Bitcoin traded near $80,850 on Wednesday morning as markets waited for the Federal Reserve’s October policy decision, while Zcash outperformed the broader crypto market with a gain of roughly 7% over 24 hours. The immediate macro focus is the Federal Open Market Committee’s 2:00 PM ET announcement, with a press conference scheduled 30 minutes later, according to the Federal Reserve’s official calendar. Bitcoin was up about 1.4% over 24 hours at the time of writing, while ZEC traded around $1,312.
The meeting follows the Fed’s September 16 decision to raise its target range by 25 basis points to 3.75%-4.00%, reversing the easing direction seen during parts of 2025. Bitcoin is entering today’s decision close to a closely watched ETF cost-basis threshold rather than clearly above it. Glassnode estimated the U.S. spot Bitcoin ETF cost basis at roughly $81,500 earlier this month, meaning current prices place BTC slightly below that reference level.
ETF Flows Recover as Bitcoin Tests Cost Basis
U.S. spot Bitcoin ETF flows have recently turned positive again after sharp reversals earlier in October. Farside Investors recorded $110.3 million of net inflows on October 26 and $176 million on October 27, extending the recovery after a $301.2 million positive week through October 23. Those creations indicate renewed net demand through the ETF structure, but they do not identify whether institutions, advisers, retail investors or arbitrage desks ultimately drove the flows.
The $81,500 level also needs careful interpretation. It represents an estimated average acquisition cost for Bitcoin held by U.S. spot ETFs, not the purchase price paid by every ETF shareholder. With BTC now trading modestly below that estimate, the level is better treated as a market reference than as confirmed support. Bitcoin has spent much of October fluctuating around the low-$80,000 region after previously trading above $84,000, continuing the volatility seen during the earlier Bitcoin and Zcash market rebound.
Zcash Rally Coincides With Governance Debate
Zcash provided the stronger asset-specific move, climbing to roughly $1,312 after closing near $1,307 on Tuesday. The rally coincides with a new proposal from Zcash co-founder Sean Bowe to redirect Zcash Community Grants’ 8% block-subsidy allocation to the Network Sustainability Mechanism. The proposal remains a draft, has no activation height and is not part of NU7 as currently specified. A detailed breakdown of the proposed ZCG subsidy redirection shows that the existing grants treasury would remain under ZCG control.
Zcash’s privacy architecture remains relevant to its broader market identity, but shielded functionality should not be treated as the demonstrated catalyst for today’s price move. Zcash supports both transparent and shielded transactions, with fully shielded transfers concealing sender, receiver and transaction value from public blockchain observers. That capability distinguishes ZEC technically, while the current market move is occurring alongside governance changes and the approaching NU7 network upgrade rather than a newly launched privacy feature.
For Bitcoin, today’s FOMC decision creates a clearly defined near-term macro event after several weeks of uneven ETF flows and trading around the low-$80,000 range. For Zcash, the market is simultaneously processing a governance proposal and an approaching protocol upgrade. The two rallies therefore share a broader risk-market backdrop, but their immediate catalysts and market structures remain distinct. The Fed’s decision and subsequent press conference will provide the next concrete macro input for Bitcoin before Wednesday’s U.S. session closes.
