U.S. stocks rebounded somewhat last night, but BTC continued to trade around $80,000, and market sentiment showed no clear improvement.
Here are four noteworthy stories today, covering both short-term market movements and developments that could shape the crypto industry over the long term.
1️⃣ BTC is still hovering around $80,000. What exactly is the market worried about?
On October 26, Bitcoin briefly fell to around $79,400 before repeatedly testing the $80,000 mark.
Over the past week, BTC rose to around $84,800, but later gave back those gains.
The main pressure is coming from macro markets.
On the one hand, investors are concerned that AI-related stocks are overvalued, leading to a decline in risk appetite.
Meanwhile, the Fed is holding its policy meeting this week, and the market is reassessing the future direction of interest rates.
ETF flows are also worth watching.
On October 22, U.S. spot Bitcoin ETFs saw net outflows of about $636 million, followed by another $138 million on the 23rd.
That is nearly $774 million in outflows in just two trading days.
However, ETF flows have also seen significant inflows before, so two days of data alone are not enough to conclude that institutions are exiting across the board.
I think the most important thing now is to watch whether BTC can regain and hold above $80,000, and whether ETFs return to sustained net inflows.
2️⃣ Bitmine bought more than 6 million ETH—so why has it started buying back its own shares?
On October 26, Bitmine released its latest holdings data.
As of October 25, the company held about 6.0519 million ETH, or roughly 4.95% of Ethereum’s total supply.
Bitmine bought another 10,452 ETH over the past week.
But what’s more notable is that the company also repurchased 2.04 million of its own shares during the same period, spending about $45.9 million.
Since the start of 2026, Bitmine’s cumulative share repurchases have reached about $400 million.
Why do this?
Simply put, if management believes its company’s stock is undervalued relative to the value of its holdings, buybacks can be a way to increase existing shareholders’ asset value per share.
However, whether it is truly worthwhile depends on whether the stock trades at a discount or premium to net asset value, as well as factors such as whether the company continues to issue new shares.
This is a different form of capital allocation from buying ETH directly.
I think this is also a development worth watching when researching crypto treasury companies: beyond looking at how many coins they buy, we should also examine how management uses capital and whether it can create genuine value for shareholders.
3️⃣ New developments in U.S. stablecoin regulation—why are they worth watching over the long term?
On October 21, the U.S. Office of the Comptroller of the Currency (OCC) formally issued its final rules implementing the GENIUS Act.
The rules mainly cover stablecoin issuers’ reserve assets, redemption mechanisms, risk management, disclosures, and regulatory requirements.
The rules are scheduled to take effect on January 18, 2027.
Note that the rules have been formally issued; this does not mean that all stablecoin issuers have already been licensed or that every implementation detail has been finalized.
The significance of this is that:
Stablecoins are gradually moving from being trading tools used within the crypto market toward becoming part of a more regulated financial payment system.
If banks, payment providers, and more businesses use stablecoins in the future, demand for the related infrastructure could grow further.
But investors should also be clear about the distinction:
A thriving stablecoin industry does not mean all related tokens will benefit from it.
Ultimately, it still depends on each project’s business model and whether the revenue it generates actually flows through to its token.
4️⃣ The Fed begins its policy meeting tonight. What is the market really waiting for?
The Federal Reserve will hold its policy meeting from October 27 to 28.
The rate decision will be announced at 2 a.m. Beijing time on October 29, followed by a press conference.
The market broadly expects rates to remain unchanged this time.
But what really deserves attention is the Fed’s view of the future path of inflation and interest rates.
If the Fed signals that a rate hike in December remains possible, Treasury yields and the U.S. dollar could find support, while risk assets could come under pressure.
Conversely, if the Fed’s policy stance is not as hawkish as the market fears, that could offer some relief to stocks and crypto markets.
This week also brings U.S. third-quarter GDP and September PCE inflation data, as well as Coinbase’s third-quarter earnings report.
Taken together, this information could influence the market’s outlook for future liquidity and the operating conditions of the crypto industry.