According to Woofun AI, the U.S. Federal Reserve kept its benchmark interest rate unchanged, a macro policy stance that directly reduced market uncertainty, and combined with strong semiconductor sector performance and continued inflows into spot Bitcoin ETFs, this pushed Bitcoin's price back up to around $81,000.
Specific trading data shows that as of 8:04 AM on the 29th, BTC was trading at 108.84 million Korean won on the South Korean digital asset exchange Upbit, up 0.96% from 9:00 AM the previous day. On the global exchange Binance, BTC was up 0.40% from 24 hours earlier, at $81,260. At the same time, ETH rose 0.23% to $2,358.54, while XRP fell 0.31% to $1.30.
Data compiled by Woofun AI shows that in the past 24 hours, approximately $57.53 million worth of Bitcoin positions were liquidated, of which $14.22 million were long positions, accounting for about 24.7%, while $43.31 million were short positions, accounting for 75.3%. Across the entire digital asset market, a total of approximately $258.57 million worth of positions were liquidated.
The price recovery was largely driven by a revival in investment sentiment toward technology stocks, led by the semiconductor sector 鈥?the previous day, South Korea's KOSPI index surged 6.6%, and SK Hynix rose nearly 11% after reporting a sevenfold increase in profit. U.S. Nasdaq 100 index futures were also up 0.5% at the time, indicating that the strong performance of South Korea's semiconductor sector is spreading to global technology stocks.
Capital inflows into the market through spot Bitcoin ETFs also contributed positively to the price recovery: on the 27th, U.S. spot Bitcoin ETFs saw another day of net inflows totaling $176 million, marking the second consecutive day of inflows. Even as Bitcoin's price recently fell below $80,000 and underwent a correction, investment demand through ETFs has continued.
In the derivatives market, although trading volume increased, new leveraged investment did not expand significantly. The 24-hour trading volume of digital asset futures rose 7.5% to $163.2 billion, while the number of open contracts increased by only 1.3%. Open interest refers to the scale of futures contracts that have not yet been closed, and its growth rate being lower than that of trading volume indicates that the number of new positions opened was relatively limited. BTC and ETH showed similar trends: while BTC's price rose 2.3%, open interest actually declined 0.1%; although ETH's price rose 2.7%, open interest grew by only 1.7%, suggesting that even as prices climbed, leveraged investment did not surge dramatically.
In the options market, investors' concerns about short-term downside risk have eased. On the digital asset options trading platform Deribit, the "skew" indicator 鈥?which reflects the price difference between one-week BTC put and call options 鈥?fell from about 10% a week earlier to below 1%. Put options are tools used to hedge against price declines, and a decrease in skew means that demand for downside protection has diminished.
However, over the medium to long term, the market remains cautious. In one-month, three-month, and six-month options, investors still favor buying put options, with the 30-day, $65,000 strike BTC put option being the most actively traded in the past 24 hours. Although expectations for a short-term rebound have risen, many investors are still considering the possibility of further declines.
The main factors affecting BTC's price going forward will be the Federal Reserve's monetary policy and the market trajectory of technology stocks. The Fed kept its benchmark rate at 3.75%-4.00% at the Federal Open Market Committee meeting held on the 28th (local time), but did not rule out the possibility of further rate hikes. Fed Chairman Kevin Warsh emphasized the strong growth momentum of the U.S. economy and persistent inflationary pressures at a press conference. With U.S. GDP growth for the first half of this year revised up to 2.4% and third-quarter growth expected to exceed 3%, the Fed has the leeway to focus on controlling inflation. The market widely believes the Fed is likely to raise rates again in December. Oscar Munoz, head of U.S. macro strategy at TD Securities, said: "We still believe the Fed will raise rates in December," adding, "If they don't intend to raise rates further, there must be a fairly compelling reason."
As for the technology stock market, whether its upward trend can continue remains uncertain. Google parent company Alphabet reported earnings that missed market expectations, and its stock fell sharply in after-hours trading, while Microsoft rose on the back of solid cloud computing business results. Although BTC benefited from strong semiconductor sector performance and ETF inflows to achieve a rebound, maintaining this upward momentum will require support from the external environment. The market believes that whether U.S. technology stocks can sustain their recent upward momentum and whether the Federal Reserve will raise rates further will both affect BTC's future price trajectory.
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