Crypto markets faced significant pressure over the past 24 hours, with the CoinDesk 20 Index dropping 5% and leading cryptocurrencies bitcoin (BTC) and ether (ETH) falling nearly 2%.
Major altcoins including XRP, BNB and SOL experienced even steeper declines, while ASTR, the native token of Aster DEX, fell 4% amid abnormal price movements in the XPL-USDT perpetual trading pair. Only a few coins like MNT, CRO, KAS, OKB and XMR managed modest gains around 1%.
The market downturn coincided with dollar strength following Thursday's U.S. GDP and jobless claims data, while market flow dynamics turned bearish.
"ETF behavior shifted from absorbing supply to net selling this week," BRN analysts told CoinDesk. "Bitcoin ETFs recorded $258 million in outflows yesterday, while Ethereum ETFs saw $251 million outflows, marking four consecutive days of negative flows for ETH funds."
CryptoQuant data shows whales have become net sellers, offloading 147,000 BTC since August 21 - the largest sell-off since the bull cycle began in early 2023.
Bitunix exchange analysts warned that President Donald Trump's tariff announcements have increased market uncertainty, with sentiment balancing between inflation concerns and growth fears. Trump announced tariffs up to 100% on trucks, furniture and pharmaceuticals effective October 1.
Today's core PCE inflation data, the Fed's preferred gauge, is projected to show a 2.9% year-over-year rise matching July's reading. A softer-than-expected print could temper the dollar's rally and support crypto markets.
Traders should monitor regulatory developments concerning digital asset treasuries, as WSJ reports U.S. regulators are investigating unusual trading volumes in over 200 companies with crypto treasury strategies. Geopolitical tensions also warrant attention amid reports of Russian aerial incursions in Europe, with WTI crude oil up 4% this week.
Market Watch
- September 26 Macro Events: Canada GDP, U.S. PCE inflation data, Michigan Consumer Sentiment, Fed Vice Chair speech
- Token Events: DYDX governance vote, JUP token unlock, HANA and MIRA new listings
- Conferences: Asset Based Finance 2025 (NY), Black Blockchain Summit (Washington)
Derivatives Update
BTC and ETH futures continue seeing capital outflows with declining open interest. Aster DEX perpetual volume surged to $46 billion, surpassing Hyperliquid's $17 billion. CME BTC futures OI has nearly reversed September's spike, while options OI continues rising.