Market Signal Briefing

HomeInvestingCurrenciesThe dollar index’s decline was arrested in July. It gas been steadily strengthening since.Published: Oct. 30, 2025 at 7:07 a.m. ET

Since mid-July the dollar has been enjoying a steady recovery — with implications for risk assets. Photo: Getty ImagesThere are multiple explanations of why the downtrend in the U.S. dollar has been broken, but the upshot for investors is clear: A rebound in the dollar reduces risk appetite, removes a tailwind for S&P 500 SPX earnings growth, and detracts from the bull argument for gold and the precious-metals complex as a whole.

Despite all the talk of devaluation and de-dollarization, the U.S. currency has demonstrated remarkable resilience since the height of summer, when the dollar index DXY bottomed around 96. Since then, it’s recovered about 3%, and recent developments suggest a breakthrough of the psychologically important 100 level is imminent.

Onex and AIG to acquire Convex, a leading specialty property and casualty (re)insurer that has delivered industry leading growth and strong underwriting profitability, for $7 billion.Onex to own 63% of Convex, AIG to own 35%, with the balance owned by the Convex management team. AIG to acquire a 9.9% equity stake in Onex and will commit $2 billion to Onex’ private equity and credit strategies over the next three years.Transaction leverages Onex’ knowledge of Convex and deep expertise in the insurance ecosystem, where Onex has delivered strong historical investment performance. 
TORONTO, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) today announced a transformational investment and new strategic relationship to accelerate growth and drive enterprise value creation. The benefits to Onex include:

The acquisition of a market leading specialty property and casualty insurance and reinsurance business with a proven management team that is positioned for continued strong growth. Onex was a founding investor in Convex Group Limited (“Convex”) in 2019 through Onex Partners V and has worked closely with Stephen Catlin, Paul Brand and the Convex management team to build the business into a highly successful, fast growing and profitable organization.A strategic investment by American International Group, Inc. (“AIG”), one of the world’s leading insurance companies, to acquire a 9.9% stake in Onex. AIG will invest $2 billion of new fee generating assets under management in Onex’ private equity and credit strategies, consistent with its investment guidelines.A more efficient future deployment of Onex’ balance sheet, with continued flexibility for deployment into core areas of expertise, to drive strong long-term investing capital growth.
“Today’s announcement is a logical and foundational step forward for Onex,” said CEO, Bobby Le Blanc. “With these transactions, we are bolstering our already significant position in the insurance sector, securing the support of one of the world’s largest insurers, accelerating profitability of our asset management business and facilitating future growth in our investing capital.”

Transaction Overview

Onex and AIG have entered into an agreement to jointly acquire the entire interest held by Onex Partners V and its co-investors in Convex.

Following the acquisition, Onex and AIG will own approximately 63% and 35%, respectively, of Convex, with the remainder held by the Convex management team. The acquisition values Convex at a $7 billion equity valuation, representing 1.9x Q3 2025 tangible book value.

Stephen Catlin, Paul Brand and the Convex management team founded Convex in 2019 as a de novo insurer in partnership with capital provided by Onex Partners V and its co-investors. Since that time, Convex has rapidly grown into a leading specialty property and casualty (re)insurer with:

Up to $6 billion of expected gross premium written in 2025,25% compound annual growth in gross premium written over the last three years, and 18% average return on equity over the past three years.
The Convex management team will retain a significant economic interest in the business, ensuring strong ongoing alignment with Onex and AIG. A portion of Convex’s investment portfolio is currently allocated to Onex-managed funds, and that is expected to increase over time.

In connection with the transaction, AIG has agreed to subscribe for a 9.9% interest in Onex’ subordinate voting shares, concurrent with the closing of the Convex acquisition, for proceeds totalling approximately $0.6 billion. AIG will also make capital commitments of $2 billion to strategies managed by Onex over a three-year period, driving a significant benefit to Onex’ fee-related earnings.

AIG will enter into an investor rights agreement that, among other things, includes a minimum three-year lock-up on the shares acquired, customary standstill provisions and the right to nominate a director to Onex’ board and who will be mutually agreed upon by Onex and AIG. Onex intends to use the proceeds from the AIG subscription to fund the acquisition.

“With AIG and Convex, two outstanding and world-class organizations, we are ready to enter a new phase of growth and innovation that will bring value to all stakeholders,” added Mr. Le Blanc. “We strongly believe that the expertise and capabilities across all three organizations are truly greater than the sum of the parts.”

Peter Zaffino, Chairman & CEO, AIG commented: “With Onex Corporation, Convex’s primary shareholder, we are building a strategic relationship with an outstanding team, led by CEO Bobby Le Blanc, that has significant experience investing in highly specialized insurance assets. I am pleased that Onex has committed to increasing its ownership share of Convex, preserving Convex’s independence for the long-term. AIG will also benefit from preferred access to Onex’ world-class investment funds, and I look forward to working with Bobby and his talented team as they continue to make strategic investments in various sectors.”

Stephen Catlin, executive chair of Convex Group, said: “In six years, the team at Convex has built an extraordinary business. We have become a major player in global specialty insurance and reinsurance, with annual premium income up to $6 billion and operations in a range of global jurisdictions. We’ve known Peter Zaffino for over 20 years in numerous leadership roles. We greatly admire the contribution he has made to the industry as a whole and, together with the outstanding team he has built at AIG, the successful execution of his strategic vision, positioning AIG for growth and delivering attractive risk adjusted returns for AIG shareholders. This transaction secures the long-term independence of Convex and presents a range of exciting strategic opportunities. We would like to thank our founding shareholders, including Onex, for their unwavering support in establishing and growing the business, and our other supporters within the insurance market. Without them we would not be where we are today.”

Paul Brand, CEO of Convex Group, added: “This is a hugely exciting development for Convex. The Convex team have worked incredibly hard over the last six years to build a world-renowned insurance company, and we see this transaction as the start of the next chapter in our journey. We are delighted to continue our productive partnership with Onex, and that they have decided to make this considerable investment from their own balance sheet. We are also excited to begin a new relationship with AIG. This transaction positions us better than ever to service our clients and brokers, and take advantage of future market opportunities.”

Financial Consideration

Pursuant to the acquisition, Onex will acquire a 63% equity stake in Convex for approximately $3.8 billion. Onex intends to roll over its existing interest in Convex of $0.7 billion, with the remainder financed through $1.5 billion of cash on Onex’ balance sheet and pending asset sales, $1.0 billion of debt financing secured on existing private equity and credit assets, and $0.6 billion of equity financing proceeds from the AIG subscription.

Following the completion of all transactions, Convex is expected to account for 42% of Onex’ investing capital and become a key contributor to future shareholder value creation.

The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals.

Additional Information

A presentation with additional information on today’s announcement is available on the home page of the Onex website at www.onex.com.

As a reminder, Onex will release its third quarter 2025 results on the morning of Friday, November 7th, followed by a live webcast at 11:00 a.m. ET to discuss the third quarter results and this transaction. A link to the webcast and on-line replay will be available on Onex’ website at www.onex.com.

Onex was advised by Goldman Sachs & Co. LLC as lead financial adviser and Latham & Watkins and Torys as legal advisers on the transaction.

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex’ own investing capital.

