Bitcoin holds above $63,800 into the European open
Spot buyers stepped in overnight and BTC is consolidating just under the $64,000 handle as London desks come online.
Ether outperforms as staking inflows pick up
ETH is up 2.1% on the day, outpacing bitcoin, with on-chain data showing a fresh wave of staking deposits.
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Asian equities close mixed ahead of the Fed
The Nikkei finished flat while the Hang Seng slipped 0.4%, with traders reluctant to add risk before tonight’s minutes.
Gold ticks up as the dollar eases
Bullion is a touch firmer at $2,395 an ounce, tracking the softer greenback and steady real yields.
Funding rates cool off after the overnight pop
Perpetual funding on the majors has normalised, suggesting the move higher was spot-led rather than leverage-driven.
Solana leads the large-cap alts
SOL is up 3.8%, the best performer among the top ten, as network activity keeps climbing.
Traders trim positions into the minutes
Options desks report light two-way flow with a modest bid for downside protection ahead of the 2:00pm ET release.
Options skew shifts as traders position for volatility
Short-dated bitcoin options show a modest shift toward calls, and implied volatility has firmed into the event.
Dollar softens as Treasury yields dip ahead of minutes
The dollar index is a touch weaker and the 10-year Treasury yield has eased a couple of basis points as traders square positions before the minutes.
Spot bitcoin ETFs see $180m of net inflows

US spot bitcoin ETFs recorded an estimated $180 million of net inflows in the prior session, a third straight day of positive flows, according to provider data.
Fed minutes due at 2:00pm ET — here is what markets expect
Investors are waiting on minutes from the last Federal Reserve meeting for detail on how officials view the path of rates. Fed funds futures currently imply one more cut is more likely than not before year-end; a hawkish surprise could pressure risk assets.
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