BTC has pulled back from recent all-time highs and most large tokens are also trading lower today.
The crypto market has stopped its steady rise, with many large crypto assets getting a boost over the past 24 hours, with the total market capitalization falling below $4.3 trillion this morning. Bitcoin (BTC) is trading at $122,674, down 1.8% on the day and 3% from its recent all-time high of around $126,000.
Despite the dip, Bitcoin is up over 4% so far in October. One of the most bullish months in history, Nexo dispatch analyst Ilya Karchev noted in commentary to the rebels, adding:
“ETF inflows continue to lock in action. On Tuesday alone, the Spot Bitcoin ETF attracted $875 million, extending total inflows to over $60 billion since launch.
Ethereum (ETH) showed the biggest loss of the day among the top 20 assets by market cap, up over 2% today at $4,455.
The top 10 assets are all up 1.5% today, continuing their extended rally and holding the spot as the third-largest cryptocurrency by market cap, extending above $1,330 yesterday.
Meanwhile, XRP is down about 1.2% to $2.87, with Santiment analysts saying the token is seeing “the highest levels of retail FUD since Trump’s tariffs were announced six months ago.” Solana (SOL) is also down 0.9% at $222, while Tron is down 1.4% in the past 24 hours.
top gainers and losers
Among the top 100 assets by market capitalization, ZCASH (ZEC) and Mantle (MNT) recorded the largest daily gains. ZEC is up over 20% today and continues its sharp rally over the past week as investor attention returns to privacy tokens.
MNT rose nearly 10% and reached a new all-time high this morning after rebounding earlier this week on the launch of the mantle-driven Crypto app UR.
Meanwhile, today’s biggest losers among the top 100 are Pumpfun’s Pump and Stablecoin blockchain Plasma’s XPL, both at over 7%.
Despite the recent decline across Crypto Markets, GlassNode analysts said in an October 7th X post that over 95% of circulating supply is still in profits as Bitcoin remains above $117,000.
“This is a characteristic of the euphoria stage, where widespread profitability often promotes profit taking and increased market risk,” the analyst added.
Analysts at Galaxy Digital said in a recent newsletter that they remain “optimistic heading into October,” adding that on the macro side, the prospect of further tariffs “raises risks for the dollar, which has historically supported flows into BTC as a hedge.”
Clearing, ETFs, and Macros
According to Coinglass, over $624 million in leveraged positions were liquidated in the past 24 hours. ETH led the wipeout with over $170 million in liquidations, followed by BTC with $153 million, and other Altcoins gained over $67 million in total.
According to Sosovalue, on Tuesday, October 7th, the Spot ETH ETF saw over $420 million in net inflows. With over $875.61 million in net inflows yesterday, just below Monday’s total, the Spot Bitcoin ETF saw its largest daily inflow to date.
On the macroeconomic front, we are keeping an eye on the University of Michigan’s October preliminary consumer sentiment and one-year inflation expectations data, scheduled for Friday, October 10th.
Data from Carlyle, an investment firm that compiles private labor market indicators during the government data outage, suggests that U.S. payroll growth slowed sharply in September, adding only about 17,000 jobs, well below market expectations, Reuters reported yesterday.
At the same time, the New York Fed’s latest survey of consumer expectations predicted higher unemployment over the next year and raised its one-year inflation outlook to 3.4% in September, up from 3.2% in August.