With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol (TSX:ONEX).

For more information on Onex, visit its website at www.Onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

About Convex

Convex is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines. Convex occupies a unique position in the insurance industry combining unrivalled experience, reputation and a legacy free balance sheet.

Convex operates out of London, Bermuda, Luxembourg and New Jersey. The company has a ‘A’ (Excellent) A.M. Best rating and an ‘A’ S&P rating.

For additional information, visit www.convexin.com.

About AIG

AIG, Inc. (NYSE:AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.

For additional information, visit www.aig.com.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. The forward-looking statements in this news release include statements regarding Onex Corporation and AIG, Inc.’s acquisition of Onex Partners V’s interest in the Convex Group, AIG Inc.’s subscription for Onex shares, AIG, Inc.’s capital commitments and the entering into of the investor rights agreement.

By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Onex Corporation and AIG, Inc.’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Onex Corporation and AIG, Inc., including, without limitation, the Acquisition and the AIG Investment will be completed on the terms currently contemplated, the Acquisition and the AIG Investment will be completed in accordance with the timing currently expected, all conditions to the completion of the Acquisition will be satisfied or waived and the purchase agreement will not be terminated prior to the completion of the Acquisition.

Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance, or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

Contacts:

Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711Zev Korman
Vice President, Shareholder
Relations and Communications
Tel: +1 416.362.7711

The Tron price has faced pressure in recent days, but a surge in network activity suggests a potential turning point for TRX. While the broader crypto markets remain cautious amid Federal Reserve uncertainty, on-chain data shows record-breaking user engagement on the Tron blockchain.

Ripple-backed startup Evernorth Holdings has emerged as one of the largest institutional holders of XRP, amassing over 388.7 million tokens worth more than $1 billion, according to on-chain data. The move signals a major step toward renewed institutional participation in the XRP ecosystem and could set the stage for wider adoption of Ripple's native asset.

Bitcoin needs a decisive close above $112,926 to confirm short-term bullish continuation.Gold battles resistance near $4,048 amid post-FOMC recovery.Silver’s ascending triangle pattern targets a potential rally to $51.34.After the much-anticipated FOMC interest decision, Bitcoin, the colloquial digital gold, and commodity safe havens like gold and silver seek footing after turbulence.

Markets are moving past policymakers’ decision to cut interest rates by a quarter percentage point to focus on other drivers, including earnings and geopolitics.

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What Next for Bitcoin, Gold, and Silver After FOMC Interest Rate Decision?BeInCrypto reported the Fed’s decision to cut interest rates by 25 basis points (bps), effectively ending its balance sheet reduction. The move, which aligned with economists’ expectations, has inspired momentum for Bitcoin, Gold, and Silver prices.

Bitcoin May Only Be Attractive To Buy Past $112,926While policymakers’ decision to cut interest rates is bullish, Bitcoin may only be attractive to buy after crossing $112,926.

A decisive daily candlestick close above this level (the mean threshold or midline) of the supply zone between $111,281 and $114,453 would confirm that bulls have overpowered selling pressure from this order block.

If the Bitcoin price continues to hold above the ascending trendline, such a breach would be inevitable. This trendline has been a longstanding support level for the pioneer crypto since early April.

Bulls waiting for confirmation, however, should consider opening long positions above $114,553. Based on the volume profiles (blue horizontal bars), many bulls are waiting to interact with the BTC price above this level. After all, BTC’s Sharpe Ratio suggests a cycle toward a low-risk period.

Based on the Sharpe Ratio, Bitcoin $BTC tends to cycle between high and low risk periods.

After reaching high-risk territory, a shift toward low risk now looks imminent. pic.twitter.com/9WI1LweQKg

— Ali (@ali_charts) October 30, 2025
The $116,014 level is also critical for the pioneer crypto. It is a support level that has turned resistance and continues to cap further upside. A breach and successful retest of this supplier congestion level could prime BTC price to $120,574.

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Nevertheless, the Bitcoin price will have a shot at reclaiming its all-time high above $126,199 when it successfully breaks and closes above $123,917. This level is the midline of the supply zone between $123,094 and $124,630. Such a move would denote an 11.33% move above current levels.

Bitcoin Price Performance. Source: TradingViewConversely, on-chain analyst Ali says the TD sequential signals an imminent sell-off for the Bitcoin price. If the Bitcoin price falls below the ascending trendline, the ensuing selling momentum could see it roll over. It could find immediate support at $106,081.

In a dire case, the downtrend could extend for BTC to collect sell-side liquidity around $102,000, where the October 10 trading session bottomed out.

The MACD (Moving Average Convergence Divergence) is in negative territory, suggesting momentum favors sellers. Similarly, the RSI position below 50 accentuates this outlook.

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Until Gold Breaks $4,048, Bears Have the Say!Gold is also attempting a recovery after the FOMC, with the RSI showing rising momentum. However, much remains on the balance because of the overhanging seller congestion levels.

The 9-day SMA (Simple Moving Average) continues to track gold from above at $3,975, limiting its upside potential.

The yellow horizontal bars (bearish volume profiles) also show many sellers waiting to book profits once the gold price reaches between $4,002 and $4,086.

Gold (XAU) Price Performance. Source: TradingViewHowever, a breakout may be imminent, as the gold price is filling up a symmetric triangle on the four-hour timeframe.

In this regard, traders looking to open short positions for the precious metal should consider a decisive candlestick close below $3,917, which could see the XAU price dip toward $3,800. Such a move would constitute a 5% drawdown below current levels.  

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This Pattern Could See Silver Price Rise to $51.34Like Bitcoin and gold, silver is also staging a recovery on the one-hour timeframe. However, while it consolidates along an ascending trendline, the resistance level at $48.36 remains a crucial barricade.

The resultant technical formation is an ascending triangle, a bullish continuation pattern that could catapult the silver price 6.20% up to $51.34.

This target objective is determined by measuring the triangle’s height and superimposing it at the expected breakout point. To support this thesis, the bullish profiles (grey horizontal bars) show a large volume of bulls waiting to interact with XAG above the $43.36 roadblock.

Key entry points beyond $43.36 include $48.92 and $49.98, earmarked by the 61.8% and 50% Fibonacci retracement levels, respectively.

Silver (XAG) Price Performance. Source: TradingViewOn the flipside, this bullish technical formation for the silver price could be invalidated if the price falls below $47.41, which coincides with the 78.6% Fibonacci retracement level. A candlestick close below this level on the one-hour timeframe could see XAG price drop toward $45.50, almost 5% below current levels.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Consensys, the Ethereum infrastructure firm best known for building the MetaMask wallet and the Infura developer toolkit, has quietly taken the next formal step toward going public, selecting JPMorgan and Goldman Sachs to lead work on a planned initial public offering, according to Axios. The move places one of the most systemically important companies in the Ethereum ecosystem on a path toward public market scrutiny and capital access after nearly a decade of operating as a privately held, founder-controlled Web3 software company.

Ethereum’s Consensys Gears Up For IPO
The reported bank mandate is the clearest signal so far that Consensys is positioning itself to test US equity markets in the post-2024 regulatory environment, and comes as crypto companies have re-opened the IPO window in 2025 after two years of near-total freeze. Axios reported that JPMorgan and Goldman Sachs have been tapped to run the offering, a role traditionally reserved for deals that are expected to command institutional interest at scale. While neither timeline nor targeted valuation has been formally disclosed, Axios indicated that Consensys is working toward a listing as early as 2026.

