Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$125,434, up by 2.3 percent in 24 hours. Its lowest valuation of the day was US$124,565, and its highest was US$126,080. Bitcoin achieved its strongest weekly close at US$123,400 on October 3, affirming entry into a new price discovery phase, before hitting new highs on Monday.

Bitcoin price performance, October 6, 2025.

Chart via TradingView.

Bitcoin’s market cap briefly surpassed US$2.5 trillion, driving a record US$5.95 billion into digital assets.

Bitcoin dominance in the crypto market now stands at 54.49 percent.

On-chain data indicates that Bitcoin is entering a renewed accumulation phase, marked by reduced selling pressure from long-term holders and stabilization among short-term investors. Strong institutional exchange-traded fund (ETF) inflows, increased on-chain transfer volumes and healthy derivatives market indicators form a strong structural base for potential further gains, but tight Bollinger Bands point to impending short-term volatility and price consolidation.

Bitcoin researcher Axel Adler Jr. highlights that Bitcoin is trading near the upper boundary of the 21 day Donchian channel. The Bitcoin futures flow index reading of 96 percent signals sustained bull pressure.

Adler also points out that the short-term holder MVRV ratio is nearing resistance around US$133,000, indicating potential near-term profit taking. Scenarios include momentum-driven consolidation between US$122,000 and US$124,000, or a mean reversion pullback to US$118,500 to US$120,000, supported by key moving averages.

Ether (ETH) has exceeded Bitcoin’s upward price movement, rising by roughly 5.2 percent in the last 24 hours to US$4,725.31, its highest valuation of the day. Its lowest valuation was US$4,589.41.

Ether continues to hold firm above its US$4,500 support, with market watcher Ted Pillows highlighting US$4,750 as the next major resistance level for the cryptocurrency. However, he also warned that a drop below the US$4,250 to US$4,060 zone would shift momentum back to the bears.

Altcoin price update

• Solana (SOL) was priced at US$235.40, an increase of 3.7 percent over the last 24 hours. Its lowest valuation on Monday was US$233.70, and its highest was US$237.29.

• XRP was trading for US$3.03, up by 2.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.99, and its highest was US$3.05.

ETF data and derivatives trends

The Fear & Greed Index currently reads 59, remaining firmly in neutral territory since the tail end of last week.

Last week, the cumulative net flow for spot Bitcoin ETFs was predominantly positive, with several days of inflows. According to data from the week of September 29 to October 3, spot Bitcoin ETFs had inflows on all five days, with October 3 recording the highest inflows at US$985.08 million. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

Cumulative total inflows for spot Bitcoin ETFs stood at US$60.05 billion as of October 3.

The derivatives landscape reflects cautiously bullish sentiment, with the perpetual funding rate holding steady at 0.01, indicating balanced positioning between longs and shorts in the perpetual swap markets.

The session saw US$27.76 million in liquidations over the last four hours, predominantly impacting short positions, a signal of aggressive short covering as price momentum accelerated. Open interest retreated by 0.44 percent in the same span, to US$94.83 billion, suggesting some deleveraging or profit-taking after the day’s strong rally.

Despite the slight pullback in open interest, the notional value in major futures and options contracts remains near record levels, underscoring persistent institutional and speculative engagement. Implied volatility stands at 40.9, reflecting a moderate risk premium amid heightened spot activity and brisk rotation across both futures and options venues. With options open interest surging to historic highs and spot/volatility correlations positive, traders are leaning on structured call spreads rather than outright longs to manage term premiums and risk.

Today’s crypto news to know

Grayscale launches first US spot crypto ETPs with staking

Grayscale Investments has launched the first US-listed spot crypto exchange-traded products (ETPs), enabling staking for its Grayscale Ethereum Trust ETF (ARCA:ETHE), Grayscale Ethereum Mini Trust ETF (ARCA:ETH) and Grayscale Solana Trust (OTCQX:GSOL), the last of which is awaiting regulatory approval to uplist as an ETP.

Traditional brokerage investors can now earn passive staking rewards, which have been limited to native crypto platforms, through regulated funds, providing exposure to the Ethereum and Solana networks.

“Staking in our spot Ethereum and Solana funds is exactly the kind of first mover innovation Grayscale was built to deliver,” said Grayscale CEO Peter Mintzberg in a press release.

“As the #1 digital asset-focused ETF issuer in the world by AUM, we believe our trusted and scaled platform uniquely positions us to turn new opportunities like staking into tangible value potential for investors.”

Grayscale will manage staking via institutional custodians and diversified validator networks to reduce risks. The launch represents a milestone in crypto product sophistication and regulatory acceptance, and is expected to attract institutional capital and deepen investor participation in staking rewards.

Morgan Stanley endorses Bitcoin allocation for client portfolios

Morgan Stanley’s (NYSE:MS) Global Investment Committee has formally advised clients to include digital assets in their portfolios, marking a significant policy shift for one of Wall Street’s most established banks.

