Cooling Fed interest rate hike expectations drive Bitcoin, Ethereum, and gold to extend their rally.

Analysts at StoneX and TD Cowen note that Strategy’s preferred share financing structure has stabilized and liquidity has improved, creating conditions for the firm to resume increasing its Bitcoin holdings and raise its Bitcoin holdings per share. Both institutions maintained a Buy rating, with target prices of $435 and $260 respectively. As of the end of the third quarter, Strategy held $5.07 billion in U.S. assets, including $4.83 billion in cash reserves, sufficient to cover roughly 3.2 to 3.4 years of preferred share dividends and debt interest. The company also spent around $2 billion repurchasing STRC preferred shares, helping lift their price back to near the $100 par value. However, due to priorities of replenishing cash reserves and supporting preferred shares rather than expanding Bitcoin holdings, Strategy’s Bitcoin holdings per share fell 3.7% year-to-date. Separately, shareholders of preferred shares STRC, STRF, STRK, and STRD have approved daily dividend accrual: STRC’s arrangement takes effect on November 1, while the other three classes will take effect on January 1 next year. Management stated the move is designed to reduce volatility, improve liquidity, and expand demand. TD Cowen added that broader sales channels and enhanced liquidity could ultimately boost the efficiency of Strategy’s "digital credit" product offerings.

Crypto trader Ansem stated in a post that the fact Bitcoin fell only 2% amid a $6 billion theft should not be directly viewed as a bullish signal. He argues that Bitcoin’s trading structure has changed significantly from years ago, and the market’s lack of an immediate selloff in response to the event does not mean the downtrend will not continue. Ansem noted that in 2017, Bitcoin was still the primary asset for retail crypto leveraged speculation, but between 2020 and 2021, retail traders took on higher risks by trading altcoins, with new participants on Uniswap showing limited interest in Bitcoin. After 2023, as altcoins on centralized exchanges underperformed, speculative activity shifted further on-chain, boosting the popularity of meme coins; now, stock perpetual contracts have further siphoned off traders who would otherwise have gone long on BTC with leverage. This shift has impacted BTC’s price performance, Ansem says. In 2017, Bitcoin typically rallied quickly after hitting new all-time highs, while in 2021 and parts of 2023–2025, it more often saw failed breakouts after minor new highs and months of narrow sideways consolidation. He cited the October 10 liquidation event as an example: BTC’s decline was limited compared to altcoins at the time, trading above $100,000 for weeks afterward, while altcoins suffered heavy losses in a single candlestick. In his view, this trend is tied to high-risk speculators no longer concentrating leveraged long positions on BTC. Ansem emphasized that current sellers may be more passive, and fewer speculators in the BTC market face liquidation risk than in the past, so the asset’s short-term resilience to declines cannot be taken as proof the downtrend has ended.

Intel (INTC.O)’s five-year credit default swap (CDS) spreads widened to a record high of 123.5 basis points, on track to log its largest single-day swing since October 2022.

According to Bitget data, spot gold fell below the $3,900 per ounce mark for the first time since October last year, plunging around 3% on the day.

The U.S. Federal Bureau of Investigation (FBI) responded to the Binance breach incident, stating that it is aware of the case and is communicating with relevant partners to understand the scope of the activity and assess potential impacts.

Crypto journalist Eleanor Terrett wrote that in response to questions over why Binance maintained user funds were secure after a roughly $6 billion hack, a Binance spokesperson said customer funds were unaffected, and the stolen assets originated from one of the exchange’s own hot wallets. Binance noted that most customer funds are stored in cold wallets, which are only transferred to hot wallets when users initiate withdrawals. The spokesperson added that Binance holds the majority of its operational earnings in crypto assets, retaining a large share and reinvesting it into business operations and security infrastructure, citing belief in the long-term value of crypto and the industry. He stated: “This is exactly why we were able to cover such a large loss immediately with our own funds.”