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The historic run dwarfs of gold but a positive catalyst can wait: Crypto Daybook Americas

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By Francisco Rodrigues (all time and unless indicated otherwise)

As gold pushed to $ 4,000 per ounce mark at the first time, the Bitcoin Btc$122,960.53 Lost 1.25% of its value and the broader crypto market, as measured by Coindesk 20 (CD20) Index, dropped by 3%.

The fall came in the middle of earning income after the crypto market rose more than 7.7% less than a week and as The paper obtained whales worsen. The difference is also coming as the US Dollar Index (DXY) rises to its highest level in two months.

Gold, which has long been viewed as a safe shelter, has rarely raw over 50% this year. Gold-related funds flows (ETF) has accelerated, with now holds at their highest levels since late 2022, According to Ing.

Investors are looking for a cover from increasing political risk, including a new French leadership crisis and growing tension in the direction of Japan’s fiscal policy. Meanwhile, the US government’s shutdown, which is now in the second week, delayed the basic economic data and added to concerns about its fiscal perspective.

Bitcoin, while often considered a fence against uncertainty, was struck by the rising US dollars and short-term whales that move their BTC to exchanges, suggesting that they move to lock the income.

Adding to Bitcoin headwinds is the sharp rise of Japanese government bond yields, which leap into a 17-year high this week. The 10-year yield touched 1.70%, pricing the fiscal risks of incoming prime minister Sanae Takaichi’s abenomics-inspired spending agenda.

Per Goldman Sachs, pressure from Japanese bold produce can rotate in global bonds. Higher bond yields tend to tighten financial conditions worldwide and reduce investor appetite for riskier assets such as BTC.

However, the institutional interest in the debris of Bitcoin. Listed areas listed in the US added more than $ 3 billion in the flow last week, pushing a total net flow of $ 60 billion. This week, an additional $ 2 billion was brought, per Socal.

Other developments include S&P Global released Digital Markets 50 Index Benchmark monitors 15 cryptocurrencies and 35 Crypto equality, while Intercontinental Exchange has invested A $ 2 billion investment In the predictions of the crypto-native Polymarket market.

“In the near term, Bitcoin’s main perspective remains positive, supported by expectations of financial prevention, constant ETF flows, and continues to be safely demanded,” Linh Tran, market analyst at XS.com, said in an email statement. “If the Fed delivers clearer signals about starting a cut-cut rate at upcoming meetings, Bitcoin is likely to continue to benefit, with a room higher in new price territories in the fourth quarter.”

The next test can come from the Federal Reserve. Entrepreneurs are pricing rates on rates, and if the Fed confirms a move towards emergence, both gold and bitcoin can see a modified momentum.

Stay alert!

What to watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto’s early weeks“.

Crypto
Macro
- October 8, 9:30 AM: Fed Governor Michael S. Barr Speeal at the 2025 Community Banking Research Conference in St. Louis. Watch live.
- October 8, 2 pm: Minute from Fed’s Sept. 16-17 FOMC meeting.
We are (Estimates based on factset data)

Events with the token

For a more comprehensive list of events this week, see CoinDesk’s “Crypto’s early weeks“.

Votes and Management Calls
- Zkync Dao is voting on a proposal To allocate 25 million ZK tokens (~ $ 1.25m) for “prividium roadshow” until the end of 2026. Voting ends October 8.
- GMX is election holder For Season 3 of its listing committee, the three members will choose to guard and approve new list of GMX protocols.Voting ended October 8.
- Jito Dao is voting on a proposal to Expand the set of validator From 200 to 400 and update ranking standards and stakenet’s eligibility to meet the negative stake pool Dynamic voting ends on October 8.
Unlocks
Launching a token
- October 8: Sky (Sky) listed in Bitflyer.

Conference

For a more comprehensive list of events this week, see CoinDesk’s “Crypto’s early weeks“.

Token talk

By Oliver Knight

BNB chain activity will continue to dominate the Altcoin sector this week; The -Spurring of 10% day -sun gain for Cake$4.3472 and a 3% increase for BNB despite the broader cooling of the market.
The amount of trade in the Pancakeswap spot hit $ 19 billion in the past 24 hours as entrepreneurs attempted to achieve the latest hype wave; Chinese memecoins that are Chinese that, In some caseshas already exploded in values as of $ 350 million.
The momentum shift in the BNB chain far from Solana’s wishes began to adhere to the emergence of aster, a decentralized ongoing replacement that regularly led $ 100 billion in the sunny volume despite the claims to differences -will of trade flow.
The total amount locked (TVL) in the BNB chain has increased from $ 6.5 billion to $ 9 billion since June, though it remains well under the record of $ 26.3 billion set in 2021, suggesting that the ecosystem has more room to grow.
Most of the network’s growth also depends on the direction of the broader crypto market; Both BTC and ETH returned on Wednesday as the market begins to combine compliance with another failed breakout.
A move on the downside is likely to weigh in the BNB chain because crypto entrepreneurs often reduce risk by spinning the stablecoins, reducing demand for speculation -haka memeco

