mediocre. Looking back at historical data, in and August , the Ethereum ETF recorded strong net inflows of US$5.2 billion and US$4.3 billion respectively; it plummeted to US$300 million in September and only US$600 million in October, and subsequent follow-up funds were limited. If there is a lack of new institutional funds entering the market, Ethereum may still maintain consolidation, and a deeper correction may not even be ruled out.

A report released by Coinotag pointed out that if liquidity continues to shrink and token unlocking is not hindered, the cryptocurrency market will continue to be under pressure, and the market value may approach the support level of $3.5 trillion. However, positive factors such as regulatory policy clarity or an improving macroeconomic situation may change this trend.

Furthermore, blockchain researcher Alex Thorn said that unlocking tokens during a market panic would increase volatility as holders rush to sell before prices fall further.