Thahbib Rahman
Research Analyst
Last Updated:
October 28, 2026
•
4 Minutes
Crypto Risk Appetite Report 28th October 2026
This week's edition of our Market Sentiment Report.
BLOCK SCHOLES BTC RISK APPETITE INDEX
Our Risk Appetite Index continues to move lower and out of the region that has historically marked more bullish price action. The past week has seen BTC struggle to find a driver to break it out of the $80K range it has consolidated around, though spot Bitcoin ETFs are showing tentative signs of supporting price.
Figure 1. Block Scholes BTC Risk-Appetite Index (white, left axis) against the BTC spot price (right axis). Source: Block Scholes.
BTC SPOT RETURNS AFTER RISK APPETITE INDEX CROSSES 1.0 THRESHOLD FROM ABOVE:
Figure 2. BTC spot returns in the days around each time the BTC Risk-Appetite Index crossed down through 1.0, with the current episode in white and the mean of prior episodes in red. Source: Block Scholes.
BLOCK SCHOLES ETH RISK APPETITE INDEX
Sentiment has fallen far faster in ETH than it has in BTC, with our Risk Appetite Index now on its way below 0.5. ETH has struggled in October, down more than 13% over the past 30 days, with spot ETFs providing very little to cushion the blow.
Figure 3. Block Scholes ETH Risk-Appetite Index (white, left axis) against the ETH spot price (right axis). Source: Block Scholes.
ETH SPOT RETURNS AFTER RISK APPETITE INDEX CROSSES 1.0 THRESHOLD FROM ABOVE:
Figure 4. ETH spot returns in the days around each time the ETH Risk-Appetite Index crossed down through 1.0, with the current episode in white and the mean of prior episodes in red. Source: Block Scholes.
Data behind Risk Appetite charts: BlockScholes BTC/ETH/SOL/SUI/XRP composite spot index price. Available via the BlockScholes REST API.
BLOCK SCHOLES ALTCOIN RISK APPETITE INDEX
Figure 5. Block Scholes Altcoin Risk-Appetite Index (white, left axis) against altcoin market capitalisation (right axis). Source: Block Scholes.
BLOCK SCHOLES XRP RISK APPETITE INDEX
Figure 6. Block Scholes XRP Risk-Appetite Index (white, left axis) against the XRP spot price (right axis). Source: Block Scholes.
BLOCK SCHOLES SUI RISK APPETITE INDEX
Figure 7. Block Scholes SUI Risk-Appetite Index (white, left axis) against the SUI spot price (right axis). Source: Block Scholes.
BLOCK SCHOLES SOL RISK APPETITE INDEX
Figure 8. Block Scholes SOL Risk-Appetite Index (white, left axis) against the SOL spot price (right axis). Source: Block Scholes.
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Crypto Risk Appetite Report 28th October 2026
This week's edition of our Market Sentiment Report.
Free
PREMIUM
Institutional
US-Aligned Nations Cut Their Treasury Purchases by More Than 60% to the Lowest Since 2021
Countries and regions most aligned with the US bought a net $174.3B of Treasuries in the first eight months of 2026, the lowest for the period since 2021 and down more than 60% from a year earlier, with Japan's purchases down 99% and South Korea selling a record $23.8B. US equities extended their rally, with the S&P 500 up 0.60% and the Philadelphia Semiconductor index up 3.60%, while Brent rose close to 2% to around $115 ahead of today's FOMC decision. BTC climbed above $81,500, while Ripple received final OCC approval for Ripple National Trust Bank and BNY expanded its XRP and RLUSD partnership.
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Anthropic’s IPO Filing Revived the AI Trade, Sending the S&P 500 Up 0.7% and Chipmakers Up Close to 3%
Anthropic publicly filed for its long-awaited IPO, with plans to list on the Nasdaq under the symbol ANT, reviving the AI trade alongside Meta's plan to raise as much as $97.5B and Broadcom's $63B chip-financing deal. The S&P 500 rose 0.70% to halt back-to-back losses, the Nasdaq-100 gained 1.09% and the Philadelphia Semiconductor index climbed close to 3%, while Korea's Kospi rose more than 3%. BTC consolidated between $79K and $81K as spot Bitcoin ETFs took in $110.3M, while Bitmine added 10,452 ETH and Strategy paused its BTC purchases after five consecutive weeks of buying.