Bitcoin traded at Rs. 77.9 lakh on Thursday as cryptocurrency markets weighed improving risk appetite against renewed geopolitical tensions and rising bond yields. Ethereum (ETH) traded at Rs. 2.30 lakh, while major altcoins moved in mixed directions. Market participants said a rebound in technology stocks, supported by strong earnings from artificial intelligence-linked companies, had helped lift Bitcoin and the broader crypto market. According to CoinGecko data, Bitcoin traded at $82,100 (roughly Rs. 77.8 lakh), while Ethereum was priced at $2,400 (roughly Rs. 2.27 lakh).
The world’s largest cryptocurrency fell 2 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said US spot Bitcoin ETFs had attracted $550 million (roughly Rs. 5,198 crore) so far this week. Tesla’s decision to retain all 11,509 BTC through the third quarter also points to continued corporate exposure to Bitcoin. However, derivatives open interest has climbed to $23.4 billion (roughly Rs. 2,21,130 crore), leaving the market vulnerable to leveraged liquidations if sentiment deteriorates.
Major Altcoins Show Mixed Momentum on Thursday
Binance Coin (BNB) was priced around $734 (roughly Rs. 69,500), while Solana (SOL) traded near $104 (roughly Rs. 9,800). XRP hovered around $1.33 (roughly Rs. 126), while Dogecoin (DOGE) traded near $0.079 (roughly Rs. 7.5).
Technology Stocks Rally as Traders Monitor Federal Reserve Risks
Highlighting the role of improving risk appetite and institutional investment in the recent recovery, the CoinSwitch Markets Desk said, “Momentum also picked up across the broader crypto market. Institutional demand stayed firm, with US spot Bitcoin ETFs recording inflows that pointed to ongoing investor interest. Softening oil prices gave risk assets an extra lift. Looking ahead, macro conditions, ETF inflows, and overall equity market sentiment will remain the main drivers of crypto direction.”
Commenting on Bitcoin’s recent pullback, corporate holdings, and derivatives market activity, Prateek Gupta, Head of Business at Mudrex, said, “Tesla’s decision to retain all 11,509 BTC through Q3 also signals continued corporate exposure. However, open interest has climbed to $23.4 billion (roughly Rs. 2,21,130 crore), leaving the market vulnerable to leveraged liquidations if sentiment turns. With the probability of a Fed rate hike next week below 17 percent, the next key test is whether Bitcoin can reclaim $85,000 (roughly Rs. 80.3 lakh), while $80,000 (roughly Rs. 75.6 lakh) remains an important downside level.”
Discussing Bitcoin’s price performance, ETF activity and the impact of derivatives positioning, Nischal Shetty, Founder of WazirX, said, “Bitcoin spot ETFs attracted daily net inflows of $289.8 million (roughly Rs. 2,739 crore), supporting demand. Santiment’s October 21 data placed derivatives open interest at $23.4 billion (roughly Rs. 2,21,130 crore) for Bitcoin, $15.5 billion (roughly Rs. 1,46,475 crore) for Ether and $2.7 billion (roughly Rs. 25,515 crore) for Solana. Rising open interest alongside recovering prices suggests increased participation, although it does not establish market direction.”
Overall, analysts said stronger technology stocks, improving risk appetite, and continued institutional investment are supporting Bitcoin’s recovery. However, renewed Middle East tensions, higher oil prices and rising bond yields could limit further gains, while elevated derivatives open interest increases the risk of sharp price movements. Bitcoin’s ability to reclaim $85,000 (roughly Rs. 80.3 lakh) remains an important test for the recovery, with $80,000 (roughly Rs. 75.6 lakh) serving as a key downside level.