Consensys did not confirm an imminent S-1 filing but acknowledged that it is actively evaluating capital markets options. “Consensys is constantly exploring opportunities to expand its impact,” the company told Decrypt when asked about the IPO report. “While we continuously evaluate strategic options for growth, we have nothing to announce at this time.”

A Consensys IPO would be structurally different from the wave of crypto listings that defined the last cycle. Rather than a centralized exchange, a miner, or a pure-play trading proxy, Consensys is an infrastructure and tooling company embedded in Ethereum’s execution layer. The firm develops MetaMask, the self-custody wallet that has, for years, functioned as a default retail access point to Ethereum and EVM-compatible networks, and Infura, the backend service used by hundreds of thousands of developers to route blockchain queries and broadcast transactions without running their own nodes.

MetaMask has been repeatedly described by Consensys as having tens of millions of monthly active users, and Infura processes billions of requests per day for applications that rely on reliable RPC infrastructure. That combination gives Consensys direct exposure to core on-chain activity rather than speculative token price action, which is likely to be a central part of the pitch to public market funds that want revenue tied to Ethereum’s usage rather than just its volatility.

Regulatory posture is a critical part of that story. In February 2025, the US Securities and Exchange Commission informed Consensys that it would move to dismiss its lawsuit over MetaMask’s staking features, walking back allegations that the company had acted as an unregistered broker. The agency’s reversal effectively removed a material overhang on one of Consensys’ most commercially sensitive products, and it did so against the backdrop of a broader softening in crypto enforcement tone under the Trump administration.

Consensys last raised external capital in March 2022, when it closed a $450 million Series D led by ParaFi Capital with participation from Temasek, SoftBank’s Vision Fund 2, Microsoft, and others, valuing the company at roughly $7 billion post-money.

The timing of Consensys’ reported IPO push also lines up with a broader re-entry of crypto names into US public markets in 2025. Stablecoin issuer Circle listed in June at a valuation in the high single-digit billions, while exchange operator Bullish won a New York Stock Exchange listing in August.

At press time, ETH traded at $3,907.

ETH slips below the 0.786 Fib again, 1-week chart | Source: ETHUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

The site aims to provide clear guidance for organizations entering the blockchain space while showcasing real-world progress from companies already using Ethereum to power finance on the internet. Ethereum's message is clear: the network is becoming the base layer for global finance, secured by more than 1.

At the recent Future Investment Initiative (FII) event in Riyadh, Saudi Arabia, some of the biggest names in crypto gathered to talk about where the industry is heading. The panel, hosted by Fundstrat’s Tom Lee, included Jeremy Allaire, Saifedean Ammous, Ricardo B. Salinas Pliego, and Ripple CEO Brad Garlinghouse.

During the discussion, Garlinghouse sounded confident about the road ahead for digital assets. He said the next sixteen years will likely be even better than the last, as crypto moves past speculation and starts finding real, everyday uses in finance and technology.

Garlinhouse’s Confidence in the Future of Crypto During the event held from October 27 to 30, 2025, Brad Garlinghouse and economist Saifedean Ammous exchanged their views on the future of crypto. Ammous argued that there is still no global consensus on how digital assets should evolve.

Garlinghouse agreed, saying crypto remains in its early phase since no single approach or framework dominates the space yet. He highlighted that companies like Circle are beginning to show real-world use cases, especially with stablecoins, marking progress toward practical adoption.

He added that the next sixteen years will be about growth and real utility, as crypto shifts from being mainly about value storage or speculation to powering meaningful, everyday applications.

“The next 16 years, I think, will be better than the last 16 years because you’ll finally see applications emerging that up until now have just been the store of value, story, or speculation,” Garlinghouse said. 

Bitcoin is Digital GoldAmmous explained that Bitcoin is like digital gold, but better for today’s global economy because crypto is easier to use for payments. Since the world economy relies on moving money fast, across borders, gold physically cannot keep up, and also politically sensitive because gold is centralized. 

He said, “Most businesses deal across International borders, and they need their money to move. And you know, when the digital economy money’s speed is increasing more and more, and therefore gold is physically cannot keep up physically because I think it’s too politically centralized and politically sensitive.” 

He also pointed out that Bitcoin is faster and more practical for moving money globally and directly without needing banks to clear payments. This is why Bitcoin has grown so much more than gold in value in the past sixteen years, and Ammous expects this trend to continue.  

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.

Grayscale Investments kicked off trading of a new Solana-focused ETF on Wednesday, adding a staking feature that passes network rewards to investors.

The fund, now listed on NYSE Arca as the Grayscale Solana Trust ETF (GSOL), was converted from a closed-end vehicle that first launched in 2021.

From Closed-End Trust To ETF
According to Grayscale, the move makes the firm one of the largest Solana exchange-traded product managers in the US by assets under management.

The converted ETF lets ordinary brokerage accounts hold SOL exposure while receiving staking rewards tied to the network.

Inkoo Kang, Grayscale’s Senior Vice President of ETFs, said the launch shows the firm’s belief that digital assets should sit alongside stocks and bonds in modern portfolios.

Introducing Grayscale Solana Trust ETF (Ticker: $GSOL), offering investors exposure to @Solana $SOL, one of the fastest-growing digital assets. $GSOL features:

⚡ Convenient Solana exposure paired with staking benefits.

🔑 Exposure to a high-speed, low-cost blockchain.… pic.twitter.com/TgVNlhqBPO

— Grayscale (@Grayscale) October 29, 2025

Competition Increased This Week
Based on reports, Grayscale is not alone. Bitwise rolled out its own Solana ETF on the New York Stock Exchange one day earlier. Canary also listed Litecoin and HBAR ETFs on Nasdaq on Tuesday.

Those moves came amid strong interest from asset managers to offer regulated crypto funds that give investors straightforward access to tokens without direct custody.

🚨JUST IN: $GSOL, the first Grayscale Solana Trust ETF with staking, goes live on @NYSE Arca, offering U.S. investors spot @Solana exposure and staking rewards under newly approved SEC listing standards. pic.twitter.com/eTzVP9Kb1X

— SolanaFloor (@SolanaFloor) October 29, 2025

Regulatory Timing And Guidance
These ETF launches happened while the US government was partially shut down and some SEC staff were furloughed.

Kristin Smith, president of the Solana Policy Institute, said staking-enabled funds offer more than simple price exposure; participants can help secure the network, support developer work, and earn rewards.

The Securities and Exchange Commission issued guidance permitting firms to file S-1 registration statements without a delaying amendment, which lets certain funds take effect automatically within 20 days of filing.

The SEC had also approved updated listing standards for commodity-based trust shares shortly before the staffing disruption, a step that helped speed up approvals for dozens of pending crypto ETF applications.

SOL market cap currently at $106 billion. Chart: TradingView
What This Means For Solana Holders
Solana has consistently cemented its status among the powerhouse tokens in terms of market valuation, taking the sixth spot, according to CoinMarketCap.

