Bitcoin defends $30K as ‘risk-off’ mood grips markets

Economic indicators have nudged the yields on US Treasuries higher as investors factor in the likelihood of further monetary policy tightening by the Federal Reserve

article-image

Michael Gordon/Shutterstock, modified by Blockworks

share

Bitcoin (BTC) stemmed further losses below a key level of support following whipsaw trading on Thursday, with prices rising and falling in quick succession.

The asset dipped below $30,000 for the first time this month after the previous day’s trading activity pushed prices as high as $31,500, Blockworks Research data shows.

Prices for the world’s largest crypto have since regained ground, after dipping to a low of $29,720 in early trading hours. The asset is still posting 80% returns since the year began.

Source: Blockworks Research

According to Toby Chapple, head of trading from Australian trading firm Zerocap, the wider markets globally have begun to price in a “risk-off” mood.

Economic indicators have nudged the yields on US Treasuries higher as investors factor in the likelihood of further monetary policy tightening by the Federal Reserve. Positive labor data prints are being used by market participants to forward predict future events, the trading head added.

“This is not a crypto move,” Chapple said. “It’s a macro move following US data prints for payrolls.” The data is often seen as a reliable metric for the forthcoming Non-Farm Payrolls numbers — expected Friday, Chapple said.

The ISM Purchasing Managers’ Index, which provides insights into the US’s manufacturing sector, demonstrated a higher-than-anticipated uptick of 53.9 versus 51.3 expected, lending credence to the narrative of an energized US economy.

Rates on various maturities across the Treasury yield curve, including the 2-year, 5-year, and 10-year notes, edged higher on Thursday, according to data from the Treasury Department.

Risk-on equities benchmarks, as seen in the Dow Jones Industrial Average (DJI), Nasdaq Composite, and S&P 500 (SPX) all dipped lower on Thursday, down between 0.75% and 1%.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful