Crypto Markets Tread Water Ahead of Fed Minutes

Crypto markets were calm on Wednesday morning ahead of the release of minutes from the Fed’s last meeting, which are expected to provide insights into future rate policy.

Bitcoin and Ether are trading in tight ranges around $62,000 and $3450, respectively. Solana and Polkadot dipped by 1%.

Most of the top 100 digital assets by market capitalization posted minor losses, while Aerodrome is today’s top gainer after rallying 6% in the past 24 hours. Bittensor, Sei and Kaspa are the biggest losers, down between 5% and 7%.

After a week-long rally, markets lost steam yesterday after Chinese monetary stimulus measures failed to meet expectations. Traders are now looking to the U.S., with the Fed minutes set to be released later today and the closely watched Consumer Price Index (CPI) for September due on Friday.

Bitcoin ETFs suffered minor outflows of $18.6 million on Tuesday, led by Fidelity’s FBTC, which shed nearly $49 million of assets. However, Blackrock’s IBIT offset some of that with $40 million in inflows.

Meanwhile, U.S. stock markets rallied, with the S&P 500 and the Nasdaq climbing 0.6%.