The crypto market is up today, with the cryptocurrency market capitalization increasing by 1.3%, now standing at $3.8 trillion. 80 of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $190 billion.
Crypto Winners & Losers
At the time of writing, all top 10 coins per market capitalization have seen their prices increase over the past 24 hours.
Bitcoin (BTC) increased by 1.7% since this time yesterday, currently trading at $109,789.
Ethereum (ETH) is up by 0.3%, meaning that it’s largely unchanged over the past day, now changing hands at $3,875.
The highest rise in the category is 3.2% by Binance Coin (BNB), now trading at $1,103.
It’s followed by BTC, and then Solana (SOL)’s 1.3% to $186.
The smallest adjustment is seen by Tron (TRX). It is currently unchanged, now standing at $0.3225.
Looking at the top 100 coins, 80 are up. Among these, 3 recorded double-digit rises.
ChainOpera AI (COAI) appreciated the most by far: 70.4% to $13.96.
It’s followed by Hyperliquid (HYPE), which increased by 11.8% to $38.81, and Kinetiq Staked HYPE (KHYPE), which rose by 11.6% to $38.97.
On the other hand, Zcash (ZEC) decreased the most: 9.8% to $243.46.
It’s followed by Provenance Blockchain (HASH)’s 6% drop to $0.03614.
Renewed volatility has reentered the digital assets space as the market awaits direction signals, especially as the recent $19 billion wipe-out in leveraged positions turned investors more cautious.
Notably, many traders and investors are now waiting to see the US consumer price index report, which is set to come out on Friday, after initially being set for 15 October. They’re hoping to see any signals that would suggest near-term market direction. The last three CPI releases coincided with local tops, each following a surge in bullish sentiment.
Moreover, investors were waiting for South Korea’s October interest rate decision. On Thursday, the Monetary Policy Board of the Bank of Korea (BOK) kept its benchmark interest rate unchanged.
‘Fading Momentum and Growing Market Fatigue’
According to Glassnode’s latest report, BTC trades below the short-term holders’ cost basis and the 0.85 quantile, which suggests fading momentum and growing market fatigue.
Repeated failures to reclaim the key levels raise the risk of a longer consolidation phase. Therefore, the market may need “a longer consolidation phase to rebuild confidence and absorb the spent supply.”
A Market Hedged in Fear
Bitcoin trading below key cost basis levels signals demand exhaustion. Long-term holders are selling into strength, while rising put demand and higher volatility show a defensive market.
Read the full Week On-Chain below
https://t.co/2aZJU8meBX pic.twitter.com/ze4EowUPwh
— glassnode (@glassnode) October 22, 2025
BTC has gradually moved away from its recent all-time high, stabilizing below the short-term holders’ cost basis of around $113,100. “Historically, this structure often precedes the onset of a mid-term bearish phase, as weaker hands begin to capitulate,” the analysts said.
Furthermore, the report noted that implied volatility remains elevated, and realized volatility has caught up, “ending the calm, low-volatility regime.”
“Both on-chain and options data suggest a cautious, transitional phase. Market recovery is likely to hinge on renewed spot demand and easing volatility.”
Also, the options market shows a “cautious tone” as well. “Despite record-high open interest, positioning leans defensive; put skew remains elevated, volatility sellers are under pressure, and short-term rallies are met with hedging rather than optimism,” says Glassnode.
The report concludes that “together, these signals indicate a market in transition: one where exuberance has waned, structural risk-taking is subdued, and recovery will likely depend on restoring spot demand and mitigating volatility-driven flows.”
Levels & Events to Watch Next
At the time of writing on Thursday morning, BTC trades at $109,789. For much of the day, the coin traded sideways until it fell to the intraday low of $106,786. Quickly, however, it surged to the day’s high of $110,162.
Overall, BTC is down 1.3% in a week, 3.1% in a month, and 12.9% from its all-time high of $126,080 recorded 17 days ago.
The price may now move above $113,500, followed by the $115,000 zone. Alternatively, if the market turns red, BTC may drop below $105,000 and move towards $100,000.
Ethereum is currently changing hands at $3,875. Similar to BTC, ETH moved relatively sideways for the first part of the day before plunging to $3,726. However, it swiftly recovered to the intraday high of $3,889.
Overall, ETH is down 4% in a week, 7.7% in a month, and 21.6% from its all-time high of $4,946 recorded 2 months ago.
ETH could proceed to climb towards the $4,000 level, and potentially to $4,130. But if the market shifts, the price may decrease to $3,600 and further to $3,450.
Meanwhile, the crypto market sentiment has been sitting firmly in the fear zone for a full week. The crypto fear and greed index moved slightly from 29 yesterday to 28 today. It’s approaching the ‘extreme fear’ territory.
The current level signals rising apprehension among traders and investors. This can easily result in heightened volatility and panic selling. That said, it could also present a buying opportunity.
ETFs Go Back To Red
After a single day of inflows, the US BTC spot exchange-traded funds (ETFs) returned to negative flows on Wednesday, with $101.29 million leaving the funds.
Of the 12 ETFs, two recorded inflows, and four saw outflows. At the top of the green list is BlackRock with $73.63 million, followed by Valkyrie’s $2.14 million. The highest outflow is Grayscale’s $56.63 million, but it’s closely followed by Grayscale and Ark&21Shares.
Similarly, after one day of positive flows, the US ETH ETFs recorded $18.77 million in outflows on 22 October.
One of the nine finds saw positive flows, and three saw negative flows. BlackRock took in $110.71 million, while Fidelity and Grayscale saw similar amounts leave, between $33 million and $47 million.
Meanwhile, the 87-year-old global traditional asset management firm T. Rowe Price has filed its first crypto ETF, saying it plans to invest in a “diversified basket of commodity crypto assets.”
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed “semi-shock” over this move. “Did not expect it but I get it,” he wrote. “There’s gonna be land rush for this space too.”
Quick FAQ
- Why did crypto move against stocks today?
The crypto market has increased over the past day, and the stock market saw a drop during work hours on Wednesday. By the closing time on 22 October, the S&P 500 was down by 0.53%, the Nasdaq-100 decreased by 0.99%, and the Dow Jones Industrial Average fell by 0.71%. This happened as U.S.-China trade tensions resumed on Wednesday.
- Is this rally sustainable?
This October is somewhat more volatile than previously expected. Additional drops are possible, but so are the increases. Analysts still expect to see a more significant rally in the near term.
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