Virtuals Protocol, Aerodrome, Hyperliquid Lead Crypto Gains as BTC, ETH Hold Steady

I. Crypto Market Overview

Key Takeaways

Macro Environment

US September CPI rose 3%, fueling expectations of a Fed rate cut at the upcoming FOMC meeting. The 10-year Treasury yield fell below 4%, signaling easier monetary conditions and supporting crypto inflows. Regulatory clarity advances as the US nominates a pro-crypto CFTC chair and Congress pushes the CLARITY Act, boosting institutional confidence.

Crypto Market

The crypto market showed mixed performance in the past 12 hours. Bitcoin (BTC) rose 0.79% to $111,782, while Ethereum (ETH) gained 0.77% to $3,951.79, both supported by dovish macro signals. Altcoins were led by Virtuals Protocol (+26.2%), Aerodrome Finance (+13.4%), and Hyperliquid (+13.3%), driven by sector-specific catalysts and strong trading volumes.

Today's Outlook

Today, Jito (JTO) will unlock 542,871 tokens (~$611,273), representing 0.05% of total supply. Money20/20, a major fintech conference, opens in Las Vegas, attracting global crypto and finance leaders and potentially driving sector news and sentiment.

Fear and Greed Index

42.00% Annual Percentile

34 Fear

Total Crypto Market Cap

$3.77T

0.98%

Total Market Trading Volume

$84.04B

40.92%

Altcoin Season Index

8.33%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

3.39B

0.58%

Futures

857.91B

0.20%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US September CPI rose 3% year-on-year, the highest since January, but softer than expected, supporting further Fed rate cuts and boosting crypto market risk appetite.

The 10-year US Treasury yield dropped below 4% after the CPI release, signaling easing monetary conditions and encouraging capital inflows into Bitcoin and DEFI assets.

The Federal Reserve is widely expected to cut interest rates by 25 basis points at its October 28-29 meeting, a move that could enhance crypto market liquidity and support BTC price momentum.

Softer inflation data and weaker labor market indicators have increased the probability of additional Fed rate cuts in December, further supporting bullish sentiment in digital asset markets.

The narrowing yield gap between 10-year and 2-year Treasuries reflects reduced recession fears, which may drive institutional investors to increase allocations to high-beta crypto assets.

Cryptocurrency Regulatory Trends

President Trump has nominated Mike Selig, a pro-crypto SEC official, to lead the CFTC, signaling a shift toward unified and innovation-friendly US crypto regulation. This move is expected to boost institutional confidence and reduce regulatory uncertainty.

Ghana's central bank announced its cryptocurrency regulatory bill has been submitted to parliament and is expected to be finalized by December 2025, aiming to formally regulate crypto assets and provide legal clarity for nearly 9% of the population using crypto.

South Africa and Nigeria have been removed from the FATF grey list after implementing stricter crypto regulations and enforcement, which is likely to improve cross-border payments and attract more foreign investment into their digital asset sectors.

The US SEC and CFTC have pledged closer collaboration, with recent joint statements and roundtables aiming to harmonize oversight of spot crypto commodity products, potentially streamlining compliance for exchanges and institutional investors.

The US Congress is advancing the CLARITY Act, which would split crypto regulation between the SEC and CFTC, while the GENIUS Act regulating stablecoins has already become law, increasing optimism for a more defined regulatory framework and market stability.

Virtuals Protocol (VIRTUAL): Surged 26.2% in 24h with $974M volume, driven by renewed metaverse and gaming sector interest and high speculative inflows.

Aerodrome Finance (AERO): Jumped 13.4% in 24h as trading volume exceeded $60M, fueled by its role as Base network's central liquidity hub and strong DeFi incentives.

Hyperliquid (HYPE): Rose 13.3% in 24h with $391M volume, supported by its zero gas fee perpetual DEX model and recent user growth on its custom Layer 1 blockchain.

Smart Money Movements

A crypto whale increased its Bitcoin long position to $297 million on Hyperliquid, achieving a $3 million floating profit, and also held $131 million in ETH longs at $3,897 per ETH.

Trader 0xc2a3 raised his holdings to 1,483 BTC ($165.5 million) and 33,270 ETH ($131.3 million), generating over $16.5 million in profits in the past two weeks.

Ethereum whales accumulated 218,470 ETH in the past week, reversing previous sell-offs, as exchange outflows increased and ETH price consolidated near $3,900.

Whale Ax6Yh7 acquired an additional 44,000 SOL worth $8.37 million, bringing total holdings to 844,000 SOL ($149 million), with all tokens staked since April 30.

Paradigm purchased $5.9 million in META tokens from MetaDAO at $7.83 each via an OTC deal, using a 24-hour TWAP to ensure fair market value.

Events to Watch

Oct 26 (Sun)

Jito (JTO) will unlock 542,871 tokens (~$611,273), representing 0.05% of total supply; Money20/20, a major fintech conference, opens in Las Vegas, drawing global crypto and finance leaders.

Oct 27 (Mon)

MegaETH ($MEGA) public ICO ends; bidding for $MEGA token opens, running through October 30, with allocations finalized by November 21.

Oct 28 (Tue)

US Consumer Confidence Index will be released, providing key insight into economic sentiment; Federal Reserve October policy meeting begins, with markets expecting a rate cut.

Oct 29 (Wed)

FOMC and Federal Reserve to announce interest rate decision, widely expected to cut rates by 25bps; Bank of Canada will also release its rate decision, with a 25bps cut anticipated; BlaBla Protocol (BLA) IDO launches on Spores.

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