Yeliz Akmaca 
The crypto market opened November 7 under strong selling pressure. Bitcoin is currently trading at $101,796, Ethereum at $3,344, and Solana at $157.38. Over the past 24 hours, the three major cryptocurrencies tested lows of $100,300, $3,245, and $153.45, respectively. So what’s behind this pullback? From macroeconomic factors to on-chain data, we analyzed all key metrics shaping today’s market mood.
Fed’s Hawkish Tone Reduces Risk Appetite
Recent remarks from Federal Reserve Chair Jerome Powell signaled that interest rate cuts might not arrive until 2026, dampening market optimism. This pushed the U.S. Dollar Index (DXY) to 108, tightening global liquidity and driving capital out of risk assets. The resulting capital rotation triggered a broad profit-taking wave across crypto markets, particularly among institutional investors who shifted back to cash positions.
$5.4 Billion Options Expiry Boosts Volatility
Today, $5.4 billion worth of Bitcoin and Ethereum options expired on Deribit, leading to heightened volatility as large traders unwound positions. The liquidation of leveraged contracts pressured spot markets, causing key support levels to break and accelerating a cascade of automated sell-offs.
On-Chain Data: Profit Taking and Capital Rotation
According to Glassnode’s latest report, long-term holders sold around $45 billion in Bitcoin over the past two weeks. This trend highlights ongoing profit-taking and limited new capital inflows. With few fresh buyers entering, existing capital is merely rotating within the market, which is slowing price recovery momentum and weakening short-term demand.
ETF Inflows Slow Down, Spot Demand Softens
U.S.-listed Bitcoin ETFs saw a 60% decline in weekly inflows, with BlackRock and Fidelity funds both recording net outflows. This institutional caution has trickled down to retail sentiment, reflected in the Crypto Fear & Greed Index falling back to the “neutral” zone. Investors are moving into a wait-and-see stance, avoiding short-term risk.
BTC Technical Outlook: Critical Support Levels
Our in-house analyst notes that Bitcoin has not yet entered a favorable zone for long positions. Traders are advised to wait for a clear breakout before acting. The fact that BTC did not close below $101,100 after the recent dip is viewed as a short-term positive sign. However, a sustained move above $104,700—and ideally $111,150—is needed to confirm a recovery trend. Until then, long positions remain risky and disciplined risk management is essential.
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