Gate Daily (October 31): Five major Consensus from the Xi-Trump meeting benefit Bitcoin; Standard Chartered forecasts tokenization market to reach $2 trillion.

Bitcoin (BTC) has rebounded in the short-term, currently reported at around 109,784 USD as of October 31. The meeting between Trump and Xi has concluded, with the US and China reaching five major trade consensus points, and US tariffs on China reduced to 47%. The US government shutdown continues, but legislators are still pushing for the passage of the crypto market structure bill. Standard Chartered Bank predicts that the scale of tokenized crypto assets will reach 2 trillion USD by 2028, comparable to the scale of stablecoins.

Macro Events & Crypto Market Hotspots

1. With the U.S. government shutdown showing no end in sight, many U.S. senators are working to advance legislation on crypto market structure. According to a report released by Bloomberg on October 30, several Republican senators, including some in key leadership positions on committees, plan to pass legislation related to digital asset market structure by the end of the year, aligning with their originally announced timeline. Senate Agriculture Committee Chairman John Boozman stated that he is negotiating with Democrats to introduce a bipartisan bill on market structure “soon,” with plans to pass it before 2026.

2. According to Standard Chartered Bank, as more global capital and payments migrate to more efficient blockchain tracks, the tokenization of real-world assets (RWA) could reach a cumulative value of $2 trillion in the next three years. The bank stated that the “trustless” structure of decentralized finance (DeFi) is expected to challenge the dominance of traditional finance (TradFi) systems controlled by centralized entities. Of this $2 trillion, it is anticipated that $750 billion will flow into money market funds, another $750 billion will flow into tokenized U.S. stocks, $250 billion will flow into tokenized U.S. funds, and another $250 billion will flow into less liquid areas of private equity, including commodities, corporate debt, and tokenized real estate.

3. U.S. President Trump and Chinese leaders held a face-to-face meeting in South Korea, which lasted for 1 hour and 40 minutes. This meeting resulted in five major core consensuses: U.S. tariffs on China will be reduced from 57% to 47%, a decrease of 10 percentage points; all issues related to rare earths have been resolved, and rare earth trade will no longer be obstructed, with China continuing to export rare earths; China agrees to fully curb the fentanyl issue, and the U.S. will immediately lower tariffs related to fentanyl; China will immediately start purchasing a large amount of U.S. soybeans; China will negotiate chip procurement with companies like NVIDIA, but excluding Blackwell AI chips.

News Updates

1. The U.S. Senate passed a resolution to terminate Trump's comprehensive tariff policy.

2. JPMorgan: USDC has outperformed USDT in on-chain activities and market capitalization growth.

3. Layer2 network Unichain adds support for non-EVM assets such as DOGE, XRP, and Zcash.

4. Strategy's net profit for the third quarter is 2.8 billion USD, planning to increase the preferred stock return rate to boost market demand.

5. Ethereum developers have officially set the target upgrade date for Fusaka to December 3.

6. The latest application documents for the Canary XRP spot ETF have removed the “delay amendment clause” and are expected to be listed on November 13.

7. dYdX plans to enter the US market by the end of the year and significantly reduce trading fees.

8. The UFC collaboration project FIGHT Token public fundraising raised 183 million USD, exceeding the target by more than a hundred times.

9. Nordic bank Nordea allows customers to trade synthetic ETPs linked to Bitcoin on its platform.

Market Trends

1. Bitcoin latest news: $BTC short-term rebound, currently reported around 109,784 USD, with 429 million USD liquidated in the past 24 hours, mainly from long positions;

