Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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The crypto market is down today, with the cryptocurrency market capitalization falling by 2.2%, now standing at $4.26 trillion. 10 of the top 100 coins have dropped over the past 24 hours. At the same time, the total crypto trading volume is at $240 billion, higher than what we’ve been seeing over the past few days.
TLDR:
Crypto Winners & Losers
At the time of writing, 9 of the top 10 coins per market capitalization have seen their prices decrease over the past 24 hours.
Bitcoin (BTC) fell 1.8%, currently trading at $121,788.
Ethereum (ETH) is down by 4.7%, now changing hands at $4,455. This is the second-highest decrease on the list.
Binance Coin (BNB) is the only green coin in the category, having appreciated 4.7% to $1,306.
Dogecoin (DOGE) dropped the most in the same timeframe: 5.7% to $0.2462.
Ethereum’s decrease is followed by Solana (SOL)’s 4.6% to the price of $220.
When it comes to the top 100 coins, 90 have seen drops, the highest of which is Plasma (XPL), with 15.7% to $0.8776.
World Liberty Financial (WLFI) is the only other coin with a double-digit drop: 10.3% to $0.1772.
On the other hand, PancakeSwap (CAKE) is up 11%, now trading at $4.35. It’s the only double-digit increase.
Meanwhile, S&P Global, the company behind the S&P 500 and Dow Jones Industrial Average, has launched its first hybrid benchmark combining cryptocurrencies and crypto-linked equities. The S&P Digital Markets 50 Index will track 50 major components across the crypto economy, including 35 publicly traded companies and 15 cryptocurrencies.
‘Broader Context Continues to Favour a Bullish Q4’
Bitfinex analysts noted that, following typically weak Septembers, the market often rallies in October, “owing to its strong correlation with traditional finance, the broader liquidity cycle, and options market seasonality.”
Notably, seasonality now supports a bullish outlook for BTC, they argue. Historically, the so-called “Uptoberˮ has delivered positive returns in nine of the past eleven years, with average gains of some 21%.
Moreover, Q4 has consistently been Bitcoinʼs strongest quarter. Average returns for the quarter near 80%.
“While minor corrections remain possible, the broader context continues to favour a bullish fourth quarter. The setup remains favourable: a dovish [US] Federal Reserve, easing inflation, renewed ETF inflows, and stable on-chain support suggest the corrective phase is likely behind us.”
That said, this strength typically spills over to the broader market, the altcoins add, “though altcoins often exhibit shorter life cycles, making long-term comparisons less consistent.”
“Among major assets, Ether has delivered an average Q4 gain of 22.29 percent since 2016. Together, these trends reinforce the structural tailwinds supporting a stronger close to the year, as cyclical liquidity, institutional inflows, and historical seasonality converge,” they concluded.
Additionally, Bitunix analysts argued that “the core logic of this bull cycle has shifted from ‘fundamentals-driven’ to ‘liquidity and sentiment-driven’,” adding that the market’s faith in AI and monetary easing is fueling excessive price growth.
“The key question for investors is not whether to participate, but when risk begins to outweigh reward. The peak of this speculative frenzy often marks the prelude to a structural market turning point. For BTC, watch resistance at $126k and support at $100k, and maintain disciplined risk management,” they stated.
Levels & Events to Watch Next
At the time of writing on Wednesday morning, BTC trades at $121,788. Earlier in the day, the coin plunged from the intraday high of $125,108 to the low of $120,702.
It’s currently 3.5% away from its latest all-time high of $126,080.
If BTC maintains support above $121,700, it could retest $126,200 and move toward $130,000, with $160,000 possible in the coming months. Conversely, it may move below $120,000 and towards $118,000.
Ethereum is currently trading at $4,455. Similar to BTC, ETH dropped from the intraday high of $4,753 to the low of $4,427, before recovering to the current price.
It’s currently down 10% from its ATH of $4,946 seen a month ago.
The price may move above $4,800, aiming for $4,950 and then the $5,000 level. However, if it fails to hold the current level, it could drop to $4,350 and $4,200.
Meanwhile, the crypto market sentiment has dropped from the greed zone, where it briefly resided. The crypto fear and greed index fell from 62 yesterday to 57 today.
The index still shows optimism in the market, but investors are keeping an eye out for additional signals, taking a more cautious stance.
BTC ETFs Go Red, ETH ETFs Stay Green
The US BTC spot exchange-traded funds (ETFs) have broken the green streak on Tuesday, with $23.81 million in outflows.
Of the 12 ETFs, one saw inflows, and one saw outflows. While Valkyrie took in $4.81 million, Grayscale said goodbye to $28.62 million.
However, the US ETH ETFs recorded inflows on 7 October for the 6th consecutive day with $420.87 million. The cumulative total net inflow is now over $15 billion, currently standing at $15.02 billion.
Three of the nine finds saw positive flows, and one noted negative flows. BlackRock took in $437.51 million, while Fidelity let go of $26.7 million.
Meanwhile, Dutch crypto firm Amdax has secured 30 million euros ($35M) in its latest funding round to launch a dedicated Bitcoin treasury company, Amsterdam Bitcoin Treasury Strategy (AMBTS). Their plan is to accumulate 1% of the total BTC supply.
“We now advance with our bitcoin strategy, offering investors clear access to this distinct asset class,” CEO and AMBTS co-founder Lucas Wensing said.
Moreover, Strategy said it ranks fifth among US corporate treasuries with approximately $80 billion in digital assets.
Quick FAQ
- Why did crypto move with stocks today?
The crypto market has decreased over the past day, as has the stock market on Tuesday. By the closing time on 7 October, the S&P 500 was down by 0.38%, the Nasdaq-100 decreased by 0.55%, and the Dow Jones Industrial Average fell by 0.2%. This comes after the S&P 500 and the tech Nasdaq hit new intraday highs, and gold surpassed $4,000 an ounce for the first time.
- Is this dip sustainable?
Pullbacks following rallies are typical and expected. Analysts don’t see a major correction just yet, and the market has more room to grow.
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Crypto market pulled back slightly today with Bitcoin dropping from its all-time high of $126,000 to around $121,200, while Ethereum fell over 5% to trade below $4,500. The overall market declined by more than 3% in the past 24 hours. Among top gainers, BNB jumped 4.8% to $1,278 followed by ZRX (+3.13%) and ZRO (+3.11%). NEAR and IOTA also posted modest gains. On the flip side, W led losses with a 4.48% drop, followed by FLOKI (-2.63%), STX (-2.28%), WLD (-1.17%), and SNX (-1.07%).
But what…
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