Bitcoin fell to $81,629 at the US equity open, down -2.40% over 24 hours, as renewed doubts about AI spending hit stocks overnight. Crypto holders should watch bitcoin's dominance near 60%, since altcoins are falling harder than BTC right now.
What actually happened
Bitcoin trades at $81,629, down -2.40% over 24 hours, after swinging between $84,808 and $81,601. Ether sits at $2,397, down -3.40%, moving between $2,396 and $2,519. BTC volume reached $37.94 billion with a $1.64 trillion market cap; ETH volume hit $13.05 billion with a $292.89 billion cap. Mixed Tesla and Meta earnings revived doubts about AI spending overnight, sending Nasdaq 100 futures down 1.32% and pressuring Asian equities, according to CoinDesk. The CoinDesk DeFi index slumped 5.6% as altcoins underperformed bitcoin.
How we got here
Bitcoin's dominance climbed to 60% on Wednesday, its highest since May, as traders rotated out of altcoins, according to CoinDesk. Spot bitcoin ETFs took in more than $1 billion over the prior three days, though inflows remain inconsistent, analysts say. LMAX Group's Joel Kruger said crypto now trades closer to equities as investors await a fresh catalyst. The Federal Reserve meets on rates next week.
Why this matters for you
For holders, bitcoin's rising dominance means altcoins may see sharper swings than BTC near term. Builders watching Ethereum's proposed four-minute finality plan could see lower costs for cross-chain transfers once it ships, though it has no activation date yet. Traders using leverage should note funding rates stayed mostly flat across BTC and ETH, showing no crowded bets. Anyone tracking ETF flows should watch whether inflows stay positive heading into next week's Fed meeting.
The bigger question
If equity markets keep swinging on AI spending doubts, does bitcoin's rising dominance show lasting confidence in the largest cryptocurrency, or is it just traders parking funds in the safest crypto asset until clearer signals appear? The answer could shape whether the next crypto cycle moves independently of tech stocks, or stays tied to the same macro forces driving Wall Street's caution.
What to watch
US jobless claims are due later today. The Federal Reserve meets on interest-rate policy next week. Bitcoin call options concentrated near current levels expire on Deribit on 30 October 2026. Celestia faces a 5.58 million TIA token unlock on 31 October 2026. Bonuz will track how these events move BTC and ETH through the week.
This article is information, not financial advice. Prices are a snapshot and change constantly. Nothing here is a recommendation to buy or sell any asset. Do your own research.
