Cryptocurrency markets remain largely steady around a total valuation of $4.24 trillion as investors increasingly anticipate the ongoing U.S. government shutdown extending into November. On October 10, major digital assets are showing subdued price movements, with the majority of top cryptocurrencies posting modest weekly declines.
Bitcoin (BTC) is trading flat both daily and weekly, holding slightly above $121,000 after retreating from its recent peak above $126,000. Despite this pullback, Bitcoin futures open interest remains elevated, a sign of heightened trader activity on both long and short positions. According to analytics provider Glassnode, the market is currently experiencing a leverage reset as volatility removes excess exposure from both sides.
Ethereum (ETH) also shows minimal movement today, maintaining a price above $4,300 but down around 3.2% over the past seven days. Among other major cryptocurrencies, Dogecoin (DOGE) stands out with a 1.6% gain on the day. Solana (SOL), XRP, and Binance Coin (BNB) have posted small increases near 0.5% within the last 24 hours, with Binance Coin notably up 10% on the week, outperforming its peers.
Other top 20 digital assets have generally seen losses ranging from 2% to 8% over the week. Within the broader top 100 cryptocurrencies, Zcash (ZEC) has surged for a third consecutive day, rising nearly 30% in a single session amid heightened interest in privacy-focused tokens. Similarly, Bittensor’s (TAO) AI-centric blockchain asset climbed 21% today.
On the downside, Mantle (MNT) suffered the largest decline among the top 100, losing over 14% after recently hitting a new all-time high. It is followed by Aster (ASTER) with a 6.2% drop as price momentum cools following a heavily hyped token generation event last month.
Trading activity remains brisk, with more than $351 million in leveraged crypto positions liquidated within 24 hours, including approximately $214 million in long positions. Bitcoin accounts for over $110 million of these liquidations, while Ethereum liquidations total near $62.6 million, according to data from Coinglass.
Institutional interest in Bitcoin remains resilient. Spot Bitcoin ETFs recorded net inflows exceeding $197 million on Thursday, continuing several consecutive weeks of positive inflows. Glassnode notes that these steady purchases contribute to market stability amid active volatility in derivatives trading. Meanwhile, spot Ethereum ETFs saw a reversal, experiencing over $8 million in net outflows—the first since late September.
In traditional financial markets, U.S. stock futures inched higher on Friday following a mild dip earlier in the week. Traders appeared to buy the dip ahead of a key consumer sentiment report and the start of the earnings season next week. Federal Reserve Chair Jerome Powell offered no new direction on interest rate policy during a recent speech, leaving markets cautiously positioned.
Market sentiment on the U.S. government shutdown is leaning towards an extended impasse, with participants on Polymarket betting heavily that the shutdown will persist until mid-October or beyond, adding further uncertainty to the macroeconomic backdrop.
