Core Insights - Bitcoin's recent price action has provided support for altcoins, indicating a shift in liquidity among cryptocurrencies [1] - The "apparent demand" metric for Bitcoin has turned positive, reaching a three-month high, suggesting increased net cumulative demand [2][3] - Despite positive demand metrics, traders remain cautious in the derivatives market, reflecting a subdued risk appetite [4] Market Dynamics - Bitcoin's issuance and long-term holder behavior indicate a net cumulative demand increase of 5,252 BTC, valued at approximately $549 million [3] - U.S.-listed Bitcoin spot ETFs saw a significant net inflow of $523 million, the highest in over a month, indicating renewed interest [3] - The ongoing U.S. government shutdown is causing market participants to feel uncertain, with potential implications for economic data releases [5] Economic Indicators - Private data releases, such as ADP payrolls and NFIB Index, suggest softer labor conditions and cautious business sentiment, impacting Federal Reserve policy [6] - The Federal Reserve's upcoming meetings are expected to reflect a cautious approach to easing monetary policy [6] Traditional Market Influence - Gold prices have stalled amid increased volatility in the Treasury market, which typically affects risk assets, including cryptocurrencies [7]