Core Insights - Digital asset investment products experienced a net outflow of $360 million last week, primarily influenced by Federal Reserve Chairman Jerome Powell's hawkish stance on the December interest rate cut outlook [1] - Bitcoin ETFs saw a significant outflow of $946 million [1] - Solana recorded a net inflow of $421 million, marking the second-highest inflow in history, driven by the launch of a new U.S. ETF [1] - Ethereum also saw a net inflow of $57.6 million [1]

Core Insights - Galaxy Digital executed a $9 billion Bitcoin sale for an early investor, marking one of the largest crypto exits and indicating a shift towards institutional demand without market disruption [1] - Bitcoin is transitioning into a more mature market, with institutional capital dominating and dormant wallets reactivating, reflecting a broader evolution from speculative asset to global financial infrastructure [1][3] Distribution Mechanics - The current Bitcoin consolidation phase resembles post-IPO stages in traditional equities, where early backers gradually exit as institutions enter, described as a "silent IPO" [2] - This distribution occurs under strong macro conditions and growing institutional interest, differing from previous downturns influenced by regulation or failures [2] On-Chain Activity - On-chain data shows a trend of dormant wallets reactivating, with significant transfers occurring, such as a $694 million Bitcoin transfer from a wallet inactive for three years in October 2025 [3] - Blockchain analytics indicate that many wallets dormant for over a decade became active in 2024 and 2025, highlighting a broader trend of reactivation [3] Patient Distribution Strategy - The distribution of Bitcoin is characterized as patient rather than panic-driven, with sellers targeting high-liquidity windows to minimize price impact [4] - The Galaxy Digital transaction exemplifies this strategy, moving over 80,000 Bitcoin without destabilizing the market [4] Historical Context - Historical consolidation phases in traditional finance last six to 18 months, with companies like Amazon and Google experiencing similar transitions after their IPOs [5] - Bitcoin's ongoing consolidation since early 2025 signals a shift from retail pioneers to professional asset managers [5] Institutional Adoption - The transition from early holders to institutions is heavily reliant on the expansion of ETF infrastructure, with significant institutional inflows since the launch of spot Bitcoin ETFs in early 2024 [6] - As of Q4 2024, investors managing over $100 million collectively held $27.4 billion in Bitcoin ETFs, reflecting a 114% quarterly gain, with institutional investors increasing their share of Bitcoin ETF assets from 21.1% to 26.3% [6]

Group 1: Government Shutdown and Economic Impact - Progress toward resolving the US government shutdown remains limited despite increased bipartisan dialogue, with the Senate adjourning without voting on the House-passed continuing resolution [1] - The shutdown is now expected to extend well into November, with a 40% probability of persisting through November 16th, indicating skepticism about a quick resolution [1] - The ongoing gridlock adds uncertainty to the macroeconomic backdrop, with the Federal Reserve lowering the federal funds rate by 25 basis points to a range of 3.75-4% [2] Group 2: Federal Reserve and Market Reactions - Chair Jerome Powell indicated that further rate cuts are "not a foregone conclusion," which is viewed as guidance aimed at cooling market enthusiasm rather than a credible assessment of the economy [2] - The perceived decline in the likelihood of a December rate cut has led to reduced exposure among investors, particularly in digital assets [4] - The Fed's challenge in assessing economic conditions during the shutdown creates an information vacuum that could lead to policy missteps, affecting risk asset positioning [5] Group 3: Digital Asset Market Dynamics - Bitcoin underperformed with outflows of $851 million, while Ethereum and Solana attracted inflows of $133 million and $380 million, respectively [3] - The divergence between Bitcoin's outflows and the inflows into Ethereum and Solana highlights the importance of diversification within digital asset portfolios [5] - As the shutdown persists, the gap between market expectations and Fed guidance is likely to widen, creating potential opportunities for tactical repositioning once clarity emerges [5]

🔥 UPDATE: Nordea will let customers buy CoinShares Bitcoin ETP from December. It’s execution-only with no advice.Big turn from its 2018 employee $BTC ban. https://t.co/qA47Aj3LzK ...

