Crypto Market

BTC and ETH Market Insight

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Crypto markets entered a crucial consolidation phase last week after the massive volume surge of late September. Bitcoin exhibited high-level resilience, defending its hard-won territory by fluctuating within an $82,900 to $87,000 bracket before stabilizing near $86,200 heading into the new month. Ethereum gave back a portion of its previous breakout gains, pulling back from the $2,800 psychological ceiling to trade closer to $2,702, while global digital asset markets digested a mix of macroeconomic friction and shifting institutional flows.

The institutional landscape shifted toward a slower, more deliberate momentum profile. U.S. spot Bitcoin ETFs marked their third consecutive week of positive traction, posting $241 million in net inflows—a sharp cooling from the prior week's near-yearly peak of $2.39 billion as daily trading volumes thinned. Conversely, spot Ethereum ETFs experienced a wave of short-term profit-taking or structural hedging, recording $138 million in net outflows led primarily by Fidelity's FETH. This divergence is partially attributed to local liquidity adjustments, with over $2.2 billion in ETH entering the staking exit queue as investors prepare positions ahead of the upcoming Glamsterdam network upgrade.

Altcoins and Blockchain News

• According to Defillama data, Pump.fun's revenue over the past 30 days reached $55.5 million, surpassing Hyperliquid's 54.34 million over the past 30days, ranking only behind Tether(508 million) and Circle ($208 million).
  
  
• Iana Dimitrova, CEO of stablecoin payment infrastructure company OpenPayd, said the company expects to complete its merger with Titan Acquisition Corp. and list on Nasdaq under the ticker OP by the end of the year.
  
  
• Solana ecosystem project Stonk announced the launch of a "Community Coins" mechanism, where users holding designated Solana community coins will in the future be able to receive holder rewards from newly issued meme coins paired with them.
  
  
• NEAR Intents lead Alex Shevchenko posted on X that the $3.8 million in funds involved in the previous attack have been fully returned, and the team will stop the related investigation.
  
  
• Due to network revenue being insufficient to cover maintenance costs, Layer 2 network Blast announced it will cease operations.
  
  
• Open Standard announced that its USD stablecoin OUSD has officially launched. Enterprises and developers can now use OUSD to build internet-native financial services and products such as banking, cross-border payments, settlement, and institutional trading.
  
  
• The Drift Foundation released an update on fund recovery progress related to the April 1 security incident, in which approximately $295.4 million in user assets were stolen. Currently, about $9.2 million in stolen funds have been frozen.
  
  
• Cathie Wood's Ark Invest currently holds direct exposure to Kalshi through three ETFs: ARKK, ARKW, and ARKF.

Macro

The major indices finished a mixed week, led by the increasing uncertainty around the U.S-Iran conflict: the DJIA lost 1.26%, the S&P 500 shed 0.27%, while the Nasdaq gained 1.19%. The Chinese stock market closed lower in the holiday-shortened week: the Shanghai Composite Index lost 1.15%, the CSI 300 dropped 1.80% and the Hang Seng index slumped 2.19%.