Why Is the Crypto Market Down Today?

The crypto market is down today, October 3, as Bitcoin retreats from resistance and leveraged liquidations pressure other major tokens. 

Total market capitalization fell about 1.8% to $2.88 trillion over 24 hours, as Ethereum and XRP extended their daily losses. The pullback follows a brief rally after weak US employment data, while earlier ETF withdrawals show uneven demand for funds.

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Crypto Market Falls as BTC, ETH and XRP Extend Losses

Bitcoin price traded near $84,627, down 1.92% over 24 hours, according to CoinMarketCap’s October 3 market. Ethereum price fell 2.14% to approximately $2,684, while XRP lost 3.65% to $1.48 during the same period.

Bitcoin price briefly cleared $87,000 on Friday before reversing, leaving the initial crypto market rebound unable to hold. Its recent low near $83,898 provides a downside reference, while the failed rally highlights resistance around $87,000.

Solana and Dogecoin also declined, extending losses across other leading cryptocurrencies.

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Weak US Jobs Data Shifts Federal Reserve Expectations

US employers added 29,000 jobs in September, compared with a 90,000 forecast. Unemployment increased to 4.2% from 4.1%, while revisions reduced July and August employment totals by 60,000.

U.S. September Payrolls Miss Sharply at 29K as Unemployment Rises to 4.2%

U.S. nonfarm payrolls increased by just 29,000 in September, well below the 90,000 market forecast, while the unemployment rate rose to 4.2% versus 4.1% expected. August payroll growth was revised down to… pic.twitter.com/9YePiVAEiY

— Wu Blockchain (@WuBlockchain) October 2, 2026

August’s increase was revised to 133,000 jobs, while July’s updated reading showed a decline of 10,000. Average hourly earnings rose 0.1% monthly, bringing annual wage growth to 3.0%, according to the Bureau of Labor Statistics.

Reported market pricing placed an October rate hike at 17%, strengthening expectations that the Federal Reserve could pause. Bitcoin initially advanced after the employment release, but that improvement failed to sustain the crypto market rally.

Leveraged Liquidations Deepen Losses Across Major Cryptocurrencies

At 06:02 UTC, CoinGlass figures showed $433.57 million in liquidations over 24 hours. Long positions added $321.77 million or about 74% of the total, while short liquidations totaled $111.80 million.

Liquidations will take place when losses reduce an account’s collateral to an amount lower than its leveraged position. Exchanges then forcibly close positions, potentially intensifying declines and exposing other leveraged accounts to further losses.

Crypto ETF Outflows Reach Bitcoin and Ethereum Funds

US spot Bitcoin ETFs recorded $149 million in net outflows on September 30, according to SoSoValue data. None of the 12 tracked Bitcoin funds registered net inflows during that session.

Ethereum spot ETFs recorded another $59.58 million in net outflows on the same date. None of the 10 tracked Ethereum funds posted inflows, bringing combined withdrawals to approximately $208.58 million.

According to SoSoValue, US Bitcoin spot ETFs recorded a total net outflow of $149 million on September 30 (Eastern Time), with none of the 12 ETFs logging net inflows. Concurrently, US Ethereum spot ETFs posted a total net outflow of $59.58 million yesterday, with zero net… pic.twitter.com/B7JPrgirAh

— Wu Blockchain (@WuBlockchain) October 1, 2026

Bitcoin’s withdrawals ended a nine-day ETF inflow streak, interrupting the stronger demand recorded earlier in September. Across the full month, Bitcoin funds attracted $2.65 billion, while Ethereum ETFs received $832.43 million.