Bitcoin led a broad crypto-market advance ahead of Friday’s U.S. jobs report, with major digital assets trading higher as traders increased their appetite for risk.

BTC was above $86,000 at 9:10 UTC, marking a 3.4% gain over 24 hours. Ether, XRP, Solana and BNB also moved higher, but their gains remained below Bitcoin’s.

The strongest performances among the top 100 cryptocurrencies came from SKY, AAVE and APT, which climbed between 7% and 10%.

Bitcoin’s dominance is nearing 60% of the total crypto market, while USDT’s share has dropped to about 6.3%. The shift indicates that a portion of market capital may be moving from stablecoins into crypto assets, reflecting greater risk-taking among traders.

The U.S. employment report is due at 8:30 a.m. ET, with FactSet estimates pointing to 90,000 new nonfarm jobs in September, down from 162,000 in August. The unemployment rate is expected to remain unchanged at 4.1%.

For Bitcoin, the reaction in Treasury yields could prove more important than the headline payroll figure. Traders are paying particular attention to inflation-adjusted yields, while the Oct. 14 CPI report is also expected to provide clues about the direction of longer-term yields.

Oliver Carding, head of marketing at Tesseract Group, which manages $500 million, said he is monitoring the 10-year real yield at around 3%. He said a sustained move above that level could increase the chances of Bitcoin testing $80,000-$82,000 rather than moving toward $90,000.

Expectations for an October Federal Reserve rate increase have fallen to 30% from 70%. The decline followed dovish comments from New York Fed President John Williams and Fed Vice Chair Philip Jefferson. Lower expectations for tighter monetary policy generally provide a more supportive backdrop for risk assets.

That outlook could change if September payroll growth substantially exceeds expectations. A stronger-than-expected report could push rate-hike expectations higher and weigh on Bitcoin.

Derivatives Activity

Bitcoin open interest rose to $22.4 billion from $20.9 billion the previous day. Funding rates also increased, reaching annualized levels of 9%-10% on Hyperliquid and OKX, while Deribit’s three-month annualized basis remained above 6%.

The simultaneous rise in open interest and funding suggests traders are adding leveraged long exposure.

Options positioning continued to favor calls. The 24-hour put/call ratio stood at 88% in favor of calls, up from 83%. The one-week 25-delta skew fell to roughly 1.5% from 4%, while the at-the-money term structure remained in contango, rising from approximately 27%-28% at the front end to around 40% by late 2027.

Crypto liquidations reached $344 million over 24 hours, according to CoinGlass, compared with $100 million previously. Shorts accounted for 72% of the total, while longs represented 28%. Bitcoin recorded $132 million in liquidations, Ether $70 million and other tokens $26 million.

Binance’s liquidation heatmap showed $87,400 as a notable level to watch should Bitcoin extend its advance.

Token Moves

Quant slid around 15% to approximately $250 following a volatile trading week. The token had previously more than tripled during a multiday rally before profit-taking triggered the latest decline.

LayerZero gained about 11%, while Aave advanced roughly 9%. ZRO traded near $1.91 and AAVE around $182 as traders focused on proposed protocol upgrades and discussions around fee-switch governance.

Ethena and NEAR moved in the opposite direction after strong recent performances. ENA declined about 9% to roughly $0.25, while NEAR fell 8.6% and traded below $5.

Dogwifhat rose 6.2% to approximately $0.26, and Pump.fun added nearly 4% as speculative demand returned to parts of the memecoin market.

Stacks declined roughly 5% to $0.38, while Midnight fell 5.6% to about $0.04. Both tokens gave back part of their recent rallies, with NIGHT having gained more than 20% earlier in the week.