Major cryptocurrencies were stable on Thursday, Oct. 21, showing signs of a wait-and-see approach as traders positioned ahead of a key U.S. inflation report.
Summary
- Crypto prices today trade sideways ahead of U.S. CPI release.
- Fear & Greed Index improves to 27 as liquidations fall 30%.
- ETF outflows suggest near-term caution among institutions.
At press time, the global crypto market cap was at $3.75 trillion, down 0.2% in the past 24 hours. Bitcoin traded near $108,720, up 0.1%, while Ethereum slipped 1.1% to $3,839. BNB rose 0.9% to $1,086, and Solana eased 0.8% to $184.
After a wild start to the week, the Crypto Fear & Greed Index increased to 27, moving from “Extreme Fear” to “Fear,” indicating that the market is starting to stabilize. According to CoinGlass data, there has been $499 million in liquidations over the last 24 hours, down 30% from the previous day
There was also a cooling in speculative activity as open interest on major exchanges dropped 0.57% to $148 billion. The average crypto market relative strength index is at 43, indicating neutral momentum.
Traders eye U.S. CPI data for direction
Traders are largely in a holding pattern ahead of the U.S. Consumer Price Index release scheduled for Oct. 24 at 8:30 a.m. ET, a key indicator shaping Federal Reserve policy.
Postponed because of the government shutdown on Oct. 1, the report will establish the 2026 Social Security cost-of-living adjustment and has the potential to significantly impact market sentiment.
The headline CPI is expected to increase by 0.4% month over month and 3.1% year over year for September, according to forecasts from FactSet and Bloomberg. The core inflation is forecasted to remain stable at 3.1%.
Crypto’s correlation with equities remains high, about 0.85 with the Nasdaq, meaning a hotter inflation print could pressure Bitcoin toward $104,000–$105,000, while a softer result could trigger a relief rally toward $110,000.
ETF outflows add cautious tone
Spot Bitcoin exchange-traded funds logged $101.29 million in net outflows on Oct. 22, as per SoSoValue data, reversing Tuesday’s brief inflow streak. Ethereum ETFs also saw $18.77 million in net outflows, as inflows into BlackRock’s ETHA product were offset by redemptions from Fidelity and Grayscale funds.
A bearish tilt is usually indicated by ETF outflows, which reflect short-term profit-taking and a decline in institutional demand. When coupled with decreased open interest, it indicates that traders are holding off on re-entering risky positions until macro clarity is obtained.
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