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Volatility is easing after Trump announced a meeting with Xi, sending the VIX down from 29 to 18. Gold, one of the year’s top-performing assets, fell 5.6% since Monday, with some calling it the great rotation to Bitcoin, as spot Bitcoin ETFs recorded $477 million in inflows amid softening gold demand. Bitcoin is trading at $110K and Ethereum at $3,900.

On Friday, October 10, markets experienced the largest liquidation event on record after the U.S. announced 100% tariffs on all Chinese imports starting November 1, triggering a broad flight to safety. The S&P 500 fell 2.9%, the VIX spiked from 16 to 22, and 10-year yields dropped from 4.14% to 4.05%, while gold surged as investors rotated defensively. Within hours, the crypto market saw over $19 billion in leveraged positions liquidated, the largest single-day wipeout in history. At the moment Bitcoin is trading at $110K and Ethereum at $4,000.

The Federal Reserve delivered a widely expected 25 bps rate cut, already priced into most risk markets. Bitcoin (BTC) trades near $117,000, while Ethereum (ETH) sits at $4,600, both supported by renewed institutional flows. Solana (SOL) surged +19.6% on rising DEX volumes and institutional allocations, pushing the altcoin market cap (ex-ETH) to fresh 2021 highs. BNB broke above $1,000 for the first time, while HYPE extended its rally to new all-time highs.

Both Bitcoin and Ethereum spent the week consolidating, with Bitcoin trading back above $114,000 and ETH holding firm above $4,400. The spotlight was on Hyperliquid, which announced the launch of its USDH stablecoin, pushing HYPE to fresh all-time highs. In other news, an NPM supply chain attack on crypto surfaced on Monday, though Ledger CTO Charles Guillemet noted the attempt was largely unsuccessful.

SEC Chairman Jerome Powell hinted at potential rate cuts on Friday, sparking a rally in crypto. Bitcoin jumped to $117,000, while Ethereum reached a new all-time high. Since then, both have pulled back, with BTC now trading at $113,000 and ETH at $4,500.