Global Markets Mixed Ahead of U.S. Interest-Rate Decision

By Dow Jones Newswires Staff

Global markets were mixed ahead of the Federal Reserve's interest-rate decision later Wednesday where a 25 basis-point cut is widely expected, and ahead of more U.S. big-tech earnings. President Trump continues his tour of Asia and is due to meet Chinese leader Xi Jinping later this week, where the two will discuss a trade framework.

U.S. futures for the S&P 500 and Nasdaq were up 0.3% and 0.5%, respectively, while the Dow Jones Industrial Average was flat after hitting record highs in yesterday's session. Stocks were boosted by the Nasdaq composite after Microsoft signed a deal with OpenAI, sending its shares 2% higher to close above $4 trillion for the first time. Alphabet, Microsoft and Meta are due to report earnings Wednesday.

In Europe, most indexes were lower except London's FTSE 100 which was up 0.4%, lead by the mining and healthcare sectors. Germany's DAX, France's CAC 40 and the Stoxx 600 were down 0.05%, 0.1% and 0.01%, respectively. In London GSK shares were up 3.7% after raising its guidance on higher earnings while Glencore shares were up 6.3% after its third-quarter production report. Elsewhere Mercedes-Benz, BASF and Deutsche Bank shares were up 5.1%, 2.9% and 2.9%, respectively, after earnings.

Asian shares closed higher on rising optimism that trade tensions between the U.S. and China will ease. President Trump, speaking in South Korea, said he expects to sign a trade deal with Chinese President Xi on Thursday. Japan's Nikkei closed 2.2% higher, led by chip maker stocks. South Korea's Kospi was up 1.8%, supported by chip makers, after SK Hynix posted record quarterly profits. In mainland markets, Shanghai closed 0.7% higher, rising above 4000 for the first time since 2015. The tech-heavy ChiNext rose 2.9%, while Shenzhen was 1.3% higher. Hong Kong's Hang Seng is closed due to a public holiday

The dollar rose. The DXY dollar index was up 0.2% to 98.857.

U.S. Treasury yields were little changed in Asian trade ahead of the Federal Reserve's rate decision. The Fed is set to cut its key interest rate by 25 bps at a time when official data isn't available due to the government shutdown. The two-year Treasury yield was up 0.2 bps at 3.495%, the 10-year yield was down 0.4 bps at 3.978% and the 30-year yield fell 0.6 bps to 4.540%, according to Tradeweb.

Eurozone government bond yields were marginally higher in early trading as central bank meetings come into focus. Wednesday's data schedule is unlikely to provide fundamental impulses to trade on, leaving the Fed's rate decision the key focus point of the day, Commerzbank Research's Hauke Siemssen. Meanwhile, the European Central Bank is all but certain to leave interest rates unchanged on Thursday. In the eurozone, Germany will auction August 2035 Bunds. The 10-year Bund yield traded 0.4 bps higher at 2.624%, according to Tradeweb data.

Bitcoin edged higher on signs of easing U.S.-China tensions and the prospect of the Federal Reserve cutting interest rates further. "We expect the two leaders to strike a deal to ease tensions, however, failure to reach an agreement could trigger a negative reaction in risk markets," Danske Bank analysts say in a note. Bitcoin rose 0.6% to $113,558, LSEG data show.

Oil prices were on track for a monthly loss despite optimism surrounding U.S.-China trade talks and reports of a U.S. crude stockpiles draw last week. Brent crude fell 0.5% to $63.53 a barrel, while WTI was down 0.5% to $59.84 a barrel, respectively. "Prices remain under pressure heading toward a third monthly drop, driven by expectations of a global surplus as OPEC+ prepares to raise output at its upcoming meeting," Soojin Kim at MUFG said.

Gold futures rebounded in early trade, rising back above the $4,000 mark. Futures in New York gained 1% to $4,023.30 a troy ounce. The precious metal remains up more than 50% this year, supported by central-bank buying and investors rushing to safe-haven assets as a hedge against geopolitical and economic uncertainty. Meanwhile, silver futures rose 1.8% to $48.18 an ounce.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

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Bitwise CIO Predicts Solana Staking ETF Will Be ‘Huge’ As First Day Volume Hits $56M

NewsBTC

Following the recent launch of multiple crypto ETFs, Bitwise Asset Manager’s CIO has forecasted a bright future for the firm’s Solana Staking Exchange-Traded Fund (ETF), as investors show strong initial interest in the investment product.

