Cryptocurrency prices fall, Bitcoin falls to $84,000

Core Points

Bitcoin fell 1.83% in 24 hours, and Ethereum fell 3.42%. On October 6, the Bitcoin ETF had a net inflow of $118.86 million, while the Ethereum ETF had a net outflow of $201.89 million. According to CoinGlass data, long positions account for close to 88% of cleared positions. The "Fear and Greed Index" remained at 63 points, and market sentiment remained in the "greedy" range.

Cryptocurrency losses spread beyond Bitcoin

October 7 at approximately 05:20 UTC. CoinMarketCap data showed that the price of Bitcoin was approximately US$84,130, down 1.8% in 24 hours. The trading price of Ethereum was approximately US$2,610, down 3.4%, while several large altcoins also experienced a large proportion of market value shrinkage.

24-hour changes in current asset prices Bitcoin (BTC)$84,130- 1.8% Ethereum (ETH)$2,610- 3.4% BNB $767 - 1.8% XRP $1.46 - 2.4% Solana (SOL)$118- 1.5% Dogecoin (DOGE)$0.089- 5.2% Cardano (ADA)$0.255-5.47% This decline is not limited to Bitcoin. Ethereum, Dogcoin and Cadano fell even more significantly, indicating that the selling has spread to major market capitalization crypto assets.

Bitcoin and Ethereum failed to hold to recent highs

Bitcoin briefly exceeded $87,300, but buyers failed to keep it above $87,000. It fell back to around $84,000, indicating that previous attempts to establish a higher trading range had not been successful.

Ethereum faces independent resistance at the $2,800 mark. Ethereum recently pulled back after hitting this level, and subsequent attempts to return to this position also ended in failure. Before the overall market downturn, both assets encountered selling pressure at higher prices.

ETF fund flows show divergence in demand for Bitcoin and Ethereum

SoSoValue records show that on October 6, the U.S. spot Bitcoin ETF recorded a net inflow of US$118.86 million. In comparison, the U.S. spot Ethereum ETF recorded a net outflow of $201.89 million during the same period.

Category data shows Bitcoin Spot ETF (October 6 US trading session) Net inflow of US$118.86 million to Ethereum Spot ETF (October 6 US trading session) Net outflow of US$201.89 million The above data covers the previous US trading day. Although they cannot explain the specific reasons for the price decline in the latest 24 hours, they clearly demonstrate that fund investors have adopted different operating strategies for Bitcoin and Ethereum. ETF data complicates the story of a "massive institutional exit": Bitcoin funds are still attracting new capital, while Ethereum funds are withdrawing funds.

Leverage accelerates market pullbacks

CoinGlass data shows that the total amount of cryptocurrency clearing in the past 24 hours reached US$552.81 million. Among them, the liquidation amount of long positions was US$485.26 million, accounting for nearly 88% of the total.

Liquidation data reflects the chain reaction after prices began to fall. When margins are insufficient, exchanges will force the liquidation of leveraged long positions, and these forced exits often further aggravate selling pressure. In the four hours before the snapshot,$414.75 million in long positions were cleared, showing how fast the market is accelerating.

The CoinGlass chart shows that despite a decline from the highs at the end of September, open interest volumes in Bitcoin and Ethereum are still well above their June and July levels. This suggests that the decline hit a market with a large number of leveraged bulls, but the data did not show whether spot holders were also taking profits.

Greed has cooled but not turned into fear

CoinMarketCap's "Cryptocurrency Fear and Greed Index" is at 63 points, and the market is still in the "greedy" range. The decline hurt leveraged traders but did not trigger the widespread panic common during deep washes.

As the index remains in greedy territory, some of the sell-off may reflect traders taking profits after recent gains rather than withdrawing from the crypto market altogether. Neither sentiment indicators nor liquidation data can directly measure this, so profit-taking remains a possible explanation rather than a given fact.

Stock market sets record, but cryptocurrency faces its own test of demand

The difference between stock markets and cryptocurrencies adds another layer of context to this correction. The U.S. stock market has recently hit a new high, but crypto buyers have failed to maintain higher levels. Historical data shows that stock market gains alone are rarely enough to support the continued trend of the crypto market.

The current situation is: Bitcoin ETF inflows remain positive, Ethereum funds have been withdrawn, and long liquidations have accelerated the selling process. The next test is clear: Bitcoin needs to recover $87,000, and Ethereum needs to get back to $2,800 and get a foothold.