Core Insights - A significant price war has emerged in the UK's cryptocurrency exchange-traded note (ETN) market following the reopening of retail investor access by regulators after over four years [1][2] - The Financial Conduct Authority (FCA) lifted its ban on retail investment in crypto ETNs on October 8, allowing retail investors to buy and hold these products within tax-free accounts [2] - The competition among issuers has intensified, leading to substantial fee reductions for bitcoin-linked products, with fees dropping to as low as 0.05% [1][4] Regulatory Changes - The FCA's decision marks a major policy shift, reflecting a changing attitude towards digital assets [2] - From April 6 next year, crypto ETNs will also qualify for the Innovative Finance ISA, further encouraging retail investment [3] Fee Reductions - Bitwise was among the first to respond to the regulatory changes, cutting its Core Bitcoin ETP fee from 0.2% to 0.05% for six months [4] - 21Shares and Fidelity also reduced their fees, with 21Shares lowering its Core Bitcoin and Ethereum Core Staking ETPs to 0.1% and Fidelity reducing its Physical Bitcoin ETP fee to 0.25% [4][5] - BlackRock entered the UK market with its European iShares Bitcoin ETP, offering a temporary fee reduction from 0.25% to 0.15% [5] Market Activity - CoinShares leads the ether segment with its Physical Staked Ethereum ETP, which has zero management fees, offsetting costs through staking rewards [6] - The trading activity for Bitcoin ETNs surged, with average daily trading volumes on the London Stock Exchange increasing from $2.1 million to $7.2 million after retail access resumed [8] Market Comparison - The current fee war in the UK mirrors the competitive landscape seen in the U.S. when crypto ETFs launched in early 2024, potentially making regulated funds a cheaper option for investors seeking bitcoin exposure [7]

A planned merger between Bitcoin mining firm Core Scientific and artificial intelligence and cloud data center CoreWeave has been called off after a stockholder vote held on Oct. 30. According to the initial terms reported back in July, CoreWeave was slated to purchase Core Scientific in an all-stock deal for $20.40 per share at a total valuation of approximately $9 billion. Stockholders Reject Merger Deal According to the US Securities and Exchange Commission (SEC), CoreWeave did not receive the requis ...

Crypto Adoption & Regulation - Nordea 将于 2025 年 12 月开始向其客户提供 CoinShares 开发的与比特币挂钩的合成 ETP，反映了欧洲加密货币监管的成熟和需求的增长 [1] - Nordea 将提供仅执行服务，不提供投资建议 [1] Financial Services - Nordea, the largest bank in the Nordic region, 将提供比特币相关的 ETPs [1]

Daily News 🗞 | Oct 30• Visa to start supporting stablecoins on ETH, SOL, XLM & AVAX blockchains• Bitwise Solana Staking ETF notches $55M trading volume on debut• World Liberty airdrop $1.2M of WLFI to early USD1 users• Western Union picks Solana for its stablecoin and crypto network• CoinShares launches Toncoin ETP#CryptoNews #PoloniexNEWS ...

Core Insights - The ETF market is experiencing a significant influx of new launches, with over 100 new ETFs debuting in October alone, marking one of the busiest months in ETF history [1] - A trend of "reverse globalization" is emerging, where global firms are entering the U.S. ETF market, attracted by its scale and investor demand [2][4] New Entrants and Innovations - Pictet, a Geneva-based firm managing over $800 billion, has launched its first three U.S.-listed ETFs, focusing on AI, automation, and sustainable investing [3] - Other notable U.S. ETF launches include the Roundhill Meme Stock ETF, Defiance Trillion Dollar Club Index ETF, and ARK DIET Q4 Buffer ETF, reflecting diverse investment themes [5] Crypto ETF Developments - The CoinShares Altcoins ETF offers exposure to 10 digital assets beyond Bitcoin and Ethereum, indicating a shift towards broader crypto investment options [6] - Growing regulatory clarity and client demand are driving the adoption of multi-crypto portfolios, with the ETF structure being a key consideration for investors [7][8] Performance Trends in 2025 - Gold and Bitcoin ETFs have shown strong performance in 2025, supported by central bank buying and increased investor confidence [9] - Ex-U.S. equity ETFs, particularly those focused on European financials and industrials, have performed well due to resilient local markets and favorable currency conditions [10] Struggles in Certain Sectors - Healthcare sector ETFs and energy-related commodities ETFs have underperformed in 2025, highlighting challenges in these areas [11]

Cardano’s native token, ADA, fell sharply Wednesday, dropping over 3% to 64 cents as it broke through a critical support level and confirmed a shift in market sentiment, CoinDesk Analytics data found. The breakdown began Tuesday, when trading volume spiked 67% above its 24-hour average. Nearly 183 million tokens changed hands as ADA slipped below 64.5 cents, triggering sales and setting off a move toward lower support zones. The move reflected growing uncertainty in altcoin markets as institutional flows ...