The crypto market is down today, with the cryptocurrency market cap falling 0.9%, now standing at $4.33 trillion. Fewer than 10 of the top 100 coins have appreciated in the past 24 hours. At the same time, the total trading volume of cryptocurrencies amounts to $193 billion.
TLDR: Crypto market cap down 0.9% Monday morning (UTC); 92 of the top 100 coins are down, as are 9 of the top 10 coins; BTC is down 1.1% to $123,375 and ETH is down 1.2% to $4,535; After BTC breaks the $125,000 barrier, we can expect $145,000 in the medium term; BTC’s ATH is “top-down driven”; “Volatility will appear, but the base case for this bull cycle is solid”; US spot ETFs BTC and ETH recorded a fifth straight day of inflows on Friday, with $985.08 million and $233.55 million, respectively; US Spot Bitcoin ETFs Marked Second-Largest Week of Inflows on Record; Crypto market sentiment has reached its level last seen in mid-August.
At the time of writing, 9 of the top 10 coins by market cap have declined over the past 24 hours.
Bitcoin (BTC) fell 1.1%, currently trading at $123,375.
Bitcoin (BTC)24h7d30d1aAll the time
Ethereum (ETH) is down 1.2%, now changing hands at $4,535.
Dogecoin (DOGE) recorded the biggest decline of 3.4% at the price of $0.255.
It is followed by XRP (XRP) 2.9%, now standing at $2.97.
The only green coin in this category is Binance Coin (BNB), which appreciated by 2% to $1,200.
Looking at the top 100 coins, we see that eight are up, with the highest being Provenance Blockchain (HASH)with 13.4% to $0.03745. It is the only one to experience a double-digit increase.
Among red coins, the highest declines are Pump-fun (PUMP) And Ethena (ENA)which fell 9.4% and 8.5% to $0.006455 and $0.5751.
Meanwhile, the “devaluation trade” has gained momentum amid growing national debt and political instability. This caused a withdrawal from fiat assets to other assets, including crypto. Bitcoin’s rise past $125,000 and gold’s new highs highlight the growing demand for sustainable assets.
John Glover, chief investment officer of Lednargued that once BTC hits the new high above $125,000, we can expect $145,000 “towards the end of the year/early next year.”
That said, Glover expects to see the emergence of a bear market next year, “which will take us lower. The extent of that sell-off is to be determined.”
Source: Ledn
According to Kyle Chassé, founder of MV GlobalBTC’s ATH is “headed up and down. Spot ETF flows are sucking up supply every day – it’s the clearest sign that Wall Street is there. Uptobering helps, and the market ignores headlines about shutdowns and political noise because bitcoin is the neutral, non-sovereign asset that people use as insurance against political risk and the devaluation of fiat currency.”
Chassé agreed that $145,000 by the end of the year is “very achievable,” particularly if ETF inflows continue “at anywhere near current rates.”
“Volatility will appear, but the base case for this bullish cycle is solid,” concludes Chassé.
Additionally, David Siemer, CEO and co-founder of Wave Digital Assets, commented that BTC’s ATH is a reflection of “factors that are driving demand.” Catalysts include ETF inflows and rate cuts from the US Federal Reserve.
“Add in the macroeconomic uncertainty surrounding the U.S. government shutdown, and you get an environment in which even modest demand creates outsized moves,” says Siemer.
At the time of writing on Monday morning, BTC is trading at $123,375. It reached its last all-time high at $125,506 on October 5, down 1.5% since then. Its lowest point today was $122,538.
Overall, BTC is up 10.5% in a week and 11.6% in a month.
If Bitcoin maintains the price above $121,000, it could surpass $128,000. After that, the $130,000 level would appear. That said, the coin could drop below $120,000 again.
Bitcoin Price Chart. Source: TradingView
Ethereum is currently trading at $4,535. Its intraday high was $4,593, after which the coin plunged to the low of $4,481. However, it quickly returned to its current level.
Overall, ETH is up 10.7% in a week and 5.8% in a month, slightly outperforming BTC in the previous period.
The coin could now surpass the $4,600 mark and enter the $4,660 zone. Conversely, if the market continues to decline, ETH could decline to the $4,400 level or lower.
Ethereum (ETH)24h7d30d1yAll the time
Meanwhile, crypto market sentiment has once again increased to the neutral zone. The crypto Fear and Greed Index rose from 42 on the first day of this month to 59 today.
This is notably the highest value observed in 30 days. The day before, this value was recorded on August 15.
Source: CoinMarketCap
Additionally, US spot BTC exchange-traded funds (ETFs) saw massive inflows on Friday, with $985.08 million. The cumulative net inflow has exceeded $60 billion and now stands at $60.05 billion.
Of the 12 ETFs, half saw inflows and no outflows. black rock is once again at the top of this list, accounting for a considerable portion of the day’s total, with $791.55 million. The next one is Loyalty with $69.58 million.
Notably, US spot Bitcoin ETFs attracted $3.24 billion last week, marking the second largest week of inflows since their launch in January 2024.
Source: SoSoValue
US ETH ETFs also saw inflows of $233.55 million on October 3 for the fifth consecutive day. The cumulative total net inflow now stands at $14.42 billion.
Four of the nine findings revealed positive flows and none revealed negative flows. black rock tops this list with $206.71 million in entries, followed by Grayscale $17.88 billion.
Source: SoSoValue
Meanwhile, the Morgan Stanley Global Investment Committee (GIC) advised its clients to allocate a small portion of their portfolios to cryptocurrency. They recommend between 2 and 4% depending on risk appetite: from wealth conservation at 0% to opportunistic growth at a maximum of 4%.
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Why has crypto moved relative to stocks today?
The crypto market has declined over the past day and major stock indices saw a mixed picture on Friday following new all-time highs. At closing time on October 3, the S&P500 was up 0.0066%, the Nasdaq-100 decreased by 0.43%, and the Dow Jones Industrial Average increased by 0.51%. Notably, the US government shutdown will delay the release of economic data, including the jobs report.
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Is this decline sustainable?
Pullbacks after a rally are expected, and consolidations are often healthy, helping to form the basis for the next leg up. Analysts don’t think we’ll see a bear market just yet.
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