Cryptocurrency markets posted modest gains on Monday after surging over the weekend as news of a U.S.-China trade deal revived traders’ optimism despite the ongoing U.S. government shutdown.
Bitcoin (BTC) rose about 1.8% to trade around $115,600, holding above a key support level after falling to $107,000 last week. Meanwhile, Ethereum (ETH) rose 3% to around $4,183, for a weekly gain of around 4%.
“I think macro factors are contributing more to Bitcoin’s rally than seasonality or the ‘Uptober,’” Paul Howard of Wincent said in comments shared with The Defiant. “Over the last week, we have seen macro risks (China’s rare earth export restrictions and threat of 100% tariffs) decline.”
Cryptocurrency market capitalization approaches $4 trillion
Other top 10 coins also edged higher. XRP rose 1.3% to $2.67, BNB rose 1.3% to $1,146.43, and Solana (SOL) rose 1% to $200.
According to CoinGecko, among small-cap tokens, ASTER led the day’s decline, dropping about 5% to around $1.08, while Pi Network (PI) stood out as the top performer, rising nearly 13% to $0.24.
The market capitalization of cryptocurrencies increased by 1.5% to $3.98 trillion, with Bitcoin controlling 57.7% and Ethereum 12.7%.
Clearing and market flow
According to data from Coinglass, approximately $423 million in crypto positions were liquidated in the past 24 hours. Long positions accounted for approximately $129 million, while short positions accounted for $293 million.
Bitcoin led the liquidation, raising about $138 million. Ethereum followed with about $124 million, and altcoins contributed a total of about $37 million.
According to SoSoValue, on Friday, October 24th, the Spot Bitcoin ETF had inflows of $91 million, while the Spot Ethereum ETF had outflows of nearly $94 million.
“With a recovery in Bitcoin ETF demand (to reflect gold uptake) now past due and a Fed rate cut likely, my bet is to propel Bitcoin to break out of the $120,000 trend within the next week,” Howard said. “Overall, we think positive macro news is driving price action here, and whether it’s what experts are calling an upover or a coincidence, Bitcoin bulls will be satisfied.”
Meanwhile, digital asset investment products attracted $921 million last week as investor confidence strengthened following weak US inflation data, according to CoinShares’ weekly fund flow report.
Bitcoin led the way with $931 million in inflows, while Ethereum faced $169 million in outflows. Solana and XRP flows have slowed as investors await approval for upcoming US ETFs.
US-China trade tensions ease
President Donald Trump arrived in Tokyo early today, continuing a five-day tour of Asia focused on agreeing a trade ceasefire with China.
He previously signed a trade and minerals agreement in Malaysia and is scheduled to meet with Chinese President Xi Jinping on Thursday after two weeks of tense trade developments.
But over the weekend, U.S. and Chinese negotiators agreed on a framework for a potential trade deal, boosting investor sentiment.