Crypto prices today (Oct. 17): BTC, ETH, SOL drop below critical levels

Major cryptocurrencies slipped on Oct. 17 as trade war fears and ETF outflows triggered a market-wide pullback, pushing sentiment to “extreme fear.”

In the last 24 hours, the total cryptocurrency market capitalization has fallen by 2.7% to $3.7 trillion. Liquidations surged 56% to $724 million. The total market momentum also declined, with the global crypto market relative strength index at 39, a level commonly observed during consolidation phases.

The Crypto Fear & Greed Index dropped six points to 22, indicating a move from “fear” to “extreme fear,” as investor sentiment continued to deteriorate.

BTC, ETH, and SOL fall below key levels

As of press time, Bitcoin has dropped 2.6% to $108,485, Ethereum fell 2.8% to $3,909, and Solana declined 5.2% to $185. XRP also slipped 3.4% to $2.35.

The sell-off followed renewed geopolitical and macroeconomic pressure. U.S.–China trade tensions intensified after President Trump’s Oct. 10 tariff announcement targeting Chinese tech exports. Beijing’s retaliatory sanctions and probes into U.S. shipping added uncertainty, erasing Monday’s short-lived rebound.

ETF outflows and options expiry weigh on sentiment

Spot Bitcoin exchange-traded funds recorded $506 million in outflows on Oct. 16, while Ethereum ETFs saw $103 million leave the market, as per SoSoValue data. Accumulations have cooled after weeks of significant inflows, indicating a waning of institutional demand.

Adding to short-term volatility, Bitcoin options worth $4.73 billion and Ethereum options totaling $970 million are set to expire on Oct. 17, according to Deribit.

Bitcoin’s put/call ratio stands at 0.82 with a max pain price of $116,000, while Ethereum’s is 0.81 with a max pain at $4,100, levels that may act as short-term magnets before the next directional move.

What could drive crypto market rebound?

Despite the slump, several upcoming catalysts may stabilize markets. A 25 bps Federal Reserve rate cut at the Oct. 28–29 FOMC meeting is now 95% priced in, with Chair Jerome Powell hinting at further easing amid a soft labor market.

Lower rates typically weaken the dollar and attract flows into crypto; after September’s cut, BTC rallied 15%. Analysts believe another cut could push Bitcoin above $115,000, reopening ETF inflow momentum.

Possible U.S.–China trade de-escalation could also lift sentiment. A relief rally toward $120,000 might be sparked by early reports of renewed negotiations and a reduction in Middle East tensions. New altcoin ETF applications and impending SEC/CFTC rule finalizations, if accepted before year-end, may open up new institutional capital.