Weekly Crypto Review: Uptober Returns With Macro Tailwinds

Macro View: As Gold Cools, Crypto Warms

With gold stepping aside, risk appetite is gradually returning to Bitcoin as markets prepare for the Federal Reserve's big week. The mood isn't euphoric, but it's clearly improving: volatility remains contained and discussions are once again filled with "risk-on" sentiment. If macro stays favorable, BTC can shake off its late summer fatigue.

Bitcoin Broke 50-Day Moving Average, But Not Skeptics' Doubt

BTC crossed the technically important 50-day moving average, which is often a sign of rising sentiment. CoinDesk's trend indicator remained bearish. A potential strong close above $110,000 could finally turn sentiment clearly positive.

T. Rowe Price Files for Multi-Crypto ETF

Asset management giant T. Rowe Price has filed for a multi-asset ETF that includes BTC, ETH, and SOL. This signals a shift from individual assets toward diversified portfolios – crypto markets have now entered the model portfolio era.

BlackRock's Next Move: Less Hype, More Strategy

The world's largest asset manager BlackRock is now focusing on more targeted, strategically planned areas in crypto products. This indicates a shift from "first mover" thinking toward data-driven competitive advantage.

Tether Aims for Mainstream With New USAT Stablecoin

Tether is targeting 100 million Americans with its new USAT stablecoin launch. The goal is ambitious, but the strategy is clear: distribution first, discussion later. This could be the largest consumer stablecoin launch ever.

Zelle Explores Stablecoins for International Transfers

US payment system Zelle is considering using stablecoins for cross-border payments. If implemented, stablecoins could reach millions of people, often without them noticing. Crypto is becoming practical fintech innovation.

Solana Listed on Fidelity Platform, Retail Favorite Strengthens

SOL is now available on Fidelity's consumer platform. Together with Robinhood, this makes Solana many retail investors' favorite. Price hovered around $195, but eyes are on support at $188.

Tokenized Deposits: US Banks Test Chain Infrastructure

Custodia Bank launched the Vantage pilot for tokenized deposits network. This enables bank-internal asset movement on blockchains, quietly but very significantly.

Macro Situation: Uptober Gets Macro Support

US stock markets rose to new highs, despite headlines about Trump and China causing swings. Bitcoin and crypto are still slightly behind, recovering from record liquidation effects.

Inflation figures came in softer than expected: headline inflation rose to 3.0% (previously 2.9%) and core inflation fell to 3.0% (previously 3.1%). This supports the "Goldilocks" economic view – not too hot, not too cold. Learn more about inflation's effects on crypto markets.

Quantitative Tightening Ending?

The week's most important development is hints that the Fed plans to end balance sheet reduction, Quantitative Tightening (QT), as early as next week's meeting.

Bank reserves have now dropped below $3 trillion, which is the threshold where the Fed says balance sheet shrinking should end. This will likely remove short-term liquidity pressures and support risk markets, including Bitcoin.

Additionally, when the US government shutdown ends, funds will flow back to the economy through the TGA account. This will raise bank reserves again and add liquidity to the system.

Meanwhile, positive news has emerged from US-China trade negotiations. The parties have reached a preliminary agreement to continue talks.

Summary: Uptober has truly returned.

Crypto World News

Coinbase released the Payments MCP platform, enabling AI agents to access on-chain transactions using natural language. This opens an entirely new use case for crypto in the AI world.

Revolut received a MiCA license from Cyprus and plans to expand its crypto services across the EU. This is a big step for consumer-oriented crypto offerings in Europe.

Fireblocks acquired Dynamic, which provides wallet infrastructure for Kraken and Magic Eden, among others. With the deal, Fireblocks now offers a full infrastructure stack from institutional players to consumers on one platform.

Institutional News

Bank of England provided an update on the digital pound. Currently in the design phase with no decisions on implementation made. A decision is expected by 2026.

JP Morgan plans to allow institutional clients to use their Bitcoin and Ethereum holdings as loan collateral this year. This is a significant step in integrating crypto into banks' core operations.

FTSE Russell announced crypto indices for traditional finance and is considering adding crypto to established index products in 2026.