This morning, the familiar red backdrop covered the order book, with only 20% of coins keeping their green. Even though the Fed’s October interest-rate hike odds have dropped sharply to below 20% due to weaker-than-expected PCE and employment data, the crypto market still reacted negatively as US bond yields surged to their highest level since 2002.
BTC failed to hold the $87,000 level and continued falling 2.71% to $83,250.43, breaking support at $84,000. Ether also fared no better, dropping 4.71% to $2,571.60, despite news that the SEC approved 3x ETFs for Bitcoin and Ether on October 2. Notably, net outflows from Ethereum ETF products reached $155 million in just the first four days of October.
While top coins were being dumped, money continued to flow toward individual plays. $MET led with +35.63%, followed by GTC with +32.21%. Conversely, coins like MINA (-17.82%) were hit the hardest, reflecting a widespread “break in structure” for leveraged long positions.
BTC failed to hold the $87,000 level and continued falling 2.71% to $83,250.43, breaking support at $84,000. Ether also fared no better, dropping 4.71% to $2,571.60, despite news that the SEC approved 3x ETFs for Bitcoin and Ether on October 2. Notably, net outflows from Ethereum ETF products reached $155 million in just the first four days of October.
While top coins were being dumped, money continued to flow toward individual plays. $MET led with +35.63%, followed by GTC with +32.21%. Conversely, coins like MINA (-17.82%) were hit the hardest, reflecting a widespread “break in structure” for leveraged long positions.