Fetch.ai (FET) has experienced a 13% price drop to $0.229, driven by declining exchange reserves and a surge in bearish short positions. Exchange reserves for FET have decreased significantly from $300 million to $113.9 million by November 3, 2025, highlighting a liquidity pullback and reduced demand. The long/short ratio is currently at 0.83, with short positions accounting for 54.74% of open interest, intensifying the bearish sentiment. On-chain data from CryptoQuant reveals a 62% reduction in FET deposits since late October 2025, indicating trader reluctance to accumulate the token. This trend underscores the prevailing market uncertainty and the dominance of short sellers in the current trading environment.