Bitcoin steadied near $81,700 while the CoinDesk 80 index rose 1.4% and memecoin PEPE jumped 13% on Oct 23.
BITCOIN STEADIES AT $81,700 WHILE ALTCOINS REBOUND AND PEPE JUMPS 13%
*Bitcoin hovers near $81,700 as altcoins climb and memecoin PEPE spikes 13%‑14%. Traders brace for the Fed’s Oct 27‑28 meeting amid mixed futures signals.*
Bitcoin hovered at $81,700 on Oct 23, up 0.5% since midnight UTC, after slipping to about $81,000 on Thursday. The move was modest compared with the broader market, where the CoinDesk 80 index climbed 1.4% and the memecoin gauge surged 2.9%. Frog‑themed token PEPE led the charge, jumping 13% in early data and posting a 14% rise by the close, the strongest monthly gain among the CD100. Ether nudged higher, up 0.9% to $2,490.55, while Asian equities steadied after a tech‑driven sell‑off that knocked the Nasdaq down 2.6%. Traders now eye the Federal Reserve’s Oct. 27‑28 policy meeting, with Brent crude hovering near $113, keeping inflation concerns alive. Meanwhile, U.S. spot bitcoin ETFs shed $635 million on Thursday after a three‑day inflow burst exceeding $1 billion. The data paints a market in transition: Bitcoin’s price flat, altcoins accelerating, and derivatives positioning shifting.
Why is Bitcoin flat while altcoins surge?
Bitcoin’s price barely moved, rising only 0.5% to around $81,700 since midnight UTC, after a dip to roughly $81,000. In contrast, the CoinDesk 80 index added 1.4% and the broader memecoin gauge jumped 2.9%. Ether led the majors with a 0.9% gain to $2,490.55, while layer‑1 tokens Polkadot and Cosmos each rose over 5%. The divergence reflects capital flowing into higher‑risk tokens after Thursday’s tech‑driven Nasdaq sell‑off, which saw the index fall 2.6% in its steepest decline since June. With Bitcoin’s funding rate edging up to 0.0067%, longs are paying a modest premium, but the price remains stuck, suggesting traders are positioning for the next macro catalyst rather than chasing Bitcoin itself.
What do futures volume and open interest reveal?
Crypto futures volume dropped 19% over the past 24 hours, and liquidations fell 23%, indicating a cooling of aggressive trading. Open interest, however, rose about 1% for both Bitcoin and Ether, showing that new positions are being added rather than merely closed. The long/short taker volume ratio tilted slightly toward shorts at 51.6% versus 48.4% longs, hinting at a modest bearish edge. OI‑adjusted CVD metrics moved close to zero for most tokens, except XAUT, which lingered at –0.25%, marking continued sell pressure. Funding rates rose for Bitcoin and turned positive for BNB, SUI, and DOGE, meaning longs are now paying to hold those assets. Overall, the futures market signals cautious rebuilding rather than a decisive breakout.
How are memecoins driving the altcoin rebound?
Memecoins led the rally, with the overall gauge up 2.9% and PEPE delivering the strongest monthly surge. Early data showed PEPE jumping 13%; later figures recorded a 14% rise, propelling it to the top of the CD100. PEPE’s 24‑hour trading volume hit roughly $353 million, a 10% increase from the same time yesterday. Other meme tokens—FLOKI, BONK and SHIB—gained between 3.3% and 4.9% but remain down as much as 16% for the month. The surge occurred as investors shifted from Bitcoin’s stagnant price into higher‑yielding, speculative assets. DeFi tokens also rebounded, with Uniswap up 3.5% to $7.25 and Ethena gaining 2.0% to 20 cents, reinforcing the broader altcoin momentum.
What macro factors could sway the market before the Fed?
Traders are eyeing the Federal Reserve’s Oct. 27‑28 policy meeting as the next major market driver. Inflation concerns linger, with Brent crude hovering near $113, keeping price pressures in focus. Meanwhile, U.S. spot Bitcoin ETFs shed $635 million on Thursday after a three‑day inflow surge that exceeded $1 billion, indicating volatility in institutional demand. Asian equities steadied—South Korea’s Kospi rose 0.3%, China’s CSI 300 up 1.7%, while Japan’s Nikkei slipped 0.25%—providing a mixed backdrop. Commodity perpetual contracts saw open interest rise in gold, silver and crude oil; gold and silver prices fell, while crude oil gained 1.4% with short‑side funding. These macro signals suggest the market is poised for a reaction once the Fed announces its stance.
Frequently asked questions
What was Bitcoin’s price and percentage change on Oct 23?
Bitcoin traded around $81,700, up 0.5% since midnight UTC.
How did memecoin PEPE perform during the rally?
PEPE rose 13% in early data and posted a 14% gain by the close, leading the CD100 with a 24‑hour volume of about $353 million.
What are traders watching ahead of the Federal Reserve meeting?
They are focusing on the Fed’s Oct. 27‑28 policy meeting, with Brent crude near $113 and spot bitcoin ETFs having lost $635 million on Thursday.
The market’s current equilibrium shows Bitcoin as a passive anchor while capital chases higher‑yielding altcoins and memecoins. Futures data points to cautious rebuilding, and macro pressures—Fed policy, oil prices, and ETF flows—remain the wild cards. As the Fed convenes on Oct. 27‑28, the next price swing will likely be dictated not by Bitcoin’s fundamentals but by how traders reallocate risk across the broader crypto landscape.
Sources: CoinDesk article 'Bitcoin steadies near $81,700 as altcoins rebound, pepe climbs 13%' (Oct 23, 2026).