coindesk.com
Bitcoin $BTC$82,522.35 heads into the weekend about 4% lower than at the same time last Friday, even after recovering to around $82,500 from a low near $80,300 on Thursday. Ether $ETH$2,491.95 slid 9% over the week to around $2,500.
The $BTC rebound followed a Truth Social post from President Donald Trump on Thursday saying the U.S. would not attack Iran before the Nov. 3 midterm elections. Brent crude has slipped about 1% today to around $103 a barrel.
Smaller tokens led the recovery, with the CoinDesk 80 up 2.2% since midnight UTC, more than twice the gain in the CoinDesk 5.
The bounce has yet to undo Thursday’s damage, however, with the CoinDesk 100 still 2.2% lower over 24 hours and DeFi tokens down nearly 4%. U.S.-listed bitcoin, ether and zcash ETFs posted outflows on Thursday, leaving XRP funds as the only crypto products to take in money.
Ethereum Foundation researcher Justin Drake’s call for a “bunker mode,” which spurred negative sentiment alongside Thursday’s selloff, has also drawn pushback. Coinbase cryptographer Yehuda Lindell dismissed the concerns as “FUD” — fear, uncertainty and doubt — saying there was no evidence that the elliptic-curve assumptions behind bitcoin and ether had been broken.
U.S. equity futures also rose on the back of Trump’s comments, with Nasdaq 100 index futures up 0.83% since midnight and S&P500 futures adding 0.44%.
Derivatives positioning
- Bitcoin futures open interest has slipped 1.9% over 24 hours to $27.1 billion, according to Coinalyze, and has barely moved since Thursday’s afternoon’s flush even as bitcoin recovered to around $82,500, suggesting the rebound has come without fresh leverage.
- Funding rates remain positive at about 5% annualized, with the predicted rate slightly higher, meaning longs are still paying to hold their positions. Deribit’s Oct. 30 futures trade at an annualized basis of around 7%.
- Accounts holding long bitcoin positions outnumber shorts by nearly two to one. Coinalyze’s aggregated long/short ratio stands at 1.85, or around 65% long, up from close to parity at the start of the month.
- CoinGlass data shows $1.09 billion of liquidations over the past 24 hours, with longs accounting for $931 million, or around 85% of the total. Ether led with $345 million, ahead of bitcoin at $266 million and solana at $65 million. The largest single liquidation was a $20 million $ETH-USD position on Hyperliquid.
