#币安合约实盘 fell below 100,000 dollars at that moment, and the holdings instantly turned green 😱 $BTC surged straight to 3100, this wave of pullback came quickly and fiercely. On November 4-5, the entire crypto market directly evaporated 300 billion dollars in market capitalization, and the fear index dropped to 21 — but this time it was not a systemic collapse, more like several bombs exploded at the same time.

Let's start with the trigger. **The Federal Reserve suddenly changed its stance**. Powell's speech directly cut the expectation of a rate cut in December from 90% to 63%, causing the dollar index to soar and bond yields to spike, affecting all risk assets. Institutional ETFs saw a net outflow of 600 million last week, with large investors dumping over 400,000 BTC, instantly draining market liquidity.

**DeFi is more explosive here**. The Balancer protocol was hacked for 116.6 million USD $ETH , which is already the second incident after StreamDeFi (, with a single-day fall of 9%, and the total DeFi locked value evaporated by 50 billion. Altcoin holders were scared and began to panic sell.

In addition to the trade war—tariffs on China doubled directly to 100%, causing global risk-averse sentiment to explode. The exchange servers were directly overwhelmed, and after the ADL mechanism was activated, some small cryptocurrencies crashed to near zero. The most fatal aspect was the technical breakdown combined with high leverage cascading liquidations: ) fell below the 110,000 support level, triggering over 1 billion USD in liquidations, while altcoins have already halved by 60% this year, and funds are crazily flowing back to Bitcoin for safety, with its dominance now rising to 55%.

**How to move forward?**
Short-term focus on the 104,000 line - if it holds, it may rebound to the 106,000-108,000 range; if it breaks, we need to see if 99,000 can hold. The November 6 Federal Reserve meeting minutes are a key point. In the long term, this wave of sharp decline is actually cleaning out overheated leverage. In Q4, if institutional ETFs flow back in and DeFi restores confidence, the rebound momentum may be stronger than anticipated.

My personal advice is still the same three points: cut losses when you should, don't go all in on a single asset, and stay calm to observe opportunities during panic. DYOR is always a hard rule.

The market is like this; both surges and falls are the norm, and real opportunities often lie hidden when everyone is afraid.