Crypto Market Update: 21Shares Files for Hype ETF, Australia Moves to Regulate Stablecoins
October 29, 2025 — The cryptocurrency landscape continues to evolve rapidly with notable developments including 21Shares’ filing for a new Exchange-Traded Fund (ETF) and regulatory advancements in Australia concerning stablecoins. Additionally, Western Union announced plans to leverage blockchain technology for its remittance network, highlighting continued institutional interest in digital assets.
Bitcoin and Ether Price Movements
As of October 29 at 9:00 a.m. UTC, Bitcoin (BTC) was trading at approximately $113,072, reflecting a modest 0.8 percent decline over the past 24 hours. The range of the day spanned from a low of $113,083 to a high of $116,041. Ether (ETH), the leading smart contract platform token, showed a stronger performance, rising 1.5 percent to around $4,007, with intraday values between $3,947 and $4,171. Market analysts attribute this renewed investor interest to softer-than-expected inflation data from the United States. The September Consumer Price Index (CPI) rose by 0.3 percent, slightly below forecasted estimates, which has fueled expectations that the Federal Reserve may adopt a more accommodative monetary policy stance soon. This shift has triggered a risk-on attitude across major asset classes, improving sentiment toward growth and speculative investments, including cryptocurrencies.
Blockchain analytics firm CryptoQuant noted on social media platform X that stablecoin inflows to exchanges remain dominant, while Bitcoin and Ether withdrawals suggest reduced selling pressure. These dynamics indicate growing investor confidence. Meanwhile, Bitcoin’s relative strength index (RSI) sits at a neutral 50.6, suggesting traders are cautiously optimistic but not aggressively positioned.
Altcoin Update
Other major altcoins exhibited mostly stable trading. Solana (SOL) was priced around $198.51, largely unchanged over the previous day. XRP maintained flat movement near $2.63. The Crypto Fear & Greed Index, a gauge of market sentiment, edged up to 39 from 29 a week earlier, signaling a gradual easing of market anxiety and a tilt toward neutrality.
Crypto Derivatives and Trading Activity
In derivatives markets, Bitcoin futures saw liquidation volumes of approximately $2.43 million over the past four hours, primarily from long positions taking profits amid short-term uncertainty. Ether futures had liquidations around $4.28 million. Open interest for Bitcoin futures slightly decreased to $73.87 billion, while Ether futures open interest marginally fell to $48.22 billion, suggesting a mild cooldown in leveraged trading after recent price gains.
Key Industry News
21Shares Files for Hype Token ETF
Swiss crypto asset manager 21Shares has submitted a registration statement to the United States Securities and Exchange Commission (SEC) to launch a passive ETF tracking the Hype token—the native asset of the Hyperliquid network. This filing marks 21Shares’ first product following its announced acquisition by digital asset platform FalconX.
The Hype token has experienced exceptional growth, surging more than 1,500 percent over the past year, positioning it as the 11th largest cryptocurrency by market capitalization. For custody, the ETF will rely on Coinbase and BitGo. With over $11 billion in crypto-linked assets under management, 21Shares aims to leverage its combined infrastructure with FalconX to boost institutional adoption of crypto ETFs.
Western Union to Launch US Dollar Stablecoin on Solana
In a significant move bridging traditional finance and blockchain, Western Union revealed plans to issue a US dollar-backed stablecoin named USDPT on the Solana blockchain. Set to launch in 2026, the initiative targets markets across Latin America, Africa, and Southeast Asia—regions with high remittance volumes and extensive mobile money usage.
USDPT will be custodied by Anchorage Digital and integrated directly with Western Union’s existing fiat payment infrastructure. This integration will allow customers to transfer funds seamlessly between blockchain and cash networks without intermediaries or currency exchange fees. Western Union intends to maintain its extensive network of 4,500 global corridors while adding blockchain-based rails to facilitate faster settlements. CEO Devin McGranahan described this innovation as the “next evolution” in the company’s 175-year history of cross-border payments. Global remittances currently exceed $860 billion annually.
Australia Regulates Stablecoins as Financial Products
Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has officially classified stablecoins, tokenized assets, and wrapped tokens as financial products under the nation’s existing regulatory framework. Firms operating in these sectors are required to obtain an Australian Financial Services (AFS) license, with a compliance transition deadline set for June 2026. This regulatory update extends consumer protections to stablecoin users and empowers ASIC to address misconduct effectively within the cryptocurrency sector. In parallel, custody standards have been revised to encompass digital asset holdings, ensuring heightened security and operational oversight.
Market watchers view Australia’s proactive stance as a positive step toward fostering a secure and transparent environment for digital asset innovation.
Conclusion
The evolving crypto market shows signs of renewed optimism amid favorable macroeconomic signals and institutional momentum. The filing of the Hype token ETF and Western Union’s stablecoin plans reflect growing mainstream integration of digital assets. Meanwhile, regulatory clarity in major jurisdictions like Australia provides a foundation for responsible growth. Investors and industry participants will be closely monitoring upcoming Federal Reserve decisions, market reactions, and further regulatory developments in the weeks ahead.
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