Outside it's lively, but the crypto circle is quiet
A quick glance at the three major stock markets: US stocks kept rallying last night, with the Nasdaq up 1.05% hitting a new closing high, the Dow up 0.18%, and the S&P up 0.66%. SpaceX surged 7.63% in one bullish candle, pushing Elon Musk's net worth back into the trillion-dollar club; Hong Kong stocks on 10/05 also recovered, with the Hang Seng closing at 24,040, up 0.28%, and the Hang Seng Tech up 0.62%.
On the macro front, there's a big surprise: US nonfarm payrolls in September only added 29,000 jobs, far below the expected 90,000, causing the unemployment rate to climb to 4.2%. The October rate hike expectations were immediately "dead," with the next rate hike bet pushed to December and the probability dropped to less than 20%. Normally, this dovish stance should benefit risk assets, but the 10-year US Treasury yield remains stuck at 5.34% (the highest since 2002), and tensions in the Middle East with Iran persist, so this positive news is somewhat discounted.
Back to the market: $BTC is currently priced at $85,528, down 0.63% in 24 hours, retreating from $87,250 on 10/02, with a sharper drop today—open interest (OI) saw a net outflow of $346 million in one day (from $843 million to $808 million), and the funding rate turned negative to -0.0025%, indicating longs are exiting while shorts are increasing positions, effectively cutting down the positions accumulated over the past five days. $ETH is more sluggish, with OI only returning $60.6 million, and the funding rate remains positive but weakening, typical of a follower that falls with the market but doesn't rise with it.
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