The cryptocurrency market witnessed strong momentum this week, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC climbed 8.53% over seven days, reaching $72,353, while ETH gained 5.30%, settling at $2,656. This bullish movement reflects growing investor confidence, supported by positive macroeconomic signals and key developments across decentralized finance (DeFi), institutional adoption, and cross-border digital asset initiatives.
Market sentiment remains optimistic as capital continues to flow into stablecoins and ETFs, and innovative protocols push the boundaries of blockchain utility. From major regulatory collaborations to breakthroughs in restaking and synthetic assets, the ecosystem is evolving rapidly—offering both opportunities and risks for participants.
Market Overview: Momentum Builds Across Key Metrics
Price Performance and On-Chain Activity
Bitcoin (BTC) has shown resilience in the $71,000–$73,600 range, with a recent high of $73,609. The surge since October 26 was accompanied by increased trading volume between October 28 and 30, signaling strong buying pressure. A breakout above $73,600 could trigger a new leg upward, while a drop below $71,000 might lead to a retest of prior support levels.
Ethereum (ETH) followed BTC’s lead, maintaining upward momentum. With resistance at $2,723, a sustained move beyond this level could open the door for further gains. Given its correlation with BTC and growing DeFi fundamentals, ETH remains a critical barometer of broader market health.
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Sector Momentum: What’s Driving Gains?
Three sectors stood out this week based on performance and investor interest:
- Elon Musk-Inspired Tokens: Up 21.3% in seven days, fueled by social media buzz around figures like DOGE (+52.7%), MELON (+92.8%), and 69420 (+35.4%).
- Wallet Projects: Gained 15.5%, with CTRL, TGT, and SAFE posting double-digit increases. As self-custody adoption grows, wallet infrastructure becomes increasingly valuable.
- Restaking Protocols: Rose 15%, driven by protocols like PENDLE, PUFFER, and EGP that allow users to reuse staked assets for additional yield generation.
These trends highlight a shift toward utility-driven narratives—particularly those combining community engagement, yield optimization, and technological innovation.
Futures and Funding Rates Signal Bullish Sentiment
Over the past week, both BTC and ETH maintained positive holdings-weighted funding rates, indicating sustained long positions and bullish expectations among derivatives traders. At the time of writing:
- BTC funding rate: 0.0116%
- ETH funding rate: 0.0107%
While elevated long exposure carries liquidation risk during volatility spikes—as seen in over $105 million in BTC liquidations recently—the overall trend suggests institutional and retail appetite remains strong.
Macro and Stablecoin Trends
On the macro front, the October ADP report revealed 233,000 new private-sector jobs in the U.S.—well above forecasts—reinforcing labor market strength and potentially influencing future Fed policy decisions.
Meanwhile, stablecoin market cap rose 0.69% to $173.27 billion, reflecting continued inflows from off-chain sources. This growth underscores stablecoins’ role as onboarding rails for crypto markets and hints at rising demand ahead of potential ETF approvals and macroeconomic shifts.
Ethereum gas fees remained low—below 5 gwei—indicating subdued network congestion despite price appreciation. This presents favorable conditions for DeFi interaction and reduces friction for retail participation.
Key Developments Shaping the Crypto Landscape
Cross-Border CBDC Collaboration: Hong Kong Joins Brazil and Thailand
The Hong Kong Monetary Authority (HKMA) has partnered with central banks in Brazil and Thailand to advance cross-border tokenization projects using central bank digital currency (CBDC) platforms. The initiative explores payment-versus-payment (PvP) and delivery-versus-payment (DvP) mechanisms for trade finance and carbon credit settlements.
This collaboration signals growing acceptance of digital assets within mainstream financial systems. By enabling secure, efficient cross-border transactions, such efforts may reduce reliance on traditional correspondent banking networks and accelerate global CBDC interoperability.
NYSE Seeks Rule Change to List Multi-Asset Crypto ETFs
NYSE Arca has filed an amendment to Rule 8.800-E, requesting permission to list digital asset investment products—including Grayscale’s Digital Large Cap Fund. If approved, this fund would hold BTC, ETH, SOL, XRP, and AVAX, marking a pivotal step toward diversified crypto ETFs.
Such a move could significantly expand institutional access to digital assets beyond Bitcoin alone. It also sets a precedent for other multi-asset crypto products seeking regulated exchange listings.
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Base Network Launches Fault Proofs for Decentralized Validation
On October 30, Base launched Fault Proofs on mainnet—a critical upgrade enhancing security and decentralization. The feature allows any user to challenge incorrect state assertions within a 3.5-day window using open-source software. Successful challengers are rewarded with slashed collateral from validators who submit false claims.
