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The Dow Jones Industrial Average, driven by strong earnings reports from Coca-Cola and 3M, hit a record high on Tuesday. The crypto market fell 2.04% in the past 24 hours, with Bitcoin plunging 6,000 points back to 108K. The Ethereum Foundation transferred 160,000 ETH (approximately $654 million) to a wallet that Arkham said had been used for sales in the past, and Executive Director Hsiao-Wei Wang clarified that it was part of a scheduled wallet migration.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/14163740c6a64504a7672046926653ae.png">
<h2 id="header-0">Corporate Earnings Support Broader Market Rally</h2>
FactSet data shows that among the S&amp;P 500 companies that have reported earnings so far, more than three-quarters have exceeded expectations. With the AI sector remaining strong, large tech companies are expected to dominate profits, with the Magnificent Seven projected to see a 14.9% year-over-year profit increase. In contrast, the remaining 493 companies in the index have a profit growth rate of 6.7%.
Tesla is set to report earnings on Wednesday. The strong start to earnings season appears to be supporting the broader market rally, especially amid the government shutdown causing a halt in economic data releases.
Market expectations for the Fed to cut rates by another 25 basis points at its late-October meeting are also bolstering sentiment. The upcoming Consumer Price Index (CPI) release on Friday is expected to provide clues on inflation, which could influence the Fed's upcoming decisions.
<h2 id="header-1">Ethereum Foundation Transfers 160,000 ETH, Bitcoin Falls Back to 108K</h2>
The crypto market fell 2.04% in the past 24 hours, with market sentiment slightly recovering, but the Fear &amp; Greed Index still in the fear zone at 33. Bitcoin dominance remains at a recent high of 59.1%, while altcoins continue to underperform.
Bitcoin began a rapid rebound after 10 PM last night, peaking at $114,000 around 00:30 today (22nd), marking a near one-week high. However, Bitcoin then fell for eight consecutive hours, dropping below $108,000 at one point before the deadline, plunging $6,000 and fully erasing last night's gains.
Net outflows from Ethereum and Bitcoin spot ETFs have slowed. Spot gold prices rapidly retreated from highs, falling below $4,100, with a drop of over 5.3% on Tuesday marking the largest single-day decline in more than five years. As traders take profits and sell gold, funds may have an opportunity to flow into riskier assets like Bitcoin.
The Ethereum Foundation transferred 160,000 ETH (approximately $654 million) to a wallet that Arkham said had been used for sales in the past. Ethereum Foundation (EF) Co-Executive Director Hsiao-Wei Wang stated on social media that this transfer is part of a scheduled wallet migration. The ETH price was not significantly affected by this.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.

[Bitop Review] Dow Hits Record High While Crypto Bleeds: Bitcoin Tanks 6,000 Points to 108K

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