Bitcoin and ethereum are holding steady after last week’s selloff, with volatility drifting lower ahead of U.S. jobs data. Leveraged positions are building again, signaling renewed optimism despite lingering caution in options markets.
Markets Poised for 'Uptober' as Leveraged Longs Return
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Bitcoin, Ethereum Rebound While Traders Eye ETF Flows and Jobs Data
Crypto markets are stabilizing after last week’s selloff, with bitcoin back above $112,000 and ether trading near $4,100, roughly in line with levels seen a week ago. QCP’s market insights noted that spot markets held sideways over the weekend, despite ETF outflows suggesting that quarter-end positioning was the main driver of redemptions rather than deeper structural weakness.
With prices rebounding, attention now shifts to ETF flows this week, which could offer a clearer signal of institutional appetite as the market heads into the historically bullish month of October.
Volatility continues to drift lower, reflecting expectations of consolidation ahead of Friday’s U.S. Non-Farm Payrolls (NFP) report. While there are concerns that the release could be delayed by a government shutdown, crypto markets remain largely unfazed.
In derivatives, optimism is re-emerging. Perpetual open interest climbed from $42.8 billion to $43.6 billion, with BTC funding rates staying positive and Deribit volumes showing renewed activity. Hyperliquid’s long bias has surged to 57%, up from just 36% last week, underscoring traders’ willingness to re-enter leveraged positions.
After a volatile September, bitcoin is still up more than 3% on the month, fueling hopes for “Uptober.” However, analysts note that BTC must clear $115,000 to confirm a stronger uptrend. Options markets show a cautious rebuilding of conviction, with put skew and open interest in BTC and ETH slowly normalizing.