This innovation reduces dependence on centralized sequencers and moves Base closer to full stage-one decentralization. Future plans include expanding smart contract audits through a decentralized “Security Council” and supporting multiple fault proof implementations.
Breakthroughs in DeFi and Tokenized Real-World Assets
Lido V3 Lending Market Surpasses $1 Billion
According to Aave data, Lido V3’s lending market crossed the $1 billion threshold just three months after launch. The milestone highlights strong demand for liquid staking derivatives (LSDs), which allow users to earn staking rewards while maintaining capital efficiency.
By integrating ETH staked via Lido into DeFi lending pools, Lido V3 enables deeper liquidity reuse—fueling yield strategies across protocols like Aave, Curve, and Convex.
sUSD Launch: Solana’s First RWA-Backed Synthetic Dollar Takes Off
Solayer introduced sUSD, Solana’s first re-staked, real-world asset (RWA)-backed synthetic stablecoin, pegged to U.S. Treasury-backed tokens via the Token2022 standard. Within one hour of launch, deposits exceeded $10 million**, eventually reaching **$12.26 million from nearly 5,900 transactions.
This rapid adoption demonstrates growing trust in transparently collateralized stablecoins—and positions Solana as a hub for RWA innovation alongside Ethereum.
Emerging Projects to Watch
Nillion: Privacy-Powered Infrastructure for Web3
Nillion is building a decentralized network using Nil Message Compute (NMC)—a non-blockchain architecture enabling secure computation without exposing raw data. Leveraging secure multi-party computation (MPC) and homomorphic encryption, Nillion supports use cases like private NFTs, confidential DeFi lending, and AI data marketplaces.
Recent highlights:
- Raised $25 million in a Hack VC-led round
- Integrated with Aptos for privacy-preserving dApps
- Launched validator incentive program ahead of mainnet
With total funding exceeding $50 million, Nillion is positioning itself as a foundational layer for privacy in Web3.
Gelato Network Secures $11M for Web3 Automation
Gelato Network raised $11 million in an A+ round led by Hack VC to expand its decentralized automation infrastructure. The platform enables developers to execute smart contract functions without gas fees or manual intervention—supporting features like auto-compounding yields and cross-chain messaging.
As dApp complexity grows, automated relayers like Gelato become essential middleware components in the decentralized stack.
Upcoming Events & Investor Considerations
Major Token Unlocks This Week
Investors should monitor upcoming token unlocks due November 1:
- SUI: ~64.19M tokens (~$132M), 2.32% of circulating supply
- IMX: ~32.47M tokens (~$43.8M), 1.98% of circulating supply
- ZETA: ~53.89M tokens (~$38M), 11.72% of circulating supply
Large unlocks can increase selling pressure; however, their impact depends on team transparency and market conditions.
Regulatory and Governance Milestones
- U.S. Federal Reserve Meeting: Interest rate decisions will influence risk asset valuations globally.
- MakerDAO Governance Vote: Community to decide on brand direction.
- ORE Token Migration: Solana-based ORE holders must upgrade from v1 to maintain eligibility.
- Oklahoma Digital Asset Custody Bill: Proposed legislation aims to protect individual custody rights.
Frequently Asked Questions (FAQ)
Q: What does Lido V3’s $1B lending milestone mean for DeFi?
A: It signals strong demand for liquid staking solutions that unlock capital efficiency. As more LSDs enter DeFi protocols, they enhance leverage opportunities and deepen liquidity across yield markets.
Q: Why are restaking projects gaining traction?
A: Restaking allows users to reuse already-staked assets (like stETH) across multiple protocols to earn additional yield—maximizing returns while contributing to network security across chains.
Q: How do synthetic stablecoins like sUSD differ from traditional ones?
A: Unlike algorithmic or fiat-collateralized stablecoins, sUSD is backed by tokenized U.S. Treasuries—offering transparency and yield potential through RWA tokenization.
Q: Are low gas fees good or bad for Ethereum?
A: Low fees benefit users by reducing transaction costs but may indicate lower network usage. However, sustained low fees during price rallies suggest improved scalability—especially with rollups gaining traction.
Q: What are fault proofs and why do they matter?
A: Fault proofs allow anyone to challenge incorrect blockchain states in optimistic rollups. They’re crucial for trustless validation and help achieve true decentralization by minimizing reliance on centralized operators.
Q: Is now a good time to invest in restaking or wallet projects?
A: With strong sector momentum and real product adoption (e.g., sUSD launch), these areas show promise—but investors should assess individual project fundamentals before committing capital.
Core Keywords: Bitcoin (BTC), Ethereum (ETH), Lido V3, restaking, stablecoin, DeFi lending, synthetic assets