Bitwise Solana Staking ETF Sees Strong Start

On Tuesday, Bitwise CIO Matt Hougan predicted that the Bitwise Solana Staking ETF (BSOL) could attract significant institutional interest and become one of the leading investment products based on digital assets.

Hougan argued that Solana is “one of the most exciting crypto investment opportunities that exists today,” as it records “the most revenue of any blockchain.” He explained that institutional investors “love” both ETFs and revenue, which suggests that these investors will “love Solana ETFs.”

Bitwise’s CIO previously pointed out that there must be fundamental reasons for investors’ interest in investment vehicles such as ETFs and Digital Asset Treasuries (DATs), signaling that Solana has them. Therefore, he has “a feeling the Bitwise Solana Staking ETF, BSOL, is gonna be huge.”

Ahead of the launch, ETF Expert Eric Balchunas predicted that the first day volume for Bitwise’s Solana ETF could surpass the $50 million mark. Notably, the firm’s spot Bitcoin ETF (BITB) and spot Ethereum ETH (ETHW) recorded $237.9 million and $204 million on their first day, respectively.

Hougan has highlighted that Solana’s market capitalization is 1/20th the size of BTC and less than 1/4th the size of ETH. Based on this, the volume for an SOL ETF is expected to be smaller than that of ETFs based on the two leading crypto assets.

According to data shared by Balchunas, BSOL recorded an impressive volume of $10 million in the first 30 minutes of trading, hinting at initial demand. This amount surged to approximately $33 million by the half-day mark and hit $56 million by the end of its first trading day.

According to the analyst, BSOL had a strong start, noting that its “$56m is the MOST of any launch this year.. More than XRPR, SSK, Ives and BMNU.”

Crypto ETFs Launch Amid Government Shutdown

BSOL was among the crypto ETFs launched on October 28 despite the US government shutdown. As reported by NewsBTC, Bitwise, for its Solana Staking ETF, and Canary Capital, for its spot Litecoin (LTC) and Hedera (HBAR) ETFs, filed 8-A forms on Monday to launch the investment products this week despite the government shutdown.

Notably, the Securities and Exchange Commission (SEC) was set to approve over a dozen altcoin ETFs between October and November after delaying the decision deadline and releasing new generic listing standards for the products.

However, investors expected that the long-awaited green light would be delayed until the end of the government shutdown. Journalist Eleanor Terret explained that the launch was possible because an open government isn’t required and the 8-A filings are “just as important” as the S-1 forms, as they formally register ETF shares under the Securities Exchange Act of 1934.

As a result, after the NYSE certified all the filings for the ETFs, they could start trading on Tuesday. Meanwhile, Grayscale’s Solana Trust (GSOL) will convert into an ETF on Wednesday.

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Can Solana Price Hold Above $193 as Bulls Fail to Claim $200 Resistance?

Coinpedia

Solana’s price action has been a rollercoaster lately, sparked by several shifting currents in the market. At the heart of today’s fluctuations is a mix of macro uncertainty around the US Fed rate cut, technical resistance near $200. And lackluster excitement from the debut of Bitwise’s Solana ETF.

Market participants rushed to take profit as SOL approached $200, worried that the wider crypto space might see volatility ahead of the central bank’s announcement. This mix led to rejection from the resistance, causing sellers to step in and send the Solana price lower. Despite a weekly climb of 6.3%, the latest Solana news today shows traders are holding their breath. Join me as I look at the Solana price USD chart for clues and targets.

SOL Price Analysis

On the technical front, Solana price is currently testing the $194.71 mark following a sharp rejection at $200. The daily price action reveals that SOL struggled to close above $200 several times. With each attempt drawing in sellers and prompting further profit-taking. Successively, volatility remains high, with a 24-hour range between $191.39 and $203.83 and trading volume surging 18.49% to $7.53 billion.

