Get the latest news and updates on FINTECH.TV

October’s Crypto Conundrum: Price Dips Amid Growing Institutional Interest

Market Movers: The Opening Bell

November 5, 2025

Video Transcript

Mm.

Well, October came and went and left behind a trail of disappointing crypto price levels.

The crypto majors ended the usually bullish month of October lower, and Bitcoin dipped below the 100,000 level yesterday.

Now the sluggish price action is confusing some crypto investors, especially because institutional adoption is ramping up now.

Bitwise and Grayscale have launched new salon ETFs, while major exchanges like the New York Stock Exchange are leaning into tokenization.

And there has been a pause on regulatory momentum.

However, as the government shutdown has now hit a record, with today marking day 36.

Joining me this morning is Blue Maellari, head of digital assets for T.

Rowe Price.

Good morning, Blue.

Thank you so much for joining us.

Now, interest in stablecoins and tokenization has only picked up, but what are you seeing when it comes to institutional involvement when it comes to crypto?

Uh, yeah, I think what we've seen over the past year has, um, has really sort of taken me by surprise and it's been, uh, pretty exciting.

So we have a nearly constant news flow of institutions announcing their intention to engage with blockchain, whether it's staple coins, whether it's tokenization, um, as you mentioned, you know, NASA and NASAQ are are leaning into tokenization.

Things are moving faster from institutions than I would have expected.

Um, but I think that there's, it's a bit of a challenge for sort of the crypto native base.

For these initiatives to translate into sustained price action, um, and for for activity to move on chain, and I think we have to get used to the speed at which institutions operate.

Yeah, and blue.

When we look back at October 2025, it was a month when we saw a break with historical October seasonality.

So one way to frame it could be that Bitcoin is in the same place it was back in last December.

But with crypto diverging from equities and especially tech equity performance, where do we go from here?

Yeah, I think one of the sort of things we're seeing is as institutional adoption has progressed as we've gotten sort of more mainstream investment vehicles and more mainstream engagement, it's going to change what we see in terms of historical cycles.

So October didn't deliver, but I think we want to see a diversified base of participants, users, investors in crypto, and we're starting to I think that there's a real divergence right now between crypto Native sentiment, which seems quite bearish, um, you know, when you're scrolling crypto Twitter and what I'm seeing from, you know, institutions and also retail investors, and I think that the Solana ETF launches last week is a great example, um, consistent inflows every day since launch for, you know, for both Bitwise and Greyscale, and, you know, at the same time Slana was coming under price pressure.

So, I think that there's just a divergence between sort of mainstream and crypto base, and, and I think that's part of the sort of maturing growing pains of our space.

Yeah, and blue, the government shutdown continues.

We're now on day 36, but that doesn't mean that conversations aren't taking place on both sides of the aisle.

So what are your expectations when it comes to the regulatory landscape as we head into year end?

So I mean I'm, I'm optimistic, right?

The longer that the government um is shut it means the closer we are to it reopening rather than you know, further shut down, um, but I think that we can't underestimate that um the SEC and their sort of very crypto forward agenda was a huge driver of momentum this year, uh, and, and that's been paused while the government is shut down.

It's been quieter, um.

And then I think the other thing is is that there is a level of uncertainty on the macro front, and yeah, the shutdown weighs sort of overall on macro, but I think that we're going to get a clarity bill this year.

I'm optimistic that we can.

I think it's been a little bumpy, but I think there is progress being made, encouraging that that progress has continued, the discussions have continued even though the government is shut down.

Um, so I'm optimistic that that things firm up on this sort of macro, um, regulatory government front as we head into the year end.

And finally, before I let you go, each week we seem to be hearing about big banks getting into crypto and for example, City and Chase have been looking into crypto exposure.

So how do you see the crypto custody trend picking up when it comes to the larger institutions?

That's a really interesting question.

Um, I think one of the things that, um, that we don't discuss enough is that technological security is absolutely critical and is the bedrock when it comes to custody.

I think that there is a different journey on due diligence and functionality and security that banks have to do, but, you know, Citi, JPMorgan and others have been, you know, working on this coming.

Coming up to speed, um, have pretty advanced digital asset groups.

Uh, and so I think that it's really encouraging that that sort of the general public, that people will be able to begin to custody, one in the same place that they have their other accounts, and two, in, you know, we're using names that are familiar household names, and I think that's terrific.

OK, Blu, well, we will leave it there for today, but thank you so much for joining us as always and thank you so much for sharing all of your insights and your perspective.

Remy Blaire engages in discussion with Blue Macellari, the Head of Digital Assets at T. Rowe Price. The conversation begins with an analysis of the cryptocurrency market’s performance in October, a month that typically sees bullish trends but has instead left investors disappointed. Bitcoin’s recent dip below the 100,000 mark raises questions among crypto enthusiasts, especially given the backdrop of increasing institutional adoption.

Blue highlights the surprising pace at which institutions are embracing blockchain technology, particularly in the realms of stablecoins and tokenization. She notes that major exchanges, including the New York Stock Exchange and NASDAQ, are actively pursuing tokenization initiatives, indicating a shift in the landscape of digital assets. Despite this institutional momentum, Blue acknowledges the challenge of translating these developments into sustained price action, particularly for the crypto-native community.

As the discussion progresses, Remy and Blue explore the divergence in sentiment between traditional investors and the crypto community. While the crypto-native sentiment appears bearish, institutional interest remains strong, as evidenced by the recent launches of Solana ETFs by Bitwise and Grayscale, which have experienced consistent inflows despite price pressures on Solana.

The conversation also addresses the ongoing government shutdown, now in its 36th day, and its implications for the regulatory landscape. Blue expresses optimism that discussions around regulation will continue, even amidst the shutdown, and she believes that clarity on regulatory matters could emerge as the year comes to a close.

Finally, Remy and Blue delve into the growing trend of major banks, such as Citi and Chase, entering the crypto space. Blue emphasizes the critical importance of technological security in crypto custody and discusses the advancements that these banks are making in their digital asset divisions. She believes that this trend will ultimately benefit the general public by allowing them to manage their crypto assets alongside traditional accounts at familiar institutions.

Latest articles

Related articles