Bitcoin is trading around $82,500 as Nasdaq 100 futures rebounded and China's GDP growth beat expectations. Altcoins outpaced the largest cryptocurrency, with DeFi tokens leading the gains.
Bitcoin is trading around $82,500, up around 0.5% since midnight UTC. The move extends a bounce from Sunday's dip to roughly $80,700. The price also sits above Thursday's brief break below $80,000.
The rebound follows a rough week for U.S. tech. The Nasdaq fell 4.5%, its worst weekly decline since June, as worries over AI spending and debt hit stocks such as CoreWeave, which fell 25%.
Nasdaq 100 futures advanced more than 1% on Monday alongside Asian stocks, after China's third-quarter GDP growth of 4.5% beat expectations and oil prices eased.
DeFi tokens lead altcoin gains
Ether added 0.75% to near $2,430. The CoinDesk 80 gained 0.9%, triple the 0.35% rise in the bitcoin-heavy CoinDesk 5. DeFi led the CoinDesk benchmarks with a 0.81% gain.
Arbitrum rose 6.7% to about $0.20, with the rally stemming from the Arbitrum Foundation's Stablecoin Growth Program, announced on Thursday. The program sets aside 2 million ARB for the first 10 teams to hold $10 million in USDG.
Elsewhere, Uniswap's UNI rose 3.2% to around $7.42, while Celestia's TIA gave back 3.9% to about 61 cents after Friday's 16% jump.
Futures volume jumps while positioning barely moves
Total 24-hour crypto futures volume rose 51% to $146 billion. However, open interest edged up just 1.25% to $141 billion, as traders churned through more contracts without adding much net exposure.
On Deribit, the five most traded options on Deribit over the past 24 hours were all bitcoin puts at strikes below the current market price. Traders use puts to hedge long exposure against spot declines, so some are insuring gains.
Source: CoinDesk
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