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BTC Bitcoin holds on to the US$80,000 mark amid macro headwinds, and the market waits for U.S. employment data
Despite severe macroeconomic storms and a slowdown in institutional procurement, the leading cryptocurrency, Bitcoin, remains stubbornly above US$80,000. Market participants are holding their breath ahead of the release of key U.S. employment data. If the data turns out to be positive, the upward trend traditionally seen in the "Uptober" could be rekindled.Why has the demand for institutional ETFs dropped significantly?
Although the U.S. spot Bitcoin ETF has attracted huge traffic over the past two weeks, the momentum of capital inflows has weakened significantly in recent days. The previous nine consecutive days of net inflows totaled $3 billion, but daily inflows plunged from a peak of $1 billion to $31 million on Monday. This phenomenon suggests that interest from institutional investors has dropped by about 96%. CryptoQuant analyst JA Maartun pointed out that demand for ETFs is cooling rapidly as selling pressure increases.Short-term investor movements: Potential selling pressure appears
Data shows that short-term holders (STH) have transferred approximately 45,054 BTC items to crypto exchange addresses in the past 24 hours. These large quantities of tokens flowing to exchanges may pose a major obstacle on the way to a price rebound, causing potential selling pressure.How will U.S. employment data affect Bitcoin and crypto investment?
Previously, the price fell from US$87,000 to below US$84,000, mainly due to high U.S. bond yields and macroeconomic uncertainty. However, weak labor data released on Tuesday weakened the possibility of the Federal Reserve raising interest rates at its end-October meeting. At present, the market believes that the probability of keeping interest rates unchanged has risen to 57%, while the probability of an expected 25 basis point rate increase has dropped to 42%. The non-farm payrolls report (NFP) due for October 2 may formally confirm the weakness in the labor market. If poor employment data prompts the Federal Reserve to sit tight, it will inject strong vitality into risky asset and altcoin projects.What prices does option market analysis point to?
Despite macro pressures and declining demand for ETFs, traders in the derivatives market are painting a fairly optimistic picture. Richard Teng, CEO of Binance, pointed out that despite the difficult macro environment, investor interest is recovering. Analyzing the concentration of Open interest (OI) shows that options traders are aggressively establishing call positions. The highest open interest volume on the market is concentrated on Call Options with strike prices of $90,000,$95,000 and $100,000.This content does not constitute any investment advice. Markets are characterized by high risks, so please conduct independent research before making investment decisions.
