Crypto market risk appetite rises as bitcoin dominance nears 60%
Broader gains across digital assets are building ahead of the U.S. jobs report, with bitcoin outperforming several major tokens as traders add bullish exposure. Bitcoin dominance is approaching 60% while USDT's market share slips to about 6.3%, signaling that investors are rotating from cash-like holdings into riskier crypto assets.
Highlights
- Bitcoin trades above $86,000 at 9:10 UTC, up 3.4% in 24 hours, leading a broad rally with SKY, AAVE, and APT gaining 7–10%.
- Bitcoin market dominance approaches 60% as USDT share dips to 6.3%, indicating a rotation from defensive stablecoins to higher-risk tokens.
- Market-implied odds of an October Fed rate hike fall to 30% after dovish Fed comments, with U.S. nonfarm payrolls and Treasury yields in focus.
Market positioning before U.S. jobs data
As reported by CoinDesk, bitcoin trades above $86,000 at 9:10 UTC, up 3.4% over 24 hours, as a broad rally lifts sentiment across the crypto market. Ether, XRP, solana and BNB also advance, while SKY, AAVE and APT post the strongest gains among the 100 largest tokens by market value, rising 7% to 10%.Derivatives data also point to a more aggressive stance from traders. Rising open interest and funding rates suggest investors are adding leveraged bullish positions, although $344 million in liquidations highlights the scope for sharper volatility if sentiment turns.
Dominance signals and rate outlook
Bitcoin's share of the total crypto market is closing in on 60%, while USDT, the largest dollar-pegged stablecoin, sees its share fall to around 6.3%. Together, those indicators suggest traders are becoming more comfortable moving out of defensive positions and back into higher-risk tokens.The next test for that risk appetite comes from U.S. macroeconomic data. The nonfarm payrolls report due at 8:30 a.m. ET is expected to show the U.S. economy adds 90,000 jobs in September, down from 162,000 in August, while the unemployment rate is forecast to hold at 4.1%, according to FactSet consensus estimates.
Analysts are also watching how Treasury yields, especially real yields, respond to the data and to the Oct. 14 consumer price index report. Markets now price in a 30% chance of a rate hike in October, down from 70% after dovish remarks from New York Fed President John Williams and Fed Vice Chair Philip Jefferson, and lower odds of tighter policy generally support risk assets such as bitcoin.
In our earlier coverage of the September U.S. nonfarm payrolls outlook, we noted expectations for job growth to slow to around 90,000 after August’s stronger reading, while the unemployment rate was projected to hold at 4.1%. The piece also highlighted attention on wage growth as a gauge of inflation pressure and discussed how the jobs data could shape expectations for the Fed’s next rate move.
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