Bitcoin hovered near $111,000 on Saturday, extending a modest rebound from last week’s lows as traders cautiously returned to 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 remained unchanged while Tron’s TRX fell 5%, leading to losses among the majors.
Traders appear poised to make a strong comeback, especially in tokens with clearer catalysts a week after a $19 billion liquidation event erased risk-taking among market participants. BNB’s 5th rally this week follows renewed optimism around Binance’s prospects after founder Changpeng Zhao received a pardon from US President Donald Trump, with some traders interpreting it as the end of a surplus that has weighed on the token since late 2023.
“This is a major moment for the industry,” said David Namdar, CEO of CEA Industries, which holds one of BNB’s largest treasuries. “We believe that CZ’s pardon is more than an inflection point for him personally, but also for BNB and potentially for Binance, paving the way for greater access to the US market.”
Solana, meanwhile, continues to attract institutional flows and is increasingly seen as a liquidity indicator of risk appetite sentiment. SOL’s 5% gain makes it one of the few majors to post a positive week, although broader appetite for altcoins remains subdued.
However, this is not a return to total risk-taking. The market is adjusting to a slow advance after October’s record selloff, 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 long-term silver is starting to eat away again.
“Bitcoin held the key $105,000 level throughout the chase, and that appears to have stabilized sentiment,” said Nick Ruck, director of LVRG Research. “We are optimistic that markets can improve as long-term fundamentals push investors back, even if macroeconomic volatility limits upside potential.”
Beneath the surface, the feeling remains mixed. The Fear Index has been hovering around 25 for days, suggesting that conviction is still low even if positioning is reset. But on-chain activity – particularly among ETF whales and inflows – continues to signal accumulation rather than outflow.
October was defined by forced sell-offs and false starts and is on track to become the worst since 2015, dampening 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 over broad speculation.
And for a market that has spent most of the month bracing for the next wave of selloff, that alone is progress.
