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CoinCatch Market Daily Report (October 29, 2025)
Intermediate
2025-10-29 | 10m
On October 29, the cryptocurrency market showed
mixed performance , as investors adjusted their positions ahead of key macroeconomic events and major product launches. Bitcoin and Ethereum experienced slight pullbacks, while some altcoins bucked the trend and rallied, demonstrating a
selective investment bias. The total market capitalization of global cryptocurrencies remained at $3.79 trillion , with a 24-hour trading volume of $173.55 billion. Meanwhile, MegaETH’s initial coin offering (ICO) has sold out in minutes, with $450 million in commitments. S&P Global Ratings has assigned a “B-” credit rating to Michael Saylor‘s Strategy, a level categorized as junk or speculative grade. t54.ai, a project known for its work in trusted agent protocols, has recently launched X402-secure, an upgrade designed to make digital interactions safer and more transparent.
Crypto Market Overview
BTC (-0.70% | Current Price: $113,023.40)
Bitcoin faced short-term resistance on October 29, with the price falling 0.7
% to
$113,023 . This pullback followed a strong rally that saw Bitcoin surpass the
$116,000 level on October 28, extending the cryptocurrency market’s traditional “Uptober” rally trend. Market analysts point out that
the Federal Reserve's interest rate decision has become a key factor influencing Bitcoin's short-term price trend. Although Bitcoin usually falls before major US economic events, this time it broke this historical pattern and demonstrated relative
resilience.
On October 28th, Bitcoin exchange-traded funds (ETFs) registered a net capital influx of $202.4 million. BlackRock's IBIT ETF received an inflow of $59.6 million, while Fidelity's FBTC ETF experienced an inflow of $67.0 million.
ETH (-1.69% | Current Price: $4,024.10)
Ethereum has performed similarly over the same period, falling 1.69
% to
$4,024 . On the weekly chart, Ethereum is still up approximately
3.5%, suggesting the overall market structure remains intact. However, this pullback highlights specific challenges facing Ethereum, particularly its failure to sustain its October 27 breakout attempt.
On-chain data provides a deeper perspective. The holder accumulation ratio (a measure of the number of wallets increasing versus decreasing ETH holdings) fell from
31,278 to
30,964 , down approximately
1% from its peak three months ago . This suggests that fewer wallets are buying or adding ETH, suggesting that even during price increases, traders are becoming cautious or waiting for better entry points.
This shift in sentiment is further confirmed by changes in net positions on exchanges. On October 15, exchange outflows were approximately
1.94 million ETH , but by October 27, this had shrunk to
1.1 million ETH , a
43%decrease . When outflows shrink, it typically means more holders are keeping their ETH on exchanges, which is a sign of increased short-term selling interest.
On October 28th, ETH ETFs experienced a total net inflow of $246.0 million, including an inflow of $76.4 million from BlackRock ETHA and 99.3 million from Fidelity's FETH.
Altcoins
The current fear and greed index is 39, which is in the fear
range , reflecting relatively cautious market sentiment.
The Altcoin Seasonality Index currently stands at
27% , clearly indicating that the market
has not yet entered a full-blown altcoin season. This metric measures the proportion of the top 100 cryptocurrencies that have outperformed Bitcoin over the past 90 days. A reading below 50% indicates that Bitcoin still dominates the market.
This phenomenon is consistent with recent
institutional capital flows , with a large amount of funds flowing into Bitcoin and Ethereum through ETF channels, rather than a wide range of altcoins. However, historical patterns show that when the Altcoin Seasonal Index exceeds 60%, it often heralds the beginning of a large-scale rotation in altcoins. Investors can pay close attention to changes in this indicator.
Macro Data
Financial markets are closely watching the Federal Reserve's interest rate decision on October 29th, with a
widely expected 25 basis point cut expected to bring the target range down to 3.75%-4.00%, which is the first time it has fallen below 4% since late 2022. This monetary policy shift is expected to inject liquidity into global markets and support risky assets such as Bitcoin and DeFi protocols.
