The cryptocurrency market is seeing a sharp pullback on October 3, with Bitcoin losing ground after failing to hold above a key resistance level. Heavy leveraged liquidations are adding further selling pressure across major digital assets.
Total crypto market capitalization dropped roughly 1.8% over the past 24 hours to around $2.88 trillion. Ethereum and XRP also moved lower, extending the broader market decline.
The latest weakness comes after a short-lived rally triggered by disappointing US employment data. At the same time, recent ETF outflows point to mixed investor demand.
Bitcoin, Ethereum and XRP Lead the Market Lower
Bitcoin was trading around $84,627 on October 3, down 1.92% over 24 hours. Ethereum fell approximately 2.14% to $2,684, while XRP declined 3.65% to about $1.48.
Bitcoin had briefly moved above $87,000 on Friday before sellers pushed the price back down. The reversal has put the $87,000 area back in focus as resistance.
BTC’s recent low near $83,898 is another level traders may watch if selling continues.
Other large-cap cryptocurrencies, including Solana and Dogecoin, also moved lower as the decline spread across the market.
Weak US Jobs Report Changes Fed Expectations
US employment data added another layer to the market’s volatility.
Employers added just 29,000 jobs in September, well below the 90,000 economists had expected. The unemployment rate also increased to 4.2% from 4.1%.
Previous employment figures were revised lower as well, with July and August numbers reduced by a combined 60,000 jobs.
August’s payroll increase was revised to 133,000, while July’s figure was revised to a decline of 10,000 jobs. Average hourly earnings increased 0.1% from the previous month, leaving annual wage growth at 3.0%, based on data from the US Bureau of Labor Statistics.
The weaker labor market initially supported Bitcoin as traders reassessed the Federal Reserve’s next move. Market pricing reportedly put the probability of an October rate hike at 17%, increasing expectations that the Fed could leave rates unchanged.
Bitcoin’s initial reaction was positive, but the broader crypto rally quickly lost momentum.
$433 Million in Crypto Liquidations Add Selling Pressure
Leverage is another factor behind today’s decline.
CoinGlass data at 06:02 UTC showed approximately $433.57 million worth of crypto positions liquidated over the previous 24 hours.
Long positions accounted for $321.77 million, or roughly 74% of all liquidations. Short positions made up the remaining $111.80 million.
Liquidations occur when traders using leverage no longer have enough collateral to support their positions. Exchanges can then automatically close those trades.
A large wave of forced closures can accelerate a market decline, particularly when many traders are positioned in the same direction.
Bitcoin and Ethereum ETFs See Fresh Outflows
ETF flows are also showing weaker demand.
US spot Bitcoin ETFs saw approximately $149 million in net outflows on September 30, according to SoSoValue. None of the 12 Bitcoin ETFs tracked in the data recorded a net inflow that day.
Spot Ethereum ETFs experienced another $59.58 million in net outflows during the same session. None of the 10 tracked Ethereum funds reported an inflow.
Combined, Bitcoin and Ethereum ETFs saw roughly $208.58 million leave the funds.
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
The Bitcoin outflows ended a nine-day streak of net inflows, interrupting the stronger demand seen earlier in September.
Despite that reversal, September remained a positive month overall for ETF flows. Bitcoin ETFs attracted about $2.65 billion during the month, while Ethereum ETFs recorded approximately $832.43 million in net inflows.
For now, the crypto market is being pulled in several directions at once: Bitcoin is struggling to reclaim resistance, leveraged traders are facing large liquidations, and ETF flows have turned weaker. Whether the market can stabilize may depend on how BTC behaves around the $83,900-$87,000 range and whether institutional demand returns.
