Bitcoin's market dominance rose 0.24% to 59.87%, while the Fear and Greed Index dipped to 28, signaling renewed caution among traders.
Crypto ETFs swung sharply to outflows after recent inflows. On October 22, excluding BlackRock data, Bitcoin ETFs saw $175M in withdrawals and Ethereum ETFs lost $129.6M.
Macro moves
U.S. equities closed lower: the Dow slipped 0.71%, the Nasdaq fell 0.93%, and the S&P 500 declined 0.53%. The 10-year Treasury yield eased 0.3% to 3.95%, while the U.S. Dollar Index added 0.03% to 99.00. Gold edged down 0.56% to $4,079.10, extending its correction as investors shifted focus to policy risk.
Policy and politics
U.S. to expand Russia sanctions
Amid the ongoing Russia-Ukraine conflict, U.S. Treasury Secretary Bessent announced the U.S. will "significantly expand" sanctions on Russia within 24 hours. The move marks Washington's toughest stance in months as geopolitical tensions escalate.
Fed loses key data feed
The Federal Reserve has reportedly lost access to a private employment dataset it has relied on since 2018. Payroll processor ADP ended its data sharing after public remarks by Fed Governor Waller referencing labor-market weakness drawn from those figures. The loss could hinder real-time labor-trend analysis.
Congress stalemate
The U.S. Senate rejected its 12th temporary funding bill, as Democrats and Republicans remain split on healthcare and welfare spending. Without agreement, parts of the federal government are again at risk of a funding freeze.
High-profile crypto lawsuit widens
A group of crypto traders updated a lawsuit against multiple meme-coin developer groups, including M3M3, LIBRA, ENRON, and TRUST, accusing them of a coordinated pump-and-dump scheme. The latest filing claims Melania Trump unintentionally lent her name to the project as a figurehead. While not accused of wrongdoing, her mention has amplified public scrutiny.
Government and crypto developments
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Japan is preparing an economic stimulus plan exceeding ¥13.9T, targeting inflation relief, growth investment, and national security.
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Hong Kong's SFC approved Asia's first Solana (SOL) spot ETF, issued by ChinaAMC (Hong Kong), making it the region's third crypto ETF after Bitcoin and Ethereum.
Institutional watch
Whales rotate from HYPE to SOL
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A major investor with a 1M SOL allocation sold 1.817M HYPE tokens over three days for $65.43M USDC at $36 each, using the proceeds to buy 350,000 SOL at $186.50.
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The wallet still holds 743,000 HYPE ($26.12M ) and is expected to continue rotating into SOL.
Prediction markets draw record valuations
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Kalshi is reportedly courting new VC offers at a $10B valuation, just weeks after closing a $300M round at $5B.
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Polymarket is eyeing a $12 to $15B raise, an increase more than 10 times its valuation four months ago.
Industry highlights
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Jupiter DEX launched the Jupiter Prediction Market beta, with liquidity support from Kalshi.
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Solana Foundation Chairman spoke at Tsinghua University, expanding academic outreach for the ecosystem.
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ASTER's price fell, dropping below $1 for the first time since launch.
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Alpha radar
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Stable Foundation launchesA new Stable Foundation was formed to oversee ecosystem development and governance. Analysts recommend watching its first moves closely.
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MegaETH public sale set for October 27MegaETH, an Ethereum scaling project by MegaLabs, will open its token sale on the Sonar platform under Echo.
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Starting FDV: $1M
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Valuation cap: $999M
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Auction type: English auction, max bid $186,282
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Sale size: 5% of supply (1B MEGA tokens)
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At least 5,000 participants will receive base allocations of $2,650 each.
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