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# Bitcoin Rises 0.56% on Oct 28, 2026 as Fed Holds Rates Steady
- URL: https://bullquill.com/crypto-daily-brief-2026-10-28/
- Published: 2026-10-29T00:18:11.000Z
- Updated: 2026-10-29T00:18:11.000Z
- Description: Bitcoin closed Wednesday at $81,249.31 on Coinbase after the Fed held rates in a 10-2 vote with two officials backing a hike, while US spot bitcoin ETFs took in $175.99 million and short liquidations dominated.
- Author: Rowan Ashby
- Tags: Crypto, Daily Brief, Bitcoin, Federal Reserve, Bitcoin ETF, Kevin Warsh, Ethereum, #lang-en, #tr-crypto-daily-brief-2026-10-28

Bitcoin rose 0.56% to $81,249.31 over the UTC day of October 28, 2026, according to Coinbase daily data, after the Federal Reserve held its policy rate at 3.75% to 4.00% in a split 10–2 vote and US spot bitcoin ETFs logged a second day of inflows.

*Data as of: Coinbase Exchange daily candles for the UTC day of October 28, 2026 (00:00 to 24:00 UTC); CoinGecko global data at 00:05 UTC on October 29\. The latest confirmed ETF flow data covers October 27.*

## Key takeaways

- Bitcoin gained $449.80 (+0.56%) to $81,249.31 on Coinbase, trading between $80,270.68 and $81,715.01 during the UTC day.
- The Fed kept the federal funds target range at 3.75% to 4.00%; Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favour of a quarter-point hike, the Fed's statement shows.
- US spot bitcoin ETFs took in a net $175.99 million on October 27, led by BlackRock's IBIT with $151.46 million, according to SoSoValue data reported by TokenPost.
- Solana led the large coins in our table with a 1.09% gain to $102.31, ether added 0.42% to $2,356.89, and XRP slipped 0.39% to $1.32.
- ChainCatcher, citing CoinGlass, reported $181 million in 24-hour liquidations on October 28, of which $138 million came from short positions.

## Session recap

Wednesday extended Tuesday's recovery, but the move was small for a Fed day. Bitcoin opened the UTC day at $80,799.50 on Coinbase, reached an intraday high of $81,715.01, dipped as low as $80,270.68 and closed near $81,250\. For the wider picture, see [Asian and global markets today](https://bullquill.com/markets/) and our [October 27 crypto brief](https://bullquill.com/crypto-daily-brief-2026-10-27/), which covers Tuesday's rebound from below $79,400.

__Crypto market, UTC day October 28, 2026__
| Instrument        | Close/Level | Change   | % change | As of (UTC)      | Source               |
| ----------------- | ----------- | -------- | -------- | ---------------- | -------------------- |
| Bitcoin (BTC)     | $81,249.31  | +$449.80 | +0.56%   | 2026-10-29 00:00 | Coinbase daily close |
| Ether (ETH)       | $2,356.89   | +$9.88   | +0.42%   | 2026-10-29 00:00 | Coinbase daily close |
| Solana (SOL)      | $102.31     | +$1.10   | +1.09%   | 2026-10-29 00:00 | Coinbase daily close |
| XRP               | $1.32       | −$0.0052 | −0.39%   | 2026-10-29 00:00 | Coinbase daily close |
| Bitcoin dominance | 59.47%      | +0.03 pt | +0.05%   | 2026-10-29 00:05 | CoinGecko global     |

Changes are calculated from Coinbase's previous UTC daily closes on October 27: bitcoin $80,799.51, ether $2,347.01, solana $101.21 and XRP $1.3295 (October 28 XRP close: $1.3243). Dominance is compared with CoinGecko's 59.44% reading at 00:11 UTC on October 28\. CoinGecko valued the total crypto market at $2.74 trillion at 00:05 UTC on October 29, up from $2.72 trillion a day earlier, with ether's share at 10.49% and 24-hour trading volume at $69.06 billion. Coinbase recorded 5,146.99 BTC traded on its BTC-USD market during the day, compared with 4,356.18 BTC on Tuesday.

Ether traded between $2,318.92 and $2,389.59 on Coinbase. CoinDesk's live coverage described a choppy afternoon: bitcoin rose to about $81,000 after the 18:00 UTC decision, and Bitcoin Magazine reported that it briefly spiked toward $81,700 before falling below $80,500 and recovering.

## What drove it

### The Fed holds, with two votes for a hike

The Federal Open Market Committee kept the federal funds target range at 3.75% to 4.00%, according to the statement released at 2:00 p.m. Eastern time (18:00 UTC). The statement said "Inflation remains elevated" and that economic activity "is expanding at a strong pace." Cook and Hammack preferred a quarter-point increase. Bitcoin Magazine, citing Fortune, reported that it was the first time since 1992 that a Fed governor and a regional bank president had dissented together on the same side. CoinDesk reported that Chair Kevin Warsh's press conference remarks suggested a December hike is not certain, leaving room for the Fed to stay on hold if data softens. CoinDesk also reported that the 2-year Treasury yield fell to 4.73% from 4.78% after the decision. For background, see [how Fed rate decisions affect bitcoin](https://bullquill.com/how-fed-rate-decisions-affect-bitcoin/).

