Gold’s Historic Rally Outshines Bitcoin Yet Analysts Stay Bullish: Crypto Daybook Americas

While gold's monumental surge makes Bitcoin's gains look modest by comparison, cryptocurrency analysts maintain unwavering optimism about digital assets' long-term trajectory.

The Precious Metal Paradox

Gold's record-breaking performance continues capturing headlines, delivering returns that temporarily overshadow Bitcoin's momentum. Yet seasoned market watchers see this as a temporary divergence rather than a fundamental shift in asset class dominance.

Analyst Confidence Unshaken

Despite the yellow metal's impressive run, crypto specialists point to Bitcoin's structural advantages—digital scarcity, borderless transfer capability, and growing institutional adoption. They argue gold's rally actually validates store-of-value narratives that ultimately benefit both assets.

The institutional money keeps flowing—even when traditional safe havens get their moment in the sun. Because nothing says 'modern portfolio' like chasing 19th-century metal performance while betting on 21st-century technology.

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Crypto
  • Oct. 8, 1 p.m.: Hedera (HBAR) mainnet upgrade to version 0.66.
• Macro
  • Oct. 8, 9:30 a.m.: Fed Governor Michael S. Barr speech at the 2025 Community Banking Research Conference in St. Louis. Watch live.
  • Oct. 8, 2 p.m.: Minutes from the Fed’s Sept. 16-17 FOMC meeting.
• Earnings (Estimates based on FactSet data)
  • Nothing scheduled.

Token Events

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Governance votes & calls
  • ZKSync DAO is voting on a proposal to allocate 25 million ZK tokens (~$1.25M) for the "Prividium Roadshow" through the end of 2026. Voting ends Oct. 8.
  • GMX is holding elections for Season 3 of its Listing Committee, which will select three members to oversee and approve new asset listings on GMX protocols.Voting ends Oct. 8.
  • Jito DAO is voting on a proposal to expand the validator set from 200 to 400 and update StakeNet’s ranking and eligibility criteria to address negative stake pool dynamics Voting ends Oct. 8.
• Unlocks
  • No major token unlocks.
• Token Launches
  • Oct. 8: Sky (SKY) to be listed on BitFlyer.

Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Day 2 of 2: FinTech LIVE London 2025
• Day 1 of 2: Digital Assets Week London 2025
• Day 1 of 2: Fintech Forward 2025 (Bahrain)

Token Talk

By Oliver Knight

• BNB Chain activity is continuing to dominate the altcoin sector this week; spurring a 10% daily gain for pancakeswap (CAKE) and a 3% rise for BNB despite the wider market cooling off.
• Spot trading volume on PancakeSwap hit $19 billion over the past 24 hours as traders attempt to capitalize on the latest wave of hype; Chinese-language memecoins that, in some cases, have already exploded to valuations upwards of $350 million.
• The momentum shift to BNB Chain away from the likes of Solana began following the emergence of Aster, a decentralized perpetual exchange that has regularly topped $100 billion in daily volume despite claims over trading flow disparities.
• Total value locked (TVL) on BNB Chain has increased from $6.5 billion to $9 billion since June, although it remains well below its record high of $26.3 billion set in 2021, suggesting the ecosystem has more room to grow.
• Much of the network's growth will also depend on the direction of the wider crypto market; BTC and ETH both gave back gains on Wednesday as the market begins to consolidate following another failed breakout.
• A move to the downside would likely weigh on BNB Chain as crypto traders often minimize risk by rotating to stablecoins, reducing the demand for speculative memeco

Derivatives Positioning

• Most major tokens have experienced a drop in futures open interest (OI) over the past 24 hours, with AVAX being a notable exception, posting a 2% rise in OI.
• This widespread decline suggests that recent price actions are largely due to profit-taking rather than an increase in bearish positions.
• Perpetual funding rates remain steady at or below an annualized 10%, reflecting a mild bullish sentiment in the market.
• On the CME, ether futures open interest has decreased to 2.16 million ETH from Monday’s peak of 2.34 million. Despite this retreat, overall positioning remains relatively high, especially when compared to bitcoin’s open interest, which is still well below its December 2024 high.
• Both BTC and ETH futures premiums on the CME continue to trade under 10%.
• On Deribit, the bitcoin options market shows a slightly negative skew across all tenors, indicating puts are somewhat more expensive relative to calls. Block trades predominantly feature bull call spreads in bitcoin and outright purchases of out-of-the-money ether calls.