Wall Street also anticipates the Federal Reserve will
end its balance sheet reduction (quantitative tightening), a move that will further increase US dollar liquidity and potentially drive a new round of inflows into digital assets and cryptocurrency ETFs. Softer-than-expected US inflation data reinforced expectations of continued monetary easing, which has already led to increased risk appetite and a rotation into Bitcoin and other cryptocurrencies.
On October 28th, the S&P 500 gained 0.23%, standing at 6,890.89 points; the Dow Jones Industrial Average increased 0.34% to 47,706.37 points, and the Nasdaq Composite gained 0.80% to 23,827.49 points.
The S&P 500 Index has gained 22.5% over 6 months. Source: TradingView
Trending Tokens
SAPIEN Sapien (+28.46%, Circulating Market Cap: $41.58 Million)
SAPIEN is trading at $0.5184, up approximately 28.46% in the past 24 hours. Sapien is an open protocol for sourcing verified human knowledge at scale. Its network of millions of contributors spans more than 100 countries, ranging from doctors and engineers to artists and students. Together they produce high-quality AI training data, validated through Sapien’s onchain Proof of Quality system. This ensures enterprises and AI developers can access trusted, human-in-the-loop data while transforming fragmented online work into a sustainable, reputation-based profession. Incentives across the network are powered by the $SAPIEN token, an ERC-20 asset on Base. SAPIEN’s surge reflects AI sector momentum, technical triggers, and BNB Chain’s growth – but mixed volume trends hint at speculative caution.
ENSO Enso (+25.65%, Circulating Market Cap: $48.29 Million)
ENSO is trading at $2.36, up approximately 25.65% in the past 24 hours. Enso serves as a vital piece of infrastructure for the ecosystem, enabling developers to build and scale onchain applications seamlessly. Enso is already powering over 145+ enterprise-grade products and has been used to settle more than $17 billion onchain. Notably, it played a key role in the high-profile launch of Berachain, where Enso was used to facilitate over $3.1 billion in executed transactions. The Uniswap position migration tool was released in collaboration with Uniswap, LayerZero, and Stargate. Plume, ZkSync, and Sonic used Enso for their incentivized launch campaigns. There are many more high-profile enterprises that use Enso to build their products. ENSO’s minimal 24h decline reflects a balance between residual sell pressure and optimism from its Trump-linked USD1 stablecoin partnership.
PI Pi (+16.12%, Circulating Market Cap: $94.19 Million)
PI is trading at $0.2672, up approximately 16.12% in the past 24 hours. Pi Network is a social cryptocurrency, developer platform, and ecosystem designed for widespread accessibility and real-world utility. It enables users to mine and transact Pi using a mobile-friendly interface while supporting applications built within its blockchain ecosystem. Pi Network became a member of the ISO 20022 consortium on October 29, aligning with compliant digital assets such as XRP and Stellar (CoinGape). This inclusion facilitates more seamless interoperability with global banking infrastructure, representing a critical advancement toward institutional adoption. Consequently, this development enhances the credibility of Pi Network for cross-border payment applications and is likely to attract investors anticipating strategic partnerships with financial institutions. Historically, cryptocurrencies compliant with ISO 20022 (e.g., XRP) have experienced value appreciation during periods of increased regulatory clarity.
Market News
MegaETH ICO Hits $450M, Special Allocation Mechanism to Decide Fate
MegaETH’s initial coin offering (ICO) has sold out in minutes, with $450 million in commitments. The Ethereum layer-2 network opened the auction with a raise cap of just under $50 million. The ICO was oversubscribed by approximately $400 million, indicating a high level of demand for the MEGA token.
The ICO of MegaETH opened on Monday with the goal of raising $50 million. However, within hours, it had already surpassed that target, with over $450 million in commitments. The auction allocated 5% of the total 10 billion token supply, offering a maximum bid of $186,282 and a minimum bid of $2,650. Participants also had the option to select a one-year lock-up for a 10% discount. This option attracted many investors, further pushing the demand for the MEGA token. Blockchain analytics platform Arkham reported that 819 addresses committed the maximum bid amount within just two hours. Due to oversubscription, MegaETH will utilize a “special allocation mechanism” to determine token distribution. The mechanism will consider factors like past engagement with MegaETH and Ethereum communities. It will also factor in whether participants selected the lock-up option, according to the auction FAQ.
