Crypto prices today (Oct. 28): BTC, ETH, XRP, BNB retrace ahead of FOMC meeting

Major cryptocurrencies slipped on Tuesday, Oct. 28 as investors turned cautious ahead of the Federal Reserve’s two-day policy meeting. 

Bitcoin fell 1.4% to $113,831, while Ethereum dropped 3.7% to $4,090. XRP declined 1% to $2.64, and BNB also fell 1.6% to $1,132. The total crypto market capitalization dipped 1.5% to $3.93 trillion.

While open interest rose 2% to $165 billion, the average relative strength index fell more than 10 points to 47, indicating neutral momentum. The Crypto Fear & Greed Index also dropped 1 point to 50, staying in the neutral range.

Traders brace for Fed’s rate announcement

The pullback follows modest gains at the start of the week, with Bitcoin recently testing highs near $116,000. Traders seem to be taking profits ahead of the Federal Open Market Committee’s much-awaited rate cut announcement.

According to CME FedWatch data, markets are pricing in a 96–98% probability of a 25-basis-point cut, which would bring the benchmark rate to a range of 3.75%–4.00%. A softer inflation report on Friday showed prices rising 3% year-over-year, opening the door for the Fed to continue its easing cycle. The central bank has already cut rates twice this year to support a slowing labor market.

With unemployment at 4.3% and core PCE inflation at 2.9%, the Fed’s tone will be closely watched for clues on the pace of future cuts. The crypto market, which typically benefits from lower borrowing costs and higher liquidity, may see new volatility as a result of Fed Chair Jerome Powell’s press conference on Wednesday.

ETF inflows show steady institutional demand

Despite price weakness, SoSoValue’s exchange-traded fund data points to continued institutional interest. Spot Bitcoin ETFs recorded $149.30 million in net inflows on Oct. 27, marking their third straight positive session. Spot Ethereum ETFs also saw $133.95 million in inflows, reversing three days of outflows.

These flows suggest that long-term investors remain confident in the market’s structural growth, even as short-term sentiment cools ahead of the Fed’s policy update.