Crypto markets fell slightly on Thursday as investors appeared to be taking a wait-and-see approach on macroeconomic updates.
Crypto markets lost 3.4% today, October 9, with total market capitalization falling below $4.2 trillion, as traders await further macroeconomic signals from US data later this week.
Bitcoin (BTC) has lost almost 3% in the past 24 hours and is trading around $120,300, bringing its weekly gains to just 0.4%.
Ethereum (ETH) is down more than 5%, sliding to near $4,300. Commenting on the ETH price, Shawn Young, chief analyst at MEXC Research, told The Defiant that at current levels, further accumulation “is likely,” adding that if momentum occurs and liquidity tailwinds manifest in the market, bulls could push ETH to attempt another breakout “towards the $5,000 and $5,200 range.”
Beyond BTC and ETH, all of the remaining top 10 assets are solidly in the red today, with Solana (SOL), XRP, and BNB all down 4-6%. Despite the retracement, BNB’s recent rally has kept it above the $1,000 level, and its weekly gains are currently over 17%.
Among the top 100 assets by market capitalization, Zcash (ZEC) maintains its place as the top daily gainer, up over 14% today, continuing its multi-day rally. Meanwhile, today’s biggest loser among the top 100 is DEX Aster’s ASTER perpetual futures contract, down 17% on the day. Like yesterday, Pumpfun’s PUMP and Plasma’s XPL are also among the biggest losers, down 16% and 14.5% respectively.
Glassnode analysts noted in an article on Thursday
QCP Capital analysts said in an Oct. 8 research note that historically, government shutdowns “tend to be market non-events beyond the noise of headlines and data lags,” adding that the primary signal remains intact: “fading dollar strength, expect gold to outperform, and address big-induced corrections in BTC and risk assets securities as buyable while remaining attentive to price volatility and short-term data gaps.
Liquidations, ETFs and Macro
Over the past 24 hours, more than $680 million in leveraged positions were liquidated, including $526 million in long positions, according to Coinglass. ETH recorded $180 million, while BTC liquidations reached just over $193 million.
Spot ETH ETFs saw more than $69 million in net inflows yesterday, according to SoSoValue, the eighth consecutive trading day of net inflows for the products. Spot Bitcoin ETFs continue to outperform ETH products, also continuing their eight-day streak with over $440 million in net inflows yesterday.
On the macroeconomic front, the S&P 500 and Nasdaq fell slightly on Thursday after hitting new intraday highs. Both ended the day down 0.1%, although they were higher earlier, while the Dow fell 97 points, or 0.2%, according to CNBC.
With no major economic data due to the government shutdown, investors are now keeping an eye on Fed Chair Jerome Powell’s remarks at a community bank conference today, as well as discussions by Fed officials Michelle Bowman and Mary Daly, for clues about where monetary policy might be heading.
