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Bitcoin fell back toward $81,000 after recovering toward $84,000 earlier in the week, according to data from Bitunix covering the period from October 17 to 23. The cryptocurrency had previously slipped below $80,000, creating a volatile range that has characterized the asset’s performance throughout October.
While Bitcoin’s weekly decline was limited to 0.71%, the broader digital asset market experienced significant losses. Bitunix’s Token Pulse report indicated that approximately 80% of the 300 largest tokens tracked by the exchange lost value during the same period. The median weekly return for these tokens was -3.98%, a figure that contrasts sharply with Bitcoin’s relative stability.
Token Performance and ETF Flows
Several major altcoins underperformed the market median. Cardano, NEAR, and SUI each lost more than 5% of their value. Starknet’s native token, STRK, recorded the most significant drop, plunging 39.2% during the reporting window. These declines suggest that the recovery seen in Bitcoin has not yet extended to the wider cryptocurrency sector.
Institutional flows through US spot Bitcoin ETFs also displayed high volatility. The funds attracted $526.7 million in inflows on October 19 and $524.8 million on October 21. However, this trend reversed on October 22, when $635.6 million flowed out of the ETFs. This shift resulted in a net flow swing of $1.16 billion between consecutive trading sessions.
Macro Factors and Upcoming Data
Market movements were influenced by shifting expectations regarding US interest rates. Early-week comments highlighting labor-market weakness fueled hopes for additional Federal Reserve rate cuts, which initially supported Bitcoin’s price. Subsequently, stronger economic data challenged the outlook for rapid easing, contributing to the asset’s decline.
Pressure on risk assets extended beyond the crypto sector. In Bitunix’s weekly stock-contract review, Intel shares fell 10.52% and Micron declined 8.05%. The Nasdaq index lost 2.6% on October 22 as investors reassessed the costs associated with the artificial intelligence boom. Bitcoin fell alongside these technology shares as risk appetite decreased.
Energy markets also played a role in the macro outlook. Brent crude oil gained 6.8% during the reporting period amid escalating tensions in the Middle East. Higher energy prices could keep inflation elevated, potentially complicating the case for interest-rate reductions.
Among the few cryptocurrencies that gained value, Lighter’s LIT token rose 12.19% over seven days, supported by increased platform activity and plans to seek US derivatives registrations. Despite this weekly gain, the token dropped more than 11% in the final 24 hours of the period.
The Federal Reserve is scheduled to meet on October 27 and 28. The September core Personal Consumption Expenditures (PCE) inflation report is set for release on October 29. Annual core PCE inflation stood at 3.0% in August, remaining above the Federal Reserve’s 2% target. Buyers have shown willingness to enter positions near $80,000, but the recent reversals indicate that they have not yet established control over the market direction.
Frequently Asked Questions
What percentage of top crypto tokens lost value in early October?
According to Bitunix’s October 17–23 Token Pulse report, roughly 80% of the 300 largest tokens tracked lost value during that period.
When is the next Federal Reserve meeting?
The Federal Reserve is scheduled to meet on October 27 and 28, followed by the release of the September core PCE inflation report on October 29.