Based on reports, the new listings did not include full details on fee levels, which validators will be used for staking, or how staking rewards will be split after expenses.

Those operational questions matter to investors weighing net returns and counterparty risk. Trading on NYSE Arca does mean easier access through brokerages, but the finer points of how staking is run will shape how attractive GSOL becomes versus other Solana products.

Featured image from Gemini, chart from TradingView

Bitcoin dropped 1.

Key takeaways:

Bitcoin ETFs saw $839 million in inflows while gold ETFs lost $4.1 billion.

Historical patterns suggest an 8.3% gold rebound ahead.

BTC is holding strong above a technical support, eyeing $150,000 by year’s end.

Gold’s shine is fading fast, just as its “digital” rival, Bitcoin (BTC), recovers lost ground.

Just a week after notching a record above $4,381, the precious metal has retreated by more than 10.60%, sinking to as low as $3,915 on Thursday, its steepest seven-day drop since April.

XAU/USD vs. BTC/USDT daily chart comparison. Source: TradingViewThe correction in gold coincides with a nearly 6.70% jump in Bitcoin price, highlighting a sharp divergence as the US and China move closer to a trade agreement.

The shift followed Donald Trump’s remarks about an “amazing meeting” with Xi Jinping on Thursday, in which the two leaders agreed to reduce fentanyl tariffs from 20% to 10%, effective immediately. 

With risk appetite improving and crypto markets heating up, could gold’s correction below $4,000 support be a sign that traders are rotating back into Bitcoin in the months ahead?

Bitcoin ETFs attract $839 million amid gold’s plungeUS-listed Bitcoin ETFs have absorbed $839 million in net inflows since gold hit its record high on Oct. 20, with holdings rising consecutively in the last four sessions, data from Farside Investors shows.

US-listed Bitcoin ETFs’ cumulative flows. Source: Farside InvestorsIn contrast, gold-backed ETFs experienced total outflows of about 1.064 million ounces (nearly $4.1 billion) since Oct. 22, according to Bloomberg data.

This includes the largest one-day withdrawal in over six months on Monday, when investors withdrew 0.448 million ounces of gold exposure.

Gold-backed ETFs net daily inflows. Source: BloombergBTC technicals now indicate a strong floor near $101,790.

BTC/USD weekly chart. Source: TradingViewThat aligns with the 20-week exponential moving average (20-week EMA; the green wave) and 1.0 Fibonacci retracement level. Holding above the support confluence increases BTC’s odds of hitting $150,000 by year’s end.

JPMorgan analysts expect the BTC price to reach $165,000 in 2025, arguing that it remains undervalued relative to gold.

Gold hasn’t peaked yet: AnalystsGold is still up around 50% year-to-date, buoyed by record central-bank purchases, persistent fiscal imbalances, and the ongoing “debasement trade,” where investors seek protection from ballooning government debt and weakening fiat currencies.

Metal trader David Bateman argues that gold’s bull run remains fundamentally intact despite the ongoing correction.

Source: XTechnicals further indicate that gold remains in a bull market correction, with the metal still holding firm above its 50-day exponential moving average (50-day EMA, represented by the red wave).

Gold has bounced from the 50-day EMA support every time in the past two years, resulting in rebounds of 4-33%, as shown below.

XAU/USD daily chart. Source: TradingViewAlso, gold’s past 10% corrections over the last three decades have consistently led to sharp rebounds within days, signaling a likely short-term bottom rather than deeper downside.

The previous ten instances of such steep drops all produced positive two-month returns, averaging an 8.3% recovery, according to data highlighted by Sabu Trades.

Gold returns post 10% correction. Source: Sabu TradesGold could revisit the $4,200–$4,250 zone by December, effectively retesting its record highs and reaffirming the metal’s broader uptrend, if the pattern holds.

The metal can further hit HSBC’s $5,000 target in 2026 as long as it holds above the red wave.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Binance US is defending its listing process after senators linked the exchange’s U.S. arm to Trump-linked crypto following the CZ pardon and the USD1 stablecoin rollout on October 29.

Summary

Has binance us promoted Trump-linked crypto after the CZ pardon?Did Binance US enable the USD1 stablecoin listing and who controls World Liberty Financial?Are Senate Democrats pursuing a senate investigation pardon into financial ties with WLFI?Is BitGo custodian confirmation sufficient to address custody concerns and MGX investment connections?What regulatory steps could follow and how has binance us responded?
Has binance us promoted Trump-linked crypto after the CZ pardon?
Senator Chris Murphy publicly alleged that activity around Trump-linked crypto accelerated after the CZ pardon, pointing to promotional posts and platform listings that followed the clemency. His comments amplified media focus on whether political timing influenced commercial decisions.

Binance.US has rebutted the charge, saying listings and marketing are commercial decisions reviewed by its listing committee. The company stresses that its U.S. arm follows compliance processes and independent legal review before approving new assets.

Tip: review exchange listing memos and timelines when possible; public disclosures often show when a committee approved a token. In brief: timing drew scrutiny, but Binance.US says it followed established procedures.

Deposits for $USD1 are now open on @BinanceUS!

Trading on the USD1/USDT pair will begin on Oct 29 at 7 a.m. EDT.

USD1 is a U.S. dollar-pegged stablecoin issued by @worldlibertyfi and fully backed by regulated reserves including U.S. Treasuries.

— Binance.US 🇺🇸 (@BinanceUS) October 28, 2025
Did Binance US enable the USD1 stablecoin listing and who controls World Liberty Financial?
The USD1 stablecoin, issued by World Liberty Financial (WLFI), began receiving attention when deposits and trading visibility appeared on platforms around the same public events. WLFI presents USD1 as a dollar-backed instrument built for institutional liquidity.

Binance.US rejects accusations it deliberately promoted the token and says the listing passed normal commercial and compliance checks. WLFI has named custodial partners in public materials and described the project as institutionally oriented.

Note: WLFI’s marketing and project documents describe custody and reserve structures; independent attestations or audit reports are the standard for verifying reserve claims. In brief: USD1’s rollout raised questions about timing and ties, while WLFI and Binance.US point to routine listing practices.

Are Senate Democrats pursuing a senate investigation pardon into financial ties with WLFI?
On October 29, a group of seven Senate Democrats asked federal authorities to review potential financial overlaps tied to the CZ pardon and related industry activity. The outreach flagged investment pathways and sought documentation on communications and transactions.

The senators’ inquiry references reported investment links and seeks transparency on whether timing or financial relationships influenced market access. Earlier public filings and press materials cited in oversight outreach included a reported $2 billion investment tied to MGX and related entities, which the lawmakers highlighted as a matter for review.

Tip: the senators’ letter is a primary source to track requested records and scope; committee repositories and official press releases are the best locations for the text. In brief: congressional oversight is focused on documentary evidence rather than immediate enforcement.

Is BitGo custodian confirmation sufficient to address custody concerns and MGX investment connections?
WLFI named BitGo as the custodian for USD1 reserves; BitGo published an outline of its role and technical approach for the project. A named, regulated custodian can reduce certain counterparty risks and clarify custody mechanics for institutional allocators.

That said, custodian confirmation addresses custody but not necessarily the full set of counterparty, investment or governance questions. The senators’ oversight and public reporting emphasize investment paths such as the reported MGX commitment, which require contractual and transactional disclosure to fully evaluate.

