Bitcoin climbs past $111K as traders await U.S. inflation data. JPMorgan embraces crypto collateral while Multicoin introduces “Attention Perps.
The global crypto market opened Friday on a buoyant note, with Bitcoin (BTC) climbing past $111,500 and the CoinDesk 20 Index (CD20) gaining nearly 2% to 3,667 points, as optimism spread across the digital asset sector. Major altcoins, including Ethereum (ETH), BNB, Solana (SOL), and XRP, also traded higher following two major developments — President Trump’s pardon of Binance founder Changpeng Zhao and the White House confirmation of a Trump–Xi meeting during the Korea summit.
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Timothy Misir, Head of Research at BRN, described the current bounce as “constructive but fragile.”
He noted that positive ETF inflows and “Dolphin cohort” accumulation have provided a steady base, but long-term holder selling and a record options complex could still inject volatility into the market.
Traders are keeping a close eye on the U.S. Consumer Price Index (CPI) report, due Friday morning. Economists expect inflation to have risen to an 18-month high in September, a critical signal for the broader economy and crypto’s correlation with risk assets.
Deribit’s options data shows that the price of Ether changed by 2.9% after the CPI report, while Bitcoin’s price changed by less than 2%. This means that Ethereum is more volatile due to speculation.
Interestingly, one of the so-called “OG traders” who made over $200 million during the market crash on October 10 has now closed a bearish short position on BTC. This could be a sign that people are feeling more hopeful again.
Bitcoin and Ethereum will soon be accepted as collateral by JPMorgan, according to Bloomberg. Everyone can breathe a sigh of relief because this is yet another baby step toward mainstreaming cryptocurrency.
Big banks are no longer sitting on the sidelines; they’re building the link between traditional assets and blockchain-based ones. This change in policy highlights a growing trend.
Social media was abuzz with insider trading rumors after Stable, a layer-1 blockchain focused on stablecoins, hit its $825 million pre-deposit hard cap within minutes of launch.
At the same time, Multicoin Capital came up with a whole new way to trade called “Attention Perpetuals” (Attention Perps).
Traders can go long or short on these permanent futures contracts tied to Attention Assets, depending on how much cultural or social attention is paid to certain topics, people, or things.
Pay attention The contracts will make use of oracles. These computers use data from prediction markets and other sources to create real-time indicators of global interest. This is a novel approach to combining finance, data science, and social trends.
In the traditional markets, the U.S. Dollar Index (DXY) stayed near 99.00, while the 10-year Treasury yield hovered around 4%. Analysts warn that a hotter-than-expected inflation report could strengthen the dollar and put a cap on Bitcoin’s upward momentum.
Key U.S. Economic Events (Oct. 24):
8:30 a.m. ET – U.S. September Inflation Rate (YoY Estimate: 3.1%; MoM: 0.4%)
9:45 a.m. ET – S&P Global U.S. PMI (Flash Estimate: Manufacturing 52, Services 53.5)
10:00 a.m. ET – Michigan Consumer Sentiment Index (Estimate: 55)
The CoinMarketCap Altcoin Season Index has dropped below 25/100, the lowest in 90 days, signaling a clear shift back to “Bitcoin Season.”
Altcoins such as FET, 2Z, BONK, and WIF have all lost over 50% of their value in the past three months.
At the same time, Bitcoin’s market dominance has increased from 57% to 59% since mid-September, reflecting investors’ growing preference for the relative safety of BTC amid ongoing volatility.
Even though digital asset treasury companies (DATs) are still putting a lot of money into altcoins, this trend is still going strong. This suggests that regular buyers are still hesitant to get back into the risky part of the market.
Bitcoin’s 30-day implied volatility (Volmex BVIV) dropped from 52% to 45% in just two days, a sign that market nervousness is easing.
BTC’s seven-day volatility risk premium has gone down, which can be seen in options statistics. This is another sign that the market is getting stronger before important information comes out.
There are still more calls than puts on BTC, which shows that people are still afraid the price will go down.
If you look at ETH options after December, you can see that people are positive.
Most people became more interested in fixed futures, but PUMP futures fans became more interested than anyone else (+14%).
The fact that funding rates for TRX and ZEC went down a little shows that buyers are inclined to sell.
| Asset | Price (24hr Change) |
|---|---|
| Bitcoin (BTC) | $111,394.24 (+1.7%) |
| Ethereum (ETH) | $3,960.88 (+2.22%) |
| CoinDesk 20 (CD20) | +1.64% |
| BTC Dominance | 59.88% (unchanged) |
| ETH/BTC Ratio | 0.03555 (+1.51%) |
| Gold Futures | $4,083.90 (-1.49%) |
| Silver Futures | $47.76 (-1.93%) |
Coinbase Global (COIN) climbed 0.76% to $322.76 in stocks, while pre-market gains went above $331.73. Galaxy Digital, CleanSpark, and Riot Platforms, among other big crypto-related stocks, also closed higher, which is in line with the general optimism in the crypto market.
Spot Bitcoin ETFs had $20.3 million in net inflows, bringing the total to $61.86 billion.
There were, however, $127.4 million in net outflows from Spot Ether ETFs, increasing the total amount of ETH held to 6.76 million.
Even though there are little changes, institutional ETF flows are still very important for keeping liquidity and investor confidence in all crypto markets.
After the inflation data comes out, Bitcoin, Ether, XRP, and Solana are likely to move a little bit.
For the first time in 14 years, a dormant Bitcoin whale wallet worth $442 million moved. This led to worry about “quantum safety” issues.
Sygnum, a Swiss bank, said it will work with Debifi to create a Bitcoin-backed lending platform that will have multi-sig wallet control to make it safer for borrowers.
Bitcoin is holding steady above $111,000, Ethereum is doing well, and investors are getting ready for the U.S. inflation print. The next few days might set the direction of the crypto market.
At the same time, new ideas like Multicoin’s “Attention Perps” remind us that crypto is still one of the most exciting areas where finance, technology, and culture all come together.
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