Crypto traders are in risk-on mode as bitcoin dominance nears return to 60% — SkimNews
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- Bitcoin rose 3.4% to above $86,000 within 24 hours, while its share of the total crypto market closed in on 60% and the USDT stablecoin's share slipped to roughly 6.3% — together signaling traders moving out of cash and into tokens.
- Economists expect the U.S. economy added 90,000 jobs in September, down from 162,000 in August, with the unemployment rate forecast to hold at 4.1%; a stronger-than-expected print could lift Treasury yields, revive rate-hike bets and pressure bitcoin.
- Fed officials John Williams (New York Fed) and Vice Chair Philip Jefferson struck dovish notes, pushing the market-implied odds of an October rate hike down to 30% from 70% and reinforcing the risk-on backdrop.
- Derivatives positioning turned aggressively bullish: BTC open interest climbed to $22.4B from $20.9B, annualized funding rates hit 9–10% on Hyperliquid and OKX, and the options put/call ratio hit 88% in favor of calls — alongside $344M in 24-hour liquidations (up from $100M).
- Oliver Carding, head of marketing at Tesseract Group, flagged a 10-year real yield of 3% as a key threshold, saying a sustained move above it would make a retest of $80,000–$82,000 more likely than a run at $90,000.
- Binance's liquidation heatmap identifies $87,400 as a core level to watch on any upward move, underscoring the leverage stacked into the rally.
- Token-level movers split from the broader tide: LayerZero (ZRO) and Aave (AAVE) jumped roughly 11% and 9% on proposed protocol upgrades and fee-switch governance discussion, while Quant (QNT) fell about 15% after giving back most of a multi-day, triple-bagger surge.
Why it matters: Friday's payrolls print is the binary catalyst: a hot surprise could pull 10-year real yields above the 3% level that Oliver Carding says would favor a retest of $80,000–$82,000 over a push to $90,000, unwinding the leverage already on — $344M liquidated in 24 hours, funding rates running 9–10% annualized, and a $87,400 liquidation cluster sitting just overhead.
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