Crypto Prices Drop as Bitcoin Sinks to $84,000
Bitcoin fell toward $84,000 as major cryptocurrencies gave back recent gains. The sell-off reached across the market, while Bitcoin and Ethereum ETF flows moved in opposite directions.
Key Takeaways
- Bitcoin fell 1.83% in 24 hours, while Ethereum dropped 3.42%.
- Bitcoin ETFs added $118.86 million on October 6; Ethereum ETFs lost $201.89 million.
- Longs made up almost 88% of liquidations when CoinGlass data was checked.
- Fear & Greed remained at 63, keeping sentiment in the greed range.
Crypto losses reached beyond Bitcoin
At roughly 05:20 UTC on October 7, CoinMarketCap showed Bitcoin near $84,130, down 1.8% over 24 hours. Ethereum traded around $2,6120after falling 3.4%, while several large altcoins gave up a larger share of their value.
The losses extended beyond Bitcoin. Ethereum, Dogecoin and Cardano fell more sharply, showing that selling reached across large-cap crypto assets.
Bitcoin and Ethereum lost ground below recent highs
Bitcoin briefly traded above $87,300, but buyers did not keep it above $87,000. Its return toward $84,000 leaves that earlier rise as an unsuccessful attempt to establish a higher trading range.
Ethereum has faced a separate hurdle at $2,800. ETH reached that level recently, then pulled back, and later attempts to return there have also failed to hold. Both assets met selling pressure at higher prices before the wider market moved lower.
ETF flows split Bitcoin and Ethereum demand
SoSoValue recorded $118.86 million in net inflows for U.S. spot Bitcoin ETFs on October 6. U.S. spot Ethereum ETFs, by comparison, recorded $201.89 million in net outflows during the same session.
The figures cover only the previous U.S. trading day and cannot identify why prices fell during the latest 24 hours, but they show that fund investors were treating Bitcoin and Ethereum differently.
Leverage accelerated the retreat
CoinGlass data showed $552.81 million in crypto liquidations over the previous 24 hours. Long positions accounted for $485.26 million, or almost 88% of the total.
Liquidations show what happened after prices already started falling. Exchanges close leveraged long positions when margin runs short, and those forced exits can add further selling.
The four-hour period before the snapshot accounted for $414.75 million in liquidated longs, showing how quickly the move gathered pace. CoinGlass charts show that Bitcoin and Ethereum open interest remains well above its June and July ranges, even after easing from late-September highs. The figures show that the decline hit a market crowded with leveraged longs. They do not show whether spot holders were also taking profits.
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Greed has cooled without turning into fear
CoinMarketCap’s Crypto Fear & Greed Index stood at 63, keeping the market in the greed range. The drop hurt leveraged traders, yet it has not produced the broad fear that often appears during a deeper washout.
With the index still in the greed range after the drop, some of the selling may also reflect traders taking profits after the recent advance rather than a wholesale exit from crypto. Neither the sentiment reading nor liquidation data can measure that directly, so profit-taking remains a possible explanation rather than a confirmed one.
Stocks reached records, but crypto had its own demand test
The gap between stocks and crypto adds another layer to the pullback. U.S. equities recently reached fresh highs, but crypto buyers did not hold their own higher levels. Our look at what history says about Bitcoin after S&P 500 records explains why equity gains alone have rarely been enough to sustain a crypto move.
Bitcoin ETF inflows remained positive, while Ethereum funds saw withdrawals and long liquidations accelerated the sell-off. The next test is straightforward: Bitcoin needs to recover $87,000, while Ethereum needs to return to $2,800 and hold there.
This article is for informational purposes only and does not constitute investment or trading advice. Cryptocurrency prices, ETF flows and derivatives data can change quickly.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
