Bitcoin Nears $87K on Soft Jobs Data, SEC Approves Futures-Linked ETF
Bitcoin surged to an intraday high of $85,435 on weaker US jobs data, nearing its highest level since January. The SEC approved a Bitcoin ETF targeting three times daily futures moves, while spot ETFs drew $134 million in early October inflows.
Bitcoin climbed to an intraday high of US$85,435.00 on Friday, marking a 0.69 per cent 24-hour gain to US$85,413.00, as softer-than-expected US jobs data pushed bond yields lower and shifted Federal Reserve rate hike odds. The move took the world’s largest cryptocurrency close to its January peak of US$87,300, with order-book resistance keeping it from breaking through to new macro highs. Market capitalisation reached US$1,716,229,762,573 on 24-hour volume of US$14,531,418,360.
The price action was driven by a jobs report miss that erased the probability of an October rate hike, according to analysts. Bitcoin briefly touched US$87,000 in early New York trading but faced a wall of ask liquidity that sellers cleared around US$85,000, data from Glassnode showed. Short liquidations exceeded US$120 million as buyers pushed through resistance. Open interest in Bitcoin futures jumped US$2.3 billion, reflecting increased bullish positioning.
The Securities and Exchange Commission approved the listing of a Bitcoin exchange-traded fund designed to target three times the daily performance of its futures benchmark. The ruling covers a broader commodity lineup and preserves exchange oversight and brokerage obligations. Separately, the SEC proposed new rules on crypto custody, aiming to govern investment funds’ handling of digital assets.
Spot Bitcoin ETFs recorded net inflows of US$134.4 million over the first two trading days of October, rebounding from a US$103 million outflow on 30 September. September inflows totalled US$2.65 billion, the second-largest monthly figure since October 2025. Ether funds, meanwhile, posted a third consecutive day of net outflows. The ‘Uptober’ narrative gained traction as institutional demand held steady.
Michael Saylor stirred speculation that Strategy could add to its Bitcoin holdings, posting an orange dot chart that follows two consecutive weekly acquisitions. Saifedean Ammous, author of ‘The Bitcoin Standard’, argued that Strategy’s scale and cash reserves give it an edge over corporate treasury rivals. In other institutional moves, South Africa’s Absa Bank became the first lender on the continent to custody Bitcoin, according to reports.
El Salvador received a US$138 million disbursement from the International Monetary Fund after securing waivers on its Bitcoin project. The IMF said efforts will continue to reduce state involvement in Bitcoin-related activities and strengthen crypto regulation. Bitcoin dominance neared a return to 60 per cent as traders adopted risk-on mode. Data from the University of Texas at Austin showed that among 25,880 people surveyed, many do not understand Bitcoin’s technology in depth but use it when banks do not work.