The ICO will conclude in two days, but the final allocation remains uncertain. The allocation process aims to ensure a fair distribution despite overwhelming demand. The project’s white paper lists the token launch for January 2026.
S&P Gives Michael Saylor’s Strategy a “B-” Junk Rating Over Bitcoin Bet
S&P Global Ratings has assigned a “B-” credit rating to Michael Saylor‘s Strategy, a level categorized as junk or speculative grade. The downgrade stems from Strategy’s heavy reliance on Bitcoin, limited business diversification, and weak liquidity in U.S. dollars. Despite the low rating, the company’s outlook remains stable.
Strategy, formerly known as MicroStrategy, has adopted a Bitcoin-centric business model. The company uses equity and debt proceeds to acquire Bitcoin as part of its treasury strategy. While Bitcoin exposure has helped the company accumulate substantial digital assets, it also leaves Strategy vulnerable to market volatility.
S&P notes that the Strategy’s balance sheet is composed mainly of Bitcoin holdings. This dependence makes the company highly sensitive to changes in Bitcoin’s price. Despite the high risks associated with its Bitcoin holdings, Strategy’s ability to manage its debt is crucial for its stability. The company holds about $70 billion in Bitcoin as of June 2025, with $8 billion in convertible debt maturing after 2028. S&P highlighted the importance of the company’s access to capital markets in managing these obligations.
t54.ai Introducing X402, Adding a Layer of Trust to the X402 Protocol
t54.ai, a project known for its work in trusted agent protocols, has recently launched X402-secure, an upgrade designed to make digital interactions safer and more transparent. This new addition enhances the X402 protocol by embedding a programmable trust layer, creating an ecosystem where users, merchants, and systems can rely on verified data and secure transactions. The concept isn’t just about encryption—it’s about accountability, visibility, and confidence.
At its core, X402-secure introduces a multi-layered security model that aims to close the gap between human reasoning and machine logic. It uses Trustline, a native agent risk engine, to safeguard transactions even before settlement. By incorporating pre-settlement protection, it ensures that the parties involved are authentic and that no unauthorised activities or manipulations occur behind the scenes.
The system also captures reasoning traces, which serve as verifiable, AP2-compliant evidence of every transaction step. These traces are attached directly to payment flows, providing full transparency for audits or dispute resolutions. This mechanism helps to mitigate threats such as prompt injection and subscription traps, which have become common in automated digital ecosystems.
Moreover, t54.ai has implemented a Validator Agent Network (VAN) to act as a watchdog over the entire X402 ecosystem. Operating 24/7, the VAN continuously monitors server integrity, API responses, social reputation data, and on-chain activity. This means that any irregularities or potential breaches can be detected instantly. Each merchant within the network receives a real-time trust score, displayed publicly through a dashboard that measures ecosystem health and performance. This transparency encourages fair play and fosters greater confidence among users and developers alike.
Reference:
CoinMarketCap. (n.d.).
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Farside Investors. (n.d.-a).
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Ethereum.
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https://investing.com/indices/usa-indices
GoldPrice.org. (n.d.).
Spot gold price today.
https://goldprice.org/spot-gold.html
TradingView. (n.d.).
SPX (S&P 500 Index) 6-month timeframe chart. TradingView.
https://www.tradingview.com/symbols/SPX/?timeframe=6M
CoinCentral. (2025, October 28).
MegaETH ICO hits $450M, special allocation mechanism to decide fate. CoinCentral.
https://coincentral.com/megaeth-ico-hits-450m-special-allocation-mechanism-to-decide-fate/
Bitrue. (n.d.).
X402 trust layer (Bitrue Blog). Bitrue.
https://www.bitrue.com/blog/x402-trust-layer
CoinCentral. (2025, October 28).
S&P gives Michael Saylor’s strategy a “B-” junk rating over Bitcoin bet.
https://coincentral.com/sp-gives-michael-saylors-strategy-a-b-junk-rating-over-bitcoin-bet/
CoinCatch Team
Disclaimer:
Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.
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