The cryptocurrency market is holding steady at around $4.2 trillion as traders increasingly believe the U.S. government shutdown could last into next month.
Today, October 10th, the crypto market is trading sideways, with most large-cap stocks posting moderate losses this week. Traders increasingly expect the U.S. government shutdown to continue into next month, with market capitalization hovering around $4.24 trillion, up less than 0.5% on the day.
Bitcoin (BTC) is flat on both the daily and weekly levels, trading just above $121,000.
Ethereum (ETH) was also flat today above $4,300, but has fallen 3.2% over the past seven days.
With the exception of Dogecoin (DOGE), which rose 1.6% on the day, the rest of the top 10 assets by market cap were all either flat or in the red today. Solana (SOL), XRP, and BNB are all up about 0.5 percent on the 24-hour chart, with BNB doing the best on the weekly chart, up 10%. The remaining top 20 assets have fallen between 2% and 8% over the past week.
Among the top 100 assets by market capitalization, Zcash (ZEC) has soared for the third day in a row and is the biggest single-day gainer, rising nearly 30% today amid widespread calls for privacy, followed by AI-focused blockchain Bittensor’s TAO, which is up 21% today.
Mantle (MNT), meanwhile, was the biggest loser of the day among the top 100 assets, dropping more than 14% on the day, correcting from a surge to all-time highs earlier this week. Following MNT among today’s biggest losses is ASTER, which is down 6.2%, continuing to languish after last month’s long post-TGE rally that was surrounded by massive hype and sparked a perpetual futures DEX mania.
Despite Bitcoin losing all of its weekly gains and retreating from recent highs of just over $126,000, Glassnode analysts explained in a Friday
Clearing, ETFs, Macros
According to Coinglass, more than $351 million in leveraged cryptocurrency positions were liquidated in the past 24 hours, including $214 million in long positions. While BTC exceeded $110 million, ETH liquidations decreased to $62.6 million.
Spot BTC ETFs saw net inflows of over $197.6 million on Thursday, continuing a multi-week streak of inflows, according to SoSoValue. As Glassnode noted, BTC ETF inflows have continued despite the recent selloff, showing that “institutional demand remains steady despite derivative traders being shredded.” They added this to their X post this morning:
“This suggests that structural buying is still supporting the market, helping to absorb volatility and stabilize price movements.”
Meanwhile, the Spot ETH ETF reversed its inflow streak, with over $8 million in net outflows yesterday, its first day of net outflows since September 26th.
U.S. stock futures edged higher on Friday after a modest pullback earlier in the week as traders bought the bulls ahead of a key consumer sentiment report and next week’s earnings report.
Fed Chairman Jerome Powell spoke at a regional bank event but offered no new clues on interest rates, leaving markets in a stalemate. Polymarket bettors, on the other hand, are heavily leaning towards the US government shutdown extending into mid-October or beyond.