Crypto markets recorded modest gains on Monday after rallying sharply over the weekend as trader optimism was revived by news of a U.S.-China trade agreement – even as the U.S. government shutdown continues.
Bitcoin (BTC) climbed around 1.8% to trade near $115,600, holding its position above a critical support level after dropping to as low as $107,000 last week. Meanwhile, Ethereum (ETH) rose 3% to about $4,183, driving its weekly gains to roughly 4%.
BTC Chart“I believe macro factors are a greater contributor to Bitcoin’s rise than seasonality or ‘Uptober, ‘” Paul Howard from Wincent said in comments shared with The Defiant. “Over the last week, we have seen macro risks (China rare earth export controls and 100% tariff threats) diminish.”
Total Crypto Market Cap Inches Towards $4 Trillion
Other Top 10 coins also inched up: XRP increased by 1.3% to $2.67, BNB rose 1.3% to $1,146.43, and Solana (SOL) increased 1% to $200.
Among smaller-cap tokens, ASTER led the day’s declines, slipping about 5% to around $1.08, while Pi Network (PI) stood out as the top performer, rallying nearly 13% to $0.24, according to CoinGecko.
The total crypto market capitalization rose 1.5% to $3.98 trillion, with Bitcoin’s dominance at 57.7% and Ethereum’s at 12.7%.
Liquidations and Market Flows
Around $423 million in crypto positions were liquidated over the past 24 hours, according to Coinglass data. Long positions made up about $129 million, while shorts accounted for $293 million.
Bitcoin led the liquidations with nearly $138 million. Ethereum followed at around $124 million, while altcoins collectively contributed nearly $37 million.
Spot Bitcoin ETFs attracted $91 million in inflows on Friday, October 24, while Spot Ethereum ETFs experienced outflows of nearly $94 million, according to SoSoValue.
“A bounce back in Bitcoin ETF demand (to mirror uptake in Gold) is now overdue and with a Fed rate cut likely, my bets are we propel Bitcoin to break the $120,000 trend in the coming week,” Howard said. “So overall, we look at positive macro news driving price movement here and if that is what pundits call Uptober or coincidence, the Bitcoin bulls will be happy either way.”
Meanwhile, digital asset investment products pulled in $921 million last week, fueled by stronger investor confidence after softer U.S. inflation data, according to CoinShares’ weekly Fund Flows report.
Bitcoin led the way with $931 million in inflows, while Ethereum faced $169 million in outflows. Flows for Solana and XRP slowed as investors await upcoming U.S. ETF approvals.
US-China Trade Tensions Ease
Earlier today, President Donald Trump arrived in Tokyo, continuing his five-day Asia trip focused on reaching a trade truce with China.
He previously signed trade and mineral agreements in Malaysia and is scheduled to meet Chinese President Xi Jinping on Thursday, following a tense two weeks of trade developments.
However, over the weekend, U.S. and Chinese negotiators agreed on a framework for a potential trade deal, which boosted investor sentiment.
Source: https://thedefiant.io/news/markets/bitcoin-climbs-above-usd115-000-on-us-china-trade-deal-optimism
