Bitcoin steadied above $120,000 on Friday Oct. 10 as the broader crypto market retraced slightly, reflecting cautious sentiment ahead of key catalysts later this month.
- Crypto prices today faced are under pressure, with the total crypto market slipping 0.9%.
- Spot Bitcoin ETFs marked their 7th straight day of inflows, while Ethereum ETFs saw minor outflows.
- Analysts say the dollar’s rebound and upcoming October events could drive near-term volatility.
The global crypto market cap fell 0.9% to $4.24 trillion, with trading volume exceeding $202 billion in the past 24 hours. Bitcoin dropped 0.8% to $121,159, while Ethereum slid 2.1% to $4,321. BNB and XRP declined 0.7% and 1.1%, respectively, and Solana fell 2.4%.
According to CoinGlass data, open interest in crypto futures rose 0.25% to $220 billion, while total liquidations hit $548 million. The Crypto Fear & Greed Index fell six points to 64 but remains in the “greed” zone, indicating traders are still relatively optimistic despite the pullback.
ETF flows show mixed momentum
Data from SoSoValue showed U.S. spot Bitcoin exchange-traded funds recorded $197.6 million in net inflows on Oct. 9, marking their seventh straight day of positive flows. However, inflow volumes have cooled after peaking at $1.19 billion on Oct. 6, their second-largest single-day inflow on record.
Meanwhile, after eight days of straight inflows, U.S. spot Ethereum ETFs saw net outflows of $8.54 million. The contrasting flow patterns have fueled speculation that institutional traders are rotating capital back into Bitcoin ahead of major macro events this month.
Adding to the uncertainty, Bitcoin options worth $4.7 billion are set to expire at 8:00 a.m. UTC on Oct. 10, with a max pain price of $118,000 and a put/call ratio of 1.10, indicating slightly bearish positioning.
Ethereum options worth $940 million will also expire the same day, with a max pain level near $4,400. Analysts say these expiries could trigger short-term volatility as traders rebalance positions.
Dollar rebound pressures crypto
Real Vision analyst Jamie Coutts noted in an Oct. 10 X post that Bitcoin’s pullback “isn’t mysterious — it’s macro.” According to Coutts, the U.S. dollar index is rebounding toward the 100–101 zone after one of its sharpest declines in decades, tightening global liquidity and putting pressure on risk assets.
“The real question,” Coutts wrote, “is whether this marks the start of a new dollar cycle or just the setup for the next leg lower.” He maintained that liquidity tailwinds and an improving business cycle could keep risk assets, including crypto, bullish into mid-2026.
Uptober’s potential catalysts ahead
Despite the dip, analysts remain optimistic about “Uptober”, a historically strong month for digital assets. Key catalysts include the U.S. consumer price index report on Oct. 15, the Securities and Exchange Commission decision on Solana’s spot ETF on Oct. 16, and the Federal Reserve meeting on Oct. 30, where a 25-basis-point rate cut could spark a broad rally.
If Bitcoin holds above $120,000 and Ethereum stabilizes near $4,500, traders anticipate a rebound toward $125,000 or higher before the month’s end. For now, many view this downturn as a healthy pause, not the end of Uptober’s bullish setup.
