Today, the crypto market is showing broad losses. Major coins are down by varying degrees: Bitcoin and Ethereum have lost a few percent, while significant altcoins like Solana and XRP fell even more. What‘s driving this, which signals should you watch, and can October—or “Uptober”—still live up to its reputation?

How Much Did the Biggest Coins Lose?

Over the past 24 hours, the largest coins have suffered notable losses. At the time of writing, prices are roughly as follows:

Bitcoin (BTC): around $108k–$110k, approximately -3.8% to -4.6% 24h.

Ethereum (ETH): around $3,800–$3,900, approximately -4.4% to -4.8% 24h.

BNB (BNB): around $1,085–$1,120, approximately -2% 24h.

Solana (SOL): around $186, with larger losses, approximately -6% to -7% 24h.

XRP (XRP): around $2.4–$2.6, approximately -6% 24h.

It‘s clear that overall market sentiment has turned more negative; large-cap coins are down a few percent, while smaller/hype altcoins often fall more sharply.

The Catalyst: Fed Speech and Changing Interest Rate Expectations

The immediate trigger for the red day is a reassessment of interest rate expectations following comments by Fed Chair Jerome Powell. Powell made it clear that an additional rate cut in December is “definitely off the table,” leaving markets less certain about cheap money—a factor that usually supports risk assets like crypto. This caused a quick correction and profit-taking among winners.

The reason this impacts the market so strongly is that lower rates make saving and bonds less attractive, encouraging investors to take on riskier assets. With that prospect removed, positions are reduced, pushing crypto prices down. Current expectations are that, as long as the Fed remains unclear about further cuts, volatility will remain high. Clear signals of easing could trigger a swift recovery, while ambiguity may prolong the downturn.

‘Sell-the-News‘ & Profit-Taking

Markets had been on a strong run in recent weeks (ETF news, institutional inflows). A classic market effect is now visible: investors are taking profits after positive developments, a scenario known as sell-the-news. Parties that built positions during the rally are now partially reducing them due to increasing macroeconomic uncertainty. Several analysts suspect that traders are adjusting earlier expectations of multiple rate cuts, creating downward pressure.

Analysts currently expect short-term price drops, followed by possible recovery attempts if positive news arrives—such as new ETF inflows or clarity on Fed policy. Prices may remain volatile, but these recovery moments present opportunities for attentive market participants.

Technical Weakness and Accelerated Volatility

On many charts, market momentum is weakening. This often triggers automated trading systems and stop-loss orders, causing faster reactions. The result: during downtrends, prices can move more sharply and swing more widely. Exchange data also shows higher trading volumes and rapid price moves, typical signs of shifting sentiment.

Current expectations are that local support levels, such as previous lows, may be tested. If these levels break, selling pressure could increase. Conversely, recovery may begin once technical indicators stabilize and new capital inflows via spot ETFs resume.

ETF Flows and Institutional Behavior: Why This Still Matters

October saw strong interest in crypto ETFs and institutional products, fueling the earlier rally. Multiple new ETFs were launched, including Solana. As with the broader crypto market, ETF inflows are influenced by key developments, meaning institutional allocations can quickly adjust based on macro news.

ETF activity this past month has been somewhat volatile. After a period of record-breaking inflows and a new all-time high for Bitcoin early in the month, there was a sharp and significant outflow toward month-end. This notable outflow was partly triggered by the Federal Reserve‘s rate moves. Despite this volatility, sentiment for ETFs remains strong, and current expectations are that ETF flows will continue.

Uptober: Will October Live Up to Its Reputation?

“Uptober” is an annual phenomenon, named because historically October has often been strong for crypto. This year, we saw significant price increases and ETF-driven momentum early in the month. However, the entire month cannot stay green, as recent weeks have shown. News events, such as Fed rate moves or political statements, can heavily influence markets.

Despite a strong start to October, with prices reaching toward $125,000, a period of volatility and uncertainty at month-end has left Bitcoin appearing to close the month in the red. Bitcoin is currently down 0.98% compared to 30 days ago. The market remains highly volatile, and sentiment can shift at any moment.

Conclusion: Multiple Factors Drive Sentiment

Today‘s red crypto market is no mystery: a mix of changed interest rate expectations (Powell), profit-taking after a strong rally, and technical vulnerabilities have impacted prices. Uptober may still live up to its reputation, but this depends on macro policy and whether institutional inflows continue.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a professional advisor before investing.