Exchanges Suspend Polygon POL Transactions Amid Network Upgrade

On October 8, 2025, cryptocurrency markets observed a shift in sentiment as the Fear and Greed Index dropped from 70 to 60.

This moderate transition in sentiment suggests potential volatility in token prices, with market participants expected to scrutinize upcoming token unlocks and network developments closely.

Market Dynamics Amid Network Upgrades and Regulatory Moves

Binance and Bithumb’s decision to suspend POL deposits aligns with the Polygon (POL) network upgrade on October 8, posing potential effects on the token’s accessibility. Trading activities remain unaffected, ensuring some level of market stability. Base mainnet’s adoption of the Optimism Superchain U16A upgrade adds another layer to today’s developments, temporarily limiting withdrawals while other on-chain actions persist. The UK FCA’s announcement to permit retail trading of crypto ETNs while maintaining its derivatives’ ban further defines today’s key financial landscape.

The potential increases in liquidity, particularly through the $60 million unlock of APT and further $29 million in LINEA, might influence volatility. Observing the dip in the Fear and Greed Index from 70 to 60, the market perception stays within the “Greed” category, indicating cautious optimism among investors.

The FCA is opening access to crypto exchange-traded notes (ETNs) for retail investors from October 8, subject to trading on FCA-approved UK investment exchanges. The ban on retail exposure to crypto derivatives remains in effect.

Market Data and Insights

Did you know? Previous Polygon mainnet upgrades have shown that while short-term disruptions in token transfer services occur, these have not traditionally led to long-term price changes unless tied to broader protocol shifts.

According to CoinMarketCap, Polygon, previously known as MATIC, reports a current price of $0.24, with a market cap of approximately $2.48 billion and a 24-hour trading volume of about $204.20 million. Notably, Polygon’s price witnessed a 4.97% decline over the past day yet has displayed an uptrend of 13.01% over the last 90 days. Despite a circulating supply of approximately 10.51 billion tokens, its market dominance remains at 0.06%.

Market responses to these developments show a varied landscape; Bitcoin’s price drops below $121,000, contrasting with BNB’s rise to levels between $1,278 and $1,309 USDT. ETH experiences significant whale activities with large deposits, which traditionally signal potential sell pressures.