The crypto market has plummeted three times in a row, and BTC has lost the key level of $100,000.

Another wave of big dump has arrived. BTC directly smashed through the psychological barrier of $100,000 yesterday, dropping to a low of $98,892, marking the first breach since June. Ethereum fared worse, plummeting to $3,098 at one point, and the mindset of the hardcore fans of Ether is probably not very good.

The drop in this wave is quite severe:

• BTC fell over 2% in 24h, current price $101,697
• ETH fell 5% in 24h, lowest $3,098
• SOL fell 1.54%, hovering around $156
• DOGE, ADA, LINK and others are also all in the red.

In total, the entire crypto market has evaporated $300 billion in market value, and the intensity of this cleaning is no joke.

Who is actually dumping the market?

There is an interesting point of view: Blockchain author Omid Malekan criticized that crypto asset financial companies (DATs) are accelerating the market crash. These companies rely on financing to buy coins and then sell them off in large quantities to cash out, which is essentially a “big retreat.” Malekan bluntly stated: “This is a mass exit event, no wonder the price keeps falling.”

He also exposed the tricks of these companies—spending tens of millions to set up shell companies, raising funds, and paying consulting fees; all this money has to be squeezed out of the coin price. No wonder the market is bleeding.

Leverage Explosion + ETF Bottom Fishing Failure

The core issue is still excessive leverage. On just November 4th, liquidations reached $1.4 billion, with long positions getting wiped out by $1.1 billion. Short-term holders are panic selling, and on-chain data shows that over 30,000 BTC have been transferred to exchanges while in a losing state — this is a typical sign of capitulation.

ETF is also dragging its feet here:

• Spot BTC ETF saw a net outflow of $578 million on Tuesday (the largest single-day fall since mid-October)
• The spot ETH ETF saw a net outflow of $219 million on Tuesday, marking five consecutive days of decline, evaporating nearly $1 billion.
• Only the SOL ETF defied the trend, attracting $14 million, rising for 6 consecutive days.

Institutions are reducing their positions, retail investors are cutting losses, and the sentiment has plunged into extreme fear (Fear & Greed Index is only 21).

Macroeconomic Pressure + Dollar Appreciation

The US dollar has risen to its highest level in four months, which traditionally triggers “risk aversion” and leads investors to flock to US Treasuries and cash. Coupled with the Federal Reserve's hawkish stance on interest rate cuts, the market is being repriced.

Where is the bottom?

Bearish: Veteran trader Peter Schiff remains pessimistic, insisting that BTC is a bubble that will eventually go to zero. He believes that this wave of increase is driven by the political forces in Washington and the interests of Wall Street, rather than an organic rise.

Optimists: Bitwise CIO Matt Hougan believes this is exactly a bottom characteristic. He stated that retail investors have become utterly desperate, while institutions are still positioning themselves, and the growth momentum for crypto ETFs remains unchanged. On-chain data shows that BTC may oscillate in the range of $94,000-$118,000, with $94,000 being a healthy pullback area.

But most analysts are pessimistic: if BTC doesn't return to $116,000, a long-term stagnation will historically impact bullish sentiment, increasing the risk of forced liquidations. The prediction of breaking $125K before the end of the year also seems to be fading.

Now is the time to test confidence.