Crypto and Gold Surge to New Highs

Find out our latest reports, listed below:

• Metaplanet Is Selling Vol, Who Is Next?

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• Bybit x Block Scholes August Volatility Review

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• Bybit x Block Scholes Quarterly Report: What will drive crypto in Q3 2025?

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Market Snapshot: Overnight Moves:

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Daily Updates:

• As BTC broke out to another new all-time high yesterday evening above $126K, it lifted a slew of BTC-related equities higher.
• Coinbase, Circle, MARA Holdings and Riot Platforms all rallied from between 2-11% in yesterday’s trading session.
• Digital asset treasury (DAT) equities also enjoyed a leg higher, after selling off quite aggressively during the dip in spot prices between mid-to-late September.
• Shares in Sharplink Gaming Inc and Bitmine Immersion Technologies, two of the largest ETH treasuries, surged 5.8% and 11.6% respectively. Bitmine is the largest ETH treasury company, announcing in a post yesterday total holdings of 2,830,151 ETH, more than 2% of the token’s supply.
• Similarly Solana based treasuries continue their accumulation with Solana Company (HSDT) up 12.0% following their announcement yesterday that it now holds over 2.2M SOL tokens and more than $15M in cash, giving the company a combined value of over $525M.

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• In options markets the recent push to all-time highs has resulted in a clustering of open interest in call options that expire at the end of the year with the most popular strike price being $140,000 on Deribit. Despite that, traders are still not showing signs of flat out euphoria yet — demand is still tilted towards puts across the whole term structure of volatility, suggesting traders are seeking protection against a downside move in spot price in the short-and long-term.

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• Alongside BTC, gold prices rallied to yet another record at the market open today ($3,976.25) with price closing in on the $4,000 mark. That brings the metal’s official year-to-date performance now up to 50%. US equity indexes also advanced, with the S&P 500 closing 0.36% higher.
• Long-term US treasuries declined slightly in yesterday’s trading session, alongside a decline in bonds in Europe and Asia.
• In Japan, the 30-year government bond yield rose to a new record high of 3.3% as Sanae Takaichi was elected leader of Japan’s ruling Liberal Democratic Party on the weekend, looking set to become the next prime minister of the country. Takaichi is regarded as pro-fiscal stimulus and an advocate for looser monetary policy, with markets fearing the Japanese government may have to issue more debt supply to finance her stimulus policies.
• In Europe, the yield on 10-year French bond yields rose 10bps to 3.6%, bringing the spread between French government bonds and German bunds to almost 90bps — the largest premium since the beginning of the year. That has occurred alongside unexpected resignation from the French Prime Minister Sebastien Lecornu, who is now the fourth PM in just over a year to resign over the same key problem: the difficulty of passing a budget that requires unpopular spending cuts and tax increases amongst a fractured parliament.
• Lecornu told reporters yesterday that “The conditions were no longer met for me to be able to exercise my functions as prime minister … I was ready to compromise but each political party wanted the other political party to adopt its entire program.”

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• At an event in Kansas City yesterday, the President of the Federal Reserve Bank of Kansas City Jeff Schmid warned that the Fed should be cautious about further rate cuts in order to moderate demand growth in the economy which could raise the risk of an outsized increase in consumer prices — “With inflation still too high, monetary policy should lean against demand growth to allow the space for supply to grow and relieve price pressures in the economy”.
• Schmid argued that overall he is “anticipating a relatively muted effect of tariffs on inflation, but I view that as a sign that policy is appropriately calibrated rather than a sign that the policy rate should be aggressively lowered.”

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This Week’s Calendar:

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Charts of the Day:

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