Quick Take

• Onchain gacha platforms processed about $2.0B pack openings year to date.
• U.S. spot BTC ETFs recorded $301 million in net inflows last week, reversing the $229 million in net outflows the week prior. U.S. spot ETH ETFs saw $221 million in net outflows, compared to $320 million in net outflows the week prior.
• U.S. equities closed mixed in a turbulent week marked by big-tech earnings, shifting capital expenditure expectations, and renewed energy spikes. Headline indexes were weighed down mid-to-late week by a sharp tech selloff following Meta Platforms' escalated AI capital spending forecast and steep drops in semiconductor equipment makers.
• • The S&P 500 dropped -0.47%, Nasdaq Composite fell -0.71%, Dow Jones Industrial Average increased +0.41% and Russell 2000 rose +2.00%.
  • Key Market Drivers:
  • • Big-Tech Earnings & AI Capex Scrutiny: High-multiple technology names faced sharp pressure on October 22 after Meta Platforms announced substantial increases to its AI infrastructure spending plans, raising concerns over capital intensity and margin timelines. The PHLX Semiconductor Index dropped 6.72% on October 22.
    • Bond Yield Pullback: Having pressed against multi-decade highs the week before, the 10-year US Treasury yield dipped below 5.00% mid-week (4.953% on Thursday), providing a valuation tailwind to rate-sensitive small-cap equities and dividend payers.
    • Crude Oil Surge & Geopolitical Frictions: Brent crude oil climbed above $113/barrel and WTI topped $103/barrel late in the week amid renewed escalation fears and potential strike reports in the Middle East, reigniting energy-cost inflation worries.
    • Earnings: About a quarter of S&P 500 companies have reported, and about 83% have beaten estimates, though by small margins.
  • Sector and Style Dynamics:
  • • Leading Sectors: Energy (+1.6%) and health care (+1.5%) led sector performance. Real estate (+1.0%), utilities (+0.8%), materials (+0.8%) and staples (+0.7%) posted weekly gains.
    • Lagging Sectors: Communication services (-4.4%) was the primary laggard. Industrials fell 1.9%, led down by AI data-center builders such as Comfort Systems.

Research Dashboard

According to our research dashboard, the price and volume indices decreased -0.52% and -9.76%, respectively, while volatility rose +118.05%, last week.

Index token prices dropped across the board. Bitcoin (BTC) and Ether (ETH) prices declined -2.40% and -3.36%, respectively. All token volatility spiked, and ETH drove the volatility surge.

Chart of the Week

Gachapon is a randomized purchase model taken from Japanese capsule-toy machines. Onchain platforms apply this model to collectible cards, including graded Pokémon and sports cards. Users can hold or trade their cards, redeem the physical collectibles, or sell them back to the platform, typically at a discount to their stated value.

Data shows that Gachapon gained momentum in 2026. Major onchain gacha platforms have processed about $2.0 billion in pack openings year to date through 24 October 2026. Monthly volume peaked at $309 million in June and remained over $200 million in Q3. Volume reached $231.5 million during 1–24 October, with Collector Crypt accounting for 73.7% and Courtyard for 18.8%.

Weekly Performance

Top-cap tokens mostly saw bearish price action last week. OP (-11.4%) and FIL (-11.2%) led the drop.

DeFi categories mostly dropped, except RWA (+1.1%).

News Highlights

Company News

• Crypto.com Exchange, OG.com and River Markets signed an MoU to give eligible U.S. institutional clients access to OG.com’s CFTC-regulated prediction markets alongside Crypto.com Exchange’s digital-asset liquidity. Through River Markets’ prime-brokerage platform, traders are expected to execute and hedge event-contract strategies across macroeconomics, finance, sports, politics and culture.

Regulation

• The U.S. Office of the Comptroller of the Currency (OCC) finalized GENIUS Act rules for payment stablecoins. Covered issuers must maintain reserves at least equal to outstanding stablecoins and generally process redemptions within two business days; the rules take effect on January 18, 2027. The framework increases regulatory clarity for banks and qualified nonbank issuers, while adding reserve, redemption, custody and compliance obligations.
• The Swiss Financial Market Supervisory Authority (FINMA) approved Switzerland’s first retail-accessible Bitcoin ETF. The fund invests directly in Bitcoin and clears a major regulatory barrier for retail participation. BIT Asset Management's BBIT is expected to begin trading on SIX Swiss Exchange in November. The approval may encourage additional Swiss ETF applications while leaving investors exposed to Bitcoin’s high volatility.
• French authorities including the Autorité des Marchés Financiers (AMF), The Direction Générale du Trésor (French Treasury), the Banque de France and the Autorité de Contrôle Prudentiel et de Résolution (French Prudential Supervisory and Resolution Authority, ACPR) proposed liability for platforms that facilitate DeFi access. The authorities want regulated crypto-asset service providers to vet DeFi protocols, monitor security and suspicious-activity risks, and potentially bear liability for certain incidents. If incorporated into a future MiCA revision, the approach could improve investor protection but raise compliance costs and make exchanges more selective about the protocols they offer.

Adoption

• JPMorgan expanded its MONY and JLTXX tokenized funds to Solana. Qualified U.S. investors can access the products through Morgan Money; MONY provides tokenized access to Treasury-backed yield, while JLTXX is a government money-market fund with potential stablecoin-reserve applications. The move broadens JPMorgan’s multi-chain distribution strategy and reinforces the use of public blockchains for institutional assets, although access remains restricted.
• HSBC launched the Hong Kong dollar RedCoin stablecoin. RedCoin (RCHKD) is being rolled out through PayMe to more than 3.3 million users and can be used for transfers and payments at over 100,000 merchants; HSBC plans to add it to its banking app and support tokenized investments. Distribution through an established consumer platform could accelerate everyday stablecoin adoption and create a bridge between retail payments, banking and tokenized funds.
• BlackRock filed for the iShares Bitcoin Managed Protection ETF (PBIT). The proposed fund would use options linked to IBIT to limit some downside in exchange for capped gains, rather than holding Bitcoin directly.

Others

• China targets 2030 to largely complete a national blockchain network. Its 15th Five-Year Plan calls for blockchain deployment in trade, finance, manufacturing and agriculture, alongside stronger technical standards and data-market use. The policy indicates sustained state-backed investment in blockchain infrastructure even as mainland China continues to prohibit cryptocurrency-related business activity.
• Ethereum developers canceled the October 26 Glamsterdam upgrade on Hoodi testnet. Security concerns involving gas-accounting changes in EIP-8037 and EIP-8038 reportedly created scenarios in which a failed operation could complete instead of reverting. The cancellation delays the testnet process and leaves replacement Hoodi and mainnet activation dates undecided, prioritizing protocol safety over the upgrade timetable.

Catalyst Calendar

Recent Research Reports

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.