### ETF inflows continue

US spot bitcoin ETFs recorded a net inflow of $175.99 million on October 27, a second straight day of inflows, according to SoSoValue data reported by TokenPost. BlackRock's IBIT took in $151.46 million and Fidelity's FBTC $24.54 million; only two of the 12 funds saw inflows. Total net assets stood at $103.94 billion and cumulative net inflows at $57.47 billion. Spot ether ETFs moved the other way, losing a net $60 million on the same day, led by BlackRock's ETHA, Bloomingbit reported, also citing SoSoValue. Flow data for the October 28 session had not been confirmed when this brief was written. Our [explainer on bitcoin ETF flows](https://bullquill.com/bitcoin-etf-flows-explained/) covers how these figures are compiled.

### Coins leaving exchanges

On-chain analytics firm Santiment said 14,942 BTC moved off exchanges on a net basis, the largest outflow day in five weeks, crypto.news reported on October 28\. Santiment read this as possibly reducing immediate selling pressure, but exchange withdrawals do not reveal what holders intend to do. CryptoQuant's Julio Moreno said spot demand "continued to contract" in October, according to the same report.

### Short squeeze in derivatives

Liquidations were weighted toward bearish bets. ChainCatcher, citing CoinGlass, reported $181 million in liquidations over 24 hours in a report published on October 28, with $43.51 million from long positions and $138 million from shorts. Bitcoin shorts accounted for $49.60 million and ether shorts for $35.52 million. Totals vary with the time window; our [guide to crypto liquidations](https://bullquill.com/crypto-liquidations-explained/) explains why.

### Altcoins

Smaller tokens had a stronger day than the majors. CoinDesk reported that HYPE rose nearly 6%, ZEC about 5% and DOGE 4% during US hours. XRP gave back part of Tuesday's gain after Ripple's bank charter news, ending slightly lower on Coinbase.

## Political & policy watch

- **Federal Reserve.** The Fed's statement said more information will help the Committee judge the policy stance needed for a "timely return" of inflation to its 2% goal. CoinDesk reported that Warsh also announced a schedule change from 2027, with one of the eight yearly meetings focused on broad policy and carrying no rate vote or statement.
- **Other central banks.** The Bank of Canada raised its policy rate by 25 basis points to 2.5% on the same day, CoinDesk reported.
- **Iran tensions.** crypto.news reported that a Wall Street Journal story on October 28 said US officials had warned Gulf countries of a possible "short, intense military campaign" against Iran after the November 3 midterms. No decision to strike had been announced, and the report raised concerns about oil prices and inflation.
- **Strategy's preferred stock.** Preliminary results showed 99.3% of votes in favour of moving Strategy's preferred shares, including STRC, to daily dividends, CoinDesk reported, citing chairman Michael Saylor's post on X.

## What to watch next

- **October 29 (Thursday), 12:30 UTC:** US third-quarter GDP (advance estimate) and September personal income and outlays, including the PCE price index, per the BEA release schedule.
- **October 29 (Thursday):** Third-quarter results from Coinbase and Strategy, according to Coinspeaker and CoinDesk.
- **October 30 (Friday), 08:00 UTC:** Monthly bitcoin options expiry covering about 135,700 BTC, roughly $10.9 billion, according to Coinspeaker.
- **November 3 (Tuesday):** US midterm elections.
- **November 4 (Wednesday), 13:30 UTC:** US international trade data for September, per the BEA schedule (after US clocks change on November 1).
- **December 8–9:** Next FOMC meeting, with updated economic projections, according to the Fed's calendar.

## Risk checklist for readers

- **Fed signals keep moving.** Expectations for the December meeting can shift quickly with each data release and Fed speech.
- **Inflation data can jolt prices.** GDP and PCE figures released on the same morning may move bond yields and crypto together.
- **ETF flows lag and get revised.** Daily figures describe the previous US trading day, and early reports from different providers can disagree.
- **On-chain data needs context.** Exchange outflows show coins moving, not why they moved.
- **Options expiries can add volatility.** Large expiries can affect hedging activity in the days before settlement.
- **Leverage cuts both ways.** Borrowed positions magnify losses and can be closed automatically after small price moves.
- **Exchange prices differ.** Closes vary slightly across exchanges and data providers, so check which source a figure comes from.

## Frequently asked questions

### Why is Bitcoin up today?

On October 28, 2026, bitcoin rose 0.56% to $81,249.31 on Coinbase. The Federal Reserve held its target range at 3.75% to 4.00%, which markets had expected, and US spot bitcoin ETFs took in a net $175.99 million on October 27, according to SoSoValue data reported by TokenPost. ChainCatcher, citing CoinGlass, reported $138 million in short liquidations over 24 hours, which added buying pressure as bearish bets were closed.

### What is a dissent at a Fed meeting?

A dissent is a vote against the majority decision by a member of the Federal Open Market Committee. At the October 27-28, 2026 meeting, Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against holding rates because they preferred a quarter-point increase, according to the Fed's statement.

### What does it mean when bitcoin leaves exchanges?

Exchange outflows measure coins withdrawn from trading platforms to other wallets. Analysts sometimes read large outflows as less bitcoin being readily available to sell, but the data shows only movement, not the owners' intentions. Santiment reported a net outflow of 14,942 BTC on October 27, 2026, according to crypto.news.

This article is for information only and is not investment advice.