#美联储降息展望 As October comes to a close, the atmosphere in the cryptocurrency market has noticeably warmed up. For the past two months, the market has been shrouded in cautious sentiment, especially after the big dump on October 11, which spread panic and caused investor confidence to plummet. However, as we approach the end of the month, market turbulence has gradually eased, and both capital flows and sentiment show signs of recovery. Multiple favourable information factors are at play, including the restoration of ETF capital inflows, increased expectations for interest rate cuts, and the launch of several altcoin ETF products, all of which inject new vitality into the market.

The most significant positive signal comes from the ETF fund flows. In October, the net inflow of Bitcoin spot ETFs reached $4.21 billion, not only reversing the capital outflow trend of September but also increasing the total assets under management to $178.2 billion, accounting for about 7% of Bitcoin's total market value. Among them, BlackRock's IBIT performed particularly well, attracting $324 million in fund inflows in a single week, with the number of Bitcoins held surpassing 800,000. In the traditional finance sector, ETF fund inflows are regarded as the most reliable bullish signal, with a credibility that exceeds community enthusiasm and technical analysis charts.

It is noteworthy that the current market shows distinct characteristics of institutional investment. Morgan Stanley has fully opened Bitcoin and Ethereum allocations to high-net-worth clients, while JPMorgan has begun accepting Bitcoin as collateral for loans. According to statistics, the average allocation of encryption assets by institutions has risen to 5%, setting a historical high, indicating that the attitude of mainstream funds has shifted from wait-and-see to substantial positioning.

Despite the net outflow of 555 million USD in Ethereum ETFs this month, market analysis suggests that this reflects a rotation of funds towards Bitcoin and Solana, which have greater upside potential. Particularly on October 28, the first altcoin ETFs in the United States officially launched, led by Bitwise, Grayscale, and Canary Capital, introducing various products including Solana, Litecoin, and HBAR, marking the full onset of the "encryption asset ETF era." This not only indicates that the regulatory environment is improving but also signifies the start of a new round of capital competition.