2. The three major U.S. stock indices closed lower on October 30, with the Nasdaq Composite and S&P 500 leading the decline. Meta and Microsoft's artificial intelligence (AI) spending surged, raising concerns among investors about the potential inability to recoup costs. The U.S. and China reached a consensus on a trade truce, but the stock market has clearly already digested this agreement. The Dow Jones Industrial Average fell by 109.88 points, a decline of 0.2%, closing at 47,522.12 points; the S&P 500 dropped by 68.25 points, a decline of 1%, closing at 6,822.34 points; the Nasdaq Composite decreased by 377.33 points, a decline of 1.6%, closing at 23,581.14 points. The Philadelphia Semiconductor Index plummeted by 1.5%.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 108,654.00 USDT, if it falls to around 107,996 USD, the total liquidation amount of long positions exceeds 216 million USD; if it rises to around 109,397 USD, the total liquidation amount of short positions exceeds 165 million USD. The liquidation amount for shorts is lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 3.27 billion USD, outflow was 3.62 billion USD, with a net outflow of 350 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $JELLYJELLY, $GIGGLE, $LAB, $COMP, and $XPIN have shown net outflows, indicating trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “After accidentally finishing the MSTR financial report, it will be bright tomorrow. I'm specifically waiting to see the MSTR and Coin financial reports. I haven't looked at Coin's yet, but I'll talk about it later. Today's assignment isn't too difficult; it's mainly that Powell's expectation of not lowering interest rates in January has coincided with the response of the US stock financial reports. In the short term, the market sentiment is indeed quite poor. However, after the US stock market closes today, the new round of financial reports looks promising, even though there was a significant drop yesterday, the pre-market has already started to rise today.”

“Currently, BTC and tech stocks still maintain a strong correlation; at least for now, I haven't seen the risk of BTC decoupling from tech stocks. In fact, the biggest problem right now is that the overall crypto market doesn't have its own narrative. Aside from the recent approval of a few spot ETFs, there are almost no other independent narratives. Trump hasn't mentioned the BTC strategic reserve in a long time either.”

“This has also led to a decline in traditional investors' sentiment towards cryptocurrency investments. The data from spot ETFs shows that the recent buying power is indeed weak, with some buying volume only occurring when there are significant positive developments in tech stocks or macroeconomic factors. At other times, the situation is not good, which is the biggest dilemma currently facing Bitcoin and cryptocurrencies. However, I still believe that the luckiest aspect for BTC is that its investors are part of the same group as those in tech stocks.”

“Looking back at Bitcoin's data, the panic has significantly increased in the last 24 hours, mainly due to the Federal Reserve's actions. However, it is an undeniable fact that the U.S. is moving towards monetary easing; the balance sheet reduction has already stopped, and there is still a Trump lurking in the background. Therefore, my personal view is that even if there is no rate cut in December, it will not change Trump's determination regarding interest rate adjustments in 2026. I am still holding my long position, have made a few short-term trades, but overall it started from $106,000. I have taken profits a few times and then re-entered at lower positions. When the time comes to review, we can discuss together. If this price causes me to be liquidated, I will start buying spot.”

“From the perspective of the chip structure, there are currently no significant risks detected, with more buying volume gathering, and for now, there are no signs of investor panic.”

Today's Outlook

1. Japan's unemployment rate in September was 2.6%, previously.

2. Japan's September seasonally adjusted retail sales (month-on-month) had a previous value of -1.1%.

3. Australia Third Quarter Producer Price Index (Year-on-Year), Previous Value was 3.4%

4. The official manufacturing Purchasing Managers' Index (PMI) for China in October was 49.8, previous value.

5. Australia Q3 seasonally adjusted retail sales (quarterly rate), previous value was 0.3%

6. France's October Consumer Price Index (MoM) preliminary value, previous value was -1.0%.

7. Eurozone October Consumer Price Index preliminary value (year-on-year), previous value was 2.2%

8. Eurozone October Consumer Price Index preliminary (monthly rate), previous value was 0.1%

9. Canada August GDP (MoM), previous value was 0.2%

10. U.S. Personal Consumption Expenditures Price Index (MoM) for September, previous value was 0.3%.

11. U.S. September personal income (monthly rate), previous value was 0.4%

12. U.S. September personal consumption expenditures (MoM), previous value was 0.6%

13, US September Personal Consumption Expenditures (Billion USD), previous value was 1345

14. Dallas Federal Reserve President Logan delivered a speech.

15. The Bank of Italy, the Bank of England, and the Bank of France jointly held the 11th International Macroeconomic Seminar.