US Fed cuts rates as crypto regains its footing

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Markets transition from fear to focus

Global markets are slowly finding their balance again. Inflation is cooling in the US and Europe, but remains sticky in parts of Asia and Australia, keeping central banks cautious. The US Fed delivered its first rate cut in over a year, helping boost risk appetite. Meanwhile, crypto markets are showing early signs of stabilisation, with Bitcoin holding strong and institutional ETF flows returning. The tone has shifted, we’re moving from fear back to focus.

Check prices on the BTC Markets exchange.

State of crypto

• Stability after the storm as Bitcoin consolidates above key levels
• Positive ETF flows and institutional sentiment return
• Cautious rotation into altcoins as Bitcoin dominance eases
• Ethereum’s quiet resilience maintains market structure
• Solana leads the selective altcoin rotation

Stability after the storm as Bitcoin consolidates above key levels

Bitcoin traded in a tight range between US$109K and US$115K, consolidating after October’s volatility. Technicals show the market catching its breath, RSI is neutral near 50, and BTC remains comfortably above its 200-day moving average at US$110K, keeping the uptrend intact.

Order books show solid buy support around US$109K to US$111K, and with the Fed’s dovish turn, we could see institutional flows return, a pattern that often emerges when policy begins to ease.

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ETF flows and institutional sentiment

ETF activity remains the clearest window into institutional tone. According to Sosovalue, Bitcoin ETFs have re-tested the US$150 billion net asset level. Inflows have turned positive again after early-October liquidations, including US$22.1 million in a single day last week as yields fell and risk appetite improved.

Ethereum ETFs are smaller but gaining traction, with US$27.7 billion in total net assets and cumulative inflows of US$13.1 billion. The recent US$333 million weekly outflow appears more like profit-taking than capital flight, with late-week inflows hinting at growing confidence as traders anticipate a rotation from BTC to ETH once volatility cools.

Check ETH

Cautious rotation into altcoins as Bitcoin dominance eases

Bitcoin dominance eased to 59.5% from 61%, reflecting a cautious rotation into altcoins. Historically, this type of softening during easing cycles suggests broadening participation rather than weakening conviction. Traders are diversifying into large-cap Layer-1s and infrastructure plays, a healthy sign of market depth returning.

Ethereum’s quiet resilience maintains market structure

ETH continues to hold its range between US$3,900 and US$4,100, with strong accumulation near US$4K. RSI sits around 55, showing balanced momentum, while the 200-day MA near US$3.3K remains key support.

Solana leads the selective altcoin rotation

Solana (SOL) continues to lead, reclaiming US$195 to US$200 and holding its 200-day MA at US$178. The launch of the first US-listed Solana ETP marks a milestone moment, solidifying SOL as a credible “third pillar” alongside BTC and ETH.

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XRP remains steady above US$2.63, with improving RSI and reduced volatility, supported by its growing presence in cross-border payment corridors.

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Beyond the majors, strength remains selective, Hyperliquid (HYPE) jumped 32%, Hedera (HBAR) gained 20%, and Bitcoin Cash (BCH) climbed 18%, each driven by distinct catalysts. Meanwhile, TRON (TRX) and Avalanche (AVAX) saw minor pullbacks.

Check HBAR

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Investor Daily: Banks and funds lay groundwork for more mainstream crypto adoption

BTC Markets’ Investor Study Report 2025, released this week, has outlined how Australian businesses and institutions are quietly building cryptocurrency into their long-term strategies.

Drawing on both proprietary trading data and a nationally representative survey, outgoing CEO of BTC Markets, Caroline Bowler, said the company’s fourth cryptocurrency report demonstrates solidifying investor confidence in the sector. Read more.

Cointelegraph: Australian crypto firms back draft laws, but ‘critical questions’ remain

Australia’s crypto industry has largely backed the government’s draft crypto legislation released last month, but has still responded to a Treasury consultation with demands for further clarity.

“The draft legislation, as it stands, leaves some critical questions unanswered,” Caroline Bowler, the former CEO of crypto exchange BTC Markets, said in a statement.

“We support the government’s intent to bring structure to the digital asset sector. But structure must come with clarity.” Read more.

The Block: Bitcoin surges above $115,000, millions in short positions liquidated

According to The Block's crypto price page, bitcoin rose 3% in the past 24 hours to trade at $115,179, its highest level in two weeks. Ether surged 6% during the period, changing hands at $4,187. XRP and BNB each gained about 2%, while Solana climbed 5.7%.

"These price movements are not isolated spikes but part of a broader, sustained trend supported by macroeconomic tailwinds, tightening on-chain supply, and strong technical indicators," said Rachael Lucas, crypto analyst at BTC Markets. Read more.

SMSF Advisor: SMSFs leading the charge in crypto investment: report

SMSFs are leading a transition to investment in digital assets, according to a report from BTC Markets.

The BTC Markets Investor Study Report FY24–25 has found that digital assets are being purposefully integrated into long-term investment strategies with growth across all account types on BTC Markets strong and sustained.

“Crypto is no longer viewed as a speculative side bet, but as a strategic pillar within broader portfolio construction,” the report read. Read more.

