Bitcoin fell under $108,000 at the start of Asian trade on Monday, snapping the “Uptober” narrative and extending the risk reset that gathered pace late last week.
Traders pointed to fading confidence in a faster easing cycle, and to a firmer dollar, as immediate catalysts. The tone stayed cautious after recent remarks from US Federal Reserve officials signaled a slower path to policy relief.
Market snapshot
- Bitcoin: $107,734, down 2.1%
- Ether: $3,737, down 3.8%
- XRP: $2.43, down 3.1%
- Total crypto market cap: $3.69 trillion, down 3.1%
Thin Holiday Trading and Leveraged Unwinds Add Pressure to Crypto Markets
Asian equities opened mixed to higher, aided by tech earnings that emphasized ongoing investment in artificial intelligence. Yet, crypto stayed under pressure, reflecting a more selective appetite for risk.
Liquidity was thinner than usual with Tokyo shut for a holiday, which, according to desks, amplified intraday swings during early Asia hours.
Funding and positioning also played a role. Elevated leverage through October left long positions vulnerable, and as prices slipped, forced unwinds pushed spot levels lower, traders said.
Crypto Sentiment Shifts After Fed Chair Cautions Against Assuming December Cut
October’s close ended the market’s “Uptober” streak, and community chatter reframed the month as a “Red October,” a sentiment pivot that set up a weaker handoff into November.
Policy expectations remained the key macro thread. Following last week’s meeting, Fed Chair Jerome Powell said an interest rate cut at the next meeting in December was “not a foregone conclusion,” a line that kept traders from leaning too aggressively into dovish bets.
Odds for near-term cuts shifted around Powell’s press conference, then stabilized, leaving crypto correlated to day-by-day data rather than a one-way policy story.
No US Jobs Report, JOLTS or Jobless Claims
Markets will get ADP jobs data this week – but no official Gov reports due to the shutdown.
PMI / ISM data will get market attention.
and see calendar
pic.twitter.com/oMuIzxGhIr
— Peter Tarr (@ProfitsTaken) November 3, 2025
Traders Eye US Data Deluge as Crypto Awaits Fresh Direction
Attention now turns to a heavy US data slate. JOLTS job openings arrive Tuesday, ADP private payrolls land Wednesday, weekly jobless claims come Thursday, and the University of Michigan’s inflation expectations print is due Friday. Strong labor signals would argue for patience on cuts, while softer readings would revive easing hopes.
Cross-asset signals stayed nuanced. Equities in the region tried to build on last week’s moves, yet crypto’s failure to follow upbeat headlines hinted at an overhang from leverage and a wait-and-see stance on policy timing.
“Overall, markets are experiencing a healthy deleveraging phase. While long-term holders have begun light profit-taking, Bitcoin’s realized cap above $1.1 trillion and stable on-chain activity indicate enduring structural strength ahead of a historically bullish November,” said Riya Sehgal, research analyst, Delta Exchange.
US-China headlines remained broadly within expectations, traders said, and did not deliver a clean catalyst for digital assets. The market instead focused on rates, the dollar and positioning.
Still, structural bulls highlighted on-chain resilience and the seasonally supportive backdrop that often accompanies November.
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