Good morning, everyone ☕ The Fed’s rate decision came down last night, finally giving the crypto market some relief. But the signals are a little mixed—let’s take a look 👇
🏛️ Macro: Fed holds steady
The Fed held rates at 3.75%–4%, with a 10–2 vote; two officials wanted to keep raising rates. Chair Warsh said inflation remains somewhat elevated, so don’t expect rate cuts in the near term. The Bank of Canada raised rates to 2.5% on the same day, showing that the global fight against inflation is far from over.
📈 Market: BTC reclaims 81K
$BTC After falling below 80K, BTC bounced back and reclaimed 81K after the decision. Support sits at 77.6K and 74K. $ETH It stabilized around 2,300, with 2,400 as key resistance. Among altcoins, XRP held above $1.30 during the Ripple Swell conference, while HYPE got a boost from news of its Kraken partnership. October was still down overall, though, so “Uptober” has probably fallen short again this year.
💰 Fund Flows: BTC in, ETH out
On 10/27, spot BTC ETFs saw $176 million in net inflows, with BlackRock’s IBIT contributing the bulk. ETH ETFs, however, saw outflows of over $60 million, making institutions’ preference for BTC clear.
🏢 Institutions: Strategy pauses buying, Bitwise raises its target
The biggest surprise was that Strategy didn’t buy crypto last week, instead spending over $200 million to repurchase STRC preferred shares. It now holds about 848,000 BTC. Its Q3 earnings call is scheduled for the early hours of 10/30 Beijing time, so its next steps are worth watching. Bitwise, meanwhile, raised its 2036 BTC target to $1.6 million. Also, Kraken’s parent company plans to launch CFTC-regulated perpetual futures on Hyperliquid, as on-chain derivatives move toward regulatory compliance.
🌊 Highlights from the Ripple Swell conference
Robinhood has integrated RLUSD; Moody’s gave RLUSD an A2 rating, making it the first stablecoin to receive an investment-grade rating; and U.S. Treasury Secretary Bessent personally voiced his support, saying dollar stablecoins will strengthen the dollar’s position. The era of stablecoins going mainstream is getting closer.
⚖️ Policy: The U.S. may expand its BTC reserves
Senator Hagerty said the U.S. may expand its existing strategic reserve of about 200,000 BTC after the market structure bill passes. Thailand’s Supreme Court also ruled that BTC is property under the law.
🔐 Security Alert
A data breach at a third-party Coinbase service provider exposed some users’ contact information. Watch out for phishing emails and phone calls. Keystone destroyed nearly 19,000 wallet units in inventory after verification keys were leaked. Telegram trading bot Bloom was hacked for about $950,000. We recommend regularly revoking permissions and using separate wallets.
🗣️ Bulls vs. Bears
Calacanis predicted BTC would fall to $57,000, then three major players each challenged him to a $1 million bet. He still hasn’t accepted. Meanwhile, Google searches for BTC have fallen to a five-year low, and retail sentiment is ice-cold. Is this a sign the market has bottomed, or a precursor to further declines? Share your thoughts in the comments 👇
⚠️ Disclaimer: This article compiles publicly available news summaries from X and may contain inaccuracies. It is for informational purposes only and does not constitute investment advice. Crypto assets are volatile; do your own research and make decisions with caution.