Welcome to our 244th issue of State of the Market, where we provide an overview of crypto market activity from October 23-29, 2025.
This week in crypto markets:
- Digital asset markets pulled back and remained volatile following the Federal Reserve’s 25 bps rate cut and cautious guidance.
- Spot Solana, Litecoin, and Hedera ETFs launched in the U.S. through issuers including Bitwise, Canary Capital, and Grayscale.
- Securitize announced a $1.25B public listing via SPAC merger sponsored by Cantor Fitzgerald.
- Mastercard is in advanced talks to acquire Zerohash, a Chicago-based crypto and stablecoin infrastructure provider, for up to $2B.
- Japan launched JPYC, a fully yen-backed stablecoin issued by JPYC Inc. and collateralized by domestic bank deposits and government bonds.
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