The cryptocurrency market advanced early Friday evening, with Bitcoin climbing to $86,688—up 3.38% over 24 hours—after the latest US Non-Farm Payrolls data showed job growth of just 29,000, missing forecasts of 84,000 to 90,000. Unemployment edged higher to 4.2%, and total crypto market capitalization kept within the $2.94 to $3.03 trillion range as traders took stock of macroeconomic signals and sector developments.
Institutional flows and ETF performance reinforce market momentum
Bitcoin’s move was echoed by positive trends among institutional products. SoSoValue reported that spot Bitcoin ETFs recorded net inflows of $103 million. BlackRock’s IBIT performed strongly with $196 million in new capital, counterbalancing an outflow of $61 million from Fidelity’s FBTC. In contrast, Ether ETFs saw daily net outflows totaling $55 million.
Ethereum itself broke out from a prolonged sideways price range, increasing 1.69% to $2,749.47, mirroring wider optimism driven by new market catalysts and infrastructure changes.
The total value locked across major cryptocurrencies reflected these shifts, as capital rotated between key assets aligned with developing headlines in Washington and on global exchanges.
| Asset | Price | 24h Change | Market Share |
|---|---|---|---|
| Bitcoin (BTC) | $86,688 | +3.38% | 59.10% |
| Ethereum (ETH) | $2,749 | +1.69% | 11.39% |
| Solana (SOL) | $122.62 | +4.18% | N/A |
| XRP | $1.5444 | +3.57% | N/A |
“It’s coming home”: Tether launches USDT on Bitcoin with Utexo
Tether, the world’s largest stablecoin issuer, is returning USDT to the Bitcoin blockchain through Utexo, a platform specializing in integrating USD-backed tokens on Bitcoin-based networks. Utexo completed a $7.5 million seed funding round, co-led by Tether, alongside Portal Ventures and Big Brain Holdings.
Tether CEO Paolo Ardoino actively supported the initiative, referencing the launch with the phrase, “It’s coming home.” Utexo seeks to expand USDT’s reach by leveraging Bitcoin’s native infrastructure, combining technologies such as RGB and Lightning Network.
Backers expect Utexo’s RGB implementation in October 2026 to transform Bitcoin into a settlement channel for dollar-denominated transactions, shifting its role beyond a store of value.
Utexo’s co-founder Viktor Ignatyuk stated that the company is in discussions with Morgan Stanley to facilitate broader integration into mainstream banking custody. Hundreds of exchanges and wallet providers have shown interest in the development.
Currently, nearly $184 billion USDT circulates, representing about 60% of the global stablecoin market, while much of the remaining supply resides on Ethereum and Tron. By comparison, tokenized USDT activity on Bitcoin has been minimal due to technological limitations on legacy networks such as Omni Layer. The new initiative could address Bitcoin’s tiny share of stablecoin volume and restore its relevance in this segment.
Mini dictionary: Utexo is a technology company specializing in deploying stablecoins and digital assets on Bitcoin using the RGB protocol and Lightning Network, which enables the issuance and transfer of digital tokens on top of Bitcoin in a scalable manner.
Regulatory shifts, M&A activity, and Solana’s RWA milestone
US regulators are signaling an easing of the policy climate for digital asset firms. On her last day in office, SEC Commissioner Hester Peirce joined new SEC Chair Paul Atkins and Commissioner Mark Uyeda in proposing new rules for digital asset custody. The reforms would allow registered investment advisers and funds to use state-chartered trust firms and some degree of self-custody, provided robust cybersecurity standards are met.
Simultaneously, the SEC and CFTC are drafting joint rules to supersede the stalled CLARITY Act. Paul Atkins acknowledged the maturation of crypto assets into a trillion-dollar market. Other regulatory measures, including the Federal Reserve’s GENIUS Act and the Innovation Exemption for NMS, remain in force until at least 2031.
Utexo’s seed raise and Armada’s Nasdaq debut capped a week of major US policy and market structure changes, creating new opportunities for institutional participation.
The merger of Armada Acquisition Corp. II and Evernorth received shareholder approval, and the combined entity will debut on Nasdaq under the ticker XRPN on October 8. The firm will hold 473 million XRP, valued at about $730 million. As anticipation built, XRP rose 3.57% to $1.5444.
Concurrently, Solana reached a record 1.2 million wallets holding tokenized stocks, with 775,000 new unique addresses added in September. This surge brought Solana’s market share of on-chain real-world asset (RWA) activity to 95%. The SOL token rallied by 4.18% to $122.62.
By contrast, AI-themed crypto assets—such as NEAR, Bittensor (TAO), and Render—underperformed, while Quant (QNT) dropped 16% to $250 following the realization that its integration into The Clearing House system did not require the asset itself, impacting investor sentiment. SHIB coin continued to trade within a tight range, showing minimal reaction to market trends.
Mini dictionary: The Clearing House is a US-based entity that operates payment systems for banks and financial institutions, providing critical infrastructure for interbank transactions.
Derivatives market squeeze and key trading levels
High volatility dominated the crypto derivatives market, as total liquidations hit $362.77 million in 24 hours. Nearly $269.87 million of these losses affected short positions, signifying a challenging environment for bearish traders. Around 79,443 traders saw positions forcibly closed in this liquidation cascade.
Open interest in Bitcoin futures reached 653,000 BTC, equating to $56 billion, amid a tripling of funding rates—a sign of increased leveraged bullish bets rather than direct spot purchases.
| Key Level | BTC Value | ETH Value |
|---|---|---|
| Support | $82,600 | $2,635–$2,660 |
| Resistance | $87,200–$87,600 | $2,740–$2,800 |
| Critical liquidation trigger | $75,800 (>$6.7B long liquidations) | $2,420 (>$4.17B long liquidations) |
On-chain data from CryptoQuant indicated a 40% spike in monthly stablecoin inflows to Binance from addresses holding over $1 million, providing fresh buying power for possible price corrections.
The macroeconomic outlook, centered around weaker jobs growth and unemployment at 4.2%, lessens expectations for a Federal Reserve rate hike in October, while the ISM PMI price index at 77.9 adds potential inflationary pressure. Citigroup’s year-end price targets remained key psychological reference points with $113,000 for Bitcoin and $3,028 for Ethereum, supporting sentiment in the wake of today’s developments.
