Bitcoin Hits New ATH as U.S. Shutdown Sparks Frenzy

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In the late Friday hush, Bitcoin-the cheeky coin with more tricks than a pantry full of marmalade-stretched its legs and flirted with its all-time high around $124,128. It bounced about 3%, sliding up to a range high of about $123,855, 1.3% shy of its ATH, before moseying back to trade around $122,000 at press time. What a daft old dash! 😂

Bitcoin Price Gains on High-Leveraged Market

It has been nibbling away at gains thanks to a raucous crowd in the futures market, all levered up and ready for mischief. According to CoinGlass, Bitcoin’s Open Interest (OI) and volume have been creeping upward since the September 28 rebound, like a gleeful goblin creeping up the stairs. 🪄

Precisely, BTC’s OI surged over the past two days to an ATH of about $88.52 billion at press time. Meanwhile, BTC’s OI-Weighted Funding Rate has remained positive in the last two weeks, signaling bullish sentiment-and perhaps a twinkle in the eye of the goblins who trade it. 😏

The rising demand from leveraged trading has resulted in high crypto liquidations. During the last 24 hours, a total of $549 million was liquidated from crypto leveraged markets, with the majority involving short traders. Bitcoin accounted for $238 million, with over $179 million involving short traders. 💥

U.S. Government Shutdown Bolsters BTC Gains

The ongoing U.S. government shutdown has given Bitcoin and the wider crypto market a shiny little boost, like chocolate coins hand-fed to secretive goblins. The Congress deadlock entered its 3rd day, and Bitcoin followed Gold in a bullish outlook as more investors turned risk-on trading strategy. 🪙✨

Nevertheless, the lack of crucial economic data, which will influence upcoming Fed rate decisions, has created midterm uncertainty. Hmm, the plot thickens like custard in a windstorm.

Bigger Market Picture

The ongoing Bitcoin rebound has followed an expected bull run in the fourth quarter. On-chain data analysis shows institutional investors have accelerated their BTC accumulation to hedge against inflation and market uncertainty. 📈

For instance, enterprises using Bitcoin as a treasury have increased by 27 in the past 20 days to 343, and currently hold 3.87 million BTC according to data analysis from BitcoinTreasuries. The U.S. spot Bitcoin ETF issuers have recorded a net cash inflow of about $1.35 billion since the beginning of October. 💼💰

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2025-10-03 21:58