Bitcoin sees big overnight rally as ETF demand returns before the next US jobs test
Summary
Bitcoin rose 3.67% to about $86,325 on Oct. 2 as US spot Bitcoin ETFs returned to net inflows, attracting $102.7 million after outflows the previous session. Short liquidations may have accelerated the move: CoinNess reported that 91.13% of Bitcoin futures liquidations were short positions. Futures turnover far exceeded spot turnover, indicating heavy derivatives activity but not necessarily fresh investment. Major cryptocurrencies also advanced. Bitcoin’s ability to hold above $86,000 faced a test from the US jobs report, while inflation and Federal Reserve policy uncertainty remained potential headwinds.