Livewire: ETFs 2.0: Why the SEC’s move to fast-track spot crypto ETFs matters

In his latest article on Livewire Markets, BTC Markets’ Head of Finance Charlie Sherry explains how the SEC’s new listing standards fast-track spot crypto ETFs.

He said the change removes lengthy 19b-4 filings, cutting approval times from months to weeks and paving the way for 16 new ETF listings, including XRP and hybrid Bitcoin-Ethereum funds.

Announcements

Every trade changes lives

On Tuesday, 18 November, BTC Markets will donate 100% of our trading profits to the ASX Refinitiv Charity Foundation. This marks our fourth year supporting this incredible initiative alongside NAB Trade and Citi.

How do I participate

All you need to do is trade as usual on the day. Every buy or sell helps fund Australian charities delivering essential services and support.

Let’s make this the biggest year yet.

Learn more

Introducing your new portfolio experience

Managing your crypto on BTC Markets has just become easier and more intuitive. We’ve upgraded your dashboard to deliver a brand-new portfolio experience.

With Simple Trade, you’ll get a clearer picture of your holdings and greater control over your investment decisions.

What’s included in this release

We’ve brought together the features that matter most, giving you a solid foundation to track and manage your crypto.

• Portfolio tracking
  See the total value of your portfolio and monitor changes over time.
• Crypto holdings
  Get a breakdown of your holdings and balances.
• Unrealised profit & loss
  View how your portfolio and individual assets are performing with unrealised profit & loss.
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  Quickly transact from your portfolio to manage your assets efficiently - whether it’s buying, selling or transferring.

You can access your new portfolio via the ‘Get started’ link below or by clicking the 'Simple Trade' link in the navigation bar on the exchange platform.

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The Blockies 2025

We’re proud to announce our sponsorship of The Blockies 2025, hosted by the Digital Economy Council of Australia (DECA), a night celebrating Australia’s leading innovators and builders in blockchain and digital assets. This partnership reflects our ongoing commitment to innovation, security, and client excellence, and our support for initiatives that recognise progress and leadership across the blockchain industry.

Learn more

Exclusive crypto tax discounts available for BTC Markets users

BTC Markets has partnered once again with leading crypto tax software providers - Crypto Tax Calculator, Koinly, and Syla - to help make tax time easier (and more affordable) for our clients.

Take advantage of these exclusive offers and simplify your crypto tax reporting this financial year.

Learn more

The week ahead: Economic events

Thursday, October 30th

• Canada Interest Rate
• United States Fed Funds Interest Rate
• Japan Interest Rate
• France GDP Growth Rate
• Germany GDP Growth Rate
• Italy GDP Growth Rate
• Euro Area GDP Growth Rate

Friday, October 31st

• Germany Inflation Rate
• Euro Area Interest Rate
• China NBS Manufacturing PMI
• France Inflation Rate
• Euro Area Inflation Rate
• Italy Inflation Rate

Monday, November 3rd 

• China General Manufacturing PMI

Tuesday, November 4th

• United States ISM Manufacturing PMI
• Australia Interest Rate

Wednesday, November 5th

• United States Job Openings

Source: Trading Economics

Market reflections

• United States: The Fed’s first cut in a year signals a shift toward stability.
• Europe: Activity is stabilising with the ECB on hold until 2026.
• China: Industrial profits are rebounding, but deflationary pressure lingers.
• Japan: Inflation steady at 2.9% keeps the BoJ cautious. Bond market stability remains key.
• Australia: A surprise CPI print at 3.2% shifted expectations away from RBA cuts.

The past week highlighted just how uneven the global path to policy normalisation has become. Inflation is easing across the US and Europe but proving stubborn in parts of Asia and Australia. Central banks are now walking a fine line between supporting growth and keeping prices under control.

In the US, September inflation eased to 3.0% year-on-year and 0.3% month-on-month, while core inflation slowed to 0.2%, confirming the disinflation trend is still intact. With official data delayed due to the government shutdown, the Federal Reserve cut rates by 25 bps to 3.75 to 4.00%, its first easing in over a year. The move was supported by a softer labour market and slowing wage growth.

Markets welcomed the shift. US Treasury yields fell, with the 10-year sitting near 4.0% and equities hitting fresh highs, led by tech and AI names.

Across Europe, momentum is returning with the Eurozone PMI rising to 52.2, its highest since mid-2024. In Asia, China’s industrial profits surged 21.6%, Japan’s inflation held steady at 2.9%, and Australia’s Q3 CPI came in hot at 3.2%, pushing out expectations of any near-term RBA cuts.

Taken together, it’s clear that while the global tightening cycle is ending, the recovery will be uneven.

Closing commentary

Global markets are gradually shifting from fear to focus. The Fed’s cut confirms the tightening cycle is likely over, while Europe and Asia show early signs of recovery. Inflation risks remain, particularly in Australia and Japan, but improving liquidity sets the stage for steadier conditions ahead.

Crypto markets look structurally healthier, Bitcoin’s resilience, renewed ETF participation, and selective altcoin strength all point toward a phase of rebuilding confidence.

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