Uphold Market Commentary - Oct 27 Crypto markets rallied over the weekend, driven by cooler-than-expected U.S. CPI data (+3.0% vs. 3.1% est.) and growing optimism around Thursday’s Trump–Xi summit. With macro sentiment improving, $BTC reclaimed $115,000, $ETH held above $4,000, and the TOTAL3 index defended the key $1 trillion level, confirming higher structural lows post-liquidation. A $319 million short squeeze yesterday added momentum, as focus shifted from the FOMC to the trade summit, now viewed as the more impactful near-term catalyst. On the flow side, ETH ETFs overtook BTC ETFs for the first time in Q3, with $9 billion in ETH inflows versus $8 billion into BTC — a notable shift in institutional allocation. Strategy added 390 BTC this week, more than double last week’s pace, while Mt. Gox creditor repayments were delayed to October 2026, easing a near-term supply overhang. In a sign of continued institutional adoption, JPMorgan will now accept BTC and ETH as collateral, reinforcing crypto’s integration into traditional finance. Looking ahead, the Fed is widely expected to deliver another 25bps cut, with Powell likely presenting the current stance as “insurance” against softening labor data. While a December cut remains possible, market focus has shifted to the Trump–Xi summit, where any hint of tariff de-escalation could unlock further upside across risk assets. Alt Focus Altcoins saw a modest bounce this week as BTC dominance remained capped near 60%, signaling that capital is rotating into high-beta names rather than consolidating in majors. $ZEC continues to lead, up 548% over the past 30 days, fuelled by renewed interest in the privacy narrative. Meanwhile, $HYPE and $JUP gained on the back of protocol upgrades and improving on-chain activity. The Base ecosystem also regained traction, with $VIRTUAL trading at $1.43 on Uphold Ascent and $KTA up 85% from local lows, suggesting early signs of rotation into ecosystem-driven plays. Overall, appetite for altcoins appears to be returning, though selectively and still sensitive to macro flows.