Key Takeaways
- • Crypto market capitalisation fell to $2.67T, down 3.3% over seven days and 0.8% over one day, with technical indicators pointing to a continued downtrend (Investing.com/FxPro analysis).
- • Bitcoin dropped below $79.5K and has fallen for four consecutive weeks, with analysts citing a possible pullback to $75K as the most widely discussed scenario.
- • US spot Bitcoin ETFs saw inflows of $304.7 million for the week after two weeks of outflows, though outflows had persisted for four prior consecutive weeks.
- • Bitcoin's seven-day average hash rate exceeded 1 ZH/s for the first time since early March, which CryptoQuant CEO Ki Young Ju described as an indirect bullish signal.
- • JPMorgan warned of risks to the crypto industry if the CLARITY Act is not passed, while Ethereum developers postponed the Glamsterdam upgrade on the Hoodi testnet.
Summary
The crypto market capitalisation is drifting lower, at $2.67T as of the report, down 3.3% over seven days and 0.8% over one day, according to FxPro's analyst team writing for Investing.com. The article attributes the softness to caution amid a lack of recovery in equity markets. Technical indicators suggest the downtrend may continue, with the market trading below its 50-day moving average and resistance zones from May and September failing to hold as support.
The decline is broad-based, with rising coins outnumbering falling coins at roughly 1:7. Uniswap led gainers at +2.5%, while Basic Attention Token was the worst performer at -7.8%. Bitcoin fell below $79.5K on Saturday and retested that level Monday morning. Buyers have so far offset downside momentum, and the market has not encountered a significant volume of stop orders, which has limited sharp moves. Bitcoin has now declined for four consecutive weeks, and a pullback toward $75K, where the 50-week moving average and September's corrective support zone converge, is the most widely discussed scenario.
On flows, US spot Bitcoin ETFs recorded $304.7 million in net inflows for the week, ending two weeks of outflows, though the article notes outflows had run for four consecutive weeks before that and had slowed to $220.6 million in the prior period. Analyst Axel Adler Jr. said sentiment is cooling, and that overheating has subsided without a major sell-off, which he views as a healthier base for further development. According to BlocksBridge Consulting, Bitcoin's seven-day average hash rate exceeded 1 ZH/s (1,000 EH/s) for the first time since early March; CryptoQuant CEO Ki Young Ju characterized the recovery as an indirect bullish signal for BTC. Santiment reported that the number of non-zero-balance wallets reached a new all-time high of 8.24 million.
Regulatory developments also factored into the outlook. JPMorgan has warned of risks to the crypto industry if the CLARITY Act is not passed, and said alternative regulatory solutions may attract institutional participants in the near term but would not provide long-term certainty. Separately, Ethereum developers postponed activation of the Glamsterdam update on the Hoodi testnet to further study how EIP-8037 interacts with existing smart contracts. The hard fork had been scheduled for 26 October, and no new date has been set.
The decline is broad-based, with rising coins outnumbering falling coins at roughly 1:7. Uniswap led gainers at +2.5%, while Basic Attention Token was the worst performer at -7.8%. Bitcoin fell below $79.5K on Saturday and retested that level Monday morning. Buyers have so far offset downside momentum, and the market has not encountered a significant volume of stop orders, which has limited sharp moves. Bitcoin has now declined for four consecutive weeks, and a pullback toward $75K, where the 50-week moving average and September's corrective support zone converge, is the most widely discussed scenario.
On flows, US spot Bitcoin ETFs recorded $304.7 million in net inflows for the week, ending two weeks of outflows, though the article notes outflows had run for four consecutive weeks before that and had slowed to $220.6 million in the prior period. Analyst Axel Adler Jr. said sentiment is cooling, and that overheating has subsided without a major sell-off, which he views as a healthier base for further development. According to BlocksBridge Consulting, Bitcoin's seven-day average hash rate exceeded 1 ZH/s (1,000 EH/s) for the first time since early March; CryptoQuant CEO Ki Young Ju characterized the recovery as an indirect bullish signal for BTC. Santiment reported that the number of non-zero-balance wallets reached a new all-time high of 8.24 million.
Regulatory developments also factored into the outlook. JPMorgan has warned of risks to the crypto industry if the CLARITY Act is not passed, and said alternative regulatory solutions may attract institutional participants in the near term but would not provide long-term certainty. Separately, Ethereum developers postponed activation of the Glamsterdam update on the Hoodi testnet to further study how EIP-8037 interacts with existing smart contracts. The hard fork had been scheduled for 26 October, and no new date has been set.
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