Cryptocurrency prices are showing a broad recovery this Friday, spearheaded by Bitcoin, which has surged past the $86,000 mark. September highs of approximately $1.66.
“Institutional demand remains the foundation of this move. Inflows into spot Bitcoin ETFs remain positive, although they are less robust than at the start of the quarter, while options markets reflect some caution ahead of Friday’s employment report,” Crypto Finance said in a report sent by email.
“Demand for downside protection has increased, but investor positioning remains far from defensive,” the company added.
Risk appetite remains elevated
Interest in digital assets continues to be robust, as evidenced by the Crypto Fear and Greed Index, which registered at 72 in the “Greed” zone on Monday, a marginal decline from the previous day’s reading of 74.
The endurance of this risk appetite indicates that the broader market trend for cryptocurrencies has shifted, raising the probability of further price appreciation.
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