Ethereum Falls Below $4600

October 8th, according to official channels, Bybit declared that on October 6, 2025, at 20:23 (UTC), during a time of extremely volatile markets, the prices of perpetual contracts like SERAPHUSDT on the platform veered off significantly from the spot market. After conducting internal investigations, Bybit affirmed that the system's logic functioned as intended. Nevertheless, a drastic contraction in liquidity led to a substantial disparity between spot and derivative prices, resulting in intense price fluctuations and potentially causing some customers to be affected by non-market reasonable prices. If any user is impacted by this situation, please get in touch with the Bybit customer service team or an account manager immediately. The platform will review the cases within 14 working days. Users can receive round-the-clock multilingual support through live chat or submit a ticket via a web form.

On October 8th, based on HTX market data, Bitcoin continued to decline and briefly fell below $121,000. It is currently trading at $120,845, with a 24-hour decrease of 3.14%.

On October 7th, Glassnode shared data on social media indicating that with Bitcoin breaking through its previous high, traders increased their long positions, resulting in a notable rise in BTC futures open interest. The current pullback is testing the durability of these long positions and facilitating a market leverage reset. Going forward, close attention should be paid to two signals: when and where buyer strength emerges, and whether key support levels can reactivate market demand.

On October 7th, based on HTX market data, Ethereum briefly fell below $4,500 and reached a low of $4,477. It is currently trading at $4,503. It has experienced a 24-hour decrease of 3.56% and a drop of approximately 5.8% from the daily high.

On October 7th, as monitored by The Data Nerd, 7 hours ago, a whale (possibly RedOakCayman) withdrew 2 million EIGEN from Binance (approximately $3.94 million). At present, the address holds a total of 6 million EIGEN (approximately $11.82 million), and it has an unrealized gain of around $2.88 million.

On October 7th, based on market data, BNB dropped below $1,300 and is currently trading at $1,275. It hit a low of $1,262, down approximately 6.5% from the daily high of $1,350.