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Markets are painting a complex picture as we move through mid-October, with diverging signals across asset classes suggesting investors are grappling with shifting macro conditions.

This week, we break down how these macro shifts are reshaping crypto, what key levels to watch for Bitcoin and altcoins, and how investors can position for the next move.

Here’s what we’ll cover today:

Let’s dive in!

Markets are painting a complex picture as we move through mid-October, with diverging signals across asset classes suggesting investors are grappling with shifting macro conditions.

After reaching new all-time highs on August 24th, Ethereum has since retreated in a clear bearish channel, forming consecutive lower highs and lower lows. So far, price action has failed to break this downtrend, and the recent flash crash following Trump’s 100% tariff announcement on China drove ETH down to $3,430, marking new lows within the ongoing correction. For crypto investors, this technical weakness in Ethereum, the second-largest cryptocurrency by market cap, often signals broader softness across the altcoin market. It’s crucial that Ethereum reclaims and holds major support levels for altcoins to stabilize and potentially recover in the weeks ahead. We’ll take a closer look at Ethereum’s technical setup and market implications in Friday’s Crypto Report

Meanwhile, the 30-year U.S. Treasury yield has fallen to its lowest level since April, hovering around 4.60% after a steady decline from its 5.10% peak in May. This sharp drop reflects markets increasingly pricing in additional rate cuts before year-end, as the Federal Reserve shifts its focus toward supporting growth. The continued slide in long-term yields indicates bond investors are anticipating a more dovish policy path going forward.

At the same time, the U.S. dollar has staged an impressive comeback, rising 3% from its September lows in its strongest rebound this year. The Bloomberg Dollar Spot Index has climbed back above 1,220 after testing support near 1,185, a somewhat counterintuitive move given the Fed’s recent rate cut and dovish tone. This renewed dollar strength likely reflects relative weakness in other major economies, particularly China’s ongoing deflationary pressures and Europe’s sluggish growth, making U.S. assets relatively more attractive.

China’s economic struggles remain in focus, with the country stuck in deflationary territory as producer prices extend their decline and both headline and core CPI hover near zero. This persistent deflation in the world’s second-largest economy is exerting downward pressure on global inflation, helping explain why central banks, like the Fed, now feel more comfortable shifting toward rate cuts.

As we move through the remainder of October, investors should watch whether the Fed delivers additional rate cuts as expected, and how different asset classes, especially crypto, respond in this new environment of easier monetary policy and uneven global growth.