Investors await the Federal Reserve’s policy decision as ETF flows and corporate Bitcoin buying patterns shape market sentiment.
Major cryptocurrencies face uncertainty ahead of the Fed’s policy decision
Photo Credit: Unsplash/Michael Förtsch
Bitcoin traded at Rs. 75.6 lakh on Tuesday as cryptocurrency markets remained cautious ahead of the US Federal Reserve's October 27-28 meeting. Ethereum (ETH) traded at Rs. 2.18 lakh, while major altcoins posted mixed gains and losses. Market participants said uncertainty over interest rates, elevated oil prices, and fluctuations in global equities continued to influence investor sentiment. Meanwhile, Strategy, one of Bitcoin's largest corporate holders, has paused further accumulation and plans to direct nearly $205 million (roughly Rs. 1,952 crore) toward preferred-share buybacks. According to CoinGecko data, Bitcoin traded at $79,800 (roughly Rs. 75.9 lakh), while Ethereum was priced at $2,300 (roughly Rs. 2.18 lakh).
The world's largest cryptocurrency fell 5.2 percent in the last 24 hours, according to the Gadgets 360 price tracker. The Federal Reserve's policy decision is emerging as a key near-term catalyst. Analysts said Bitcoin had reclaimed $80,000 (roughly Rs. 76 lakh) during the latest trading session, while US spot Bitcoin ETFs recorded no net flows on October 26. Ethereum ETFs, meanwhile, attracted $16.1 million (roughly Rs. 153 crore).
Binance Coin (BNB) was priced around $736 (roughly Rs. 70,000), while Solana (SOL) traded near $100 (roughly Rs. 9,500). XRP hovered around $1.30 (roughly Rs. 123), while Dogecoin (DOGE) traded near $0.077 (roughly Rs. 7.6).
Highlighting the factors influencing Bitcoin's near-term direction, the CoinSwitch Markets Desk said, “The Federal Reserve meeting, fresh US inflation data, and earnings from big technology names are set to steer market mood [...] On the corporate side, Strategy, one of the biggest company holders of BTC, has paused further accumulation and is instead directing nearly $205 million (roughly Rs. 1,952 crore) into preferred-share buybacks as part of its capital management plan.”
Commenting on Bitcoin's recovery, trading levels and institutional activity, Nischal Shetty, Founder of WazirX, said, “Global sentiment improved as Asian and US equities gained, while lower volatility encouraged broader participation. However, the US 10-year Treasury yield near 5 percent, oil above $110 (roughly Rs. 10,400) and a stronger dollar kept liquidity conditions tight. US spot Bitcoin ETFs recorded no net flow on October 26, while Ethereum ETFs attracted $16.1 million (roughly Rs. 153 crore).”
Discussing Bitcoin's price outlook, institutional demand and the importance of risk management, Vikram Subburaj, CEO of Giottus.com, said, “Institutional demand remains volatile. US spot Bitcoin ETFs recorded $635.6 million (roughly Rs. 6,053 crore) in net outflows on October 22, followed by another $137.9 million (roughly Rs. 1,313 crore) on October 23. These withdrawals have weakened the earlier recovery in institutional demand and added to market caution [...] Investors should avoid trying to catch a falling market. Consider staggered entries, maintain measured position sizes and monitor Bitcoin's $78,000 support (roughly Rs. 74.27 lakh).”
Overall, analysts said Bitcoin's ability to hold near $80,000 (roughly Rs. 76 lakh), with support around $78,000 (roughly Rs. 74.2 lakh), remains important as investors assess the Fed's guidance and upcoming inflation data.
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