Bitcoin held near $109,000 on Friday as Asia-Pacific stocks opened higher and tech optimism lifted sentiment, setting a calmer tone after a choppy week for digital assets.
Japan led regional gains as investors weighed signs of a thaw in US-China trade tensions following high level talks. The Nikkei 225 rose over 1% to a record, and the Topix added 0.79%, also hitting a new peak.
South Korea advanced as well, with the Kospi up 0.22% after a record close on Thursday, and the small cap Kosdaq rising 0.47%.
Market snapshot
- Bitcoin: $109,747, up 0.7%
- Ether: $3,861, down 1.2%
- XRP: $2.48, down 1.1%
- Total crypto market cap: $3.76 trillion, down 0.2%
Tech Giants Drive Gains As Nasdaq And S&P 500 Futures Climb
Upbeat earnings from Amazon and Apple buoyed Wall Street futures, while the dollar hovered near three-month highs amid uncertainty over further Federal Reserve rate cuts.
Nasdaq futures jumped 1.2% and S&P 500 futures gained 0.6% after Amazon’s results sent its shares up about 13% after the bell, adding more than $300b in market value. Apple rose 2.3% after its iPhone outlook topped estimates.
Pressure from Meta and Microsoft lingered as investors weighed rapid AI spending. Six of the Magnificent Seven have reported with mixed takeaways. Nvidia, the world’s first $5 trillion company, is due to report next month.
On the mainland, Chinese equities lagged after a weak October factory reading dented confidence. The official PMI fell to a six month low of 49, missing expectations of 49.6.
Solana ETFs Extend Three-Day Inflow Streak Amid Broader Crypto Pullback
Crypto ETF flows reflected a cautious crypto backdrop. On Oct. 30, US Bitcoin spot ETFs saw a total net outflow of $488m, with all 12 funds recording zero inflows.
Ethereum spot ETFs posted a total net outflow of $184m, also with no inflows across nine products. Solana spot ETFs recorded a net inflow of $37.33m, marking three consecutive days of inflows.
Central bank meetings this week mostly met forecasts. The biggest jolt came from Fed Chair Jerome Powell, who pushed back against a December rate cut, nudging traders to reassess how quickly policy might ease.
Traders Scale Back Fed Rate Cut Bets
Riya Sehgal, research analyst at Delta Exchange, noted the sector fell 2.37% in the past 24 hours as risk appetite cooled after the Fed’s remarks.
“Despite a 25bps rate cut, traders are dialing back expectations for further easing, now pricing a less chance of another cut in December. ETF flows confirm the cautious tone,” she said. “In derivatives, open interest fell nearly 5% and funding rates turned negative, a clear sign of increased short positioning.”
She added that the next catalyst could be the Nov. 1 US jobs report. “A strong labor print could deepen the sell-off, but any signs of cooling could give crypto a relief bounce.”
Until ETF outflows ease and spot pushes through resistance, Bitcoin’s range near $107,000 to $113,000 is likely to hold.
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