What to Know
- Bitcoin recovered to around $82,500 after President Donald Trump said the U.S. would not attack Iran before the Nov. 3 midterm elections.
- BTC remains about 4% lower than a week ago, even after bouncing from a Thursday low near $80,300.
- Ether traded around $2,500 and has slid 9% over the week.
- Smaller tokens led the rebound, with the CoinDesk 80 up 2.2% since midnight UTC, while the CoinDesk 100 stayed 2.2% lower over 24 hours.
- Starknet’s STRK jumped 33% after the network said it is considering becoming a standalone layer-1 blockchain with full quantum resistance by 2027.
- Bitcoin futures open interest slipped 1.9% over 24 hours to $27.1 billion, suggesting the rebound has not been driven by a major return of fresh leverage.
- Crypto liquidations totaled $1.09 billion over 24 hours, with longs accounting for $931 million, or around 85% of the total.
- U.S.-listed bitcoin, ether and zcash ETFs posted outflows on Thursday, while XRP funds were the only crypto products to take in money.
Bitcoin rebounds, but weekly pressure remains
Bitcoin stabilized near $82,500 as traders reassessed geopolitical risk following President Donald Trump’s statement that the U.S. would not attack Iran before the Nov. 3 midterm elections. The comment helped risk assets regain some footing after a sharp pullback, but the move has not erased the broader weakness that has defined the week for major digital assets.
BTC had fallen to a low near $80,300 on Thursday before recovering toward the $82,500 area. Even with that bounce, bitcoin remains about 4% lower than at the same time last Friday. Ether has been weaker, sliding 9% over the week to around $2,500. The gap between bitcoin’s relatively steadier performance and ether’s sharper decline underscores a market still willing to distinguish between assets rather than stage a uniform recovery.
The rebound followed a risk-on reaction across several markets. U.S. equity futures also moved higher after Trump’s comments, with Nasdaq 100 index futures up 0.83% since midnight and S&P500 futures adding 0.44%. Brent crude slipped about 1% on the day to around $103 a barrel, reflecting some easing in near-term concerns tied to a possible escalation in the Middle East.
Smaller tokens lead the bounce
The strongest part of the crypto rebound came outside bitcoin and ether. Smaller tokens led the recovery, with the CoinDesk 80 up 2.2% since midnight UTC. That gain was more than twice the advance recorded by the CoinDesk 5, pointing to a sharper response in higher-beta segments of the market.
Still, the broader recovery remains incomplete. The CoinDesk 100 was still 2.2% lower over 24 hours, while DeFi tokens were down nearly 4%. That divergence suggests that the market is not yet treating the rebound as a clean reversal. Instead, traders appear to be selectively rebuilding exposure where fresh catalysts exist, while leaving weaker pockets under pressure.
ETF flows also showed continued caution. U.S.-listed bitcoin, ether and zcash ETFs posted outflows on Thursday. XRP funds were the only crypto products to take in money, a notable distinction in a market where sentiment remains uneven and capital is rotating rather than broadly returning.
Derivatives show rebound without fresh leverage
Derivatives positioning points to a recovery that has not been powered by a major wave of new leveraged buying. Bitcoin futures open interest slipped 1.9% over 24 hours to $27.1 billion and has barely moved since Thursday afternoon’s flush, even as bitcoin recovered toward $82,500. For market participants, that detail matters because rebounds driven by heavy leverage can be more vulnerable to another liquidation cascade if prices reverse.
Funding rates remain positive at about 5% annualized, with the predicted rate slightly higher. That means longs are still paying to maintain positions. Deribit’s Oct. 30 futures trade at an annualized basis of around 7%, showing that the futures market continues to price bitcoin above spot, though without the type of aggressive expansion in open interest that would suggest a full speculative reset.
Long positioning is still dominant. Accounts holding long bitcoin positions outnumber shorts by nearly two to one, with Coinalyze’s aggregated long/short ratio at 1.85, or around 65% long. That is up from close to parity at the start of the month. The shift indicates that traders have leaned back toward bullish exposure, but the latest open interest data suggests they are doing so after a painful shakeout rather than during a fresh leverage boom.
The scale of that shakeout was significant. CoinGlass data shows $1.09 billion in liquidations over the past 24 hours. Longs accounted for $931 million, or around 85% of the total. Ether led liquidations with $345 million, ahead of bitcoin at $266 million and solana at $65 million. The largest single liquidation was a $20 million ETH-USD position on Hyperliquid.
Quantum concerns and Ethereum sentiment
Sentiment around Ethereum was also affected by debate over cryptographic risk. Ethereum Foundation researcher Justin Drake’s call for a “bunker mode” contributed to negative sentiment alongside Thursday’s selloff, but the concerns have drawn pushback from other experts in the crypto industry.