BitGo: USD1 blueprint provides the official description of BitGo’s custody role for USD1, but custody disclosure does not replace independent, periodic attestations or regulator-reviewed audits. In brief: BitGo’s confirmation helps on reserves; MGX and other investment connections still need documentary verification.

Quick definitions —

USD1 — WLFI’s dollar-pegged stablecoin project.
WLFI — World Liberty Financial, issuer of USD1.
Custodian — an institutional entity that holds reserves and issues attestations (e.g., BitGo).

What regulatory steps could follow and how has binance us responded?
Oversight typically begins with record requests and interviews. Depending on what investigators find, committees may hold hearings, issue subpoenas, or refer matters to enforcement agencies.

Binance.US has publicly rebutted allegations that it acted for political reasons, saying listing decisions complied with internal policies and legal review. The company highlights its U.S. governance changes and stated commitments to regulators as evidence of improved controls.

Note: an inquiry does not equal wrongdoing, but it can affect market perception, liquidity and counterparty risk assessments. Investors should watch disclosure updates, attestation reports, and any regulator statements as the review progresses. In brief: investigators will seek documentary evidence; Binance.US denies misconduct while oversight continues.

Short summary: The CZ pardon, the USD1 rollout and congressional letters have placed Binance.US, WLFI and related investment links under scrutiny. BitGo’s custodial role answers a technical reserve question, but the senators’ request and reported investment figures mean documentary disclosure and independent attestations are likely to determine whether further action follows.

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

Pi Network Ventures has announced a strategic investment in artificial intelligence (AI) company OpenMind, marking a major step in expanding Pi’s role within real-world technological ecosystems. OpenMind is developing an open-source operating system and protocol designed to help robots think, learn, and collaborate — a move that aligns with Pi Network’s mission to enhance blockchain utility and promote open innovation.

OpenMind’s shared intelligence layer enables robots to work together and learn collectively in a decentralized framework, perfectly complementing Pi Network’s blockchain-powered infrastructure. The two companies recently completed a proof-of-concept project where volunteer Pi Node operators ran image recognition AI models for OpenMind. The results demonstrated that Pi Nodes can perform third-party computations, unveiling a new utility for Pi’s 350,000+ active nodes beyond maintaining the Pi Ledger.

This new capability paves the way for AI developers to access distributed computing power through Pi Nodes. In return, node operators can earn Pi by providing computational resources for AI tasks, effectively turning Pi Network into a decentralized computation hub. This innovation supports global AI model training and machine collaboration, especially as the Pi blockchain prepares for its major Protocol 23 upgrade later this year.

Pi Network’s expansion into AI reflects its belief in blockchain as a vital tool for ensuring transparency, identity verification, payments, and incentives in an AI-driven economy. OpenMind’s decentralized intelligence layer further bridges AI infrastructure with real-world applications, ensuring equitable value distribution among human participants. Through this partnership, Pi Ventures is positioning itself at the forefront of the blockchain-AI convergence, supporting decentralized coordination, payments, and computation across industries.

Meanwhile, Pi Coin has shown a 30% surge in recent weeks, though it currently faces resistance around $0.28 after a minor 3% dip today.

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A softer U.S. inflation reading has renewed optimism in global financial markets, sparking hopes that risk assets like Bitcoin could soon resume their upward trend. However, despite improving macro conditions, Bitcoin's price remains confined within a tight range, suggesting traders are still waiting for stronger confirmation before committing to large positions.

The cryptocurrency market has been extremely volatile in the last 24 hours after the FOMC meeting. While analysts expected a pump in Bitcoin's price, the market turned red, with over $300 million worth of leveraged positions liquidated from the market within hours.

Cardano price is facing renewed downside after heavy whale selling triggers short-term pressure.

Summary

Whales sold 100M ADA in three days.
DeFi and trading volumes are declining.
ETF hopes and network upgrades may aid recovery.

At press time, Cardano was trading at $0.6404, down 0.7% over the previous day. Although ADA has increased by roughly 1.7% in the past week, it remains down 20% over the past month. The token has been moving within a 7-day range of $0.6303 to $0.6905, suggesting a period of cautious trading after recent volatility.

Trading activity also appears to be cooling. Cardano’s (ADA) 24-hour volume has slipped by 6.3% to $1.39 billion, a sign of slowing participation. On the derivatives side, CoinGlass data shows that futures volume jumped 34.83% to $2.11 billion, even as open interest dipped slightly by 0.21% to $705.83 million.

This mix usually means traders are rotating their positions , closing older trades and opening new ones, as they anticipate the next move rather than committing to a clear direction.

On-chain analyst Ali Martinez reported on Oct. 29 that whales sold 100 million ADA, worth about $65 million, within 72 hours. Such sell-offs often trigger short-term volatility, but they don’t always spell long-term weakness. In many cases, the market absorbs the selling once prices stabilize and smaller buyers step back in.

Still, Cardano’s decentralized finance ecosystem is showing signs of strain. Data from DeFiLlama indicates that total value locked has fallen from $360 million in early October to about $280 million now. Monthly decentralized exchange volume has slipped from $125 million in July to just $85 million this month, while the stablecoin market cap has dropped to $38.5 million. These figures suggest a gradual slowdown in on-chain activity.

Despite the current pullback, several events could shift momentum. A major turning point may be the Securities and Exchange Commission’s impending ruling on Grayscale’s spot ADA ETF, which might attract institutional flows similar to those of Bitcoin and Ethereum ETFs. 

On the technical front, upgrades like Ouroboros Leios and Hydra layer-2 aim to boost scalability and reduce costs. Investors will be keeping an eye out for any new developments regarding governance, enterprise adoption, and DeFi growth at the Cardano Summit 2025, scheduled for November.

Cardano price technical analysis
Technical indicators remain mixed but lean bearish in the near term. With a reading of 40, the relative strength index shows weak momentum but is not yet oversold. The majority of moving averages, ranging from the 200-day SMA to the 10-day EMA, indicate sell, confirming ADA trades below key trend levels.

Cardano price daily chart. Credit: crypto.news
While Bollinger Bands show declining volatility around current prices, the MACD offers a weak buy signal, suggesting the potential for short-term relief if volume returns. Immediate support is around $0.578, while the resistance is between $0.665 and $0.752.

Failure to hold $0.58 puts the market at risk of declining towards deeper support levels, but a sustained break above $0.665 might lead to a rebound towards $0.75.

XRP Analysis: 7 key levels to watch this week amid neutral D1

Summary

In summaryMulti-timeframe XRP AnalysisD1 (daily) — main viewH1 (hourly) — intraday lensM15 (15-min) — micro structureKey levels — XRP AnalysisTrading scenarios — XRP AnalysisBullishBearishNeutral (main)Market contextEcosystemDisclaimer
In summary

D1 sits at 2.56 USDT with EMA20 at 2.56 → neutral tone.
RSI 48.45 and modest MACD uptick hint at hesitant momentum.
Range guided by 2.50–2.61 pivots; ATR14 0.12 → controlled volatility.
Market mood in Fear; altcoins may face headwinds (XRP Analysis).

