Fed Rate Decision Coincides with the Debut of Hong Kong’s First Solana ETF

Crypto Market Overview

$4.90 T | Compared with last week: ↗6.55 %

✳️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.

$298.16B | Compared with last week’s liquidity: ↘5.67 %

✳️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 market sentiment index rose to 42 this week, up significantly from 32 last week, indicating a notable easing of fear in the market. Meanwhile, the average RSI of cryptocurrencies climbed to 61.67, approaching the “overbought” zone. This suggests that while the market remains in a strong upward phase, caution is warranted against potential short-term overheating.

(Note: The Fear Index ranges from 0 to 100 and incorporates multiple factors such as volatility, trading volume, and social media activity. RSI, or Relative Strength Index, measures momentum—values above 70 indicate overbought conditions, while those below 30 indicate oversold conditions.)

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OSL Trading Focus | Key Asset Insights

Market Highlights – Last Week

According to Galaxy Research, the U.S. Department of Justice has completed the largest crypto asset seizure in history, confiscating 127,271 BTC (worth approximately $15 billion), boosting the government’s holdings by 64% overnight. Following this seizure, the U.S. Treasury’s “strategic Bitcoin reserve” now equals roughly 3.5% of the country’s gold reserves by value. Galaxy wryly noted, “Bitcoin was born in defiance of fiat, yet it’s now becoming collateral for the fiat system.”

The Wall Street Journal reports that former President Donald Trump has pardoned Binance founder CZ, who had been convicted for failing to implement effective AML measures. The report described CZ as a victim of political persecution under the Biden administration. The news sent BNB surging, with related meme tokens rallying in tandem.

Ark Invest founder and CEO Cathie Wood announced on X that she has invested in Japan-based Ethereum treasury company Quantum Solutions to further expand innovation channels in global capital markets. CEO Francis B. Zhou revealed that after purchasing 2,365 ETH, the company plans to continue accumulating. Quantum Solutions currently holds 4,366.27 ETH and 11.6 BTC.

According to Lookonchain, Tether minted another $1 billion USDT six hours ago. Since the market crash on October 11, stablecoin issuers Tether and Circle have collectively added around $7 billion in new supply.

As of October 25, CME FedWatch shows a 98.3% probability of a 25 bps rate cut and only 1.7% odds of no change.

Spot gold experienced sharp volatility on Wednesday, dropping more than $120 to near the $4,000 mark before rebounding strongly to reclaim $4,100.

Coinbase has introduced x402, a new protocol built on the HTTP 402 status code to create an open payment layer. It enables AI agents to make on-chain payments and access services directly, driving deeper integration between AI and blockchain.

Goldman Sachs reaffirmed its forecast that gold prices will reach $4,900 per ounce by the end of 2026. The bank stated, “As demand for gold as a strategic portfolio diversifier continues to rise, the risk of prices surpassing our target is increasing. Persistent and structural buying is expected to support gold prices.”

Macro Perspective

Next week’s macro focus will be on the Fed’s rate decision and Chair Powell’s press conference. Markets widely expect a 25 bps rate cut, but with inflation and labor data still uncertain, Powell is likely to maintain a cautious, mildly dovish tone. Any pushback against expectations for further easing could trigger market volatility.

Outlook: Key Events (Oct 27–31)

• On October 27, Hong Kong’s first Solana Exchange-Traded Fund (ETF) — the CSOP Solana ETF — was officially listed on the Hong Kong Stock Exchange (HKEX).

• The Federal Reserve will announce its interest rate decision, followed by a monetary policy press conferenceheld by Chair Jerome Powell.

• The U.S. SEC has extended the review period for Nasdaq’s Ethereum Trust staking proposal until October 30.

• Coinbase will release its Q3 financial results after the market closes on October 30.