Cryptocurrency traders shifted toward risk-on positioning as bitcoin dominance neared a return to 60% and the market share of the dollar-pegged stablecoin USDT slipped to approximately 6.3%. The metrics point to market participants moving out of cash and into digital tokens ahead of key U.S. macroeconomic reports.
Bitcoin rose 3.4% over a 24-hour period to trade above $86,000. Gains were also recorded across ether, XRP, solana, and BNB, while altcoins such as SKY, AAVE, and APT climbed between 7% and 10% to lead the top 100 cryptocurrencies by market value.
Markets awaited the U.S. nonfarm payrolls report, with economists anticipating that the economy added 90,000 jobs in September and that the unemployment rate held at 4.1%. Analysts noted that Treasury yields, particularly real yields, will be critical in determining bitcoin's trajectory following the jobs data and an upcoming consumer price index report.
Derivatives data reflected increased participation, with bitcoin open interest rising from $20.9 billion to $22.4 billion. Funding rates ticked higher across several venues, and options flow remained call-skewed. However, Coinglass data recorded $344 million in total 24-hour liquidations, highlighting the potential for heightened volatility as traders added leveraged positions.