Multi-timeframe XRP Analysis
D1 (daily) — main view
Price closes at 2.56 USDT, exactly on the EMA20 (2.56), while below the EMA50 (2.68) and EMA200 (2.67). This mix suggests a flat near-term trend with a broader down-bias until the 2.67–2.68 cluster is reclaimed.

RSI14 prints 48.45, just under the 50 line, indicating balanced but slightly defensive momentum as buyers remain cautious.

MACD shows line -0.04 over signal -0.07 with a positive histogram of 0.03, implying gentle bullish inflection but not a confirmed trend shift.

Bollinger Bands: mid 2.48, upper 2.69, lower 2.26. Trading near the middle points to mean-reversion behavior with room toward either band if momentum expands.

ATR14 at 0.12 signals moderate daily volatility; risk control remains manageable if position size respects this range.

Pivots: PP 2.55, R1 2.61, S1 2.50. Sitting just above PP suggests a neutral-to-slightly positive bias while 2.61 caps immediate upside.

H1 (hourly) — intraday lens
Price at 2.56 trades below EMA20 (2.59) and EMA50 (2.61), and near EMA200 (2.56). Intraday pressure is mildly bearish unless 2.59–2.61 is reclaimed.

RSI14 at 44.05 keeps a downside tilt, reflecting hesitant dip-buying. MACD is flat (hist ≈ 0.00), showing momentum stalling.

Bollinger midpoint 2.60 with bands 2.52–2.68 indicates price hugging the lower half; volatility via ATR14 at 0.04 remains contained.

Pivot PP is 2.56 with R1 2.57 and S1 2.56, mapping a tight micro range where small breaks can quickly fade.

M15 (15-min) — micro structure
Price at 2.57 sits above EMA20 (2.56), on EMA50 (2.57), and below EMA200 (2.61). Micro-bias is cautiously bullish but constrained beneath 2.61.

RSI14 at 52.43 nudges over neutral; MACD is flat, signaling early recovery attempts that still need confirmation.

Bollinger midpoint 2.56 with bands 2.50–2.61 and ATR14 at 0.02 point to compression near the range top, where breakouts can be fickle.

Overall, D1 is neutral, H1 leans soft, and M15 attempts a bounce — a range-bound structure. Seven key levels are highlighted below.

Key levels — XRP Analysis

Level (USDT)
Type
Bias/Note

2.50
Pivot S1 (D1)
Support floor in current range

2.55
Pivot PP (D1)
Neutral pivot; above favors slight bull tilt

2.56
Close / EMA20 (D1)
Balance point; watch for drift from here

2.61
Pivot R1 (D1)
First resistance and intraday trigger

2.67
EMA200 (D1)
Trend filter; reclaim strengthens bulls

2.68
EMA50 (D1)
Supply zone overlapping EMA200 cluster

2.69
Bollinger Upper (D1)
Extension target; likely fade area

Trading scenarios — XRP Analysis
Bullish
Trigger: A sustained push above 2.61 (R1) with H1 close reclaiming 2.61–2.68.

Target: 2.67 (EMA200) then 2.69 (upper band) as an extension.

Invalidation: Back below 2.55 (PP) on D1 close.

Risk: Consider 0.5–1.0× ATR14 D1 (0.06–0.12 USDT) for stops; momentum can stall near clustered EMAs.

Bearish
Trigger: Loss of 2.55 (PP) and a follow-through below 2.50 (S1).

Target: 2.48 (Bollinger mid) first, then 2.26 (lower band) if pressure escalates.

Invalidation: Recovery above 2.61 (R1) with volume.

Risk: 0.5–1.0× ATR14 D1 (0.06–0.12 USDT); whipsaws are common around pivots.

Neutral (main)
Trigger: Price oscillates between 2.50 and 2.61 while RSI hovers near 50.

Target: Mean-reversion toward 2.55–2.56; fades near extremes of the range.

Invalidation: A daily close outside 2.50–2.61 shifts bias to trend.

Risk: Position sizing anchored to ATR (0.12) helps contain drawdowns in a choppy tape.

Market context
Total crypto market cap: 3,814,844,267,810.27 USD, down 2.26% over 24h. Bitcoin dominance stands at 57.59%. Fear & Greed Index: 34 (Fear).

High BTC dominance and Fear sentiment usually weigh on altcoins like XRP, favoring a selective, risk-aware approach.

Ecosystem
DEX activity mixed: Uniswap V3 fees +11.64% (1d), Fluid DEX +33.64% (1d), and Curve DEX +40.31% (1d). Meanwhile, Uniswap V4 shows –22.07% (7d) and Uniswap V2 –36.37% (7d).

Short-term upticks with weaker weekly trends suggest selective participation across DeFi venues.

For insights on regulatory impacts to XRP in global crypto markets, see the Bank for International Settlements analysis of market reactions to crypto regulation.

Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. #NFA #DYOR

Satoshi Voice

Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting.
Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3.
This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality.
Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

Solana (SOL) is flashing new warning signals despite its recent 9% weekly gain. The altcoin remains down nearly 6% for the month, highlighting weakening buying momentum. On-chain indicators and technical analysis suggest a potential short-term pullback as long-term holders take profits and large investors hold back.

Data from Glassnode’s HODL Waves metric reveals that conviction among long-term Solana holders is fading. Wallets holding SOL for one to two years have reduced their share of the total supply from 20.33% to 18.48%, while three- to six-month holders dropped from 12.7% to 11.55%. This steady decline points to increased profit-taking, a bearish signal often preceding a price correction.

Adding to the bearish outlook, the Chaikin Money Flow (CMF) indicator — which measures institutional inflows — turned negative after briefly rising above zero on October 27. A negative CMF suggests that big-money investors are refraining from accumulating Solana, limiting support for price recovery. Historically, strong CMF readings during consolidation phases help stabilize assets, but Solana’s current readings indicate weak demand from institutional players.

Technically, the SOL price chart supports this pessimistic view. Between October 13 and October 30, Solana formed a lower high, while its Relative Strength Index (RSI) made a higher high — a classic hidden bearish divergence signaling continued downside momentum.

If Solana drops below $192, a further decline toward $182 or even $161 could follow. The bearish structure would only be invalidated by a daily close above $206, potentially opening a path toward $237. For now, the balance of signals — from weakening holder confidence to restricted capital inflows — suggests Solana’s short-term outlook remains vulnerable to further downside pressure.

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XRP Eyes Bullish Continuation as Key Technical Levels HoldAccording to market analyst HolderStat, XRP is showing signs of bullish continuation as it remains entrenched within an ascending channel. 

Source: HolderStatThe cryptocurrency recently bounced off the critical support level at $2.60, signaling that buyers are stepping in to defend key price points and maintain upward momentum.

XRP’s rebound from $2.60 sets the stage to challenge $2.70 resistance. A breakout above $2.68 could trigger renewed buying, pushing toward $2.75, while the ascending channel signals a steady short-term uptrend if support levels hold.

Notably, rising trading volumes from the $2.60 bounce indicate growing market confidence in XRP’s short-term rally. However, a break below $2.58 could dampen bullish momentum, prompting consolidation and a neutral shift in sentiment.

