Bitcoin, Ethereum Rebound; Bittensor, Zcash Lead Gains as XRP ETF Nears Approval

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve cut rates below 4% amid labor market weakness, boosting liquidity but signaling caution as inflation persists. The U.S. Senate is set to release a bipartisan Crypto Market Structure Bill, aiming to clarify CFTC and SEC oversight. Canary Capital's updated S-1 for a spot XRP ETF, removing the SEC delay clause, could enable automatic approval and a November 13 launch.

Crypto Market

The crypto market saw a moderate rebound, with Bitcoin up 1.73% to $109,811 and Ethereum rising 1.64% to $3,849.41, supported by improved risk sentiment. Bittensor (TAO) led gains, surging 15.0%, while Zcash (ZEC) jumped 13.6% and DEXE (DEXE) rose 10.1%, driven by sector-specific catalysts such as AI narrative, privacy demand, and DAO activity. Altcoins overall outperformed, with privacy and AI tokens leading.

Today's Outlook

Today, China releases October NBS Manufacturing and Non-Manufacturing PMI, while the Eurozone publishes October YoY inflation rate, both critical for global macro outlook and potential crypto market volatility.

Fear and Greed Index

58.00% Annual Percentile

34 Neutral

Total Crypto Market Cap

$3.70T

1.51%

Total Market Trading Volume

$169.89B

15.63%

Altcoin Season Index

45.45%

Quarterly Percentile

28 / 100

Total Futures Market Open Interest

3.19B

6.34%

Futures

912.46B

3.17%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve cut interest rates to below 4% for the first time since 2022, citing labor market weakness and economic uncertainty. This move increases liquidity, potentially supporting Bitcoin and DeFi asset prices, but also signals caution as inflation remains above target.

Fed Chair Powell indicated that further rate cuts in December are not guaranteed, highlighting internal divisions and data limitations due to the government shutdown. This uncertainty may heighten crypto market volatility and impact risk sentiment for digital assets.

Tokyo's core inflation accelerated to 2.8% in October, fueling expectations of a potential Bank of Japan rate hike in early 2026. Persistent inflation in Japan could strengthen the yen, affecting global capital flows and crypto market liquidity.

India's Ministry of Statistics proposed major reforms to the CPI housing index, including monthly rent data collection and rural sector inclusion. Improved inflation measurement may influence monetary policy, indirectly impacting crypto adoption and capital allocation in India.

China's central bank announced plans to unify rules for cross-border yuan transactions, accelerating yuan internationalization. Enhanced CNY usage in global trade could shift liquidity patterns and affect stablecoin demand in Asia's crypto markets.

Cryptocurrency Regulatory Trends

Canary Capital has filed an updated S-1 for a spot XRP ETF, removing the SEC delay clause, potentially enabling automatic approval and a November 13 launch. This could boost XRP liquidity and institutional participation.

The U.S. Senate Agriculture Committee has finalized a bipartisan Crypto Market Structure Bill, expected to be released within days, aiming to clarify CFTC and SEC oversight and asset classification, which may enhance regulatory certainty.

The CFTC and SEC have announced a coordinated approach to crypto regulation, moving away from enforcement-driven actions toward clear guidelines, which is expected to improve market confidence and attract institutional capital.

The People’s Bank of China reaffirmed its crackdown on stablecoins, signaling continued regulatory pressure on digital assets in China and potentially limiting stablecoin-related activity in the region.

Australia is expanding its cryptocurrency regulations, reflecting a global trend of increased scrutiny and compliance requirements, which may impact exchange operations and investor access.

Bittensor (TAO): TAO surged 15% in 24h to $474.86, leading Top Gainers with $528M volume, driven by renewed AI sector interest and high trading activity.

Zcash (ZEC): ZEC jumped 14% in 24h to $376.97, with $1.33B trading volume, as privacy coins gain traction amid increased regulatory scrutiny.

DEXE (DEXE): DEXE rose 10% in 24h to $7.05, supported by $16.8M volume and strong DAO governance participation, hitting a 21-day high after recent lows.

Smart Money Movements

Blackrock transferred 3,495.55 BTC ($384M) and 31,754 ETH ($122M) to Coinbase within the past hour, totaling $506 million in crypto moved.

Strategy executed a $2.45 billion transfer of 22,704 BTC to new wallets in the last nine hours, highlighting major institutional repositioning.

Prenetics purchased 100 BTC at ~$109,594 each, increasing its total Bitcoin holdings to 378 BTC ($41M) after a $44M stock offering.

NewGenIvf Group signed a $110 million deal to acquire 600,000 SOL, expanding its digital asset treasury from 13,000 to over 613,000 SOL.

Grayscale Trust moved 173.68 BTC (about $19M) to Coinbase Prime, with both its main and mini trusts participating in the transfer.

Events to Watch

Oct 31 (Fri)

China releases October NBS Manufacturing and Non-Manufacturing PMI; Eurozone publishes October YoY inflation rate, key for global macro outlook.

Nov 1 (Sat)

Sui unlocks 43.96 million tokens (1.21% of supply); Scroll unlocks 82.5 million SCR tokens ($11.88M, 8.25% of supply), both potentially impacting market liquidity.

Nov 3 (Mon)

Eurozone reports October unemployment rate; ISM and Final Manufacturing PMI data for USD, EUR, GBP released, influencing global risk sentiment.

Nov 4 (Tue)

Reserve Bank of Australia announces interest rate decision; ECB President Lagarde delivers a speech, both events may affect forex and crypto volatility.

Nov 5 (Wed)

US ADP employment data and ISM Services PMI released, providing key signals for US labor market and service sector, with potential crypto market impact.

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