Markets traded cautiously ahead of this week’s FOMC meeting, with BTC dominance steady at 59.58% and the Altcoin Index at 27, signaling a flat risk tone. The Fear & Greed Index climbed to 42, showing sentiment recovery after weeks of volatility.
Stablecoin movement was subdued. On October 28, total flows showed a $39.73M net outflow, with $58.02M into USDT and $100.62M out of USDC, leaving the overall supply at $266.15B.
ETF demand stayed firm, as BTC ETFs brought in $84M and ETH ETFs added $61M, excluding BlackRock data.
Macro and policy
Fed may pause balance sheet runoff
Analysts at Wrightson expect the Federal Reserve to announce the end of its balance sheet runoff this week. They said repo market stress and declining reserve balances now suggest liquidity conditions are “approaching equilibrium.”
Wrightson noted:
“Even if the Fed believes reserves are still adequate, recent fluctuations in the federal funds rate are clear warning signs.”
The call aligns with growing market expectations that the Fed will shift to a liquidity preservation phase to stabilize funding markets and avoid another 2019-style squeeze.
Trump on China: “A deal is coming”
President Trump told reporters, “I believe we can reach an agreement with China,” adding that he plans to visit Beijing early next year for a new round of bilateral trade talks.
Traders see this as a continuation of the diplomatic thaw following last week’s tariff rollback.
Industry highlights
Big moves on-chain
Public wallet data shows Justin Sun shifted over $1.3B in assets from Aave to Spark.fi, allocating:
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$850M in stablecoins (USDC/USDT) into savings at a 4.75% fixed yield.
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$460M in USDS to farm SPK tokens, earning roughly 15 SPK per day.
Observers note this could be part of a broader strategy to reinforce USDS liquidity across DeFi protocols.
Community & builders
x402 Hackathon gets greenlight
Trends.fun founder Mable proposed an “x402 Solara Hackathon” to discover new AI-powered payment projects, receiving official backing from Solana’s Global Developer Lead Jacob Creech.
Earlier, Solana founder Anatoly Yakovenko praised the x402 movement as “brilliant,” earning $5,500 in creator revenue on Trends.fun. Mable later suggested donating those proceeds to fund hackathon prizes: an idea that quickly gained traction in the Solana community.
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TurboFlow goes live
Amber Group co-founder Tony rebranded his project Surf Protocol into TurboFlow, a fully on-chain derivatives DEX built on its own Layer 1. Key features:
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Only charges fees when users profit (no-fee model for losses).
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Offers full-chain settlements and real-time profit sharing.
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A token launch is confirmed for a future phase.
Investors describe TurboFlow as “Amber’s second generation of on-chain derivatives infrastructure.”
Monad airdrop timeline
Monad Labs confirmed that airdrop distribution results will be announced tomorrow, closing months of speculation among early adopters.
Alpha watch
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YziLabs-backed Opinion Protocol has officially opened interactions for its prediction market platform, now live for early users.
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Farcaster launched a limited Warplet NFT mint, where each NFT is generated from the user’s on-chain DNA. The feature temporarily crashed the app after explosive demand.
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The mint used Harmonybot on Base chain, sending its token CHAOS soaring 950% to $1.05M market cap.
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Developer @sayangel confirmed that each Warplet mint burns a portion of CHAOS, creating deflationary pressure.
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