Fed Expands Liquidity as Hong Kong Unveils New Crypto Rules

Crypto Market Overview

✳️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.

✳️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

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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

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 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