Crypto markets entered October with strong momentum, supported by heavy positioning in Bitcoin futures and options, while altcoins largely remained range-bound, reflecting a concentrated market dynamic heading into mid-October expiries.
As October began, total crypto market capitalization approached $3.99 trillion, nearly touching the $4 trillion milestone.
Bitcoin set the tone, briefly climbing above $119,000 before consolidating near $114,500. The move coincided with cautious activity in traditional markets, as a U.S. government shutdown delayed key economic data, leaving investors without critical signals on payroll and Fed policy.
Futures and options data highlight significant activity centered on mid-October expiries, with Bitcoin contracts clustered around $125,000.
Open interest in futures remains robust at over $45 billion, signaling broad participation despite near-term uncertainty.
Analyst Iliya Kalchev of Nexo Dispatch noted that "options markets highlight the divergence ahead: while Bitcoin may be caged in the short term, mid-October expiries are stacked at $125,000, setting the stage for potential volatility."
Ethereum has maintained levels just above $4,100, with derivatives positioning favoring mid-October expiries around $4,600.
Open interest in Ethereum futures is near $30 billion, indicating active participation and growing momentum.
Solana stabilized above $225, with key support at $206, while XRP, Cardano, and Polygon traded largely flat.
Kalchev observed that this pattern points to a rotation dynamic, with Bitcoin dominating market attention while most altcoins remain range-bound, awaiting either new catalysts or spillover flows from the majors.
Institutional activity continues to shape momentum in the crypto markets.
Japanese Bitcoin treasury firm Metaplanet acquired 5,268 BTC valued at $623 million, bringing its total holdings to over 30,800 BTC.
Vincent Wang, CFO of FLock.io, said that "the reservation of crypto assets by corporate or institutional purchasers, particularly prominent listed companies or ETP issuers, would instill greater confidence in traditional capital market participants to increase their exposure."
Wang also cautioned that accumulation purely for passive income could negatively impact broader market dynamics during a downturn.
Macro developments compounded market complexity.
The U.S. government shutdown threatens to delay payroll reports, including ADP nonfarm employment changes, ISM manufacturing PMI, and Friday’s September nonfarm payrolls.
Historically, such disruptions can pause traditional market signals, potentially leaving Bitcoin and other crypto assets range-bound until clarity returns.
At the same time, gold surged to record highs above $3,900, with silver and platinum extending multi-year highs, reinforcing the perception of crypto as a safe-haven asset in a turbulent macro environment.
The current market reflects both seasonal optimism and concentrated positioning. Bitcoin futures and options suggest traders are focused on mid-October expiries, while altcoins broadly remain subdued, trading within narrow ranges.
Institutional purchases, coupled with whale accumulation, have reinforced momentum, particularly for Bitcoin, while altcoins are awaiting renewed catalysts to break their consolidating patterns.