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Bitcoin and Ethereum have been struggling as October came to an end, triggering fear, doubt and uncertainty among large holders. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) dropped 1.75% in the past 24 hours and is trading at $68,500 at the time of writing. Its market cap is currently sitting at the $1.35 trillion mark with a daily trading volume of $23 billion. 
According to data provided by IntoTheBlock, the daily amount of whale transactions, consisting of at least $100,000 worth of BTC, have started to decline with the asset’s price fall—plunging from $67.8 billion on Oct. 29 to $21.1 billion on Nov. 2. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/11/ITB_btc_large_transactions_volume_in_usd_bitcoin_2024-11-03T06_18_37.313Z.png" alt="Bitcoin, Ethereum fall: Whales panic as market corrects - 28" class="wp-image-14307775">
 <figcaption class="wp-element-caption">
 Large BTC transactions | Source: <a href="https://app.intotheblock.com/coin/BTC/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), the leading altcoin, recorded a similar momentum to Bitcoin. ETH declined 2.2% over the past day and is changing hands at $2,450 at the reporting time. Its market cap is hovering close to the $300 billion mark. 
Large Ethereum transactions also plunged from $8.1 billion on Oct. 29 to $2.5 billion yesterday. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/11/ITB_eth_large_transactions_volume_in_usd_ethereum_2024-11-03T06_19_09.608Z.png" alt="Bitcoin, Ethereum fall: Whales panic as market corrects - 29" class="wp-image-14307776">
 <figcaption class="wp-element-caption">
 Large ETH transactions | Source: <a href="https://app.intotheblock.com/coin/ETH/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
Sharp declines in whale activity usually hint at FUD and market-wide panic. 
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<h2 class="wp-block-heading" id="two-main-reasons">Two main reasons</h2> 
One of the reasons behind the fall is the uncertainty surrounding the U.S. <a href="https://crypto.news/what-will-happen-to-the-meme-coin-market-if-trump-wins/" target="_blank">presidential elections</a>, scheduled for Nov. 5.&nbsp; 
According to a Friday report, Ryan Lee, the chief analyst at Bitget Research, <a href="https://crypto.news/bitget-research-etfs-not-the-only-factor-behind-bitcoins-run/" target="_blank">told</a> crypto.news that the crypto “market is anticipating that the future administration, whether led by [Donald] Trump or [Kamala] Harris, might adopt a friendlier stance toward the cryptocurrency sector.” 
Another reason could be the start of spot BTC exchange-traded fund outflows on Nov. 1. Per a crypto.news report, these U.S.-based investment products saw a <a href="https://crypto.news/bitcoin-etfs-record-total-daily-outflow-of-54-94-million-as-btc-hovers-at-69000/" target="_blank">net outflow</a> of $54.9 million on Friday. 
Spot ETH ETFs in the U.S. also saw a net outflow of $10.09 million on the same day. 
The spot BTC ETF outflows came after seven consecutive days of inflows. Notably, these ETFs saw a net inflow of over $5 billion in October. 
 Read more: <a rel="" href="https://crypto.news/crypto-vc-funding-kraken-bags-42-5m-from-optimism-glow-labs-raises-30m/"> Crypto VC funding: Kraken bags $42.5m from Optimism, Glow Labs raises $30m </a>

Bitcoin, Ethereum fall: Whales panic as market corrects

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