Coinbase cryptographer Yehuda Lindell dismissed the concerns as “FUD,” shorthand for fear, uncertainty and doubt. He said there was no evidence that the elliptic-curve assumptions behind bitcoin and ether had been broken. For investors, the distinction is important: long-term research into quantum risk is not the same as evidence of an immediate technical failure. Even so, the discussion arrived at a fragile moment and may have amplified pressure on ETH during an already volatile session.
Starknet surges on layer-1 proposal
Starknet’s STRK was one of the clearest winners, jumping 33% over 24 hours after the network said it is actively considering leaving Ethereum to become a standalone layer-1 blockchain. The stated goal is to achieve full quantum resistance by 2027, though the plan has not yet been approved.
The proposal comes shortly after Pudgy Penguins’ Abstract became the second Ethereum layer-2 network to shut down in a week. That timing has sharpened market attention on the future of layer-2 ecosystems and whether some projects may seek greater independence from Ethereum. Technical traders often view major architecture changes as potential catalysts, although they can also introduce execution risk and governance uncertainty.
Starknet’s move stood out because it combined two market themes at once: renewed debate over quantum preparedness and uncertainty around the layer-2 business model. The token’s sharp rise indicates that some traders treated the proposal as a potentially positive strategic pivot, even though approval and implementation remain unresolved.
Layer-1 tokens and AI-linked tokens diverge
Kaia also posted a powerful move. KAIA, the layer-1 formed from the merger of Kakao’s Klaytn and LINE’s Finschia, rose 40% since midnight following a listing from Upbit, Korea’s largest exchange. Other layer-1 coins joined the bounce, with aptos up 12%, while cosmos and polkadot each added nearly 10%.
Not every recent winner held up. Algorand, which led the CoinDesk 100 on Thursday morning with a 9% advance, was down 14% over 24 hours. Curve dropped 13% after an earlier 11% rise. The reversals show how quickly momentum can fade in an unsettled crypto tape, especially when traders are still absorbing large liquidations and macro headlines.
AI-linked tokens also struggled to join the recovery after an OpenAI revenue disclosure weighed on AI stocks. CNBC confirmed that OpenAI told investors it had $50 billion in annualized revenue at the end of September, below a $68 billion figure widely reported last month. The Nasdaq Composite index then posted its biggest one-day drop since mid-August. AI agent payments token KITE and venice VVV each lost about 9% over 24 hours and remained slightly lower since midnight.
Pyth Network’s PYTH was an exception among smaller names. The oracle token gained 13% over 24 hours, making it one of only a handful of tokens higher across both tracked timeframes. In a market where leadership is narrow and inconsistent, that relative strength gives chart watchers another example of selective rotation rather than broad-based risk appetite.
Market outlook remains cautious
Bitcoin’s recovery near $82,500 offers short-term relief, but the overall setup remains cautious. The absence of a sharp rebound in futures open interest suggests the move has been less about fresh leverage and more about stabilization after forced selling. That can be constructive, but it does not guarantee that the market has fully absorbed the week’s volatility.
For now, market participants are watching whether bitcoin can hold above the post-selloff zone near Thursday’s low and whether ether can stabilize after a deeper weekly loss. ETF flows, funding rates, liquidations and token-specific catalysts will remain key signals. The latest price action shows that crypto is still highly sensitive to macro and geopolitical headlines, but also that individual token narratives can drive sharp dispersion beneath the surface.
Frequently Asked Questions (FAQs)
Why did bitcoin recover toward $82,500?
Bitcoin recovered after President Donald Trump said the U.S. would not attack Iran before the Nov. 3 midterm elections, easing some geopolitical risk concerns and helping risk assets stabilize.
Is bitcoin still down for the week?
Yes. Even after rebounding from a Thursday low near $80,300 to around $82,500, bitcoin remains about 4% lower than at the same time last Friday.
How did ether perform compared with bitcoin?
Ether performed worse than bitcoin over the week, sliding 9% to around $2,500 while bitcoin remained about 4% lower over the same period.
What does lower bitcoin futures open interest suggest?
Bitcoin futures open interest slipped 1.9% over 24 hours to $27.1 billion, suggesting the rebound occurred without a major influx of fresh leverage.
Were long traders hit harder in the liquidation wave?
Yes. Liquidations totaled $1.09 billion over 24 hours, with longs accounting for $931 million, or around 85% of the total.
Why did Starknet’s STRK token jump?
STRK jumped 33% after Starknet said it is considering becoming a standalone layer-1 blockchain with a goal of achieving full quantum resistance by 2027, though the plan has not been approved.
Did crypto ETF flows support the rebound?
ETF flows were mixed to negative. U.S.-listed bitcoin, ether and zcash ETFs posted outflows on Thursday, while XRP funds were the only crypto products to take in money.
What are traders watching next?
Traders are watching whether bitcoin can maintain its rebound, whether ether can stabilize after heavier weekly losses, and whether funding rates, ETF flows and token-specific catalysts confirm broader confidence.