Here’s a quick recap of the crypto landscape for Friday (October 10) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news
Bitcoin (BTC) was priced at US$121,578, down by 1.6 percent in 24 hours. The cryptocurrency’s lowest valuation of the day was US$119,967, and its highest was US$123,548.
Bitcoin may be trading near record highs, but one of its most respected on-chain indicators suggests the rally could still have significant room to run possibly as far as US$180,000.
The Mayer Multiple, a long-term metric that compares Bitcoin’s current price to its 200-week moving average, remains well below levels that have historically marked market tops.
“Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” crypto analyst Frank Fetter wrote on X (formerly Twitter). According to Fetter, Bitcoin would need to climb to around US$180,000 before the indicator flashes “overbought” conditions, implying that the current cycle could still have room to expand.
The indicator’s historical context adds weight to that view. During Bitcoin’s 2017 and 2021 peaks, the Mayer Multiple surged well above 2.4, signaling excessive market exuberance before major corrections followed.
This time, the pattern looks different. The Multiple’s highest level in the current cycle — 1.84 in March 2024, when Bitcoin neared US$72,000 — never approached prior extremes, according to Glassnode data. Analysts see this moderation as a sign of a more sustainable advance.
Despite these encouraging on-chain signals, not everyone is convinced the path higher will be smooth. Short-term traders remain divided on whether Bitcoin can maintain momentum into the final quarter of the year.
Trader Tony “The Bull” Severino argued that Bitcoin may be entering a decisive 100-day window. Writing on X, Severino pointed to the Bollinger Bands indicator on Bitcoin’s weekly chart, which has tightened to levels not seen before. He noted that Bitcoin’s recent inability to hold above US$126,000, after briefly testing the upper band, could signal a short-term pullback before any sustained breakout.
Ether (ETH) also slid after last week’s rally, but has since recovered some of its losses. It was up by 0.7 percent over 24 hours to US$4,365.58. Ether’s lowest valuation on Friday was US$4,285.77, and its highest was US$4,401.99.
The crypto derivatives market saw heavy liquidations over the past 24 hours, totaling roughly US$674 million, according to Coinglass data. Long positions accounted for US$505 million of that amount, while short positions made up US$169 million, marking one of October’s sharpest liquidation waves.
Among major assets, Bitcoin long liquidations reached US$116 million, compared to US$68.22 million in shorts, indicating that overleveraged bullish traders bore the brunt of the latest downturn. Ether long positions were liquidated for US$146 million, against US$34.54 million in shorts, reflecting a similar shakeout of optimistic bets amid heightened volatility.
Despite the sell-off, futures open interest for Bitcoin rose 0.23 percent in the last four hours to US$90.19 billion, suggesting that traders are gradually re-entering positions or maintaining leverage at elevated levels.
Ether futures open interest also ticked up 0.22 percent to US$59.53 billion, showing that market participants remain engaged even after widespread liquidations.
Bitcoin’s relative strength index (RSI) at 72.15 indicates that the asset remains in overbought territory, potentially signaling near-term price swings or corrective moves. Still, the market’s resilience near the US$120,000 level points to continued speculative interest.
Major altcoins faced losses Friday as traders took profits from Bitcoin’s record-breaking rally, even as spot ETF demand remained strong.
Bitcoin briefly dipped to around US$120,000 overnight before stabilizing near US$122,000, while Ether erased its weekly gains with a 2.4 percent drop.
Solana, XRP, Dogecoin, and Cardano each slid up to 3 percent, according to CoinDesk data. Despite the retreat, US-listed Bitcoin ETFs drew US$2.72 billion in inflows this week, highlighting resilient institutional appetite.
The ETF surge underscores Bitcoin’s growing role as a “digital safe-haven,” especially as gold surged above Us$4,000 an ounce. However, a possible pullback to the US$107,000-US$115,000 range could be imminent ahead of the Federal Reserve’s October 29 policy meeting.
The European Commission said Friday that existing crypto regulations under MiCA are adequate to handle stablecoin risks, pushing back on calls from the European Central Bank for stricter oversight.
According to a Reuters report, the ECB had urged Brussels to introduce new safeguards against “multi-issuance” models, where stablecoins minted outside the EU could be treated as interchangeable with those issued within.
Industry groups, including members like Circle, asked the Commission to formally clarify that multi-issuance is allowed under current rules.
In a statement to Reuters, the Commission said MiCA already provides a “robust and proportionate framework” and that further guidance will be published soon.
The ECB’s main concern is that redemptions from non-EU tokens could drain reserves inside the bloc, posing systemic risks. Stablecoin issuers countered that their reserve structures already mitigate such threats.
US spot Bitcoin ETFs posted another strong day Tuesday, with US$197.8 million in net inflows, reinforcing Bitcoin’s dominance as institutional investors rotated away from Ethereum products.
Data from SoSoValue showed total Bitcoin ETF assets climbing to US$164.79 billion, representing nearly 7 percent of Bitcoin’s market cap.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led inflows with US$255 million, extending its lead over rivals as total assets surpassed $97 billion. Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) and Grayscale Bitcoin Trust (NYSEARCA:GBTC) saw outflows of US$13 million and US$45 million, respectively.
The renewed demand follows a surge of US$1.19 billion in inflows earlier this week, the highest since July, with BlackRock again accounting for the majority.
Bitcoin has gained over 10 percent in October, peaking at US$126,080 before easing to $121,000. Meanwhile, Ethereum ETFs snapped their eight-day inflow streak with US$8.7 million in withdrawals, reflecting a temporary pause after a strong start to the month.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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