Crypto Market Update: 21Shares Files for Hype ETF, Australia Moves to Regulate Stablecoins

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$113,072, a 0.8 percent decrease in 24 hours. Its lowest valuation of the day was US$113,083, and its highest was US$116,041.

Bitcoin price performance, October 29, 2025.

Chart via TradingView

Bitcoin (BTC) and the broader cryptocurrency market are showing signs of renewed investor appetite after softer-than-expected US inflation data helped lift global risk sentiment.

In a post on X, blockchain analytics CryptoQuant said a “risk-on” tone has returned across major asset classes following the release of the September Consumer Price Index (CPI) report, which showed inflation rising 0.3 percent, slightly below consensus forecasts.

The modest increase from August reinforced expectations that the Federal Reserve could pursue a more accommodative stance at its next policy meeting.

The cooler inflation print appears to have reignited appetite for growth and speculative assets, marking a shift from the defensive tone that dominated markets earlier this quarter. Analysts noted that the CPI data has strengthened hopes of near-term rate cuts.

Meanwhile, Bitcoin researcher Axel Adler Jr. said on X that market data also point to improving sentiment across major exchanges. The exchange net-spread, which measures the difference between stablecoin inflows and BTC/ETH outflows, remains in positive territory.

This suggests that cash inflows are dominating, while Bitcoin and Ether are being withdrawn from exchanges, a sign that selling pressure is continuing to ease.

Ether (ETH) was priced at US$4,007.40, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$3,946.84, and its highest was US$4,171.07

Altcoin price update

• Solana (SOL) was priced at US$198.51, trading flat over the last 24 hours. Its lowest valuation of the day was US$191.75, and its highest was US$202.69.

• XRP was trading for US$2.63, similarly trading flat over the last 24 hours. Its lowest valuation of the day was US$2.58, while its highest was US$2.68.

Fear and Greed Index snapshot

Chart via CoinMarketCap.

CMC’s Crypto Fear & Greed Index has begun to recover from last week’s slump, now sitting at 39, up from 29 a week ago, as market sentiment inches closer to neutral territory. The improvement marks a gradual shift in investor mood following a prolonged stretch of “fear” that lasted seven consecutive days—the longest since April.

The rise suggests that traders are slowly regaining confidence amid Bitcoin’s breakout above the US$115,000 level after nearly two weeks of range-bound trading between US$103,000 and US$115,000. While the index still reflects caution, its steady climb signals that market anxiety is easing and that investors are beginning to price in optimism ahead of the expected Federal Reserve rate cut.

Crypto derivatives and market indicators

Bitcoin derivatives metrics suggest traders remain cautious but less defensive than before.

Liquidations for Bitcoin futures totaled roughly US$2.43 million in the past four hours, with long positions still comprising the majority—a sign that some traders continue to take profits amid uncertain short-term momentum. Ether saw similar trends, with US$4.28 million in liquidations, also dominated by long positions.

Futures open interest for Bitcoin edged down 0.42 percent to US$73.87 billion, while Ether’s slipped -0.08 percent to US$48.22 billion, indicating a slight cooling in leveraged activity following the recent price uptick.

Meanwhile, Bitcoin’s relative strength index (RSI) of 50.60 indicates neutral momentum, suggesting that traders are holding back from aggressive positioning as markets digest recent macro data and await clearer direction.

Today’s crypto news to know

21Shares files for Hype ETF

Swiss asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a passive ETF tracking the Hype token, marking its first product since agreeing to be acquired by FalconX.

The SEC has yet to act on several pending filings amid limited staffing during the US government shutdown. Hype, the native token of the Hyperliquid network, has surged more than 1,500 PERCENT over the past year, ranking as the 11th largest cryptocurrency.

21Shares said Coinbase and BitGo will serve as custodians for the fund’s holdings.

The firm currently manages over US$11 billion in crypto-linked products and expects the FalconX deal to accelerate ETF adoption through combined market infrastructure.

Western Union picks Solana for global stablecoin rollout

Western Union announced plans to issue a US dollar stablecoin on the Solana blockchain, marking one of the largest traditional finance moves into digital assets to date.

Dubbed USDPT, the stablecoin will be custodied by Anchorage Digital and begin rolling out in 2026 across Latin America, Africa, and Southeast Asia, regions where remittances and mobile money use are strongest.

Western Union said USDPT will integrate directly with its existing fiat payment network, letting users move funds between on-chain and cash outlets without intermediaries or FX fees.

The company plans to maintain its 4,500 global corridors while adding blockchain rails for faster settlement.

CEO Devin McGranahan described the move as “the next evolution” in its 175-year history of cross-border transfers. Global remittance flows currently total about US$860 billion annually.

Australia to classify stablecoins as financial products

Australia’s securities regulator has formally categorized stablecoins, tokenized assets, and wrapped tokens as financial products requiring licensing under existing law.

The Australian Securities and Investments Commission (ASIC) announced the update this week, granting firms until June 2026 to transition into compliance.

The decision extends full consumer protections to stablecoin users and allows the agency to act against misconduct in the sector.

Service providers will now need Australian Financial Services licenses, while custody standards are being updated to include digital holdings.