Bitcoin Dominance Nears 60% as Traders Load Up on Leverage Ahead of Jobs Data
Bitcoin traded above $86,000 on Oct. 2, 2026, rising 3.4% as its market dominance approached 60%. This shift from stablecoins to tokens signaled a risk-on sentiment among traders. While the broader crypto market saw gains, smaller assets like AAVE and APT outperformed. Rising open interest and funding rates indicated increased leveraged bullish positions, though $344 million in liquidations highlighted volatility risks. The market awaited the U.S. jobs report, with economists expecting 90,000 new jobs in September. A stronger report could raise Treasury yields and pressure bitcoin, while a weaker one might support risk assets. Analysts noted that a 10-year real yield above 3% could trigger a retest of the $80,000 to $82,000 range. Lower odds of a Federal Reserve rate hike, currently at 30%, supported the rally. However, profit-taking hit some tokens like Quant, which fell 15%. The jobs report, due at 8:30 a.m. ET, was seen as a key catalyst for the next move in crypto prices.
