Bitcoin and Ethereum recovered part of their losses on Friday after a sharp selloff sent crypto majors lower and wiped out almost $1 billion in leveraged long positions over 24 hours. Bitcoin had fallen below $81,000, while Ethereum approached $2,400, before both returned closer to $82,700 and $2,500 respectively.
Selloff hits major cryptocurrencies
The decline spread across the largest digital assets. Bitcoin was down about 1% at $82,700, Ethereum had fallen 3% to $2,495 and Solana was down 5% at $110 in the market snapshot reported by Decrypt. Hyperliquid fell 2% to $86, while Zcash was little changed at $1,230 after suffering a significant drop during the previous session.
Losses were more severe across parts of the wider market. Zcash fell 11% in a day at one point, NEAR dropped 16% and Pump.fun declined 11%. Dogecoin and Chainlink were both down by double digits over the week. Meme-focused tokens also weakened, including Dogecoin, Shiba Inu, PEPE, PENGU, TRUMP, SPX and BONK.
The move put pressure on traders holding bullish leveraged positions. Almost $1 billion in crypto longs were liquidated over the previous 24 hours, with Ethereum positions taking the largest hit. A liquidation occurs when an exchange closes a leveraged trade because losses have eroded the trader’s collateral. Such forced selling can accelerate a market decline when prices are already falling.
The market later showed signs of stabilisation. Bitcoin moved back above $82,000, Ethereum approached $2,500 and Zcash turned positive on the day. The rebound followed Thursday’s sharp decline, although the supplied market figures still showed the major assets below their recent levels.
ETF withdrawals turn October negative
Investor flows into spot cryptocurrency exchange-traded funds added to the pressure. US spot Bitcoin ETFs recorded $484.9 million in outflows on Wednesday, their weakest day since the spring, followed by another $244 million withdrawn on Thursday. The latest outflow left October with a net negative flow of about $400 million.
Ethereum ETFs also continued to lose money. The products recorded $72 million in outflows on Thursday, extending their losing streak to eight sessions and bringing withdrawals over that period to $640 million.
ETF flows are closely watched because they provide a regulated route for investors to gain exposure to crypto prices. Persistent outflows can signal weaker demand from that channel, while a market rising without substantial new inflows may be more vulnerable to a reversal. Decrypt reported that prices had risen the previous week even as inflows slowed to almost nothing.
Several developments added to the market’s uncertainty. Tom Lee said Bitmine would stop buying Ethereum once it owns 5% of the cryptocurrency’s supply, with the company roughly 100,000 coins short of that level. Funding rates for Ethereum also turned negative during the week for the first time in months, indicating that traders betting on a decline had become more numerous than those positioned for a rise.
Oil also rose following attacks on Iranian tankers, putting additional pressure on risk-sensitive assets. Against that backdrop, an Ethereum researcher urged the market to prepare for “Bunker Mode,” a phrase reflecting a more defensive stance.
Projects and market developments
Despite the selloff, the broader crypto investment narrative described in the report remained intact, including institutional participation, tokenisation, the use of blockchain by artificial-intelligence agents and demand for assets seen as protection against currency debasement. The rebound therefore came as a correction rather than a confirmed collapse, although the source material offered no assurance about the market’s next direction.
Other developments continued across the sector:
- Pump.fun launched Custom Pairs, allowing any token created on its platform to be paired with another token. Purchases of the new token then route through the original one first.
- Citrini Research published a crypto basket based on the possibility that AI agents will move money onchain. Derive, Lighter and Ether.fi each represented 10% of the basket, followed by Aave and Ethena at 9% each, Solana at 8%, and Hyperliquid and Aerodrome at 7% each.
- Securitize launched tokenised versions of 12 major US stocks on Solana, including Apple, Nvidia, Tesla, Amazon and Microsoft.
- Solana exchange Orca and lender Loopscale merged into a New York company called Formation, which plans to focus on AI, energy, robotics and defence and to operate a tokenised stock venue under new SEC rules.
A government wallet also moved $1.01 billion in Bitcoin seized in the Bitfinex hack to a new unlabeled address. No exchange deposit followed, and a 2025 executive order bars the sale of coins held in the strategic reserve. Separately, a wallet containing 100 Bitcoin mined in July 2010 moved the coins for the first time in 16 years. The Bitcoin was worth about $29 when mined and about $8.3 million when transferred; the transaction fee was $1.22.
Moneyiar market picture
Moneyiar data recorded at 11:48-11:49 on October 11, 2026, showed mixed performance among the tracked assets. JUST (JST) was priced at $0.1361999102, down 1.09% over 24 hours and 2.53% over seven days. Nexus (NEX) traded at $0.0000008113, up 2.28% in 24 hours but down 1.24% over seven days.
ECOMI (OMI) stood at $0.0002963872, gaining 3.28% in 24 hours while losing 6.77% over the week. Ore (ORE) was priced at $107.8025732812, up 2.09% over 24 hours but down 11.04% over seven days.
