Cryptocurrency markets fell slightly on Thursday as investors appeared to be taking a wait-and-see attitude regarding macro updates.
Today, October 9, the cryptocurrency market fell 3.4%, pushing its market capitalization below $4.2 trillion as traders await new macroeconomic indicators from US data later this week.
Bitcoin (BTC) is down nearly 3% in the past 24 hours, trading around $120,300, for a weekly gain of just 0.4%.
Ethereum (ETH) fell more than 5%, dropping to nearly $4,300. Commenting on the price of ETH, Sean Young, principal analyst at MEXC Research, told The Defiant that new accumulation is “likely” at current levels, adding that if momentum builds and the market receives a liquidity tailwind, it could prompt the bulls to attempt another breakout in ETH “toward the $5,000 and $5,200 range.”
Beyond BTC and ETH, the remaining top 10 assets are all currently in the red, with Solana (SOL), XRP, and BNB all down 4-6%. Despite the retracement, BNB’s recent rally has kept it above $1,000, with weekly gains currently exceeding 17%.
Among the top 100 assets by market capitalization, Zcash (ZEC) rose more than 14% today, maintaining its position as the top daily gainer and continuing its multi-day rise. Meanwhile, today’s biggest decliner among the top 100 was the perpetual futures DEX ASTER, which fell 17% on the day. Similar to yesterday, pumpfun’s PUMP and Plasma’s XPL were also among the biggest decliners, dropping 16% and 14.5%, respectively.
Analysts at Glassnode noted in a Thursday post in the X that Bitcoin continues to trade “well above short-term holder cost metrics,” adding that the bull market remains “below the overheating zone, suggesting that although momentum is high, we are approaching a near-term risk situation.”
Historically, government shutdowns “tend to be market non-events that go beyond headline noise and data lag,” QCP Capital analysts said in an Oct. 8 research note, adding that the core signals remain intact. “We expect USD strength to weaken and gold to outperform, and headline-driven corrections in BTC and risk assets are treated as buyable, while remaining wary of tariff and data gap volatility in the near term.”
Clearing, ETFs, Macros
According to Coinglass, more than $680 million in leveraged positions were liquidated in the past 24 hours, including $526 million in long positions. ETH had $180 million, while BTC liquidated slightly more at $193 million.
According to SoSoValue, the Spot ETH ETF saw over $69 million in net inflows yesterday, marking the eighth consecutive day of net inflows into the product. The Spot Bitcoin ETF continues to outperform ETH products, with net inflows exceeding $440 million yesterday, continuing its 8th consecutive day of increases.
On the macroeconomic front, the S&P 500 and Nasdaq both retreated slightly after hitting new intraday highs on Thursday. Both companies ended the day down 0.1% despite early gains, while the Dow Jones Industrial Average fell 97 points, or 0.2%, according to CNBC.
With no major economic data released due to the government shutdown, investors are now looking to Fed Chairman Jerome Powell’s remarks at today’s community bank conference, as well as speeches from Fed officials Michelle Bowman and Mary Daly, for hints about the next direction of monetary policy.