Market snapshot
Bitcoin's market dominance rose 0.19% to 59.75%, while the Fear and Greed Index stayed at 29, signaling ongoing investor caution.
Stablecoins maintained positive momentum with a $527.66 million inflow on October 22. USDC led with $548.12 million in new issuance, offsetting small outflows from FDUSD and USD1. The combined Stablecoin market now totals $265.22 billion.
Meanwhile, crypto ETFs finally ended their multi-day outflow streak. Excluding BlackRock data, Bitcoin ETFs saw about $259.8 million in inflows, while Ethereum ETFs added $99.2 million on October 21.
Macro moves
Traditional markets were mixed overnight. The Dow Jones gained 0.47%, while the Nasdaq slipped 0.16%, and the S&P 500 closed flat. The 10-year U.S. Treasury yield fell 0.63% to 3.96%, and the U.S. Dollar Index rose 0.28% to 98.88.
Gold, however, took center stage with a 6% plunge, its steepest one-day drop in 12 years. After hitting a high of $4,381 per ounce, it slid to $4,082, halting a two-month, 25% rally.
Policy and geopolitics
Markets are now almost certain the Federal Reserve will cut rates by 25 basis points this month: CME data puts the odds at 98.9%.
In Eastern Europe, Russia reportedly reiterated its demands in backchannel communication, insisting on full control of the Donbas region. Meanwhile, Ukrainian President Zelensky said a new defense pact with European partners is ready for signing, framing it as part of Ukraine's long-term security plan.
Institutional and corporate updates
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Galaxy Digital posted $505 million in Q3 2025 net profit.
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Coinbase announced the $375 million acquisition of Echo, an on-chain fundraising platform that will soon serve as its official launchpad.
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Asian Exchanges Push Back on Crypto Treasuries: The Hong Kong Stock Exchange and peers in India and Australia have questioned listed firms shifting into digital asset treasury (DAT) models, citing liquidity risk regulations.
Industry highlights
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Solana Mobile officially ended software and security updates for its Saga (Gen 1) device, marking the end of its two-year lifecycle. The second-generation Solana Seeker launched in August 2024. Unopened Saga units are still fetching premiums on secondary markets.
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The Solara meme token community continues to build momentum and development activity.
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Upbit trading volumes have been on a steady decline since January, signaling a continued cooldown in Korean markets.
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OpenAI announced ChatGPT Atlas, a new browser-based extension aimed at improving search and web access.
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Alpha radar
Veteran trader Eugene Ng Ah Sio described current market conditions as "hell difficulty", cautioning traders against large directional bets until liquidity improves. "Even skilled traders are getting sliced up like sashimi," he quipped.
Meanwhile, wallet 0xSun continues to hold several meme coins, including Meme 4, Binance Life, Hakimi, and Nai Long.
A widely shared article titled "How This Round of Wealth Was Transferred" is making waves in crypto circles, dissecting recent shifts in capital and sentiment. Prediction platform Limitless also revealed its tokenomics for LMTS, a 1 billion token Base network release distributed as:
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Investors: 25%
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Team: 25%
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Ecosystem Rewards: 24.37%
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Treasury: 13%
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Liquidity: 10%
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Kaito Presale: 1.37%
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Echo Round: 1.26%