In a note dated Sunday (October 5), the firm recommends up to 4 percent crypto exposure in “opportunistic growth” portfolios and up to 2 percent for “balanced growth” accounts. The report also emphasizes Bitcoin’s role as a “scarce, digitally native asset” with increasing institutional relevance.

While many investors view the move as validation of Bitcoin’s maturing status and the formal ushering of crypto’s ‘mainstream era,’ some traders called it “too late” given prior gains.

Morgan Stanley also confirmed that its E*Trade platform will soon allow trading in Bitcoin, Ether and Solana via a partnership with ZeroHash.

Coinbase seeks national trust charter to expand payment services

Coinbase Global (NASDAQ:COIN) has applied for a national trust company charter from the US Office of the Comptroller of the Currency, a move designed to expand its payments and custody operations under unified federal oversight.

In an October 3 blog post, Vice President Greg Tusar clarified that Coinbase “has no intention of becoming a bank,” but aims to streamline regulation for new financial products.

Approval would enable Coinbase to scale its recently launched Coinbase Payments platform, which facilitates stablecoin transactions for merchants on Shopify (NYSE:SHOP) and eBay (NASDAQ:EBAY).

Coinbase has also deepened partnerships with JPMorgan Chase (NYSE:JPM), enabling direct account links between Chase customers and Coinbase wallets through API integration.

Similar Office of the Comptroller of the Currency charter applications have been filed by other platforms as digital payment infrastructure moves further into mainstream finance.

Plume Network registers as transfer agent

Plume Network, a layer-2 blockchain focused on tokenizing real-world assets (RWAs), announced it has registered as a transfer agent with the US Securities and Exchange Commission (SEC).

The move allows Plume to manage tokenized securities under US law, automating traditional transfer agent functions like shareholder registry management and corporate action reporting onchain.

This development comes amid efforts to integrate traditional finance with blockchain technology, specifically through the issuance and management of tokenized securities. Institutional involvement in the RWA market is still in its early stages, primarily focusing on low-risk instruments like US treasury bills.

Potential exists for expanding into new fundraising and investor engagement methods.

Platinum supply under pressure

Supply constraints are an ongoing trend in the platinum market and a major driver of prices in 2025.

In its Q2 Platinum Quarterly, the World Platinum Investment Council (WPIC) predicts that global platinum mine supply will drop by 6 percent to 5.43 million ounces for this year.

Heavy rainfall and flooding in top producer South Africa in the first quarter of the year had a major impact on an industry already reeling from high-cost electricity and dwindling reserves.

In late August, Paul Dunne, CEO of Northam Platinum Holdings (JSE:NPH) in South Africa, told Reuters that a higher platinum price in 2025 will likely not do much to alleviate the pressures facing production in the country.

“Recent price appreciation is offering some relief to the (platinum-group metals) sector,” he said in a statement. “However, it is still not yet at levels that will support sustainable mining across the industry and certainly not the much-needed development of new operations.”

Suffice it to say that problems in the supply side will continue to support platinum over the longer term.

Platinum demand seen as sustainable

As for platinum demand, Mykuliak sees a few key important drivers, including autocatalysts for hybrid vehicles, increased hydrogen adoption for industrial uses and Chinese demand for platinum jewelry as an alternative to gold.

In the automotive industry, platinum is used in catalytic converters for vehicle exhaust systems for emissions control. The rise of electric vehicles (EVs), which do not require catalytic converters to control emissions, is expected to cut into platinum demand over time.

However, high costs and range anxiety are leading auto buyers to choose hybrids over battery EVs. Because hybrid engines still require catalytic converters, the auto sector continues to be a reliable source for platinum demand.

In the hydrogen sector, platinum has a role as a catalyst in the proton exchange membrane electrolyzers used for green hydrogen production and in hydrogen fuel cells. The WPIC has noted that the hydrogen market be ‘a meaningful component of global demand by 2030 and potentially the largest segment by 2040.’

As for jewelry demand, the WPIC is predicting an increase of 11 percent year-on-year to 2.23 million ounces in 2025. China is expected to represent more than one quarter of that growth as the fabrication of platinum jewelry in the region is expected to grow by 42 percent to 585,000 ounces.

Platinum price outlook

The platinum price has since pulled back from the US$1,600 level, coming in at US$1,558 in midday trading on Thursday (October 2). But a correction is expected in the short term, explained Mykuliak, who believes the fundamental outlook for the precious metal is still positive.

“Looking ahead, I expect volatility. My base case is a US$1,650-US$1,750 range by the year-end, with possible dips toward US$1,450 if profit-taking intensifies,” she said. “On the upside, if South African power disruptions worsen or hydrogen policies accelerate, US$1,850-US$1,950 is realistic, with US$2,000 also within reach.”

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$120,724, trading 13 percent higher over the past 24 hours. Its lowest valuation of the day was US$118,777, while its highest was US$121,044.

Bitcoin price performance, October 3, 2025.

