Bitcoin, Ethereum Rebound While Traders Eye ETF Flows and Jobs Data

Crypto markets are stabilizing after last week’s selloff, with bitcoin back above $112,000 and ether trading near $4,100, roughly in line with levels seen a week ago. QCP’s market insights noted that spot markets held sideways over the weekend, despite ETF outflows suggesting that quarter-end positioning was the main driver of redemptions rather than deeper structural weakness.

With prices rebounding, attention now shifts to ETF flows this week, which could offer a clearer signal of institutional appetite as the market heads into the historically bullish month of October.

Volatility continues to drift lower, reflecting expectations of consolidation ahead of Friday’s U.S. Non-Farm Payrolls (NFP) report. While there are concerns that the release could be delayed by a government shutdown, crypto markets remain largely unfazed.

In derivatives, optimism is re-emerging. Perpetual open interest climbed from $42.8 billion to $43.6 billion, with BTC funding rates staying positive and Deribit volumes showing renewed activity. Hyperliquid’s long bias has surged to 57%, up from just 36% last week, underscoring traders’ willingness to re-enter leveraged positions.

After a volatile September, bitcoin is still up more than 3% on the month, fueling hopes for “Uptober.” However, analysts note that BTC must clear $115,000 to confirm a stronger uptrend. Options markets show a cautious rebuilding of conviction, with put skew and open interest in BTC and ETH slowly normalizing.

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