Therefore, the current channel-bound price action highlights XRP’s resilience despite broader market volatility. Analysts argue that as long as the ascending channel remains intact, the cryptocurrency is likely to maintain a bullish bias, with traders closely watching the $2.68–$2.70 zone for signs of strength or potential resistance.

What’s next? Well, XRP’s short-term outlook is cautiously bullish. A breakout above $2.68 could propel it toward $2.75, while a dip below $2.58 may shift sentiment to neutral. Rising volume and technical patterns suggest traders are closely watching XRP’s next move within the ascending channel.

Crypto Crowd Eager for DipsLeading on-chain metrics provider Santiment reports a surge in retail dip-buying interest, signaling optimism for a short-term rebound. Yet history shows that peak retail enthusiasm often precedes further downside before markets truly recover.

Santiment’s data highlights a key behavioral insight in crypto trading, crowd sentiment often signals the opposite of what might happen next. When traders are vocal about catching the next dip, it usually follows a short-term retrace and exposes the market to additional selling pressure. Essentially, the more the crowd anticipates a bounce, the greater the risk of disappointment.

Source: Santiment“The best dips to buy,” Santiment notes, “are usually those that the crowd does not expect. Retail traders often think the pain has passed, only to realize that markets can still surprise them with further losses.” This psychological pattern is central to understanding crypto price movements.

When optimism and fear of missing out (FOMO) dominate discussions, it can blind traders to ongoing downside risks. Conversely, when markets test the limits of retail patience and confidence turns to fear, uncertainty & doubt (FUD), the stage is set for stronger rallies.

What does this mean? The interplay of retail sentiment and price action highlights the power of contrarian strategies. While dip buying can pay off, chasing the crowd often leads to short-term losses. Smart investors track on-chain metrics and sentiment to spot overexposed retail positions and position ahead of potential rebounds.

ConclusionXRP’s stance in the ascending channel signals cautious bullishness. Strong support at $2.60 highlights buyer confidence, while a breakout above $2.68 could drive momentum toward $2.75. A drop below $2.58, however, may trigger a neutral pause as traders reassess.

On the other hand, Santiment’s spike in dip-buying chatter signals caution, not certainty. When retail optimism peaks, markets often test patience with further downside. Smart traders tighten risk, track on-chain and sentiment signals, and favor contrarian entries.

Thu, 30/10/2025 - 8:50

Ripple CTO David Schwartz revealed that XRP's fixed supply of 100 billion tokens was not random at all but chosen for three clear reasons: divisibility, system compatibility and another, special one.

Cover image via U.Today

Every crypto community loves to argue about supply, whether it is Bitcoin’s sacred 21 million, Dogecoin’s infinite faucet or Shiba Inu’s meme trillions. But one question that rarely gets asked is why XRP, one of the most established digital assets, was minted with an exact 100,000,000,000 tokens — no more, no less. 

That silence was broken this week when David Schwartz, Ripple’s CTO and one of the original architects of XRP Ledger, dropped a straightforward yet revealing answer: the number was chosen to satisfy exactly three pragmatic conditions rather than some mystical formula.

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First, according to Schwartz, is that the supply needed to guarantee adequate divisibility so that XRP could handle micropayments at scale, something that was part of the ledger’s DNA from day one, designed long before NFTs or DeFi made "dust" transactions fashionable. 

To meet three criteria:
1) Adequate divisibility.
2) Fits in 64-bit integer.
3) Easy for humans to remember.

— David 'JoelKatz' Schwartz (@JoelKatz) October 29, 2025 Second, the supply figure had to fit right inside a 64-bit integer, which sounds deeply technical but essentially means XRP could be handled efficiently by standard computing systems without breaking accounting logic. 

And third, Schwartz noted, it had to be easy for humans to remember, because adoption is slowed if people cannot wrap their head around the numbers.

XRP is a bridgeThe context today makes the choice look prescient: out of the 100 billion minted, just under 60 billion XRP are in circulation, with about 35 billion locked in escrow. At a market price of $2.58, that circulating stack alone is valued at over $155 billion, placing XRP in the global top four.

So, while Bitcoin was born as digital gold, XRP was designed as a high-throughput bridge asset.

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Pi Network Ventures has made its first-ever investment by backing OpenMind, a company developing a decentralized OS for robots, building on the momentum of OpenMind’s earlier $20M funding round.

Summary

OpenMind is developing OM1, a hardware-agnostic OS for robots, and FABRIC, a protocol that enables secure identity verification, collaboration, and coordination across machines.
A proof-of-concept experiment using Pi Network’s 350,000+ nodes demonstrated that the decentralized network can handle real AI workloads, allowing node operators to earn Pi for contributing compute power.
Following the pilot, OpenMind plans to expand OM1 and FABRIC development, refine pilot programs, and onboard additional partners over the next year.

Pi Network Ventures makes its first-ever strategic investment
Pi Network Ventures, the investment arm of Pi Network (PI), has announced its first-ever investment, backing OpenMind, a company developing a decentralized OS for robots.

OpenMind is building OM1, an OS designed to give robots a unified way to perceive, reason, and act across different hardware platforms. Built on top of it is FABRIC, a protocol that enables robots to identify, verify, and collaborate with each other securely in both physical and digital environments.

The investment aims to connect Pi Network’s global decentralized node ecosystem with OpenMind’s robotics technology, enabling a shared computational and economic framework for both humans and machines.

According to OpenMind CTO Boyuan Chen, “Our mission has always been to create open infrastructure for intelligence that exists in the real world, not just in the cloud. Working with Pi Network helps us extend that idea across both robotics and decentralized computing.”

OpenMind previously closed a $20M funding round led by Pantera Capital in August 2025, with backing from Coinbase Ventures, Ribbit, Topology, Pebblebed, and other prominent investors.

Ahead of the investment, OpenMind and Pi Network conducted a proof-of-concept experiment to test distributed AI processing using Pi’s global node network. Over 350,000 active Pi Nodes participated by providing unused computing resources for OpenMind’s image recognition models.

The results confirmed that Pi’s decentralized network could handle real AI workloads, turning the system into a large-scale, peer-powered AI cluster. Node operators were able to earn Pi for contributing their compute power, showcasing the potential of distributed AI training and inference without relying on centralized cloud providers.

Following the successful pilot, OpenMind plans to expand development of OM1 and FABRIC, refine pilot deployments, and onboard additional partners over the next year.

Whale transactions in BTC and ETH surge as exchange reserves fall and CME ETH futures hit record highs amid rising institutional demand.

Large crypto holders appear to be increasing their exposure to Bitcoin and Ethereum. On-chain and derivatives data show recent spikes in large transactions, institutional interest, and asset outflows from exchanges.

Consequently, this activity is gaining attention as both assets rebound from recent lows, despite short-term market swings and policy shifts.

Whale Transactions on the Bitcoin Network Surge
Bitcoin network activity shows a clear increase in high-value transactions. According to crypto analyst Ali Martinez, the number of Bitcoin transactions exceeding $1 million has reached 6,311, marking the highest level in the past two months. This activity peaked around October 26–28, based on whale transaction data.