Derivatives positioning

Most of the major tokens have experienced a collapse in Futures Open Interest (OI) in the last 24 hours, with Avax a well -known exception, posting a 2% increase in the OI.
This widespread denial suggests that recent price actions are largely due to income extraction rather than an increase in bearish positions.
Eternal funding rates remain stable at or below an annual 10%, reflecting a mild bullish emotion in the market.
In CME, the Ether Futures Open interest was reduced to 2.16 million ETH from Monday’s peak of 2.34 million. Despite this retreat, the general positioning remains relatively high, especially compared to the open interest of Bitcoin, which is still below the high December 2024.
Both BTC and Eth futures premiums in CME continue to trade under 10%.
In the derivit, the Bitcoin choice market shows a slightly negative skew on all tenors, indicating the puts are a bit more expensive relative -child in calls. Block trades are predominantly featuring a bull call that spreads to Bitcoin and clearly buy out -of -money calls.

Movements in the market

BTC reached 0.45% from 4 pm et Tuesday at $ 122,564.51 (24hrs: -1.36%)
ETH dropped 0.62% to $ 4,484.06 (24hrs: -4.42%)
CoinDesk 20 dropped 0.22% to 4,228.30 (24hrs: -3.15%)
The ether CESR composite staking rate is up to 4 bps at 2.89%
BTC funding rate is at 0.0091% (9.9645% annual) in Kucoin

DXY reached 0.38% to 98.95
Gold futures reached 1.43% to $ 4,061.80
Silver futures reached 2.51% to $ 48.71
Nikkei 225 closed 0.45% to 47,734.99
Hang Seng closed 0.48% to 26,829.46
FTSE reached 0.54% to 9,535.15
Euro Stoxx 50 reached 0.39% to 5,635.69
DJIA closed on Tuesday down 0.2cesr% to 46,602.98
S&P 500 closed 0.38% to 6,714.59
The Nasdaq Composite closed 0.67% to 22,788.36
The S&P/TSX Composite closed 0.59% to 30,351.72
S&P 40 Latin America closed 1.3% to 2,839.90
US 10-year Treasury Rate dropped 1.6 bps to 4.111%
E-Mini S&P 500 futures are up to 0.15% to 6,771.50
E-Mini Nasdaq-100 Futures reached 0.21% to 25,091.00
The E-Mini Dow Jones Industrial Average Index is up to 0.16% to 46,925.00

Bitcoin stats

BTC Dominance: 59.11% (0.19%)
Ether in bitcoin ratio: 0.03658 (-0.22%)
Hashrate (seven-day average move): 1,011 eh/s
HASHPRICE (spot): $ 51.52
Total Fees: 4.04 BTC / $ 498,734
CME Futures Open Interest: 145,005 BTC
BTC is priced in gold: 30.5 oz
BTC vs Gold Market Cap: 8.62%

Technical analysis

Monthly cake chart in Candlestick format. (TradingView/CoinDesk) — Monthly cake chart. (TradingView/CoinDesk)

The above chart shows the monthly performance of the cake, the native utility and token of management for pancakeswap, in the candle format.
While the cake progressed by more than 70% this month, prices remain locked in a three-year-old channel.
Long -term gaming periods are often resolved with a violent move in either direction. Watch out for a bullish breakout, as it can lead to a sharp rally.

Crypto equities

Coinbase Global (coin): Closed on Tuesday at $ 375.78 (-2.67%), +0.62% at $ 378.10 to pre-market
Circle Internet (CRCL): closed to $ 148.72 ( +0.14%), +1.14% at $ 150.41
Galaxy Digital (GLXY): closed to $ 39.58 ( +1.91%), +3.61% at $ 41.01
Bullish (BLSH): closed to $ 65.1 (-5.36%), +1.01% at $ 65.76
Mara Holdings (Mara): closed at $ 20.25 (-1.56%), +0.69% at $ 20.39
Riot Platform (RIOT): Closed at $ 21.47 (-0.42%), +1.30% at $ 21.75
Core Scientific (Corz): closed at $ 17.1 (-4.52%), +0.88% at $ 17.25
CleansPark (CLSK): closed to $ 17.96 ( +3.04%), +3.17% at $ 18.53
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): Closed to $ 53.38 ( +2.08%), +1.12% at $ 53.98
Exodus Movement (EXOD): Closed to $ 29.71 (-6.28%)

Crypto treasury companies