Bitcoin sits roughly 5% below its 2025 open, and analysts say market positioning points to further downside.Minutes show one of the widest policy splits in years, with Fed officials divided between further easing and holding rates steady amid stubborn inflation.

[Coinbase Tests Prediction Market and Tokenized Stock Trading Features] Independent researcher Jane Manchun Wong discovered through reverse engineering analysis of the public code of the Coinbase mobile application that it is testing interfaces for prediction markets and tokenized stock trading. Screenshots show tabs labeled 'Stocks,' 'Prediction,' and related disclosures. A few months ago, Coinbase publicly stated that these features are part of the 'Everything Can Be Traded' initiative and are expected to be launched.

The Abu Dhabi Investment Commission stated that Bitcoin will play an increasingly important role in the future along with gold. （Bitcoin Archive）

[Federal Reserve Meeting Minutes: Short-Term Funding Market Tightens, Reserves Approaching Ample Levels] The Federal Reserve's October meeting minutes indicate that conditions in the U.S. short-term funding market tightened significantly during the interim period but remained orderly. The spread between the effective federal funds rate and the interest rate on reserve balances narrowed to the tightest level since the Fed began balance sheet reduction in 2022. The secured overnight financing rate (SOFR) exceeded the minimum bid rate of the standing repo facility multiple times, leading to repeated use of the facility. The average usage of the overnight reverse repurchase agreement (ON RRP) facility dropped to its lowest level since 2021, while reserve balances gradually approached ample levels.

**[Federal Reserve Meeting Minutes Raise GDP Growth Forecast, Unemployment Rate Expected to Decline]** The Federal Reserve's October meeting minutes indicate a slight increase in the real GDP growth forecast through 2028, primarily due to improved potential output growth and supportive financial conditions. After 2025, the drag from tariffs is expected to weaken, with GDP growth projected to remain above potential levels through 2028, and financial conditions serving as a tailwind for spending. The unemployment rate is expected to gradually decline after this year and stabilize at a level slightly below the estimated natural rate of unemployment. Inflation forecasts are similar to those from the September meeting, with tariff increases anticipated to exert pressure on inflation in 2025 and 2026, followed by a return to a disinflationary trend. Staff members noted that the forecasts face significant uncertainty due to factors such as labor market cooling, elevated inflation, policy changes, and the impact of government shutdowns on data collection.