Crypto Market Update: Altcoins Pull Back as Bitcoin ETFs Attract US$2.7 Billion in Inflows
October 10, 2025 – The cryptocurrency market experienced notable shifts on Friday as major altcoins retreated following Bitcoin’s recent surge, while Bitcoin exchange-traded funds (ETFs) continued to draw significant investor interest, reporting inflows totaling US$2.7 billion for the week.
Bitcoin and Ether Price Movements
Bitcoin (BTC) traded near record highs but saw a modest dip, down 1.6% in the past 24 hours to approximately US$121,578 as of 9:00 a.m. UTC. Intra-day prices fluctuated between a low of US$119,967 and a high of US$123,548. Despite the slight pullback, on-chain metrics suggest that Bitcoin’s rally may have room to continue. The Mayer Multiple, a widely respected long-term indicator that compares Bitcoin’s current price to its 200-week moving average, remains significantly below levels historically associated with market peaks.
Crypto analyst Frank Fetter highlighted that Bitcoin’s Mayer Multiple would need to rise to a value consistent with a price near US$180,000 before signaling overbought conditions. This contrasts with previous cycles, such as those in 2017 and 2021, when the Mayer Multiple surpassed 2.4 before major market corrections occurred. Currently, the indicator is "ice cold," indicating the present rally could be sustainable and still extend.
However, short-term traders remain cautious. Trader Tony “The Bull” Severino pointed out that Bitcoin recently struggled to maintain levels above US$126,000 and, based on the Bollinger Bands technical indicator tightening on weekly charts, a near-term correction could materialize before any breakout.
Ether (ETH), meanwhile, rebounded slightly after earlier losses, rising 0.7% to about US$4,365.58. Ether’s daily range stretched from US$4,285.77 to US$4,401.99. Altcoin Performance and Market Dynamics
Several leading altcoins, including Solana (SOL), XRP, Dogecoin (DOGE), and Cardano (ADA), experienced declines of up to 3%. Solana modestly gained 1.1% to US$222.58 after hitting a low of US$217.57, while XRP remained relatively flat near US$2.83. This altcoin weakness came as traders rotated funds back into Bitcoin, reflecting institutional confidence in Bitcoin’s status as a “digital safe-haven.” The US-listed Bitcoin ETFs maintained strong demand, highlighted by this week’s substantial US$2.72 billion inflow figure.
Derivatives markets saw significant liquidations over the past 24 hours, with approximately US$674 million wiped from leveraged positions. Most liquidations impacted long holders (US$505 million), but short positions also saw US$169 million in liquidations. Bitcoin’s longs suffered around US$116 million in liquidations, while Ether long positions saw roughly US$146 million liquidated, underscoring the market’s volatility.
Despite the sell-off, open interest in Bitcoin futures increased slightly to US$90.19 billion, and Ether futures open interest rose to US$59.53 billion, suggesting ongoing active engagement from traders.
Bitcoin’s relative strength index (RSI) remains elevated at 72.15, indicating overbought conditions that could lead to short-term price swings or corrections. Yet, sustained market interest near the US$120,000 mark indicates continued speculative activity.
ETF Flows Reflect Institutional Focus on Bitcoin
US spot Bitcoin ETFs continued to attract strong inflows, with Tuesday alone seeing US$197.8 million added. This momentum has pushed Bitcoin ETF assets to US$164.79 billion, nearly 7% of Bitcoin’s total market capitalization.
BlackRock’s iShares Bitcoin Trust led the way, adding US$255 million in assets this week and growing its total size beyond US$97 billion. Conversely, some rival funds experienced withdrawals, including Fidelity Wise Origin Bitcoin Fund and Grayscale Bitcoin Trust with outflows of US$13 million and US$45 million, respectively.
The inflows highlight a trend of institutional investors favoring Bitcoin ETFs over Ethereum products, with Ethereum ETFs seeing US$8.7 million in net outflows, pausing an eight-day inflow streak.
Additional Market News
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The European Commission has rejected calls from the European Central Bank (ECB) for stricter stablecoin regulation, confirming that existing rules under the Markets in Crypto-Assets (MiCA) framework are sufficient. The ECB had expressed concern over “multi-issuance” stablecoins minted outside the EU posing systemic risks. The Commission plans to issue further guidance shortly.
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Gold prices soared above US$4,000 an ounce, reinforcing Bitcoin’s appeal as a digital alternative safe-haven asset amidst broader macroeconomic uncertainty.
Looking Ahead
Market watchers remain attentive to Bitcoin’s performance and expect potential pullbacks in the US$107,000 to US$115,000 range ahead of the Federal Reserve’s policy decision scheduled for October 29. Stay updated on the latest cryptocurrency market developments by following @INN_Technology for real-time news.
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Authors: Giann Liguid and Meagen Seatter
Securities Disclosure: The authors hold no direct investment interests in any companies mentioned.