The crypto market faces a crucial test next week! With the Federal Reserve's interest rate meeting imminent, the flow of funds in BTC and ETH will be in focus.

From October 26 to November 1, the crypto market will have an important observation window: the Federal Reserve's interest rate meeting on October 27-28. According to the official schedule released by the Federal Reserve, a policy statement will be released and a press conference will be held on the second day of the meeting. For the crypto market, the key is not just whether the Federal Reserve adjusts interest rates, but also how policy statements affect the market's judgment on the future path of interest rates, dollar liquidity, and the valuation of risky assets. The second point of observation is ETF funds. Previously, there was a divergence in fund outflows between BTC and ETH spot ETFs. If the outflows continue into the new week, it may reflect that institutions are still controlling their risk exposure; if they turn to continuous net inflows again, it will help to observe whether spot demand has improved. The third point of observation is the position of whales. Recently, some large investors have cashed out their ETH profits, while others have expanded their exposure through borrowing and leverage. Next week, we should pay close attention to whether large transfers will flow further to exchanges, whether derivatives clearing will occur in a concentrated manner, and whether new fund rotation will occur between BTC and ETH. It should be emphasized that the interest rate meeting does not necessarily mean that the market will experience a one-sided trend. Three things to watch closely next week: the Fed's policy signals, ETF fund flows, and whether whales have started actively increasing their positions again.