Bitcoin steadied near $80,400 on October 26, showing little movement since midnight UTC after dipping to approximately $79,300 during Asian trading hours. The cryptocurrency remained in a holding pattern as investors awaited key economic developments.
Market attention focused on the Federal Reserve's decision scheduled for Wednesday. The CME FedWatch tool indicated a 90% probability that the Fed would maintain current rates, with an estimated 80% chance of an increase in December. The Fed had previously raised rates in September.
In the broader crypto market, the DeFi index was the only major CoinDesk index to post gains. Ether declined 0.2%, while altcoins showed mixed performance. Uniswap rose 1.9% and Ethena gained approximately 1%, despite Arthur Hayes' Maelstrom fund selling significant positions over the weekend, including 323,000 UNI tokens and 14 million ENA tokens.
Bitcoin spot exchange-traded funds experienced $138 million in outflows on Friday, bringing two-day outflows to $772 million, according to data from Farside Investors.
Cryptocurrency derivatives markets showed modest activity. Open interest in crypto futures rose 0.85% to $139.9 billion over 24 hours while volume declined 1.78%. Liquidations dropped 71% to $153 million, and funding rates remained mildly positive across major cryptocurrencies.
In traditional markets, S&P 500 index futures rose approximately 0.3% following Friday's selloff in U.S. stocks. Oil retreated, with U.S. crude falling around 2% to near $101 per barrel and Brent crude slipping to approximately $110.
