On Binance, 70% of altcoins have fallen below the 200-day moving average, wiping out approximately $200 billion in market capitalization.

According to TechFlow, on November 8, CryptoQuant analyst Darkfost stated that excluding Bitcoin and stablecoins, the total market capitalization of altcoins surged by $320 billion between mid-August and late September. The subsequent pullback has already retraced approximately $200 billion, nearly erasing two-thirds of this rally. Trend breadth on Binance also reversed simultaneously: in mid-August, 82% of altcoins traded below the 200-day moving average, but by early October this figure dropped to 10%, indicating that nearly 90% were above the line. Currently, roughly 70% have fallen back below, with the ratio creeping back toward 80%. The analyst attributed the shift to worsening macroeconomic and political conditions: ongoing geopolitical and trade tensions, rate hikes from the Federal Reserve, the European Central Bank, and the Bank of England this week; and uncertainty stemming from midterm election results. Technology stocks led the selloff, with the Nasdaq down 14% from recent peaks and the S&P 500 down 6%. He noted that historically, such extreme readings can sometimes precede trend reversals.