Crypto Market Update: Nearly US$500 million in Longs Liquidated as Bitcoin Retreats

Here's a quick recap of the crypto landscape for Wednesday (October 6) as of 9:00 p.m. UTC. Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news. Bitcoin and Ether price update Bitcoin (BTC) was priced at US$122,626, down by 2.0 percent in 24 hours. Its lowest valuation of the day was US$120,702, and its highest was US$125,108. Chart via TradingViewBitcoin price performance, October 8, 2025.A new report from CF Benchmarks forecasts that Bitcoin could climb another 20 percent to reach US$148,500 by the end of 2025, while the number of crypto exchange-traded funds (ETFs) is expected to double to 80. The report also projects that stablecoins could hit US$500 billion in circulation.Currently, analysts view the crypto market as transitioning from a speculative phase to a “maturity phase,” where institutional strategies and asset allocation drive price discovery rather than retail hype. The total market capitalization of cryptocurrencies currently stands at around US$4.3 trillion, per CoinGecko, while the circulating value of stablecoins has already surpassed $300 billion.Several macro factors are shaping this bullish narrative. Market uncertainty tied to President Donald Trump’s economic and fiscal policies, his ongoing tension with the Federal Reserve, and fears of government shutdowns have spurred what analysts describe as a “debasement trade.” Investors seeking protection from currency risk are turning to traditional hedges like gold, and increasingly to Bitcoin.The US Federal Reserve’s recent rate cuts—the first in nine months—have provided additional support for risk assets. CF Benchmarks expects two more reductions by year-end, bringing policy rates closer to 3.25 percent. Despite some inflation concerns, analysts argues that Bitcoin remains undervalued, sitting at the lower end of its estimated fair-value range between US$85,000 and US$212,000. According to trader Ted Pillows, if Bitcoin manages to hold the US$120,000 area, it could mark the beginning of a reversal phase and signal renewed bullish momentum. Ether (ETH) has recently started to pull back after performing in the past week, down 5.4 percent over 24 hours to US$4,480.48. Ether's lowest valuation on Wednesday was US$4,427.13, and its highest was US$4,753.34. Altcoin price update Solana (SOL) was priced at US$222.17, a decrease of 3.9 percent over the last 24 hours. Its lowest valuation on Wednesday was US$218.40, and its highest was US$231.47. XRP was trading for US$2.88, down by 3.6 percent over the last 24 hours. Its lowest valuation of the day was US$2.85, and its highest was US$2.98. Crypto derivatives and market indicators Total Bitcoin futures open interest was at US$90.69 billion, while Ether open interest stood at US$60.93 billionBitcoin liquidations have reached US$6.98 million over the past four hours, with shorts representing the majority, signaling ongoing buying pressure. Ether liquidations totaled US$3.03 million over the same period ​Fear and Greed Index snapshot Chart via CoinMarketCap.CMC's Crypto Fear & Greed Index continues to climbed into high neutral territory after dipping to fear during the last week of September. The index currently stands around 55, inching closer to greed. ​Today's crypto news to know NYSE parent ICE to invest US$2 billion in PolymarketIntercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), is making a major bet on crypto-powered prediction markets. The company announced plans to invest up to US$2 billion in Polymarket, valuing the blockchain-based betting platform at about US$8 billion, a sharp rise from its US$1 billion valuation just two months ago. The deal will allow ICE to distribute Polymarket’s market data globally, signaling a push to integrate event-based contracts into mainstream finance. Founder Shayne Coplan said the investment “marks a major step in bringing prediction markets into the financial mainstream.” The firm is also working to re-enter the US market after acquiring a small derivatives exchange earlier this year.Polymarket has gained prominence for its political, sports, and entertainment wagers, including high-profile bets on the U.S. presidential race. Nearly US$500 million in crypto longs wiped out as Bitcoin slides from record highsBitcoin and Ethereum extended their losses, triggering a US$489 million liquidation of long positions as leveraged traders faced sharp margin calls. Bitcoin dropped 1.2 percent over the past 24 hours to trade around US$124,000, retreating from its all-time high of $126,080 set on Monday (October 6). Ethereum fell even more steeply, losing 4.6 percent to trade below $4,500, according to CoinGecko. Data from CoinGlass shows that Ethereum longs accounted for US$142 million of the liquidations, while Bitcoin longs made up US$114 million. Analysts pointed to profit-taking after a two-week rally and a stronger US dollar as drivers of the selloff.JPMorgan says stablecoins could add US$1.4 trillion in dollar demand by 2027A new JPMorgan research note estimates that global stablecoin adoption could generate up to us$1.4 trillion in additional demand for US dollars within the next two years, according to a Reuters report. The bank’s analysts argue that as foreign investors and corporations increasingly hold dollar-pegged stablecoins, they effectively strengthen the greenback’s global position. The report projects that the stablecoin market could reach US$2 trillion in a high-end scenario, up from roughly US$260 billion today. With 99 percent of stablecoins pegged 1:1 to the US dollar, JPMorgan says expansion will translate directly into higher dollar-denominated reserves. The findings counter fears that digital currencies could accelerate “de-dollarization” by offering alternatives to the U.S. financial system. Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.