Bitcoin Rockets to $118.5K as Shorts Squeezed & U.S. Shutdown Spurs Rate-Cut Bets

Key Takeaways

• Bitcoin surged to $118,500, fueled by $204 million in liquidations (mostly shorts). Market cap climbed to $2.33 trillion with daily active addresses reaching 869,000.
• Ethereum rallied 5.5% to $4,337, with $57.4 billion futures OI and bullish options positioning.
• Spot ETF inflows supported majors: BTC +$270 million, ETH +$55 million on October 1.
• The U.S. shutdown commenced while ADP private payrolls fell by 32,000, marking the worst decline since March 2023.
• Altcoin sentiment is strengthening as Google search interest for “altcoins” spikes.