🗓️ October 6 | Crypto Daily
The market pulled back after a rally. BTC is still holding in a key range, but sentiment is clearly hotter than prices—today is not a day to chase.
As of 09:00 Beijing time:
BTC $85,845, 24h -0.85%
ETH $2,716, 24h -0.42%
SOL $120.94, 24h -0.23%
The total crypto market cap is about $2.94 trillion, down 2.42% over 24 hours. 24-hour trading volume, meanwhile, rose 6.4% to about $89.1 billion. BTC dominance is 58.68%, and the Fear & Greed Index is 73 (Greed). In short: prices are pulling back, trading activity remains high, and leverage seems elevated.
What’s really worth watching today:
1) ETF flows are cooling. On the latest publicly reported trading day, October 5, U.S. spot BTC ETFs saw combined net outflows of about $85.2 million. Note that this is October 5 data, not today’s; the previous trading day, October 2, still saw net inflows of about $189.9 million. Short-term flows have yet to settle on a clear direction.
2) U.S. regulators are pushing ahead. The CFTC has launched a consultation on new rules for crypto-asset trading and markets, focusing on retail leverage, margined spot trading, and a new exchange registration framework. However, the regulatory gap around comprehensive oversight of spot markets still needs to be addressed by Congress.
3) Ethereum has a technical milestone tonight. The Glamsterdam upgrade is scheduled to activate on the Sepolia testnet at around 21:53 Beijing time. Key changes include ePBS and block-level access lists. This is a testnet upgrade, not a mainnet upgrade—don’t let the headlines create the wrong expectations.
4) Institutional expansion continues. Japan’s Metaplanet disclosed a net increase of 1,000 BTC in its holdings during Q3, bringing its total holdings to 44,000 BTC. It first sold 10,000 BTC, then bought back 11,000 BTC—showing that corporate BTC treasury strategies are also shifting from “buy and hold” toward liquidity and yield management.
5) The security bill still looks ugly. CertiK estimates that the industry lost about $1.26 billion to hacks and security incidents in Q3, across 247 incidents—a notable increase from the previous quarter. The hotter the market gets, the easier it is to overlook risks involving approvals, private keys, and exchanges.
Three dates to watch next:
• Tonight: ETH Glamsterdam upgrade on the Sepolia testnet;
• October 7: The Federal Reserve releases minutes from its September meeting;
• October 8: U.S. initial jobless claims data; TOKEN2049 Singapore also moves into its core agenda.
My take: BTC’s three-month recovery structure is still intact, but $84,000–$87,000 remains the current range. With the Fear & Greed Index at 73 and BTC dominance near 59%, capital is leaning more toward BTC, while altcoins have yet to see a truly broad-based rally. ETF flows have turned from inflows to outflows, and the dollar is relatively strong—both are reasons not to get carried away in the short term.
Trading strategy: Don’t chase. Look for a breakout only if BTC holds above $87,000. If it pulls back to around $84,000 and finds solid support, consider scaling in gradually. Reduce leverage on futures and set stop-losses in advance.
Risk warning: The above is a summary of public information and personal opinion, and does not constitute investment advice. Crypto assets are highly volatile; please manage your position size.
The market pulled back after a rally. BTC is still holding in a key range, but sentiment is clearly hotter than prices—today is not a day to chase.
As of 09:00 Beijing time:
BTC $85,845, 24h -0.85%
ETH $2,716, 24h -0.42%
SOL $120.94, 24h -0.23%
The total crypto market cap is about $2.94 trillion, down 2.42% over 24 hours. 24-hour trading volume, meanwhile, rose 6.4% to about $89.1 billion. BTC dominance is 58.68%, and the Fear & Greed Index is 73 (Greed). In short: prices are pulling back, trading activity remains high, and leverage seems elevated.
What’s really worth watching today:
1) ETF flows are cooling. On the latest publicly reported trading day, October 5, U.S. spot BTC ETFs saw combined net outflows of about $85.2 million. Note that this is October 5 data, not today’s; the previous trading day, October 2, still saw net inflows of about $189.9 million. Short-term flows have yet to settle on a clear direction.
2) U.S. regulators are pushing ahead. The CFTC has launched a consultation on new rules for crypto-asset trading and markets, focusing on retail leverage, margined spot trading, and a new exchange registration framework. However, the regulatory gap around comprehensive oversight of spot markets still needs to be addressed by Congress.
3) Ethereum has a technical milestone tonight. The Glamsterdam upgrade is scheduled to activate on the Sepolia testnet at around 21:53 Beijing time. Key changes include ePBS and block-level access lists. This is a testnet upgrade, not a mainnet upgrade—don’t let the headlines create the wrong expectations.
4) Institutional expansion continues. Japan’s Metaplanet disclosed a net increase of 1,000 BTC in its holdings during Q3, bringing its total holdings to 44,000 BTC. It first sold 10,000 BTC, then bought back 11,000 BTC—showing that corporate BTC treasury strategies are also shifting from “buy and hold” toward liquidity and yield management.
5) The security bill still looks ugly. CertiK estimates that the industry lost about $1.26 billion to hacks and security incidents in Q3, across 247 incidents—a notable increase from the previous quarter. The hotter the market gets, the easier it is to overlook risks involving approvals, private keys, and exchanges.
Three dates to watch next:
• Tonight: ETH Glamsterdam upgrade on the Sepolia testnet;
• October 7: The Federal Reserve releases minutes from its September meeting;
• October 8: U.S. initial jobless claims data; TOKEN2049 Singapore also moves into its core agenda.
My take: BTC’s three-month recovery structure is still intact, but $84,000–$87,000 remains the current range. With the Fear & Greed Index at 73 and BTC dominance near 59%, capital is leaning more toward BTC, while altcoins have yet to see a truly broad-based rally. ETF flows have turned from inflows to outflows, and the dollar is relatively strong—both are reasons not to get carried away in the short term.
Trading strategy: Don’t chase. Look for a breakout only if BTC holds above $87,000. If it pulls back to around $84,000 and finds solid support, consider scaling in gradually. Reduce leverage on futures and set stop-losses in advance.
Risk warning: The above is a summary of public information and personal opinion, and does not constitute investment advice. Crypto assets are highly volatile; please manage your position size.