"Risk asset sentiment to improve amid US-China negotiation tailwind"

On the 31st (local time), according to The Block, Bitcoin traded in the $109,600–110,200 range that morning. After Fed Chair Jerome Powell said "a December rate cut is not a done deal" the previous day, it fell to $107,000 but then appeared to have rebounded. Kyle Rodda, chief analyst at Capital.com, said, "Investors are focusing on the US-China trade agreement rather than the Fed's 'hawkish cut'." The total crypto market capitalization remained at about $3.76 trillion.

Analysts said that, with economic data releases halted due to a U.S. government shutdown, a diplomatic breakthrough between the U.S. and China is filling the macroeconomic void. U.S. President Donald Trump and Chinese President Xi Jinping announced an agreement at talks held in South Korea that included tariff reductions and cooperation on energy and drug enforcement.

Timothy Misir, an analyst at BRN Research, said, "Trust has been restored across various areas such as trade, energy and fentanyl enforcement," adding, "This has revived global risk appetite." Paul Howard, senior director at OneCent, said, "Bitcoin will secure support in the $110,000–120,000 range after the Fed's rate cut," and added, "Short-term adjustments are accumulation zones, and if the macro environment improves in November, risky assets are likely to rise again before year-end."

Meanwhile, ETF flows remained cautious. As of the 30th, U.S. spot Bitcoin ETFs saw net outflows of about $488 million, and Ethereum (ETH) ETFs saw $184 million flow out. In contrast, Solana (SOL) ETFs recorded net inflows of $37.33 million, marking a third consecutive trading-day gain.