The global crypto market slipped by 1.0% over the past 24 hours, bringing total market capitalisation to $3.74 trillion, according to CoinMarketCap data. Trading activity has also cooled, with 24-hour volumes falling to $238 billion, suggesting a mild slowdown in investor participation following recent volatility.
Eight of the ten largest cryptocurrencies by market capitalisation were trading lower on Wednesday, highlighting persistent weakness across leading assets. Bitcoin (BTC) fell 0.8% to $107,735, with its market cap now standing at $2.14 trillion. Ethereum (ETH) dropped 1.5% to $3,831, while Binance Coin (BNB) slipped 0.9% to $1,068.
Among altcoins, Solana (SOL) declined 0.7% to $184.92 and XRP lost 1.4%, changing hands at $2.40. The only notable gainer among the majors was Lido Staked Ether (stETH), up 1.0% to $3,828, demonstrating resilience amid the broader market downturn.
Further down the leaderboard, Dogecoin (DOGE) shed 1.9% to $0.1909 and Cardano (ADA) declined 1.5% to $0.6358, mirroring the cautious tone across the digital asset market.
Winners and Whales: Bright Spots in a Red Market
Despite the market-wide correction, a handful of tokens managed to outperform. MonbaseCoin (MON) topped the gainers’ list with a 5.6% rise, followed by EVAA Protocol (+4.0%) and GeorgePlaysClashRoyale (+40.2%), reflecting niche investor interest in smaller-cap assets.
In the day’s notable on-chain activity, early Bitcoin whale Owen Gunden transferred 364 BTC, worth roughly $40.25 million to Kraken. While large transfers to exchanges often spark speculation about potential sell-offs, Gunden still holds a staggering 10,959 BTC, valued at approximately $1.19 billion, underscoring his long-term confidence in the asset.
Macro Headwinds: US–India Trade Deal Looms Large
Beyond the charts, macroeconomic developments are also shaping sentiment. Reports suggest that the United States and India are nearing a landmark trade agreement that could reshape global capital flows.
The deal, expected to be finalised during the ASEAN Summit (October 26–28), would see the US cut tariffs on Indian exports from around 50% to 15%, while India would gradually curb Russian oil imports and open its agricultural markets to US products.
Analysts suggest the move could accelerate supply chain realignment in Asia, potentially positioning India as a manufacturing alternative to China. However, for crypto markets, the near-term reaction may lean bearish.
According to Bitunix analysts, confirmation of the deal could trigger global capital repricing and temporarily dampen risk appetite, as investors rebalance portfolios toward traditional assets. Still, they note that longer-term de-dollarisation trends and the rise of regional settlement systems could bolster structural demand for digital assets in the years ahead.
Technical Picture: Bitcoin and Ethereum at Key Levels
At the time of writing, Bitcoin trades at $108,137, marking a slight intraday decline of 0.22%. The asset briefly touched an intraday low near $107,500 after failing to hold above the $109,000 level earlier in the session.
Market data from CoinGlass shows dense liquidation zones near $111,000, with immediate support around $106,600. Analysts suggest that a break above $110,000 could open the door to $112,800–$115,000, where stronger resistance is expected. Conversely, a drop below $107,000 may expose $105,000, with deeper downside risk toward $102,000 if selling pressure intensifies.
Meanwhile, Ethereum continues to trade within a wide consolidation range between $3,750 and $4,250. Currently at $3,849, ETH is down 0.64% over 24 hours. A breakout above $3,950 could pave the way to $4,150 and $4,400, while a breakdown below $3,800 risks a slide toward $3,650 or even $3,500.
Market Sentiment: Fear Creeps Back In
Investor sentiment remains fragile. The Crypto Fear and Greed Index has slipped to 29, signalling deep fear among market participants. The index has steadily declined from 33 yesterday and 37 last week, marking one of the lowest readings since early 2025.
This reflects rising caution following Bitcoin’s pullback below $110,000 and suggests that traders are adopting a more defensive stance amid uncertain macroeconomic conditions. Compared to last month’s neutral reading of 47, the sentiment shift is pronounced, highlighting the impact of profit-taking and volatility on market confidence.
Institutional Flows: ETF Inflows Offer a Silver Lining
Despite short-term market jitters, institutional demand remains resilient. US spot Bitcoin ETFs recorded a net inflow of $477.19 million on October 21, according to SoSoValue data.
BlackRock’s iShares Bitcoin Trust (IBIT) led the day with $210.9 million in inflows, followed by Ark 21Shares (ARKB) at $162.85 million and Fidelity’s FBTC with $34.15 million. Other funds, including Bitwise (BITB) and VanEck’s HODL, also saw positive flows.
Meanwhile, spot Ethereum ETFs registered $141.66 million in total inflows on the same day, with Fidelity’s FETH ($59.07 million) and BlackRock’s ETHA ($42.46 million) leading the charge. The renewed inflows mark a rebound in institutional interest after weeks of muted activity.
In a sign of ongoing adoption, century-old US retail chain Bealls has announced that it will accept cryptocurrency payments across its 660 stores in 22 states through a partnership with Flexa. The move signals a growing push among traditional retailers to embrace digital payments, despite current market volatility.
Outlook: Short-Term Pressure, Long-Term Promise
With sentiment subdued and macro uncertainty rising, crypto markets appear set for further consolidation in the short term. However, institutional inflows, rising real-world adoption and ongoing developments in global trade and finance continue to underpin the longer-term bullish narrative for digital assets.
As traders await clarity on the US–India trade deal and potential macro shifts, Bitcoin’s ability to hold support above $107,000 could prove pivotal in determining whether the next move is another dip or the start of the next leg higher.
