In the past 12 hours, the crypto market saw an across-the-board pullback. Bitcoin fell steadily from above $87,000 and is now at $81,830, down 1.79% over the past 24 hours. Ethereum fell 3.83% to $2,475.6, and Solana dropped 5.49% to $109.92. Altcoins fell even more sharply: NEAR down 13.81%, Zcash down 10.97%, and Orca down 18.77%.
In the four-hour timeframe, major coins have generally moved into oversold territory. Bitcoin’s four-hour RSI is 17.4, Ethereum 17.0, Solana 15.8, Uniswap as low as 14.7, and Litecoin 12.7. Oversold conditions imply that selling pressure may be easing, but they do not equal a confirmed bottom.
Regarding funding rates, perpetual contract rates for major coins have generally turned negative. $ORCA has a funding rate of -0.0616%, $LINK of -0.0205%, Uniswap of -0.0218%, and $PYTH of -0.0166%. Shorts dominate, but the negative magnitude has not reached extreme oversold levels, suggesting the downside momentum is still unfolding.
Trading volume is the most noteworthy signal. During this pullback, the current four-hour cumulative volume for each coin is below the 20-hour average. Bitcoin’s current four-hour trading value is $35.40 million, versus a 20-period average of $257.7 million; the volume ratio is only 0.14x. Ethereum’s volume ratio is 0.17x, and Solana’s is 0.27x. A high-volume selloff would indicate panic selling, whereas a low-volume drop suggests the selling pressure is not driven by panic liquidation and is closer to missing buy-side support.
As for U.S. stocks, on October 8 the Dow Jones closed up 0.10% at 51,232.48 points, the S&P 500 fell 0.47% to 7,765.42, and the Nasdaq fell 1.25% to 27,193.34. The yield on 30-year U.S. Treasuries broke above 5.7%, the highest level since 2002.
In the four-hour timeframe, major coins have generally moved into oversold territory. Bitcoin’s four-hour RSI is 17.4, Ethereum 17.0, Solana 15.8, Uniswap as low as 14.7, and Litecoin 12.7. Oversold conditions imply that selling pressure may be easing, but they do not equal a confirmed bottom.
Regarding funding rates, perpetual contract rates for major coins have generally turned negative. $ORCA has a funding rate of -0.0616%, $LINK of -0.0205%, Uniswap of -0.0218%, and $PYTH of -0.0166%. Shorts dominate, but the negative magnitude has not reached extreme oversold levels, suggesting the downside momentum is still unfolding.
Trading volume is the most noteworthy signal. During this pullback, the current four-hour cumulative volume for each coin is below the 20-hour average. Bitcoin’s current four-hour trading value is $35.40 million, versus a 20-period average of $257.7 million; the volume ratio is only 0.14x. Ethereum’s volume ratio is 0.17x, and Solana’s is 0.27x. A high-volume selloff would indicate panic selling, whereas a low-volume drop suggests the selling pressure is not driven by panic liquidation and is closer to missing buy-side support.
As for U.S. stocks, on October 8 the Dow Jones closed up 0.10% at 51,232.48 points, the S&P 500 fell 0.47% to 7,765.42, and the Nasdaq fell 1.25% to 27,193.34. The yield on 30-year U.S. Treasuries broke above 5.7%, the highest level since 2002.