BTC has returned above $110,000, but it is still not enough to close the “Uptober” in the green.
Cryptocurrency markets rebounded sharply on Friday after dropping sharply on Thursday as traders digested the cautiously optimistic outcome of the Trump-Xi summit in Busan.
Bitcoin (BTC) briefly fell below $107,000 during trading, but recovered by Friday morning and was trading just above $110,000 at the time of writing, up 2.7% on the day. Ethereum (ETH) also rose about 2.5% on the day, trading around $3,870, down almost 10% month-over-month.
Among large-cap stocks, BNB (BNB) had the smallest 24-hour increase, rising only 0.1%. Other assets in the top 10 market caps, including XRP (XRP), Solana (SOL), and Dogecoin (DOGE), are all up modestly between 1.5% and 3% today.
This year’s much-hyped “Uptober” lived up to its name as a gradual liquidation on October 10 wiped out $20 billion in leveraged positions and sent altcoin prices tumbling.
If Bitcoin ends the month at current levels, it would be down about 5%, marking the first red October since 2018, according to data from CoinGlass. At the time, October’s 3.8% drop was just the beginning of a tough situation, with BTC falling another 36.7% in November and 5% in December as the bear market deepened.
Analysts at Glassnode said in a Friday
big moves and liquidations
Among the top 100 assets, Bittensor (TAO) and Zcash (ZEC) were again the biggest gainers, rising 11.8% and 11.3% respectively. As The Defiant previously reported, Bittenthal is on the rise as it approaches its halving, scheduled for December.
Zcash, in particular, is a breakout performer with “Uptober,” rallying around the new hype for privacy-focused tokens like Bitcoin. This surge has pushed ZEC up nearly 294% over the past 30 days, reaching levels last seen in 2018.
Meanwhile, the biggest losers today were Figure Heloc (FIGR_HELOC) and Pumpfun (PUMP), down 79.5% and 5%, respectively.
More than $566.7 million in leveraged positions were liquidated in the past 24 hours, including $126.5 million short and nearly $440 million long, according to Coinglass data. Of this amount, Bitcoin accounted for $186.2 million, followed by Ethereum at $126.4 million and altcoins at $53.7 million.
ETFs, the macro environment, and future trends
In October, excluding today’s data, the Spot Ethereum ETF recorded net inflows of $668.1 million, for a total net asset value of approximately $25 billion, while the Spot Bitcoin ETF recorded an outflow of $3.61 billion, for a total net asset value of approximately $144 billion, according to SoSoValue.
On the macro front, markets appear to be still digesting yesterday’s meeting in Busan in which US President Donald Trump and Chinese President Xi Jinping reportedly agreed to a limited trade ceasefire. As part of the deal, which has not yet been finalized, U.S. tariffs on Chinese goods will be cut from 57% to about 47%, China will suspend restrictions on rare earth exports for a year and resume some soybean purchases.