On Thursday morning, October 29th, the crypto market was dominated by red colors. Bitcoin was trading at $79,988.02, down 1.53%; Ethereum, priced in Bitcoin, was at $0.02899, down 0.07%; XRP fell to $1.28722, a decrease of 2.79%. The wave of spot sales coincided with the Federal Reserve's recent decision to maintain the benchmark interest rate in the range of 3.75% to 4%, which promptly triggered automatic stop-loss orders.

The local price corrections over the past 24 hours have significantly reduced the excessive "leverage" on derivative platforms, but large funds are taking this opportunity to systematically increase their holdings. While retail investors are trying to lock in their losses, the owners of the New York Stock Exchange are deploying regulated clearing infrastructure in the United States, while Strategy is advancing the tokenization of dividends.

Forced liquidation of long positions caused a short-term decline in the exchange order book. Large institutions such as ICE, MicroStrategy, and Bitwise took this opportunity to quickly buy and supply. The total market value of cryptocurrencies is 2.77 trillion US dollars, with daily spot trading volume increasing by 7.59% to reach 33.30 billion US dollars.

As the derivatives market declines, spot buying orders and inflows of ETF funds continue to persist.

Bitcoin and XRP disappoint buyers: Who loses the most in the early morning selling?

Quotations in the past 24 hours fell, triggering a chain of stop-loss orders and closing out the positions of 83,198 traders. These traders overconfidence that there would be no pullback in the upward trend and chose to bet heavily, ultimately leaving their hopes for a rebound in the exchange order book. Coinglass data shows that the total settlement amount on the derivatives exchange that day was 342.25 million US dollars.

The forced liquidation of long positions amounted to $220.44 million, accounting for 64.4% of the market; short sellers, on the other hand, only suffered a loss of $121.81 million, representing 35.6%.

For the long positions, the biggest disappointment came from Bitcoin: trading terminals cancelled the optimistic buy orders for this largest cryptocurrency, with a total amount of $72.66 million, of which $53.36 million came from long positions. After the Federal Reserve meeting and at the opening of the Asian trading session, the price of digital gold clearly fell below the $80,000 mark, reaching $79,988.02.

Ethereum lost $71.73 million, of which long positions accounted for $39.84 million; its price for the largest cryptocurrency fell to 0.02899, hitting a multi-month low and once again disappointing those who were looking forward to a "copycat season."

This round of selling also affected XRP, with traders losing $5.41 million on that day. The price of Bitstamp fell to $1.28722. Solana also recorded a price drop, with a settlement amount of $11.15 million and a price of $100.33; the settlement amount for Horizen was $7.77 million.

Binance The exchange once again endured a major impact, handling 46.9% of forced liquidations. The platform also executed the largest single derivative order of the day – a long liquidation of ETH / USDT trading pair worth $6.53 million, which was liquidated in one go by a market maker.

Institutional buying orders coexist with clearing noise: Key points from morning market reports

The macroeconomic backdrop continues to put pressure on the crypto market: The Federal Reserve maintains its benchmark interest rate at 3.75% to 4%, but remains cautious about inflation. Two members, Lisa Cook and Beth Hammack, have publicly advocated for interest rate hikes, while Bank of America (BofA) expects new tightening measures in December 2026 and March 2027. The market's probability of a rate hike in December has soared to 83%, up from 49% a month ago.

At the same time, trade [ XYZ ] platform and ICE company (the parent company of the New York Stock Exchange) announced a strategic partnership to launch regulated 24/7 perpetual contracts in the United States. Based on Hyperliquid, they are preparing to introduce derivative contracts under the supervision of CFTC. ICE has made a direct investment in trade [ XYZ ], with a lineup of investors led by legendary billionaire Stanley Druckenmiller.

Stanley Druckenmiller is renowned for managing the Duquesne Capital fund for 30 years, with an average annual return of about 30% and no loss-making years at all; in 1992, he also collaborated with George Soros to successfully target the British pound.

"I am very pleased to become an investor in trade ( xyz ), who are collaborating with ICE to bring 24/7 perpetual contracts based on Hyperliquid to the United States. As a market participant, I look forward to using their innovative products to enhance my investment process." – Stan Druckenmiller (@ standuquesne), October 29, 2026

Regarding this participation, Druckenmiller expressed that they "are very happy to become an investor," and referred to the launch of the 24/7 perpetual contract as an "innovative product," looking forward to using it in trading. Influenced by this, HYPE tokens completely ignored market panic, rising strongly to $87.391 during the session, a gain of 9.14%; despite a large transfer of 694,310 HYPE tokens to Coinbase, Hyperliquid's buyback algorithm still absorbed the selling pressure. This algorithm has already destroyed about 5% of the maximum supply (3.89 billion tokens).

At the same time, there is strong demand for on-chain derivatives based on real-world assets ( RWA Perps ), with monthly trading volume increasing by 27% in October, reaching a record of $164 billion. Activities are shifting towards tokenized stocks ( NVDA , GOOGL , SPCX ) and commodities (gold XAU , silver XAG ). At the company level, 99.3% of the shareholders of MicroStrategy approved the conversion of four types of preferred stocks to a daily dividend distribution mechanism, including on weekends. The price of MSTR stock is reported at $141.41.

SoSoValue The latest morning market statistics show that institutional funds are still holding positions:

• Bitcoin ETF: Net inflow of $27.53 million, ending three consecutive days of net outflow
• Ethereum ETF: Net outflow of $21.16 million
• XRP ETF: Net assets reached $1.51 billion, accounting for 3.79% of the XRP market value, with a cumulative net inflow of $1.80 billion; at the same time, SEC has postponed the deadline for leveraging XRP ETF to November 2026.

Asset management firm Bitwise has updated its report “Bitcoin Long - Term Capital Market Assumptions”, raising its benchmark target for Bitcoin to $1.6 million by 2036, with a compound annual growth rate of 34.3%. In a bull market scenario, it is expected to rise to $3.66 million; in a bear market scenario, it could fall to $130,686. At the infrastructure level, XRP Ledger Foundation has officially included Flare Networks in its list of recommended validators (dUNL), granting Flare nodes voting rights during final ledger confirmation and XRPL code updates.

The Tough Fed and the Risky Zone: How Will the Market View It in the Next Few Days?

The monthly clearing heat map ( Liquidation Max Pain ) shows that due to the Federal Reserve's 'hawkish tone', buyer stop-loss orders are dominant. The overall Pain Force Field index is below the 94% range, and there is still a risk of local compression of long positions.

Key points that traders currently need to focus on:

• BTC $79,080.54: The strongest convergence point for the bulls among 7 rolling windows. If it falls below the $80,000 support level, it will trigger the automatic liquidation of an additional $146 million in long positions.
• BTC $87,091.27: The pain point target area for market makers, with a seller liquidity pool of $131 million. The structure indicates that before hitting historical highs, the market is more likely to quickly "clean up" the last batch of "high-leverage" participants first.
• SOL, LINK and XRP long congestion zones: Limited spot liquidity means that any slight movement of Bitcoin towards the $79,000 settlement level puts these assets at a higher risk of more severe declines.
• ETF Capital Flow: The gap between BTC net inflows and ETH net outflows indicates that funds are temporarily shifting from altcoins to the largest cryptocurrency.

Yesterday's selling was technically considered a clearing of derivatives, which eliminated the pressure from open contracts. The Fed's tough stance temporarily suppressed leveraged buying, but due to the long-term shortage of liquidity in digital assets, the macro trend remains firmly upward.