Digital assets pulled back late in the week after Federal Reserve Chair Jerome Powell tempered expectations for another cut in December, even as the Fed delivered a quarter-point reduction earlier in the week. Bitcoin and ether fell alongside broader risk assets on Thursday, with traders paring bets on a rapid easing cycle and rotating to cash. The shift in rate-cut odds weighed on sentiment that had buoyed prices through much of October. Macro-driven profit taking also spilled into crypto equities. Analysts framed the move as a reset after hopes for a classic ‘Uptober’ rally faded into month-end

Spot BTC & ETH ETFs see sharp midweek outflows

After starting the week with healthy creations, U.S. spot crypto ETFs flipped to sizeable redemptions midweek. Farside data show U.S. bitcoin funds posted a $470.7m net outflow on Wednesday and a larger $488.4m outflow on Thursday, led by withdrawals from Fidelity’s FBTC, ARK’s ARKB and BlackRock’s IBIT. Ethereum products also turned lower, moving from a strong +$246.0m on Tuesday to –$81.4m on Wednesday and –$184.2m on Thursday. The reversals coincided with the post-Fed risk-off tone and a slide in crypto market sentiment, with the Bitcoin Fear & Greed Index sitting at 29 (“Fear”) into Friday.

Bitwise Solana ETF logs strong early trading

Outside BTC and ETH, product innovation continued. Bitwise said its newly launched Solana ETF crossed $70 million in second-day volume this week, underscoring investor interest in broader large-cap crypto exposure beyond bitcoin and ether. The activity comes as issuers race to differentiate offerings while flows across BTC and ETH products whipsaw with macro headlines. Elevated turnover in newer single-asset funds highlights a continued appetite for diversified on-exchange crypto access despite week-to-week volatility in net creations.

Metal Dollar (XMD) Now Live on Metal X Lending

The Metal Dollar (XMD) stablecoin has officially gone live for lending and borrowing on Metal X Lending, powered by LOAN Protocol. Users can now supply XMD to earn yield, use it as collateral to borrow against other supported assets, or lend digital assets and borrow XMD for liquidity. The integration marks a major milestone in expanding Metal Dollar’s on-chain utility, enabling a full DeFi credit market within the XPR Network ecosystem. With this launch, XMD joins the growing list of assets available for decentralized lending, giving users new ways to earn, borrow, and manage liquidity directly from their WebAuth Wallet.

Bitcoin ETF Flows

Monday opened strong with a net +$149.3m, led by ARK 21Shares ARKB (~$76m) and BlackRock’s IBIT (~$65m). Tuesday extended the momentum to +$202.4m as IBIT (~$59.6m) and Fidelity’s FBTC (~$67m) paced creations alongside ARKB (~$75.8m). Midweek momentum flipped: Wednesday recorded a –$470.7m reversal (largest outflows from FBTC ~–$164m, ARKB ~–$143.8m, IBIT ~–$88.1m, GBTC ~–$65m) and Thursday followed with an even larger –$488.4m (IBIT ~–$290.9m the weakest, with BITB, ARKB and others also negative). Including last Friday’s +$90.6m, the week swung from early inflows to roughly $1.0b of two-day redemptions, leaving a net negative tone into Friday.

Ethereum ETF Flows

Monday brought +$133.9m in net creations, with BlackRock (ETHA ~+$72.5m) and Bitwise/Fidelity contributing while Grayscale’s ETHE added +$6.9m. Tuesday was the strongest day at +$246.0m, led by Fidelity (FETH ~+$99.3m), BlackRock (ETHA ~+$76.4m) and Grayscale ETH (~+$73.0m). Momentum then turned: Wednesday posted –$81.4m (FETH ~–$69.5m, with modest offset from ETHA ~+$21.4m), and Thursday deepened to –$184.2m with broad outflows across ETHA, FETH, ETHW and others. Factoring in last Friday’s –$93.6m, the week netted to inflows early and heavier redemptions mid-to-late week, mirroring BTC’s swing.

Top Gainers (Coins Available on Metal Pay)

Hedera (HBAR) led the board with a +16.9% weekly gain, outperforming on a technical rebound and ETF-related chatter even as broader crypto softened. Ripple (XRP) was essentially flat on the week, while large caps like LTC, BTC and ETH finished modestly lower amid macro-driven risk-off and ETF outflows.