Bitcoin reclaims $82,500 as improved ETF flows lift market sentiment. Here is what experts say
Over the past 24 hours, Bitcoin gained 0.3%, while Ethereum fell 0.2% to around $2,492. Among major altcoins, BNB, XRP, Dogecoin and Cardano rose by up to 5.5%, while Solana, Tron and Hyperliquid declined by up to 1.7%.
Also Read |Quant Small Cap Fund exits ICICI Bank and 5 others, reduce stake in Zydus Wellness and 5 more in SeptemberThe global crypto market capitalisation was up 0.9% to $2.89 trillion, according to the data on CoinMarketCap.
Piyush Walke, Derivatives Research Analyst, Delta Exchange, said that as long as BTC holds above the 78,000-79,000 range, institutional investors are likely to remain in profit, limiting selling pressure.
Walke further said that Improved ETF flows also helped lift market sentiment. Meanwhile, tensions between the United States and Iran, including US military movements and ongoing negotiations, have added to market uncertainty and kept investors cautious.
Over the last week, Bitcoin was down 2.2%, and Ethereum was down 7%. Among the major altcoins, BNB, Tron, Dogecoin, and Hyperliquid corrected up to 8%, whereas Cardano was up 3.4%.Nischal Shetty, Founder, WazirX said the crypto market moved from consolidation to a sharper pullback during October 6–9, as institutional outflows, geopolitical tensions involving Iran and concerns about AI-enabled security threats weighed on sentiment.
“Bitcoin declined from approximately $85,514 in the October 6 update to $80,449 in the latest snapshot, a fall of around 5.9% across the supplied period. Ethereum fell from $2,704 to approximately $2,478, declining 8.4%.”
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Shetty further said that sentiment weakened, with the Fear and Greed Index falling from 60 to 55, moving from greed to neutral. Derivatives data showed substantial pressure: the latest 24-hour snapshot recorded $1.02 billion in liquidations across 164,899 traders.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
