Fed Expands Liquidity as Hong Kong Unveils New Crypto Rules

Crypto Market Overview

Crypto Market Cap： $4.60 T | Compared with last week: ↘6.39%

✳️Note: Total crypto market capitalization is a key indicator of the overall size and health of the cryptocurrency market. Rising market cap typically signals increasing investor participation and positive market sentiment.

Trading Volume: $253.30 B | Compared with last week: ↘14.33%

✳️Note: Total crypto trading volume reflects market activity and liquidity. Monitoring it helps assess market strength and real-time dynamics.

Crypto Fear & Greed Index

The Fear & Greed Index for this week stands at 36, down slightly from last week’s 42, indicating that market sentiment has shifted from neutral toward fear, though overall panic remains more subdued compared to earlier periods. Meanwhile, the average RSI for cryptocurrencies has fallen to 42.57, suggesting that market momentum is stabilizing.

(Note: The Fear & Greed Index (0-100) incorporates volatility, volume, and social sentiment. An RSI above 70 indicates overbought conditions, while below 30 indicates oversold.)

✳️ Data source: CoinMarketCap. Figures as of 9:00 a.m. UTC, Nov 3, 2025.

OSL Trading Focus

Bitcoin (BTC)

Bitcoin remains steady near US$110,300, signaling signs of stabilization after a week of profit-taking and moderate deleveraging in derivatives markets.

Ethereum (ETH)

Ethereum trades close to US$3,900, posting slight gains as traders cautiously rebuild positions following last week’s broad market pullback.

BNB

BNB saw a notable correction last week, reflecting a broader shift toward reduced risk appetite. While prices held above the US$1,000 level, the 9% decline suggests a cautious market tone.

Market Highlights – Last Week

Market Highlights

Coinbase adds US$300M in Bitcoin, advancing exchange ambitions

Coinbase reported Q3 net income of US$433M, up fivefold YoY, with revenue rising to US$1.9B. The company added 2,772 BTC, totaling 14,548 BTC (~US$1.57B), while expanding in stablecoins, derivatives, and tokenized assets—institutional trading now accounts for 80% of volume.

Fed injects US$29.4B liquidity, easing market stress

The U.S. Federal Reserve injected US$29.4B to ease reserve pressure in the banking system—its largest move since 2020. The operation stabilized repo rates and improved liquidity for risk assets like Bitcoin.

DEX volume hits record US$613.3B in October

According to DefiLlama, DEX trading volume surged to US$613.3B, up sharply from September’s US$500B. Uniswapled with US$170.9B, up from US$106.5B.

“100% win-rate whale” boosts BTC longs to 1,070 BTC

A well-known “100% win-rate” whale added another US$4.4M leveraged BTC long (13x), now holding 1,070 BTC (~US$117M) with an unrealized loss of US$7.8M.

CZ invests US$2M in ASTER; token surges 24%

Binance founder CZ reportedly purchased US$2M worth of ASTER tokens, triggering a sharp 24% rally in the decentralized derivatives exchange’s token.

Comprehensive Insights

Hong Kong SFC expands scope for licensed crypto exchanges

The Hong Kong SFC issued a circular allowing licensed platforms to broaden product and custody offerings—adjusting token listing rules, enabling tokenized securities, and permitting partial custody via affiliates.

Trump’s Truth Social enters prediction markets

Trump’s Truth Social launched “Truth Predict,” a crypto-based prediction market for political, economic, and sports events—posing direct competition to Polymarket and raising potential conflict-of-interest debates.

Macro Perspective

This week’s focus shifts to intensive Fed speeches amid absent nonfarm payroll data and fading December rate-cut expectations. Markets will reassess monetary easing pace as key Fed officials and regional presidents deliver guidance ahead of the year-end FOMC meeting.

Outlook (Nov 3–7)

• Hong Kong FinTech Week 2025 kicks off on Nov 3

• Canada may unveil stablecoin rules in its federal budget

• U.S. releases manufacturing PMI, ADP jobs, and jobless claims

• BoE and RBA announce rate decisions; Fed officials to speak

• Tesla holds annual shareholder meeting on Nov 6, 2025