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Bitcoin steadies near $81,700 as altcoins rebound, pepe climbs 13%

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Bitcoin steadies near $81,700 as altcoins rebound, pepe climbs 13%

Bitcoin rose 0.5% to around $81,700 since midnight UTC while the CoinDesk 80 gained 1.4% and memecoins climbed 2.9%.

Bitcoin rose 0.5% to around $81,700 since midnight UTC, recovering from a low of around $81,000, while Asian stocks steadied after Thursday’s tech sell-off.

Altcoins moved faster, with the CoinDesk 80 gaining 1.4%, memecoins climbing 2.9% and frog-themed memecoin pepe jumping 13%.

Bitcoin BTC $84,459.46 rose 0.5% to around $81,700 since midnight UTC, outpaced by altcoins. Ether ETH $2,490.55 rose 0.9% and the CoinDesk 80 (CD80) altcoin index added 0.7% while the memecoin gauge climbed 2.9%.

The rebound follows Thursday’s tech-led selloff, during which the Nasdaq Composite index fell 2.6% in its steepest decline since June. Asian markets steadied as South Korea’s Kospi added 0.3% and China’s CSI 300 rose 1.7% while Japan’s Nikkei 225 slipped 0.25%.

Traders now look to the Fed’s Oct. 27-28 meeting, with Brent crude near $113 keeping inflation worries alive, and to exchange-traded fund flows, after U.S. spot bitcoin ETFs lost $635 million on Thursday, according to SoSoValue data, following more than $1 billion of inflows over the first three days of the week.

Crypto futures trading cools: Volume fell 19% over 24 hours and liquidations dropped 23%, a day after both jumped. Open interest (OI) rose 1% after declining yesterday, with bitcoin's price little changed, so traders are adding positions again, not just closing them. The long/short taker volume ratio tilts slightly to shorts, at 51.6% against 48.4%.

OI-adjusted CVD points to bullish reset: Cumulative volume delta (CVD) tracks whether market orders are mostly buys or sells.


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