Market Movements

• BTC is up 0.45% from 4 p.m. ET Tuesday at $122,564.51 (24hrs: -1.36%)
• ETH is down 0.62% at $4,484.06 (24hrs: -4.42%)
• CoinDesk 20 is down 0.22% at 4,228.30 (24hrs: -3.15%)
• Ether CESR Composite Staking Rate is up 4 bps at 2.89%
• BTC funding rate is at 0.0091% (9.9645% annualized) on KuCoin

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

Bitcoin Stats

• BTC Dominance: 59.11% (0.19%)
• Ether to bitcoin ratio: 0.03658 (-0.22%)
• Hashrate (seven-day moving average): 1,011 EH/s
• Hashprice (spot): $51.52
• Total Fees: 4.04 BTC / $498,734
• CME Futures Open Interest: 145,005 BTC
• BTC priced in gold: 30.5 oz
• BTC vs gold market cap: 8.62%

Technical Analysis

• The above chart shows the monthly performance of CAKE, the native utility and governance token for PancakeSwap, in candlestick format.
• While CAKE has surged over 70% this month, prices remain locked in a three-year-long consolidation channel.
• Prolonged periods of range play often resolve with a violent move in either direction. Watch out for a bullish breakout, as that could lead to a sharp rally.

Crypto Equities

• Coinbase Global (COIN): closed on Tuesday at $375.78 (-2.67%), +0.62% at $378.10 in pre-market
• Circle Internet (CRCL): closed at $148.72 (+0.14%), +1.14% at $150.41
• Galaxy Digital (GLXY): closed at $39.58 (+1.91%), +3.61% at $41.01
• Bullish (BLSH): closed at $65.1 (-5.36%), +1.01% at $65.76
• MARA Holdings (MARA): closed at $20.25 (-1.56%), +0.69% at $20.39
• Riot Platforms (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 at $17.96 (+3.04%), +3.17% at $18.53
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $53.38 (+2.08%), +1.12% at $53.98
• Exodus Movement (EXOD): closed at $29.71 (-6.28%)

• Strategy (MSTR): closed at $328.4 (-8.7%), +1.98% at $334.89
• Semler Scientific (SMLR): closed at $28.36 (-7.77%), +1.09% at $28.67
• SharpLink Gaming (SBET): closed at $17.77 (-7.64%), +0.62% at $17.88
• Upexi (UPXI): closed at $7.05 (-8.44%), +0.85% at $7.11
• Lite Strategy (LITS): closed at $2.45 (-5.77%), +2.45% at $

ETF Flows

Spot BTC ETFs

• Daily net flow: $875.6 million
• Cumulative net flows: $62.09 billion
• Total BTC holdings ~ 1.35 million

Spot ETH ETFs

• Daily net flow: $420.9 million
• Cumulative net flows: $15.03 billion
• Total ETH holdings ~ 6.79 million

Source: Farside Investors

While You Were Sleeping

• Gold Skyrockets Past $4K, Bitcoin Looks South as Dollar Index Hits 2-Month (CoinDesk): Gold is rallying despite dollar strength because structural and behavioral demand — from ETFs, central banks, and safe-haven buyers — is overwhelming the usual currency headwind.
• Bitcoin Under Pressure as Japanese Bond Yield Hits 17-Year High, Yen Depreciates (CoinDesk): Rising Japanese bond yields could push global interest rates higher, making investors more risk-averse — which tends to limit gains in assets like bitcoin.
• Dollar Closes in on Two-Month High as Global Fiscal Woes Mount (Bloomberg): Japan's fiscal issues, France's political instability and the surprise rate cut in New Zealand have weakened major currencies, pushing traders to favor the dollar as a relative haven.
• Investors Set to Reignite Yield Curve Steepening if Fiscal Worries Worsen (Reuters): Amundi and PIMCO say fiscal strains in major economies are likely to revive steep yield curves, as governments’ heavy spending keeps pressure on long-term borrowing costs.