Fed Watch & Crypto Delists Define Toscale (6h)

Markets brace for the Federal Reserve’s October 28 decision as Bitcoin struggles with a second consecutive monthly loss. Weakening U.S. spot demand challenges the asset's historical "Uptober" momentum, creating a cautious backdrop for institutional players monitoring liquidity shifts.

Bitcoin has retreated from $83,600 to $79,200, briefly recovering to $81,500 as traders assess the impact of Bitcoin price faces second straight ‘Downtober’ as US spot demand weakens. Meanwhile, institutional infrastructure continues to evolve with Robinhood taps XRP Ledger for $85 billion institutional settlements, signaling a strategic pivot toward Ripple’s core infrastructure. In the broader asset class, Janus Henderson and Centrifuge have launched JQQQ on Stellar, bringing Nasdaq-100 exposure to blockchain-native products.

Exchange operators are also adjusting their offerings. Binance To Delist EPIC And QUICK On October 28 and Bybit to Delist 1 Token(s) on Oct 28, 2026 reflect ongoing portfolio cleanups. Additionally, Upbit to Suspend Hedera (HBAR) Deposits and Withdrawals From 8 PM on October 28 highlights operational adjustments for major assets. On the macro front, ZEW Survey – Expectations dropped sharply to -15.3% from 2.6%, underscoring European economic headwinds.

Calendar — past:

ZEW Survey – Expectations came in at -15.3%, a significant miss against the 2.6% previous reading.

Calendar — ahead:

BoC Interest Rate Decision forecasts 2.5% against a previous 2.25%. Interest Rate Decision is expected to hold at 3.75%.

Market read: Crypto risk is heavily concentrated around the Fed’s October 28 decision, with Bitcoin’s recent weakness suggesting limited upside before the announcement. The sharp decline in European sentiment via the ZEW survey adds a layer of global macro caution. Traders should monitor the BoC rate decision for early signals on North American monetary policy divergence. Any deviation from the expected 3.75% Fed hold could trigger immediate volatility across risk assets.