This week in crypto, the long-celebrated “Uptober” rally comes to a close as Bitcoin’s momentum faded, breaking a six-year streak of green Octobers. While traders digested the pullback, institutional adoption accelerated with the debut of Solana staking ETFs in the United States and fresh regulatory clarity in Australia. Meanwhile, the Web3 sector made headlines as Chainlink and Ondo Finance announced a landmark partnership to bring traditional finance onchain.

Bitcoin’s October performance ended on a cautious note as prices stalled following one of the largest liquidation events of the year. Despite short-term weakness, the broader cycle context remains compelling. Historically, Bitcoin has tended to peak between 518 and 580 days after each halving, and with 558 days now passed since the 2024 halving, the market is sitting squarely in that historical window. While some technical indicators suggest a potential local top, many analysts, including Michael Saylor of Strategy, remain bullish. Saylor forecasted that Bitcoin could reach US$150,000 by the end of 2025, even as his firm recorded its smallest monthly accumulation this year at 778 BTC.

Institutional interest, on the other hand, showed no signs of slowing. The Bitwise Solana Staking ETF (BSOL) launched on Tuesday with US$55.4 million in first-day trading volume, the strongest debut of any crypto ETF this year. Grayscale also launched its own Solana ETF on NYSE Arca, seeded with US$103 million. Together, these launches have cemented Solana’s position as the leading altcoin for institutional exposure beyond Bitcoin and Ethereum. Meanwhile, Canary Capital added to the momentum with new Hedera and Litecoin ETFs, signalling that institutional diversification across blockchain ecosystems is accelerating.

Regulatory developments took centre stage in Australia, where the Australian Securities and Investments Commission (ASIC) released long-awaited guidance on digital assets. The update to Info Sheet 225 clarified that companies offering crypto services classified as financial products will need to secure an Australian Financial Services Licence (AFSL) and become members of the Australian Financial Complaints Authority by 30 June next year. Industry leaders welcomed the guidance as a step towards greater regulatory certainty, though concerns were raised over ASIC’s capacity to process the expected wave of applications. Importantly, Bitcoin, gaming NFTs and tokenised concert tickets were confirmed as not financial products, a decision seen as supportive of innovation within Australia’s Web3 ecosystem.

In the decentralised finance space, Chainlink and Ondo Finance announced a strategic partnership that could reshape how traditional institutions interact with blockchain. Under the agreement, Chainlink becomes Ondo’s official oracle provider, powering its tokenised securities and enabling real-world assets (RWAs) to function across multiple chains. Chainlink’s Cross Chain Interoperability Protocol (CCIP) will serve as the preferred infrastructure for connecting these financial systems, creating a secure and compliant bridge between decentralised finance and traditional capital markets. Analysts view this as a major step forward for tokenised finance, reinforcing Chainlink’s dominance in institutional-grade blockchain data.

As October closes, the broader picture remains constructive. Institutional adoption is accelerating, regulatory frameworks are solidifying, and key infrastructure partnerships are pushing Web3 closer to mainstream finance. With the market entering the final stretch of the year, the stage is set for a potentially defining phase in the current cycle, one where the focus shifts from speculative hype to sustainable, regulated growth.

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