# Fed Decision, GDP and PCE Data Put Crypto Markets to a Two-Week Test

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/39283
Published: 2026-10-23T20:15:24.000Z
Updated: 2026-10-23T20:15:24.000Z
Section: Investing

> Bitcoin (BTC) spot ETFs drew about $1.075 billion in net inflows from Oct. 19-21, but HTX Research researcher Chloe said the buying has not confirmed a lasting market shift.

Bitcoin (BTC) exchange-traded funds drew about $1.075 billion in net inflows over three sessions from Oct. 19 through Oct. 21, but HTX Research researcher Chloe said the buying has not established a durable shift in market direction. A Federal Reserve decision, U.S. growth data and an inflation report scheduled for next week will put the tentative rebound against a concentrated set of policy and economic signals.

The Fed is scheduled to announce its decision at 2 p.m. ET Wednesday, Oct. 28, and hold a news conference at 2:30 p.m. The U.S. Bureau of Economic Analysis (BEA) is scheduled to publish its third-quarter GDP advance estimate and September Personal Income and Outlays report at 8:30 a.m. ET Thursday, Oct. 29. The report includes the personal consumption expenditures (PCE) price index.

The inflation report follows the Fed announcement the next morning, giving investors a fresh price reading soon after the central bank sets out its policy outlook. Chloe said the Fed’s guidance on the path of policy matters more than whether it leaves rates unchanged at this meeting. The PCE figures may shape how markets interpret that guidance.

The timing is one reason the coming days could bring sharp reactions, Chloe said. A move in crypto markets after the Fed decision could be reassessed once the inflation figures arrive. Chloe does not view a broad-based rally as the base case, describing a choppy recovery with event-driven shocks and further repricing.

The Bank of Japan (BOJ) is scheduled to meet Oct. 29-30, adding another policy event to the period. Chloe said a BOJ stance or guidance that is more hawkish than expected could lift the yen quickly. That could prompt carry-trade unwinds and intensify pressure on risk assets, including cryptocurrencies.

U.S. corporate earnings are another factor for crypto market sentiment. Chloe pointed to how investors respond to technology companies’ earnings and capital spending. Expectations for investment by major artificial intelligence companies are closely tied to the market’s view of liquidity, she said.

A less hawkish Fed message, core PCE inflation below expectations and continued ETF inflows would fit the more supportive scenario Chloe outlined. Her adverse scenario combines tougher policy guidance, hotter-than-expected inflation or a rapid yen rise; she said highly volatile altcoins would be more vulnerable in that setting. The Fed’s announcement on Wednesday, Oct. 28, comes first, followed by the BEA releases Thursday morning.