A key short-term level is the 7-day SMA at $193. If the price of Solana breaks below this support, it opens the door to extended losses, possibly targeting the next support at $177.33. The Bollinger Bands are narrowing, suggesting that price momentum is stalling and the market could enter a rangebound phase. The RSI stands at 45.92, below the 55.17 midline, reflecting a modest bullish momentum but avoiding oversold territory.

Moving averages suggest a mixed bias with shorter-term averages, like the 7-day and 20-day SMA, flattening out just above and below current prices. The $197.60 and $204.59 zones remain as intermediate resistance levels. This is while downside risks increase if sellers breach the $193 EMA.

Consequently, looking further up, any bullish reversal may see resistance retested at $211.78 or even $222.27.

FAQs

Where is Solana finding strong support and resistance right now?

Major support sits near $193 based on the 7-day SMA. Key resistance levels are at $200, then $211.78, and $222.27 on the Solana price USD chart.

Can I count on the current technical indicators for SOL?

The indicators, like the Bollinger Bands and RSI, suggest a neutral to slightly bearish momentum. Monitoring reactions around $193 and $200 is key for near-term moves.

Can Solana’s price rebound soon?

If SOL quickly recovers above $200 and sustains volume, a rebound toward $211 is possible. A loss of $193 support would increase the chance of further downside.

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Pi Coin News: Pi Network Joins ISO 20022 Group with Ripple and Stellar

Coinpedia

Pi Network has reportedly joined the ISO 20022 standard group, standing alongside industry leaders such as Ripple and Stellar . This move connects Pi to the global financial messaging system used by banks to exchange transaction data. The ISO 20022 framework improves accuracy, speeds up transaction reconciliation, and strengthens regulatory compliance.

A Step Toward Real-World Integration

Joining ISO 20022 brings Pi Network closer to the traditional banking system. It allows smoother and faster transactions and helps the network gain more acceptance among everyday users and institutions.

Dr Altcoin said, “Aligning with ISO 20022 improves integration with traditional banking networks. This can lead to greater adoption, smoother transactions, and increased trust in digital assets.”

With nearly 50 million users and a mobile-first design, Pi already has one of the largest communities in crypto. Ripple and Stellar have years of experience and existing ties with financial firms, but Pi is still building those relationships as it moves toward wider recognition.

What It Means for Pi’s Price

The Pi team has been active this year, adding new features and growing its ecosystem. Despite that, Pi’s price has had a hard time finding steady ground. The token is currently trading around $0.2661, up 16% in the last day.

The link to ISO 20022 could help the project’s image and attract more trust, especially after some critics dismissed it early on. Clearer direction, stronger partnerships, and visible progress may help Pi hold its value more consistently over time.

Plans for Full Integration

Pi Network aims to fully align with ISO 20022 by November 22, 2025, making its transactions faster, cheaper, and easier to connect with global payment systems. The rollout will happen in three stages:

Preparation: Upgrading Pi’s technology to match ISO 20022 standards.
Activation: Syncing with banks as they officially switch to the new system.
Adoption: Expanding real-world use cases like remittances and merchant payments.

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Ethena-Incubated DEX Terminal Finance Tops $280M TVL Before Launch

Chainwire

Seoul, South Korea, October 28th, 2025, Chainwire

Terminal Finance, a spot decentralized exchange built for trading yield-bearing stablecoins and institutional assets, today announced it has surpassed $280 million in pre-deposit total value locked, ahead of its upcoming launch. The figure reflects the combined capacity of three pre-deposit vaults, which collectively reached their caps of 225 million USDe, 10,000 WETH, and 100 WBTC.

The DEX launch is planned for the end of the year, with the TGE expected to align closely around that period. The pre-deposit TVL is publicly verifiable via DeFiLlama, which tracks Terminal’s vault activity and growth.

Acting as the de facto DEX of the Ethena ecosystem, Terminal operates independently but is incubated by Ethena. At launch, the platform will feature USDe, sUSDe, and USDtb (backed by BlackRock BUIDL) as its core pairing assets, enabling trading against major assets including ETH and BTC. Yield-bearing stablecoins form the foundation of the DEX, offering composability across DeFi ecosystems.

