Why Is Crypto Down Today? – October 6, 2025

The crypto market is down today, with the cryptocurrency market capitalization falling by 0.9%, now standing at $4.33 trillion. Fewer than 10 of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $193 billion.

At the time of writing, 9 of the top 10 coins per market capitalization have decreased over the past 24 hours.

Bitcoin (BTC) dropped 1.1%, currently trading at $123,375.

Ethereum (ETH) is down by 1.2%, now changing hands at $4,535.

Dogecoin (DOGE) recorded the highest drop of 3.4% to the price of $0.255.

It’s followed by XRP (XRP)’s 2.9%, now standing at $2.97.

The only green coin in this category is Binance Coin (BNB), having appreciated 2% to $1,200.

Looking at the top 100 coins, we find that eight are up, the highest of which is Provenance Blockchain (HASH), with 13.4% to $0.03745. It’s the only one with a double-digit rise.

Of the red coins, the highest drops are Pump-fun (PUMP) and Ethena (ENA), which dropped by 9.4% and 8.5% to $0.006455 and $0.5751.

Meanwhile, the “debasement trade” has gained traction amid growing national debts and political instability. This has prompted a retreat from fiat assets and into other assets, including crypto. Bitcoin’s surge past $125,000 and gold’s new highs highlight mounting demand for hard assets.

Gold's price increase signals a weakening of the dollar. I believe Bitcoin forecasts based on the dollar will underestimate Bitcoin's future price. This is not the prettiest chart, it looks like it was drawn with a shaky hand, but it shows what would happen if Bitcoin's "value"… pic.twitter.com/tYozBwoafa

John Glover, Chief Investment Officer of Ledn, argued that, once BTC sets the new high above $125,000, we can expect $145,000 “sometime around the end of year/early next year.”

That said, Glover expects to see the emergence of a bear market next year, “which will take us lower. The depth of this sell off is TBD.”

According to Kyle Chassé, Founder of MV Global, BTC’s ATH is “driven from the top down. Spot ETF flows are vacuuming up supply every day-that’s the clearest sign Wall Street is here. ‘Uptober’ helps, and the market is shrugging off the [US] shutdown headlines and political noise because bitcoin is the neutral, non‑sovereign asset people use as insurance against policy risk and fiat debasement.”

Chassé agreed that $145,000 by year‑end is “very doable,” particularly if ETF inflows continue “anywhere near current run‑rates.”

“Volatility will pop up, but the base case for this bull cycle is solid,” Chassé concludes.

Moreover, David Siemer, CEO and Co-Founder of Wave Digital Assets, commented that BTC’s ATH is a reflection of “factors driving demand higher.” Catalysts include ETF inflows and the US Federal Reserve’s rate cuts.

“Add to macro uncertainty surrounding the U.S. government shutdown, and you’ve got an environment where even modest demand creates outsized moves,” says Siemer.

At the time of writing on Monday morning, BTC trades at $123,375. It hit its latest all-time high of $125,506 on 5 October, falling 1.5% since. Its lowest point today was $122,538.

Overall, BTC is up 10.5% in a week and 11.6% in a month.

Should Bitcoin maintain the price above $121,000, it could move to break $128,000. After this, the $130,000 level would come into sight. That said, the coin may move below $120,000 again.

Ethereum is currently trading at $4,535. Its intraday high was $4,593, after which the coin plunged to the low of $4,481. However, it quickly recuperated to the current level.

Overall, ETH is 10.7% in a week and 5.8% in a month, slightly outperforming BTC in the former timeframe.

The coin could now move above the $4,600 mark and into the $4,660 zone. Conversely, should the market continue to go down, ETH could retreat to the $4,400 level or lower.

Meanwhile, the crypto market sentiment has increased again within the neutral zone. The crypto fear and greed index jumped from 42 on the first day of this month to 59 today.

Notably, this is the highest value seen in 30 days. The previous day that recorded this value was 15 August.

Moreover, the US BTC spot exchange-traded funds (ETFs) recorded massive inflows on Friday, with $985.08 million. The cumulative net inflow has surpassed $60 billion and now stands at $60.05 billion.

Of the 12 ETFs, half saw inflows, and there were no outflows. BlackRock is at the top of this list again, taking a giant chunk of the day’s total, with $791.55 million. The next one is Fidelity with $69.58 million.

Notably, US spot Bitcoin ETFs drew in $3.24 billion last week, marking the second-largest week of inflows since launching in January 2024.

The US ETH ETFs also recorded inflows of $233.55 million on 3 October for the fifth day in a row. The cumulative total net inflow is now at $14.42 billion.

Four of the nine finds saw positive flows, and none noted negative flows. BlackRock leads this list with $206.71 million in inflows, followed by Grayscale’s $17.88 billion.

Meanwhile, the Morgan Stanley Global Investment Committee (GIC) has advised clients to allocate a small portion of their portfolios to cryptocurrency. They’ve recommended between 2% and 4% depending on risk appetite: from wealth conservation at 0% to opportunistic growth at a maximum of 4%.

This is huge.

New Special Report from Morgan Stanley GIC:

"we aim to support our Financial Advisors and clients, who may flexibly allocate to cryptocurrency as part of their multiasset portfolios."

GIC guides 16,000 advisors managing $2 trillion in savings and wealth for… pic.twitter.com/RBWFxlRNkS

1. Why did crypto move against stocks today?

The crypto market has decreased over the past day, and major stock indexes saw a mixed picture on Friday following new all-time highs. By the closing time on 3 October, the S&P 500 was up by 0.0066%, the Nasdaq-100 decreased by 0.43%, and the Dow Jones Industrial Average rose 0.51%. Notably, the US government shutdown will delay the release of economic data, including the jobs report.

2. Is this dip sustainable?

Pullbacks after a rally are expected, and consolidations are often healthy, helping form the base for the next leg up. Analysts don’t think we’ll be seeing a bear market just yet.

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