Bitcoin Holds Near $81,700 as Altcoins Rebound
Bitcoin steadied near $81,700 after recovering from about $81,000, while altcoins led the rebound. Ether rose 0.9%, the CoinDesk 80 index gained 0.7%, and memecoins climbed 2.9%. Pepe (PEPE) advanced about 13%–14%, extending its weekly gain to 23%, with no clear catalyst reported.
The recovery followed a tech-led sell-off on Thursday, when the Nasdaq fell 2.6%. Market attention is turning to the Federal Reserve’s October 27–28 meeting and US spot Bitcoin ETF flows. Those funds recorded $635 million in outflows on Thursday, after attracting more than $1 billion over the first three days of the week. Brent crude near $113 a barrel is also keeping inflation concerns in focus.
Crypto derivatives signals were mixed. Futures volume and liquidations fell, while open interest edged higher in Bitcoin and Ether, suggesting some new positions were being opened. However, traders continued to close positions in Solana, XRP, Dogecoin and Zcash. Options activity showed demand for Bitcoin calls, while Ether options and one-week skew pointed to stronger demand for downside protection.
The rebound was broad but uneven: Polkadot and Cosmos rose more than 5%, and several DeFi tokens also gained. CoinMarketCap’s Altcoin Season indicator rose to 58 from 54 earlier in the week. The move suggests improving altcoin sentiment, but ETF outflows, macroeconomic risks and mixed positioning leave the near-term market outlook uncertain.
Neutral
The news is neutral because it describes a short-term recovery rather than a clear change in the market trend. Bitcoin’s modest gain and stronger altcoin performance suggest buyers are returning after the sell-off. Pepe’s sharp rise and the increase in the Altcoin Season indicator also point to improving appetite for riskier tokens.
However, the supporting signals are not decisive. US spot Bitcoin ETFs saw $635 million in outflows on Thursday, despite strong inflows earlier in the week. Traders are also watching the Federal Reserve meeting and elevated oil prices, which could reinforce inflation concerns and weigh on risk assets. Derivatives data is mixed: open interest rose slightly in Bitcoin and Ether, but positions continued to unwind in several other large tokens. Options activity suggests differing risk expectations, with interest in Bitcoin calls but stronger demand for Ether downside protection.
In the short term, ETF flows, macroeconomic headlines and the Fed’s signals may determine whether the rebound continues or fades. A sustained return of ETF inflows and broader demand could support prices; continued outflows or renewed risk aversion could put pressure on them. In the longer term, this single session does not establish a durable trend. As in previous post-sell-off rebounds, gains in individual altcoins can reverse quickly unless accompanied by persistent buying and improving market-wide conditions.