Bitcoin and the broader crypto market fell over the past week after Bitcoin briefly rose above US$84,000 on 22 October. A macro-driven shift to risk-off sentiment weighed on markets, with Bitcoin moving lower alongside technology shares as investors reassessed AI-related spending and earnings. Higher oil prices and geopolitical concerns added to the cautious mood.
Over the seven days to 25 October 2026, Bitcoin and Ethereum fell by 1.49% and 2.90%, respectively. Bitcoin’s market capitalisation was US$1.61 trillion, while the global crypto market stood at US$2.69 trillion. Bitcoin’s market dominance was 60.2%.
| Price | High | Low | Change from previous week | |
|---|---|---|---|---|
| BTC (in US$) | $80,389 | $84,835 | $79,307 | -1.49% |
| ETH (in US$) | $2,337 | $2,513 | $2,288 | -2.90% |
Source: CoinMarketCap. As at 25 October 2026. Past performance is not indicative of future performance. Performance is shown in US dollars and does not consider any USD/AUD currency movements.
Source: CoinMarketCap. Past performance is not indicative of future performance.
Crypto news we’re watching
OCC finalises rules for US payment stablecoins
On 21 October, the Office of the Comptroller of the Currency issued its final rule implementing parts of the GENIUS Act for payment stablecoin issuers under its jurisdiction. The framework sets requirements around issuance, reserves, redemption and supervision, and is scheduled to take effect on 18 January 2027. Issuers remain prohibited from paying interest directly to holders, while crypto platforms may continue to offer certain rewards on a case-by-case basis.
This leaves the competition between stablecoin rewards and bank deposits unresolved at the point of distribution. The rule is limited to the OCC’s remit, and its practical effect will depend on implementation and how other regulators apply the Act.1
JPMorgan brings its deposit token to Ethereum
On 19 October, JPMorgan brought its US dollar deposit token, JPM Coin (JPMD), to Ethereum for institutional clients, extending it beyond Base. The move gives eligible clients another way to transfer bank deposits on public blockchain infrastructure and supports transfers across the Ethereum Virtual Machine ecosystem.
JPMorgan cited Ethereum’s on-chain liquidity and tokenised-asset ecosystem as reasons for the expansion. It is a notable step in the use of public networks for institutional payments and settlement, although JPMD remains restricted to eligible clients and the announcement does not yet establish the scale of activity or broader adoption2.
CRYP company spotlight
Figure hits small-business lending milestones
Figure Technology Solutions reported that its small-business financing arm funded more than US$50 million in September and US$135 million in Q3, taking its annualised volume above US$500 million.
The business uses Figure’s blockchain infrastructure, including a tokenised lien registry, while loans can be distributed through its marketplace to institutional buyers. The update points to growing commercial activity across Figure’s lending and capital-markets platform. The figures are company-reported, and the annualised volume is a run-rate rather than a forecast.3
Figure Technology Solutions is held in the CRYP Crypto Innovators ETF4. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): Long-Term Holder Net Position Change
Long-Term Holder Net Position Change tracks whether supply held by long-term holders is increasing or decreasing. Positive bars indicate a net increase in the cohort; negative bars indicate net distribution. The latest visible reading, for 23 October, is about −152,000 BTC.
According to Glassnode, long-term holder supply rose strongly in April and May, then declined. The bars have been mostly negative since early August. The latest reading remains materially negative, despite improving from the deeper negative readings in late August.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Exchange Net Position Change – All Exchanges
Exchange Net Position Change measures the 30-day change in Bitcoin held at exchange addresses. Positive readings mean net inflows to exchanges; negative readings mean net outflows.
According to Glassnode, exchange-held supply generally increased from late May to mid-September before the metric turned negative in late September. As at 23 October, it showed a 30-day net outflow of about 12,900 BTC. This indicates a decline in BTC held at exchange-labelled addresses but does not show whether the coins were sold or moved to other wallets.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Most major altcoins fell over the seven days to 25 October, while Zcash was the strongest performer among the top 20 by market capitalisation. On 22 October, the Zcash Foundation released software supporting NU7, planned for activation around 5 November. The upgrade targets 25-second blocks, down from 75, potentially speeding confirmations; its impact on network use remains uncertain.6
