Dash, Virtuals Protocol, and ICP Lead Crypto Gains as BTC Holds Steady

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve's second consecutive rate cut to 3.75%-4.00% aims to boost US liquidity and risk appetite. The US-China tariff truce is expected to stabilize global growth and reduce crypto market volatility. Hong Kong's 1.3% deposit growth and rising renminbi settlements may enhance digital asset capital flows in Asia.

Crypto Market

The crypto market shows mixed performance over the past 12 hours. Bitcoin (BTC) is up 0.29% at $109,987, while Ethereum (ETH) rises 0.63% to $3,869, both supported by stable macro liquidity. DASH (DASH) leads with a 27.9% surge, Virtuals Protocol (VIRTUAL) gains 21.7%, and Internet Computer (ICP) jumps 16.0%, driven by strong sector narratives and high trading volumes. Solana (SOL) slips 0.95% to $185.14 amid capital rotation.

Today's Outlook

On November 2, SAGA (SAGA) will unlock 365,479 tokens ($36,182) and RENDER (RENDER) will unlock 999,178 tokens ($2.32M), introducing minor dilution risk but limited market impact expected.

Fear and Greed Index

82.00% Annual Percentile

33 Neutral

Total Crypto Market Cap

$3.70T

0.29%

Total Market Trading Volume

$88.07B

44.66%

Altcoin Season Index

72.73%

Quarterly Percentile

32 / 100

Total Futures Market Open Interest

3.20B

0.24%

Futures

839.98B

1.54%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve cut interest rates by 25 basis points to 3.75%-4.00%, marking a second consecutive reduction. This move aims to support the U.S. economy amid a government shutdown and delayed economic data, and is expected to boost crypto market liquidity and risk appetite.

A major US-China tariff truce was announced, reducing tariffs to 10% and pausing new rare-earth controls for one year. This policy is expected to stabilize global growth expectations and reduce volatility in crypto markets, supporting spot flows and stablecoin issuance.

The Hong Kong Monetary Authority reported a 1.3% increase in total deposits for September 2025, with renminbi deposits up 3.5%. The growth in cross-border trade settlements and liquidity may enhance capital flows into digital assets and DeFi platforms in the region.

Canada's inflation rate rose to 2.4% in October 2025, exceeding the Bank of Canada's 2% target midpoint. Persistent price pressures could influence monetary policy and impact CAD-denominated stablecoins and cross-border crypto transactions.

The European Central Bank held its deposit rate at 2%, with eurozone inflation cooling to 2.1%. The euro weakened against the US dollar, which may drive increased demand for USD-pegged stablecoins and affect DeFi liquidity pools denominated in EUR.

Cryptocurrency Regulatory Trends

Europol warns of increasingly sophisticated blockchain crimes, prompting the EU to boost regulatory cooperation and invest in crypto crime prevention, impacting compliance costs and market trust.

Australian Federal Police seized $5.9M in crypto from a crime syndicate, highlighting enhanced forensic capabilities and stricter enforcement, which may deter illicit activity and increase regulatory scrutiny.

Tokenized bank deposits face criticism for lacking the flexibility and composability of stablecoins, raising regulatory questions about their future role in digital finance and potential market adoption.

ECB President Lagarde advocates for a digital euro rollout by 2029, facing criticism from the crypto sector over privacy and decentralization concerns, which could influence EU regulatory direction and investor sentiment.

Circle CEO highlights regulatory progress in the UAE and US for stablecoin integration, supporting global digital finance infrastructure and potentially boosting institutional adoption of compliant stablecoins.

DASH (DASH): DASH surged 29.4% in 24h to $71.34, with trading volume up 299% to $841M, driven by strong privacy coin demand and high volatility.

Virtuals Protocol (VIRTUAL): VIRTUAL rose 21.8% in 24h to $1.82, with $1.24B volume. The rally was fueled by a 22.9% price jump after a major token allocation proposal and increased investor interest.

Internet Computer (ICP): ICP gained 16.4% in 24h to $3.44, with volume up 274% to $221.9M, supported by renewed DePIN and AI narrative attention and strong on-chain activity.

Smart Money Movements

A whale increased its Solana (SOL) long position by $1.51 million, acquiring 8,211 SOL and bringing its total SOL long exposure to $105 million as of November 1, 2025.

Major Bitcoin ETF issuers, including BlackRock, Fidelity, Bitwise, ARK 21Shares, Invesco, VanEck, and Grayscale, collectively sold $490.43 million worth of Bitcoin on November 1, 2025.

A significant transfer of 200 million XRP, valued at approximately $500 million, was recorded from an unknown wallet to Ripple, sparking speculation about its purpose.

Ethereum whales accumulated an additional 200,000 ETH within 48 hours, driving ETH price to $3,875, while the network approached a potential death cross technical pattern.

A DOGE whale offloaded 440 million DOGE, worth about $81.4 million, over the past 72 hours, causing Dogecoin's price to fall to $0.18 and test key support levels.

Events to Watch

Nov 2 (Sun)

Saga (SAGA) unlocks 365,479 tokens ($36,182); Render (RENDER) unlocks 999,178 tokens ($2.32M), both adding minor dilution risk.

Nov 3 (Mon)

Hong Kong FinTech Week opens, featuring Web3 trends; HashKey Capital CEO Chao Deng speaks at 3:25-4:00 PM; KITE token airdrop distribution starts at 12:00 UTC.

Nov 4 (Tue)

HashKey hosts RWA: Onboard Summit, unveiling Crypto-as-a-Service, releasing whitepaper, and announcing new partners.

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