Crypto prices today: BTC, ETH, BNB, SOL retrace as Fear & Grid Index drops 10 points

Crypto prices today stumbled, snapping their recent rally as traders took profits ahead of a packed October schedule.

Over the last 24 hours, the cryptocurrency market has experienced a sharp retracement, with its total capitalization falling 3.2% to about $4.24 trillion. Ethereum slid 6%, while Bitcoin dropped 2.6% to trade close to $122,000.

With declines of 6.8% and 4.7%, respectively, Solana and XRP led altcoin losses among the top 10 coins. Nearly all top 100 tokens were in the red as risk appetite declined.

Sentiment also cooled notably. The Crypto Fear & Greed Index fell 10 points from 70 to 60, though it remains in “Greed” territory. According to CoinGlass data, the market’s total open interest declined to roughly $221 billion, down 5.6%. This reflects a combination of profit-taking and leveraged liquidations.

Liquidations surge as crypto prices fall

This downturn isn’t yet a crash but rather a technical shakeout. Liquidations surged to about $688 million in the past day, with $480 million wiped out in just 12 hours. 80% came from long positions. High leverage likely amplified the selloff, as BTC broke below its $122,000 support and ETH failed to hold $4,600.

On-chain data indicates that whales are not panic-selling despite the steep retracement. Instead, Bitcoin exchange balances are still falling, indicating accumulation at lower levels. The slight increase in trading volume to between $190 and $200 billion suggests that short-term volatility, not structural weakness, was the driving force behind the move.

Broader macro sentiment also played a role. U.S. stock indices ended lower (Nasdaq −0.43%), while sticky inflation data reduced hopes for imminent Fed rate cuts. Combined with ongoing uncertainty around the government shutdown, risk appetite has cooled temporarily.

Key October events could fuel further volatility

Still, October,  often dubbed “Uptober” by traders, remains packed with potential catalysts that could revive momentum. Key events include the Oct. 9 Grayscale advisors summit, which may hint at new institutional inflows.

In addition, the Oct. 15 U.S. CPI report, a major inflation gauge likely to sway risk appetite, and the Oct. 16 SEC decision on Solana’s spot exchange-traded fund, could spark strong volatility. The month wraps up with the Oct. 30 Federal Reserve meeting, where a 25-basis-point rate cut could trigger a broad crypto rally.

If Bitcoin holds above $120,000 and Ethereum stabilizes around $4,500, analysts expect a rebound toward $125,000 or higher before the month’s end. 

Solana and XRP could also see relief rallies if ETF optimism and risk appetite return. For now, traders view this dip as a pause in Uptober’s potential upswing, not the end of it.