The crypto market is back under pressure on October 24, with Bitcoin trading around $80,650 and most large-cap altcoins moving lower alongside it.
Ethereum is near $2,375, XRP around $1.28 and Solana close to $102. Bitcoin is down roughly 1% over the latest 24-hour period, but several altcoins have performed worse, which has pushed Bitcoin dominance higher.
The decline is not being driven by one crypto-specific headline.
Oil prices, inflation concerns, ETF withdrawals and another round of leveraged liquidations are all weighing on the market at the same time.
What you'll learn 👉
Oil Above $100 Is Becoming a Problem for Bitcoin
One of the biggest macro pressures remains oil.
Brent crude has been trading above $100 and recently moved as high as roughly $116 as Middle East supply risks remained elevated.
That matters for Bitcoin because higher oil can feed inflation.
More expensive energy raises transportation and production costs across the economy. If that keeps inflation elevated, the Federal Reserve has less room to reduce interest rates and may need to maintain restrictive policy for longer.
That is generally difficult for risk assets.
Bitcoin does not react mechanically to every move in crude oil, but the transmission mechanism is fairly straightforward:
Higher oil → stronger inflation pressure → higher interest-rate expectations → tighter liquidity → more pressure on BTC and other speculative assets.
This is also why we recently looked at the long-term Bitcoin versus Brent relationship. Periods of sustained strength in crude have often coincided with weaker Bitcoin momentum.
As long as Brent remains above $100, that macro pressure is unlikely to disappear quickly.
Bitcoin Dominance Is Rising as Altcoins Take More Damage
Bitcoin dominance has moved to approximately 60.05%.
That means Bitcoin now represents around 60% of the total cryptocurrency market capitalization.
This does not mean rising dominance itself is causing the market decline.
Instead, it tells us where investors are positioning during the selloff.
Bitcoin is falling, but many altcoins are falling faster.
The current snapshot shows ETH down around 2% over 24 hours, XRP close to 1.5% lower, Solana down more than 2%, and Hyperliquid down over 3%.
When traders become more defensive, capital often rotates away from smaller and higher-risk cryptocurrencies toward BTC, stablecoins or cash.
A 60% Bitcoin dominance reading therefore reinforces the idea that the current environment is still risk-off for altcoins.
Liquidations Are Adding Fuel to the Selloff
Leverage is making the move worse.
Around $87-$91 million in Bitcoin positions were liquidated during the latest 24-hour period, with the overwhelming majority coming from longs. One liquidation tracker showed roughly $79 million in BTC longs closed compared with only about $8 million in shorts.
That distinction is important.
When leveraged long positions are liquidated, exchanges automatically sell the position.
If enough liquidations happen together, those forced sales can push Bitcoin lower, which then triggers additional liquidation levels.
That creates a feedback loop:
BTC falls → leveraged longs are liquidated → forced selling increases → BTC falls further.
So liquidations probably did not start today’s weakness, but they can amplify it once the market begins moving lower.
Read also: Claude AI Predicts Bitcoin and XRP Price If Oil Reaches $130
ETF Outflows Are Another Warning Sign
Institutional flows have also deteriorated.
U.S. spot Bitcoin ETFs recorded approximately $635.6 million in net withdrawals on October 22, their largest daily outflow since June. BlackRock’s IBIT alone lost roughly $254 million, with Fidelity and ARK products also recording substantial withdrawals.
That reversal was notable because the funds had attracted more than $1 billion across the preceding few sessions.
Ethereum funds are struggling as well.
Spot ETH ETFs lost roughly $110 million during the same session, and October withdrawals have already exceeded $1 billion.
ETF flows can change quickly, so one or two bad sessions do not automatically establish a long-term trend.
But when falling prices, macro uncertainty and ETF withdrawals occur together, there is less fresh demand available to absorb selling.
Why the Crypto Market Is Down Today
There are therefore several pressures acting on crypto simultaneously:
- Brent crude remains above $100, keeping inflation fears alive
- Markets remain concerned about higher-for-longer interest rates
- Bitcoin ETF flows have turned negative again
- BTC long liquidations are amplifying the decline
- Bitcoin dominance near 60% shows altcoins are taking heavier damage
- Weakness across technology and other risk assets is reducing appetite for speculative trades
Bitcoin around $80,000-$81,000 is now especially important.
If BTC can continue defending that area, the market could remain in consolidation rather than entering another deeper selloff.
A clean loss of $80,000 would be more concerning because it could expose the recent lows around $79,000 and potentially trigger another round of leveraged selling.
For now, the crypto market does not appear to be reacting to one catastrophic event.
It is dealing with a combination of expensive oil, restrictive macro conditions, weakening institutional flows and too much leverage.
And until at least one of those pressures begins to ease, Bitcoin and the broader crypto market may continue struggling to build a convincing recovery.
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