Dash, Virtuals Protocol, and ICP Lead Crypto Gains as Fed Eases and Major Unlocks Loom

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Federal Reserve's recent 25-basis-point rate cut is fueling expectations of further monetary easing, supporting risk assets and DeFi liquidity. The US-China tariff truce is stabilizing global growth outlook and reducing volatility across risk assets, benefiting crypto settlement activity. Tether's $10B+ YTD profit and $6.8B excess reserves reinforce USDT's dominance and liquidity in the digital asset ecosystem.

Crypto Market

The crypto market shows mixed performance over the past 12 hours. Bitcoin (BTC) trades at $109,820, down 0.06%, while Ethereum (ETH) is at $3,863.04, up 0.27%. Altcoins are diverging: DASH (DASH) surged 40.78% on privacy coin demand, Virtuals Protocol (VIRTUAL) rose 24.44% after Coinbase x402 integration, and Internet Computer (ICP) gained 18.40% on AI smart contract momentum. Solana (SOL) dipped 1.77%. The privacy and AI sectors led gains, driven by sector narratives and technical breakouts.

Today's Outlook

Key events today include the release of the S&P final U.S. Services PMI and ISM Services data, Ripple unlocking 1 billion XRP (~$2.5B), and SUI unlocking $103M in tokens. These events may drive volatility and liquidity shifts across major tokens.

Fear and Greed Index

66.00% Annual Percentile

31 Fear

Total Crypto Market Cap

$3.70T

0.03%

Total Market Trading Volume

$124.30B

26.80%

Altcoin Season Index

81.82%

Quarterly Percentile

32 / 100

Total Futures Market Open Interest

3.20B

7.66%

Futures

865.91B

3.08%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US Federal Reserve implemented a 25-basis-point interest rate cut on October 29, increasing short-term volatility in the crypto market as participants anticipate further monetary easing, which could boost DEFI liquidity and risk asset flows.

A recent US-China tariff truce, announced on October 30, is expected to stabilize global growth expectations and reduce volatility across risk assets, supporting a firmer tone in the crypto market and potentially increasing stablecoin settlement activity.

Tether reported over $10 billion in year-to-date profit and $6.8 billion in excess reserves as of September 30, 2025, with USDT supply surpassing $183 billion in October, reinforcing USDT's dominance and liquidity in the digital asset ecosystem.

Canada's annual inflation rate rose to 2.4% in October 2025, exceeding the Bank of Canada's 2% target midpoint, which may prompt a reassessment of monetary policy and influence CAD-denominated crypto trading and cross-border flows.

The Hong Kong Monetary Authority reported a 1.3% increase in total deposits and a 3.5% rise in renminbi deposits for September 2025, signaling robust cross-border settlement activity that could enhance liquidity for digital asset markets in the region.

Cryptocurrency Regulatory Trends

The U.S. Court of Appeals upheld the Federal Reserve's decision to deny Custodia Bank, a crypto-focused institution, direct access to the Fed's payment system, reinforcing regulatory barriers for crypto banks and dampening hopes for broader crypto integration into traditional finance.

U.S. regulators have issued new guidance expected to significantly increase the number of crypto asset exchange-traded products (ETPs), broadening investment options and potentially boosting institutional participation in the crypto market.

The UK Financial Conduct Authority (FCA) approved CoinShares' Bitcoin and Ethereum ETN prospectus for retail investors, marking a pivotal shift towards greater retail access to regulated crypto investment products in the UK.

The Basel Committee is reviewing its digital asset regulations, potentially allowing banks to classify cryptocurrencies as core assets, which could lower capital requirements and encourage more institutional adoption of crypto.

The EU's MiCA regulation, aimed at stabilizing the stablecoin sector, may inadvertently increase systemic risks by integrating stablecoins into mainstream finance, raising concerns about financial stability and regulatory arbitrage.

DASH (DASH): DASH surged 41% in 24h with trading volume up 326%, driven by renewed privacy coin demand and a breakout above $65, as privacy narratives gain traction.

Virtuals Protocol (VIRTUAL): VIRTUAL jumped 35% in 24h, trading at $1.80, after integrating Coinbase's x402 protocol and launching VPay, with volume up 63% and strong AI sector momentum.

Internet Computer (ICP): ICP rose 18% in 24h to $3.43, with 136% volume growth, as bullish technicals and AI smart contract developments attract investor attention.

Smart Money Movements

Major Bitcoin ETF issuers, including BlackRock, Fidelity, Bitwise, ARK 21Shares, Invesco, VanEck, and Grayscale, collectively sold $490.43 million in BTC, indicating significant institutional repositioning.

A newly created wallet received 9,272 ETH, worth approximately $35.77 million, from Galaxy Digital, highlighting substantial on-chain movement of Ethereum.

Bitmine acquired 7,660 ETH from Galaxy Digital for about $29.54 million, reflecting ongoing large-scale institutional Ethereum transactions.

ARK Invest increased its Bullish stock holdings by over $5 million, with ARKK, ARKW, and ARKF ETFs purchasing a combined 105,013 shares.

A whale identified as 0xC385 deposited $3 million USDC to HyperLiquid and opened a $1.41 million short position on 3,230 ZEC, demonstrating active strategic trading by large investors.

Events to Watch

Nov 1 (Sat)

S&P final U.S. Services PMI for October and ISM Services data will be released; Ripple will unlock 1 billion XRP (~$2.5B); SUI will unlock $103M in tokens.

Nov 2 (Sun)

Saga (SAGA) will unlock 365,479 tokens, worth about $36,182, representing 0.04% of total supply.

Nov 3 (Mon)

Hong Kong FinTech Week begins, focusing on Web3 trends; HashKey Capital CEO Chao Deng will speak at the event.

Nov 4 (Tue)

HashKey will unveil its Crypto-as-a-Service (CaaS) solution and release its whitepaper at the RWA: Onboard Summit.

Table of Contents