Crypto Market Update: 21Shares Files for Hype ETF, Australia Moves to Regulate Stablecoins

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$110,735, a 2.6 percent decrease in 24 hours. Bitcoin opened at its highest valuation of US$113,536 before falling as low as US$110,020.

Bitcoin and the broader cryptocurrency market showed signs of renewed investor appetite after softer-than-expected US inflation data helped lift global risk sentiment. In a post on X, CryptoQuant said a “risk-on” tone has returned across major asset classes following the release of US consumer price index data for September.

Meanwhile, Bitcoin researcher Axel Adler Jr. said on X that market data also poinst to improving sentiment across major exchanges. The exchange net-spread, which measures the difference between stablecoin inflows and Bitcoin/Ether outflows, remains in positive territory. This suggests that cash inflows are dominating, while Bitcoin and Ether are being withdrawn from exchanges, a sign that selling pressure is continuing to ease.

In afternoon trading, the crypto market displayed a mixed, but broadly cautious tone as the US Federal Reserve lowered its benchmark federal funds rate by 25 basis points to a target range of 3.75 to 4 percent.

Bitcoin struggled to maintain momentum around key resistance levels, showing signs of consolidation.

Ether (ETH) was priced at US$3,915.70, a 3 percent decrease in 24 hours. The cryptocurrency's lowest valuation of the day was US$3,890.47, and its highest was US$4,007.21.

Altcoin price update

• Solana (SOL) was priced at US$193.36, down 1.1 percent over the last 24 hours. Its lowest valuation of the day was US$192 , and its highest was US$197.91.

• XRP was trading for US$2.59, a decrease of 1.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.58, and its highest was US$2.65.

Fear and Greed Index snapshot

CMC's Crypto Fear & Greed Index has begun to recover from last week’s slump, now sitting at 39, up from 29 a week ago, as market sentiment inches closer to neutral territory. The improvement marks a gradual shift in investor mood following a prolonged stretch of “fear” that lasted seven consecutive days — the longest since April.

The rise suggests that traders are slowly regaining confidence amid Bitcoin’s breakout above the US$115,000 level after nearly two weeks of range-bound trading between US$103,000 and US$115,000.

While the index still reflects caution, its steady climb signals that market anxiety is easing and that investors are beginning to price in optimism ahead of the expected Federal Reserve rate cut.

Bitcoin dominance in the crypto market slipped, now standing at 58.9 percent.

Crypto derivatives and market indicators

Derivatives trends portray a market experiencing short-term selling pressure and corrections, mainly hitting long positions. Liquidations for Bitcoin over the last four hours have totaled US$157.86 million.

For Ether, US$116.15 million has been liquidated over the last four hours.

However, traders are showing sustained interest in Bitcoin futures, with Coinglass data showing a 1.12 percent increase to US$73.94 billion over the last four hours, and mild bullish sentiment reflected by a 0.005 funding rate. Ether shows slightly more cautious positioning, with open interest falling by 2.07 percent to US$46.69 billion.

The oversold relative strength index (36.38) hints at a possible near-term stabilization or bounce after recent liquidations. Overall, the market is likely in a short-term downtrend, but with signs that support could emerge soon.

Today's crypto news to know

21Shares files for Hype ETF

Swiss asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to launch a passive exchange-traded fund (ETF) tracking the Hype token, its first product since agreeing to be acquired by FalconX.

The SEC has yet to act on several pending filings amid limited staffing during the US government shutdown.

Hype, the native token of the Hyperliquid network, has surged more than 1,500 percent over the past year, ranking as the 11th largest cryptocurrency. 21Shares said Coinbase and BitGo will serve as custodians for the fund’s holdings.

The firm currently manages over US$11 billion in crypto-linked products and expects the FalconX deal to accelerate ETF adoption through combined market infrastructure.

Grayscale Solana Trust ETF launches with staking

Today, Grayscale Investments launched the Grayscale Solana Trust ETF (ARCA:GSOL), marking the first of its staking products to uplist under new SEC standards.

The ETF provides investors with exposure to Solana’s price movements while earning staking rewards, which are automatically reinvested, according to the official press release. Solana’s network is known for high throughput and low transaction costs, gaining popularity among institutional and retail investors.

This listing adds to Grayscale’s suite of digital asset investment products, which aim to provide regulated access to major cryptocurrencies and blockchain platforms.

Western Union picks Solana for global stablecoin rollout

Western Union announced plans to issue a US dollar stablecoin on the Solana blockchain, marking one of the largest traditional finance moves into digital assets to date.

Dubbed USDPT, the stablecoin will be custodied by Anchorage Digital and begin rolling out in 2026 across Latin America, Africa and Southeast Asia, regions where remittances and mobile money use are strongest.

Western Union said USDPT will integrate directly with its existing fiat payment network, letting users move funds between on-chain and cash outlets without intermediaries or FX fees.

The company plans to maintain its 4,500 global corridors while adding blockchain rails for faster settlement.

CEO Devin McGranahan described the move as “the next evolution” in its 175-year history of cross-border transfers. Global remittance flows currently total about US$860 billion annually.

Australia to classify stablecoins as financial products

Australia’s securities regulator has formally categorized stablecoins, tokenized assets and wrapped tokens as financial products requiring licensing under existing law. The Australian Securities and Investments Commission announced the update this week, granting firms until June 2026 to transition into compliance.

The decision extends full consumer protections to stablecoin users and allows the agency to act against misconduct in the sector. Service providers will now need Australian Financial Services licenses, while custody standards are being updated to include digital holdings.

Architect launches regulated global exchange for perpetual futures

Architect Financial Technologies launched AX, the world’s first regulated exchange for perpetual futures on traditional financial assets, including currencies, interest rates, stocks, indices, metals, energy and commodities.

Operating under the supervision of Bermuda’s financial regulators, AX offers centralized clearing, anonymous order matching and API-based trading. The platform will accept fiat currencies and digital stablecoins as collateral.

It aims to bring greater regulatory oversight to digital derivatives markets, targeting institutional clients such as hedge funds and asset managers seeking new tools for global trading.

BitGo announces infrastructure support for assets on Canton Network

BitGo has launched custody support for Canton Coin, the native token of the Canton Network. The launch allows institutional clients to securely hold and manage Canton Coin via a US-based qualified custodian for the first time.

The Canton Network offers a privacy-enabled blockchain platform tailored for regulated financial markets, supporting interoperable, composable applications across real-world assets. Meanwhile, BitGo’s services include qualified custody, insurance protection, self-custody wallets and compliance tools to meet regulatory standards. This partnership aims to foster institutional adoption and bring secure, compliant access to the growing Canton ecosystem.

Institutional adoption of privacy-focused blockchain solutions like the Canton Network is seen as part of a trend toward integrating decentralized finance tools with traditional financial systems under regulatory standards.