The cryptocurrency market is struggling to find support as Bitcoin, Ethereum and major altcoins extend their declines. Bitcoin traded near $73,400 on November 11, while Ethereum slipped toward $2,050 and Solana fell below $85. The broader market has come under pressure from institutional withdrawals, leveraged liquidations and growing macroeconomic uncertainty.
With several major cryptocurrencies approaching important support levels, investors are increasingly questioning whether the latest correction has further room to run. Is the crypto market approaching a bottom, or could another wave of selling push prices lower?
Bitcoin, Ethereum and Solana Lead the Decline
The sell-off has extended beyond Bitcoin, with major altcoins recording steeper losses as investors reduce exposure to riskier digital assets. Bitcoin has struggled to recover above $75,000 after falling to its lowest levels since August. Ethereum has faced heavier selling, dropping toward $2,050, while Solana has slipped below $85.
The pressure is also visible across the wider market. XRP and other large-cap altcoins also faced significant selling pressure, highlighting the breadth of the correction.
More Than $1 Billion in Liquidations Accelerate Selling
Leveraged trading has amplified the market decline. Crypto futures liquidations reached approximately $1.1 billion in the 24 hours reported on November 9, with long positions accounting for a substantial share.
Ethereum recorded particularly heavy liquidations, reflecting the pressure on traders who had positioned for a price recovery. Meanwhile, futures trading volume surged above $180 billion as open interest declined to approximately $127 billion.
This combination points to significant position unwinding. As leveraged bullish bets are closed automatically, additional selling can push prices lower and trigger further liquidations, creating a cycle of downward pressure.
Crypto ETF Outflows Add to Institutional Selling Pressure
Institutional demand has also weakened as investors withdraw capital from spot crypto investment products. US spot Bitcoin ETFs recorded two consecutive weeks of net outflows, while Ethereum and Solana investment products also experienced withdrawals. Earlier in November, combined outflows across major US crypto ETFs exceeded $1.1 billion in a single week.
These withdrawals have become an important headwind because ETF demand has been a significant source of institutional buying. Continued redemptions could make it harder for Bitcoin and other major cryptocurrencies to establish a sustained recovery.
Macroeconomic Uncertainty and Regulatory Concerns Weigh on Sentiment
The broader economic environment is adding another layer of pressure. Stronger-than-expected US employment data and renewed expectations of tighter Federal Reserve policy have reduced appetite for speculative assets.
Political uncertainty following the US midterm elections has also raised questions about the future direction of cryptocurrency regulation. Meanwhile, concerns surrounding the reported $6 billion Binance security breach have added to industry-wide uncertainty. Together, these developments have weakened investor confidence, leaving digital assets vulnerable to further volatility.
What’s Next?
The immediate outlook depends on whether Bitcoin can regain support and whether ETF flows begin to stabilize. Ethereum and Solana also need to attract fresh buying interest to prevent the correction from spreading further across altcoins
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