Asia Market Open: Bitcoin Steadies Near $109K As Wall Street Gains On Strong Tech Earnings

What Happened

Japan led regional gains as investors weighed signs of a thaw in US-China trade tensions following high level talks. The Nikkei 225 rose over 1% to a record, and the Topix added 0.79%, also hitting a new peak.

Pressure from Meta and Microsoft lingered as investors weighed rapid AI spending. Six of the Magnificent Seven have reported with mixed takeaways. Nvidia, the world’s first $5 trillion company, is due to report next month.

Market Context

South Korea advanced as well, with the Kospi up 0.22% after a record close on Thursday, and the small cap Kosdaq rising 0.47%.

Market snapshot

Total crypto market cap: $3.76 trillion, down 0.2%

Nasdaq futures jumped 1.2% and S&P 500 futures gained 0.6% after Amazon’s results sent its shares up about 13% after the bell, adding more than $300b in market value. Apple rose 2.3% after its iPhone outlook topped estimates.

“Despite a 25bps rate cut, traders are dialing back expectations for further easing, now pricing a less chance of another cut in December. ETF flows confirm the cautious tone,” she said. “In derivatives, open interest fell nearly 5% and funding rates turned negative, a clear sign of increased short positioning.”

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Why It Matters

On the mainland, Chinese equities lagged after a weak October factory reading dented confidence. The official PMI fell to a six month low of 49, missing expectations of 49.6.

Central bank meetings this week mostly met forecasts. The biggest jolt came from Fed Chair Jerome Powell, who pushed back against a December rate cut, nudging traders to reassess how quickly policy might ease.

Riya Sehgal, research analyst at Delta Exchange, noted the sector fell 2.37% in the past 24 hours as risk appetite cooled after the Fed’s remarks.

She added that the next catalyst could be the Nov. 1 US jobs report. “A strong labor print could deepen the sell-off, but any signs of cooling could give crypto a relief bounce.”

Until ETF outflows ease and spot pushes through resistance, Bitcoin’s range near $107,000 to $113,000 is likely to hold.

Details

Bitcoin held near $109,000 on Friday as Asia-Pacific stocks opened higher and tech optimism lifted sentiment, setting a calmer tone after a choppy week for digital assets.

Bitcoin: $109,747, up 0.7%

Ether: $3,861, down 1.2%

XRP: $2.48, down 1.1%

Tech Giants Drive Gains As Nasdaq And S&P 500 Futures Climb

Upbeat earnings from Amazon and Apple buoyed Wall Street futures, while the dollar hovered near three-month highs amid uncertainty over further Federal Reserve rate cuts.

Solana ETFs Extend Three-Day Inflow Streak Amid Broader Crypto Pullback

Crypto ETF flows reflected a cautious crypto backdrop. On Oct. 30, US Bitcoin spot ETFs saw a total net outflow of $488m, with all 12 funds recording zero inflows.

Ethereum spot ETFs posted a total net outflow of $184m, also with no inflows across nine products. Solana spot ETFs recorded a net inflow of $37.33m, marking three consecutive days of inflows.

Traders Scale Back Fed Rate Cut Bets