Insights 
VT 
The Eurozone unemployment rate remained steady at 6.3% in September, aligning with forecasts. The European Central Bank is expected to maintain its current interest rates for the third consecutive meeting.
The cryptocurrency market saw a recovery as trade tensions between the US and China reduced. Bitcoin, Ethereum, and XRP all experienced nearly a 1% rise on Thursday, offsetting earlier declines.
Bittensor’s Upward Trend
Bittensor (TAO)’s upward trend continued for the sixth day, nearing $450. This comes as Deutsche Digital Assets and Safello aim to launch a staked TAO ETP on the SIX Swiss Exchange in November.
In other market movements, the EUR/USD held steady around 1.1600 due to a weak US Dollar. However, GBP/USD was unable to sustain levels above 1.3200. Meanwhile, gold slightly recovered but stayed below $4,000 after previous losses amid easing trade tensions.
With Eurozone unemployment holding steady at 6.3% and the European Central Bank signaling it will keep rates on hold, we don’t expect any major policy-driven shocks. This stability comes after the aggressive rate-cutting cycle that began in late 2024, and the market has now fully priced in this pause. For derivative traders, this environment suggests selling volatility on European indices, as options premiums are likely to bleed value in the absence of a catalyst.
The EUR/USD is finding a floor near 1.1600, a level it hasn’t consistently held since 2022, largely due to a weakening dollar. Recent US jobs data showed wage growth cooled to 2.8% year-over-year, reinforcing the view that the Federal Reserve has more room to ease policy than the ECB. A range-bound strategy using iron condors on the currency pair could capitalize on this period of consolidation.
Crypto Market Cautious Rebound
The crypto rebound is a cautious one, driven more by geopolitical relief than by new inflows of capital. We saw a similar 1-2% relief rally in the summer of 2024 that quickly faded, and this current move feels fragile. Using this minor price strength to buy protective puts on Bitcoin or Ethereum futures could be a prudent hedge against the chance that the Trump and Xi meeting yields no long-term agreement.
Bittensor’s run towards $450 is a textbook “buy the rumor” event ahead of its staked ETP launch next month. Historically, similar crypto ETP listings have led to a “sell the news” reaction; data from the first half of 2025 shows an average price drop of 12% in the two weeks following a launch. Traders could consider buying November put options to position for a potential pullback once the product is officially trading.
Gold’s inability to reclaim the $4,000 per ounce mark highlights a clear shift towards risk-on sentiment in the market. Since peaking above $4,200 during the South China Sea tensions last quarter, the metal has been under consistent pressure from easing geopolitical fears. With stable interest rates making non-yielding assets less attractive, any failure to break resistance could see traders initiate fresh short positions via futures contracts.
