The crypto market steadied Thursday after an early dip, with total market cap holding near $2.17 trillion. Investors are holding back ahead of the US jobs report, and Friday's options expiry is adding an extra layer of caution. The market has been trading in a tight $2.16 trillion to $2.20 trillion band, with no clear breakout in either direction.
Jobs report on deck
The Labor Department's report lands at 8:30 a.m. Eastern. Economists expect 80,000 to 100,000 new jobs and unemployment steady at 4.2%. The ADP reading is expected at 65,000, and JOLTS data this week showed vacancies slipping. The reaction could go either way: a weak number lifts risk assets, while a hot print gives the Fed's rate-hike camp fresh ammunition.
Bitcoin options expiry adds caution
About $2.04 billion in Bitcoin options expire Friday. Max pain sits at $63,500, about 1% below spot. Sellers profit if price lands there, so they tend to buy dips and sell rallies, keeping Bitcoin rangebound. Bitcoin was near $64,300. The next major expiry is September 25, with $6.6 billion notional, max pain at $70K and a put/call ratio of 0.55.
Ondo breaks below neckline
Ondo (ONDO) fell 7% to $0.35, though it still holds a 7% monthly gain. The token broke below a head-and-shoulders neckline, projecting a 14% drop. Selling volume has faded since August 6. Fibonacci support sits near $0.35; holding that level could see a recovery toward $0.37 and $0.39, while losing it opens the door to $0.32 and $0.28.