Whale activity on the Bitcoin $BTC network is climbing, hitting a two-month high of 6,311 transactions exceeding $1 million each. pic.twitter.com/ydym8VjJ5H

— Ali (@ali_charts) October 29, 2025

At the same time, Bitcoin rebounded from around $106,000 to a local high of $116,000 before yesterday’s correction. The asset is currently priced at $110,700, showing a -2% change in the past 24 hours and a minor gain over the past week. This recovery follows a recent drop to under $108,000 despite a US Federal Reserve rate cut announced just one day prior.

Moreover, data from CryptoQuant confirms that Bitcoin exchange netflows have remained negative through October. This means more BTC is being withdrawn from exchanges than deposited.

Source: CryptoQuant
Such withdrawal trends typically point to holders moving funds to cold storage, often seen during accumulation periods. Combined with the spike in large transactions, this supports the view that some large investors may be repositioning for the months ahead.

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Whales Boost ETH as Futures and Wallets Grow
Ethereum is also showing growing institutional activity. According to CryptoQuant data shared by Crypto Rover, CME Ethereum futures open interest has reached a record high of over 2.25 million contracts. The growth spans multiple expiry periods, mostly within 1 to 6 months.

BIG PLAYERS ARE COMING FOR $ETH! pic.twitter.com/RZ9RJtcEi5

— Crypto Rover (@cryptorover) October 29, 2025

In addition, this increase in open interest has happened alongside a steady price recovery. ETH has moved from below $1,400 to a peak of $4,950 in 2025 before pulling back. As of press time, the asset is trading at around $3,900, with a 24-hour drop of 3% and a 7-day rise of 2%.

Additional data from Alphractal shows a rise in the number of Ethereum addresses holding over 1,000 ETH, as we reported. These large wallets have grown more active in recent weeks. Meanwhile, CryptoQuant reports that ETH reserves across all exchanges have declined by about 1 million coins since late September.

CryptoPotato reported that institutional accumulation of Ethereum has expanded at a faster pace than Bitcoin during the past year. This trend suggests institutional portfolios are increasing their exposure to Ethereum faster than Bitcoin.

TLDR:

Table of Contents

TLDR:VanEck and Canary Join the Solana ETF QueueRegulators Acknowledge the New Filing TrendGet 3 Free Stock Ebooks

Fidelity removes its delaying amendment, paving the way for its Solana ETF to go auto-effective soon.
The move mirrors Bitwise’s $BSOL ETF launch, which used the same 20-day auto-effective path.
VanEck and Canary Funds updated their Solana ETF filings, likely targeting mid-November launches.
SEC Chair Paul Atkins supports companies using the 20-day rule to move forward during shutdowns.

The Solana ETF race is heating up. Just a day after Bitwise launched its BSOL fund, Fidelity Digital Assets updated its S-1 filing for its own Solana ETF. 

The update removes a delaying amendment that usually lets the Securities and Exchange Commission decide when a registration becomes effective. This change means Fidelity’s ETF could go live automatically after the 20-day statutory window.

Crypto journalist Eleanor Terrett shared the filing update on X, explaining that Fidelity followed the same approach Bitwise used earlier this week. Her report aligns with growing market expectations that other issuers would jump on this faster route.

The method allows ETFs to take effect automatically if the SEC does not act within 20 days, giving issuers more control over timing. The approach first gained traction when Bitwise launched its Solana ETF using the same structure.

VanEck and Canary Join the Solana ETF Queue
Fidelity’s update is not an isolated move. Terrett noted that both VanEck and Canary Funds have also adjusted their Solana ETF filings in recent days. Each removed delaying amendments, setting up their products for mid-November launches, if the listing exchanges approve their 8-A forms on schedule.

These filings show clear momentum behind Solana-based exchange-traded products. As the process accelerates, several issuers appear to be lining up for near-term debuts.

The trend began when Bitwise’s BSOL ETF became the first to use this route, signaling that issuers were ready to bypass delays caused by the ongoing SEC backlog. The new wave of filings suggests a coordinated industry shift toward self-timed registrations.

Regulators Acknowledge the New Filing Trend
While the SEC has not issued direct comments on these ETF launches, its leadership seems aware of the growing trend. Terrett mentioned that SEC Chair Paul Atkins recently welcomed companies using the 20-day waiting rule during the current government shutdown.

His remarks came after MapLight completed a public listing using the same legal mechanism. That statement reinforced the legitimacy of this auto-effective process, giving issuers like Bitwise, Fidelity, and VanEck confidence to move forward.

The next few weeks may mark a decisive period for Solana-based funds. If approvals hold, investors could see multiple SOL ETFs trading before the year ends. This further expands institutional access to one of crypto’s fastest-growing ecosystems.

SpaceX moved 281 BTC (about $31.28 million) to a new wallet in its third major transfer in 10 days.Analysts debate whether repeated transfers are simple custody moves or hint at a new strategy for SpaceX's digital assets.Together, Tesla and SpaceX hold over $2 billion in Bitcoin as Elon Musk continues to back BTC over fiat.SpaceX has moved 281 Bitcoin (BTC), worth about $31.28 million, to a new wallet, marking its third major transfer in under two weeks.

The firm’s repeated transfers of Bitcoin have fueled industry debate, including speculation of reorganizing internal custody and potential changes in digital asset strategy.

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Frequent Transfers Signal Active ManagementBlockchain analysis by Lookonchain identified the most recent transfer, confirming that SpaceX shifted almost $31.3 million in Bitcoin to a new address. This marks its third significant transaction within 10 days.

Arkham previously tracked SpaceX’s large movement of 2,495 BTC (about $257 million) on October 21, 2025, showing a pattern of ongoing on-chain reorganization.

Despite these potential explanations, the high transfer frequency has led some to believe SpaceX could be preparing for broader strategy shifts, with these transfers presenting as efforts to enhance custody and treasury management.

While many assume SpaceX is moving Bitcoin for security or custodial reasons, some market watchers speculate these shifts could signal upcoming announcements or changes in strategy.

“3 transfers in 10 days isn’t ‘custody.’ It’s positioning before a major policy shift,” one user remarked.

Some community voices, including BlockTempo, suggest these transactions could indicate preparations for partial liquidations. However, SpaceX has not issued any official statements or confirmations.

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According to Arkham Intelligence, SpaceX’s Bitcoin portfolio is valued at around $790.95 million and comprises 7,258 BTC tokens.

SpaceX BTC Holdings. Source: ArkhamBeyond SpaceX, Elon Musk’s Tesla holds 11,509 BTC tokens valued at $1.25 billion. Collectively, therefore, the two firms now hold BTC worth $2.04 billion.

Both firms have seen their portfolios decline due to broader market downturns, but remain among the world’s largest institutional Bitcoin holders.

Musk Reaffirms Support for BitcoinMeanwhile, these developments come just over two weeks after Elon Musk endorsed Bitcoin over fiat. Positioning the pioneer crypto as the future of money, Musk said Bitcoin is based on energy, a pedigree that positions it at an advantage over fiat currency.

True.

That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.

— Elon Musk (@elonmusk) October 14, 2025
According to the tech executive, Bitcoin’s reliance on energy and consistency sets it apart from government-issued currency, which is more vulnerable to manipulation.

Therefore, Tesla and SpaceX’s ongoing Bitcoin activity reinforces their commitment to digital assets. Yet, many in the market are watching closely for any future transfers or official comments from Musk and his companies in the weeks ahead.

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