Crypto Markets Rally on Stronger Demand for Long Positions Ahead of Jobs Report

Crypto markets are rallying on Friday as Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) all climb over 2% together.

The rise is attributed to derivatives traders piling back into bullish positions ahead of the U.S. jobs report, which could impact interest rates and subsequently the market's performance.

According to CoinDesk, Bitcoin open interest has risen by 4.3% to around 653,000 BTC, worth $56.2 billion, up from 626,000 BTC on September 30th. This increase in open interest points to fresh positions being taken that are helping fuel the move.

The perpetual funding rate has also jumped from roughly 3% to 10%, meaning traders holding long positions are now paying significantly more to stay long heading into Friday's jobs data.