Bitcoin and Ethereum climbed after fresh U.S. labor data signaled a still-resilient economy, pulling new cash into crypto ETFs and lifting prices across major coins.
Bitcoin (BTC) rose 4% to $89,800, while Ether (ETH) gained 5% to $3,030. XRP added 4% to $2.24, Solana (SOL) jumped 7% to $144, and BNB increased 5% to $894.
The total crypto market cap hit $3.17 trillion, up 3.2% in 24 hours, as trading volume reached $139 billion. Bitcoins share of the market stands at 56.5%, with Ethereum at 11.5%.
ETF money comes back
Spot exchange-traded funds (ETFs) that hold crypto directly attracted steady inflows. Bitcoin ETFs took in nearly $129 million, Ethereum ETFs brought in more than $78 million, Solana ETFs added $53 million, and XRP ETFs drew over $35 million. ETF demand matters because it offers a simple way for traditional investors to buy crypto in brokerage accounts.
Leverage shakeout hits shorts
More than $236 million in positions were liquidated over the past day, according to Coinglass. Liquidations occur when exchanges close a traders leveraged bet after losses mount. Short sellers bore the brunt at $145 million, while longs lost about $98 million. Bitcoin saw $72 million in liquidations, Ethereum $52 million, and Solana more than $18 million.
Jobs data lift risk appetite
Initial jobless claims fell to 216,000 last week, the lowest since mid-April, suggesting layoffs remain limited. Continuing claims edged up to 1.96 million. The picture points to a labor market thats cooling without cracking.
Wholesale inflation stayed moderate. The Producer Price Index (PPI) rose 0.3% in September on higher energy and food, while core PPI increased 2.6% year over year, the smallest rise since July 2024. Together, those readings keep hopes alive that the Federal Reserve could consider another interest rate cut in December.
Winners and laggards
Kaspa (KAS) led gainers, up 17%. Hyperliquid (HYPE) added 10% to $35, and PUMP rose 8%. On the downside, Aster (ASTER) slipped 5% to $1.10, and Canton (CC) fell 5%.
Why this matters
- Lower jobless claims can boost risk-taking, often helping assets like Bitcoin and Ether.
- Fresh ETF inflows suggest ongoing mainstream demand, not just crypto-native trading.
- Liquidations can accelerate price moves. A short squeeze can push prices higher fast when bears are forced to buy back.
- Bitcoins dominance at 56.5% shows big investors still favor the largest asset, but inflows into ETH, SOL, and XRP funds hint at broader interest.
What to watch next
- Fed commentary ahead of the December meeting. A rate cut could support risk assets.
- Whether ETF inflows persist through the week or fade after the headline pop.
- Trading volume and volatility. Sustained volume above $100B often signals stronger follow-through.
Bottom line: a stronger labor update plus ETF demand gave crypto a tailwind. If macro data stays friendly and fund flows hold up, bulls may keep control into December.