Bitcoin's price tumbled sharply to just over $107,000 on Monday, November 3, 2025, erasing a minor weekend rally that had pushed it near $111,000. This drop was fueled by a combination of geopolitical uncertainty from US President Trump's remarks and significant selling pressure from early Bitcoin investors.
Trump's comments centered on an upcoming Supreme Court tariff case, which he labeled "the most important in US history" and warned could lead to "ruination of our nation" if presidential tariff powers are limited. The case, set to begin on Wednesday, pits his administration against small businesses and states challenging the legality of tariffs. Separately, Trump addressed tensions in Nigeria and Venezuela, hinting at potential military interventions, which added to market volatility.
Compounding the sell-off, blockchain data from Lookonchain revealed that Bitcoin OGs (original large wallet holders) deposited over $1.8 billion worth of BTC to exchanges like Kraken, Binance, and Coinbase in the past month. One entity, BitcoinOG(1011short), moved ~13,000 BTC ($1.48 billion) since October 1, while Owen Gunden deposited 3,265 BTC ($364.5 million) since October 21, increasing supply-side pressure.
The downturn rippled across the crypto market, with Ethereum (ETH) falling to $3,700, Binance Coin (BNB) losing 5%, and Dogecoin (DOGE) slumping over 7%. Other altcoins like Bitcoin Cash (BCH) and Hedera (HBAR) also declined, while the TRUMP meme coin dropped 6.5% daily despite a weekly gain of 25%. Bitcoin's market cap hovered around $2.2 trillion with a dominance of 58%, reflecting broader instability.
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