“At Terminal, we’re building the deepest liquidity pools to trade Ethena’s synthetic dollar, USDe, against any asset, from crypto to tokenized real-world assets. By designing the DEX around a yield-bearing dollar, Terminal benefits from improved economics by default. This makes liquidity bootstrapping significantly more efficient for token issuers and sets a new standard for capital productivity in DeFi," said Co-Founder & CEO Sam Benyakoub

Terminal’s Yield Skimming mechanism sets it apart from conventional decentralized exchanges. The system captures the yield generated by yield-bearing assets such as sUSDe and reinjects it into the DEX economy. This design benefits liquidity providers, traders, and token holders by enhancing the efficiency and economics of on-chain markets.

More than 10,000 wallets participated in Terminal’s pre-deposit phase, and early participants will receive airdrop rewards as part of the TGE. According to public information on Ethena’s website, up to 10% of Terminal’s governance token supply may be distributed to sENA holders based on the Terminal Points system. Points tracking began June 28, and final eligibility, allocations, and timing will be confirmed closer to the TGE.

"Ethena assets have become an engine for DeFi rewards, powering most major Ethereum-based applications today at a billion-dollar scale. The Terminal team has taken this concept, building their spot DEX using sUSDe at its core, to drive additional value to users. We're proud that the Terminal team is a core part of the Ethena ecosystem," said Head of Strategy at Ethena, Nick Chong

Looking ahead, Terminal aims to expand across multiple blockchains alongside Ethena’s USDe growth strategy and become the leading liquidity hub for yield-bearing stablecoins in DeFi.

About Terminal Finance

Terminal Finance is a spot decentralized exchange incubated by Ethena Labs, purpose-built for trading yield-bearing stablecoins and institutional assets. By integrating Ethena’s synthetic dollar USDe and its yield-bearing counterpart sUSDe, Terminal benefits from improved economics by default.

During its pre-deposit phase, Terminal attracted over $280 million in deposits and secured integrations with leading DeFi protocols, including Pendle, EtherFi, and Morpho. Designed to be the liquidity hub of the Ethena ecosystem, Terminal connects yield, liquidity, and token issuance across chains, creating a sound foundation for the next generation of on-chain markets.

For more information, visit terminal.fi and follow @TerminalFi on X.

Contact

Sam Suarez

ls@terminal.fi

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Bitcoin's (BTC) $240,000,000 Liquidation Cluster Erased Amid Large Fakeout

U.Today

With a violent fakeout between $111,000 and $117,000 wiping out a massive $240 million liquidation cluster, the recent price action of Bitcoin demonstrates yet another instance of market manipulation through leveraged overexposure. The market was shaken but significantly cleaner in terms of open interest and risk as a result of the move, which liquidated both late-entry shorts and overconfident longs.

Bitcoin liquidity absorbed

The Binance liquidation heatmap shows where liquidity has been absorbed most recently. Large clusters were concentrated around $111,000 on the downside and $117,000 on the upside, which is exactly where the most recent Bitcoin fakeout took place. BTC fell into the lower band of liquidity following a severe rejection around $117,000, which caused cascading liquidations before swiftly rising again. Chart by TradingView">

This type of liquidity sweep, which eliminates both sides prior to a possible trend redefinition, is typical of an engineered stop hunt. Technically speaking, Bitcoin is currently trading between $113,000 and $114,000, slightly above its 200-day EMA, which is still a critical level for structural support. A short-term squeeze scenario that may determine the next directional move is being created by the 50-day and 100-day EMAs converging just above the price.

Where is volatility concentrated?

A neutral position is confirmed by the RSI near 50, which indicates that while momentum is balanced, volatility is still present. Now that there has been a significant liquidation reset, the market is in a better position. If spot buying pressure resumes, the system's fragility is eliminated by the decrease in leverage and open interest paving the way for a more stable advance.

The next target is still $120,000-$125,000, where the next liquidity pocket will form if Bitcoin can successfully recover $115,000-$116,000. On the other hand, if you cannot hold above $112,000, you might have to retest the $108,000 range. The $240 million liquidation purge for Bitcoin was essentially a much-needed cleanup.

Overleveraged traders suffered as a result of the fakeout, but the market's foundation was restored. Now that speculative excess has been eliminated, Bitcoin might be ready for a real move that is finally based on spot strength rather than volatility caused by leverage.

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DOGE Price on the Verge of Breakout—Will Bulls Push It Past $0.215 This Week?

Coinpedia