Bitcoin hovered around $111,000 on Saturday, extending a modest rally from last week’s lows as traders cautiously re-entered risk.
Ether rose 3.5% to $3,970, BNB and Solana rose more than 3%, while XRP jumped 4.5% to lead the gains among the majors. Cardano’s ADA was unchanged, while Tron’s TRX fell 5%, leading losses among major companies.
Traders appear set to ride the strength again, particularly in tokens with clearer catalysts a week after a $19 billion liquidation event erased risk-taking behavior among market participants. BNB’s fifth rally this week followed renewed optimism around Binance’s prospects after founder Changpeng Zhao received a pardon from US President Donald Trump, and was interpreted by some traders as the end of a glut that has weighed on the token since late 2023.
“This is a huge moment for the industry,” said David Namdar, CEO of CEA Industries, which holds one of the largest BNB treasuries. “We believe CZ’s forgiveness is more than a turning point for him personally, but also for BNB and potentially Binance, paving the way for greater access to the US market.”
Meanwhile, Solana continues to attract institutional flow and is increasingly being treated as a liquidity indicator of risk sentiment. SOL’s 5% gain makes it one of the few majors to post a positive week, even as broader appetite for altcoins remains muted.
Still, this is not a return to full risk-taking. The market is adjusting to a slow rally after October’s record liquidation event, which wiped out nearly $20 billion in open interest and left leveraged traders reeling.
Since then, funding rates have normalized, perpetual volume has fallen sharply and spot purchases have taken the lead, a sign that longer-term money is starting to decline again.
“Bitcoin held the key $105,000 level throughout the rally, and that appears to have stabilized sentiment,” said Nick Ruck, director at LVRG Research. “We are optimistic that markets can improve as long-term fundamentals attract investors, even if macro volatility keeps the upside contained.”
Beneath the surface, sentiment remains mixed. The fear index has hovered around 25 for days, suggesting conviction remains low even as positioning resets. But on-chain activity, especially among whales and ETF inflows, continues to indicate accumulation rather than exit.
October has been characterized by forced selling and false starts and is on track to become the worst since 2015, putting the brakes on an otherwise bullish month that averages more than 25% returns for bitcoin.
As such, bitcoin’s strength above $110,000 keeps the structure intact, but traders are choosing rotation over expansion, preferring selective exposure rather than broad speculation.
And for a market that has spent most of the month preparing for the next wave of selloffs, that alone counts as progress.
