The crypto market dipped on Thursday after a few days of cautious drifting, as better-than-expected U.S. growth and unemployment numbers reduced the odds of further interest rate cuts from the Federal Reserve.
According to data from The Defiant’s price page, Bitcoin (BTC) is trading at $110,300, down 3% on the day, while Ethereum (ETH) is down 6.5% at $3,910, pushing its weekly decline to 15%.
Among the top 10 altcoins by market capitalization, Solana is down the most, with an 8% decline to $197. XRP is down 6% at $2.78, and BNB slipped 5% to $968.
Nearly all of the Top 100 digital assets by market capitalization are deep in the red, with Story (IP) being the biggest loser of the day, down 28% at $8.73.
Glassnode analysts explained in a Thursday X post that Bitcoin’s accumulation trend score has softened, with muted conviction from large cohorts despite elevated prices, which means that the market is “vulnerable to supply overhang unless demand re-intensifies.”
On top of that, the analysts noted that BTC has slipped below the 0.95 cost basis quantile, a key risk band that often marks profit-taking zones.
“Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105k–$90k,” Glassnode said in another X post.
Analysts at QCP Capital wrote in a Thursday research note that the crypto market will likely perform better in Q4, which is historically a “more constructive period,” adding that markets are “pricing in two further rate cuts of 25 bps in October and December.”
Liquidations, ETFs, and Macro
In the past 24 hours, more than $800 million in leveraged positions were liquidated, almost triple the amount recorded on Wednesday, according to CoinGlass. ETH led the wipeout with over $330 million liquidated, followed by BTC at $145 million and other altcoins totaling more than $73 million.
Spot ETH ETFs saw outflows for a third straight day, with $79.3 million leaving on Sept. 24, according to SoSoValue. However, spot Bitcoin ETFs moved in the opposite direction, attracting more than $241 million in inflows.
On the macroeconomic front, the United States Bureau of Economic Analysis' third estimate for Q2 gross domestic product was revised up to 3.8%, showing stronger growth than previously reported.
At the same time, the U.S. economy is showing signs of slowing, with hiring cooling even as weekly jobless claims fell to 218,000, and surveys from S&P Global pointing to weaker activity in both manufacturing and services, Reuters reported, noting that economists it polled had forecast 235,000 claims for the latest week.
