CoinDesk
Bitcoin rose 3.4% over 24 hours to trade above $86,000 ahead of the U.S. jobs report. Its share of the crypto market is nearing 60%, while USDT's share has slipped to about 6.3%. Ether, XRP, Solana and BNB also gained, though none matched Bitcoin's rise. SKY, AAVE and APT climbed 7% to 10%.
Why it matters
Bitcoin's rising dominance alongside a smaller USDT share suggests traders are moving from stablecoin holdings into crypto assets. Derivatives positioning reinforces that risk-on reading: BTC open interest rose to $22.4 billion from $20.9 billion a day earlier, while annualized funding rates reached 9% to 10% on Hyperliquid and OKX. Together, higher open interest and firmer funding point to traders adding leveraged long positions.
That positioning leaves the market exposed to a sharp reaction to payrolls. Economists expect 90,000 U.S. jobs added in September, down from 162,000 in August, with unemployment holding at 4.1%. A stronger-than-forecast report could push Treasury yields higher, revive bets on an October rate increase and pressure Bitcoin. Markets currently put the chance of an October hike at 30%, down from 70%.
Market impact
Liquidations totaled $344 million over 24 hours, up from $100 million the previous day, underscoring how quickly leveraged positions can be unwound. Bitcoin accounted for $132 million and Ether for $70 million. A Binance liquidation heatmap identifies $87,400 as a level to watch if Bitcoin rises.
Tesseract Group's Oliver Carding is watching how payrolls and the Oct. 14 inflation report affect longer-dated yields. He said a sustained move above roughly 3% in the 10-year real yield would make a Bitcoin retest of $80,000 to $82,000 more likely than a run at $90,000.
Frequently asked questions
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What does the drop in USDT market share suggest?
USDT's share of the crypto market slipped to about 6.3%. Alongside Bitcoin's rising dominance, that suggests traders are moving from stablecoin holdings into crypto assets.
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What signals show traders are adding leveraged Bitcoin longs?
BTC open interest rose to $22.4 billion from $20.9 billion a day earlier, while annualized funding rates reached 9% to 10% on Hyperliquid and OKX. Higher open interest and firmer funding point to more leveraged long positions.
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Why could the U.S. jobs report pressure Bitcoin?
A stronger-than-forecast payrolls report could lift Treasury yields and revive bets on an October interest-rate increase. Both would put pressure on Bitcoin.
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How much was liquidated as crypto prices rose?
Liquidations totaled $344 million over 24 hours, up from $100 million the previous day. Bitcoin accounted for $132 million and Ether for $70 million.
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Which levels are traders watching for Bitcoin?
A Binance liquidation heatmap identifies $87,400 as a level to watch on a rise. Tesseract Group's Oliver Carding said a sustained 10-year real yield above roughly 3% would make a Bitcoin retest of $80,000 to $82,000 more likely than a run at $90,000.
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