Cryptocurrency markets cooled significantly this Friday, with Ethereum price hovering near $3,940 and Bitcoin trading around $109,000, as investors braced for a pivotal $22 billion options expiry. The broad sell-off, which also pushed XRP to $2.71, is widely seen as an orderly reset, flushing out excess leverage from the system ahead of key U.S. inflation data
The tape, right now
- Bitcoin (BTC): ~$109,094 intraday after a week of choppy selling.
- Ethereum (ETH): ~$3,940 after tagging lows near $3,831 earlier. (Yes, the Ethereum price is the market’s heartbeat today.)
- XRP: ~$2.71, with sentiment fragile after failed pushes above $2.90.
What changed this week
- Deleveraging, not doom. A midweek wipeout cleared above $1B in leveraged longs, with ETH longs hit especially hard. That’s painful in the moment, but it often builds a sturdier base.
- ETF flows turned fickle. After mixed days, U.S. spot BTC ETFs saw notable outflows on Sept. 25, one reason BTC knifed below $109K, underscoring how sensitive the price is to fund flows around macro prints.
- Macro in the driver’s seat. Barron’s highlights the market’s “inflation reckoning”: a hotter-than-expected PCE could curb hopes for further Fed cuts; a cooler read helps risk assets. That binary sets up today’s tone.
Coin-by-coin quick take
- Bitcoin: Still the bellwether. Until ETF flows sustainably flip back to net inflows, BTC likely chops around $108K–$112K. Watch U.S. data → yields → ETF prints.
- Ethereum: The Ethereum price is the swing factor. ETH led liquidations and tends to rebound fastest when macro fear fades. A softer PCE would favor a push back toward $4,050–$4,150; a hot print risks retests of the $3,800 area.
- XRP: Range-bound with event risk. Rapid fades above ~$2.90 show overhead supply; speculative chatter around potential XRP ETFs adds noise but not yet durable demand. Keep an eye on $2.70–$2.75 support.
How to read the next 24 hours
- Into PCE: Expect thin liquidity and headline-chasing algos. Bad number → stronger USD, higher yields, risk-off; good number → relief bounce, especially in ETH/XRP beta.
- After PCE: Re-check ETF flow trackers; a swing back to net inflows could confirm a short-term floor.
The bottom line
This looks like a leverage rinse colliding with macro uncertainty, not a structural break. If PCE cools, Ethereum price has room to mean-revert first, with BTC stabilizing via ETF demand and XRP attempting to hold its mid-$2s shelf.
If inflation runs hot, expect another leg lower and a reset of support levels before the next attempt higher. Either way, keep your playbook simple: respect key levels, watch ETF flows, and let the data lead your risk. And yes, the Ethereum price will likely tell you first.
