diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8f36a597..78bed535 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,21 @@
 # Optimizely Python SDK Changelog
 
+## 5.8.0
+October 30th, 2026
+
+### Changed
+
+**Local Holdouts: rule evaluation continues after a holdout hit**: 
+When a user matches a local holdout on a rule, the SDK now excludes the user from that rule only 
+and continues evaluating the remaining rules, instead of returning the holdout variation and skipping 
+the rest of the flag. Each local holdout hit sends its own holdout impression event (using the 
+existing event format), regardless of `sendFlagDecisions`. Global holdouts are unchanged.
+
+- Continue rule evaluation after local holdout hit ([#525](https://github.com/optimizely/python-sdk/pull/525))
+- Remove dead Python 3.7 typing guards ([#526](https://github.com/optimizely/python-sdk/pull/526))
+
+---
+
 ## 5.7.0
 September 2nd, 2026
 
diff --git a/optimizely/version.py b/optimizely/version.py
index 88def819..ea301762 100644
--- a/optimizely/version.py
+++ b/optimizely/version.py
@@ -11,5 +11,5 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-version_info = (5, 7, 0)
+version_info = (5, 8, 0)
 __version__ = '.'.join(str(v) for v in version_info)