Chart via TradingView

Over the next five years, Bitcoin could realistically reach US$200,000 to US$500,000 per coin, according to an emailed note from Bitget Chief Analyst Ryan Lee. Lee sees sustained institutional inflows and broader mainstream adoption as key drivers, with more than 20 percent of global financial institutions expected to integrate Bitcoin exposure.

Emerging markets, in addition, may increasingly use it as a hedge against inflation, although risks such as geopolitical tensions or technological vulnerabilities could still trigger sharp 30 to 50 percent drawdowns.

Lee also stressed that, ‘regulatory clarity, particularly from bodies like the SEC and EU’s MiCA framework, will be pivotal in reducing uncertainty and encouraging wider participation, potentially unlocking trillions in sidelined capital if frameworks remain innovation-friendly.’

Bitcoin dominance in the crypto market is at 56.53 percent, showing a slight week-on-week dip.

Ether (ETH) is also performing well, up 2.8 percent over 24 hours to US$4,469.84. Ether’s lowest valuation on Friday was US$4,358.45, and its highest was US$4,549.77.

Momentum indicators are reinforcing the bullish case for ETH. Both the 25-day and 50-day moving averages are acting as resistance, and analysts see a decisive close above US$4,500 as the next trigger. From there, projections point to an 80–100 percent rally into 2026, with Ether’s recent low now looking like a confirmed floor.

Altcoin price update

• Solana (SOL) was priced at US$220.16, an increase of 5.4 percent over the last 24 hours. Its lowest valuation on Wednesday was US$217.81, and its highest valuation was US$220.69.

• XRP was trading for US$2.96, up by 3.2 percent over the last 24 hours, and its highest valuation of the day. Its lowest valuation of the day was US$2.92.

ETF data and derivatives trends

Spot Bitcoin exchange-traded funds (ETFs) continued to see institutional demand this week. U.S. spot Bitcoin ETFs recorded roughly US$2.25 billion in weekly inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT) (NASDAQ:IBIT), which accounted for the largest single-fund purchases (IBIT bought roughly US$400–470 million on heavy flow days).

Total assets under management across US Bitcoin spot ETFs are now estimated at about US$155 billion, up from roughly US$100 billion earlier in the year, with major funds such as Fidelity’s (TSX:FBTC) and ARK 21Shares (BATS:ARKB) also posting notable inflows during the same stretch.

Today’s crypto news to know

Stablecoin market passes US$300 billion

The stablecoin market has climbed past US$300 billion for the first time, but analysts caution that current momentum may not be enough to meet future targets.

Coinbase projects the market will reach US$1.2 trillion by 2028, while Standard Chartered pegs it closer to US$2 trillion and Citi expects more than US$4 trillion by 2030.

Growth this year has averaged about US$10 billion in new issuance each month — a pace that would take over five years to meet the lower end of forecasts. Tether’s USDT remains the clear leader, holding 58 percent of supply and adding USD$2.6 billion in circulation this week.

Circle’s USDC and Ethena’s USDe also expanded, while BlackRock’s USD and PayPal’s PYUSD posted some of the strongest percentage gains.

The growth streak marks the fastest since early 2021, when the sector ballooned nearly 300 percent in half a year.

Sanctioned rouble stablecoin draws attention at Token2049

A rouble-pegged stablecoin, already under US and UK sanctions, surfaced as a sponsor of the Token2049 conference in Singapore, according to a Reuters report.

The token, known as A7A5, was launched in January by a Russian defense-linked lender and a Kyrgyz payments firm, and has been flagged by Western officials as a tool for sanctions evasion.

Despite this, the company behind A7A5 held a booth at the conference, was listed as a platinum sponsor, and even saw one of its executives speak on stage before references were removed following media inquiries.

Trading in the token has surged, reflecting rising demand from Russian users locked out of traditional banking systems.

Strategy’s Bitcoin holdings reach record US$77.4 billion

Corporate Bitcoin pioneer Strategy has disclosed that its BTC holdings are now worth US$77.4 billion, the highest in its history.

The company first began buying Bitcoin in 2020, when its position was worth about US$2.1 billion, a move initially seen as radical.

Since then, its treasury has ridden multiple market cycles, growing to US$5.7 billion by 2021, falling back to US$2.2 billion during the 2022 crash, and then steadily building through consistent purchases.

By 2023, Strategy’s holdings were valued at US$8 billion, and by 2024 they had reached US$41.8 billion. The 2025 rally, which has pushed Bitcoin above US$124,000, has nearly doubled the value of its stack in less than a year.

Separately, Strategy secured relief from a looming tax liability after the IRS ruled that unrealized crypto gains will not count toward the 15 percent corporate minimum tax.

Platinum supply under pressure

Supply constraints are an ongoing trend in the platinum market and a major driver of prices for the metal in 2025.

In its Q2 2025 Platinum Quarterly, the World Platinum Investment Council (WPIC) predicts that global platinum mine supply will drop by 6 percent to 5.43 million ounces for this year.

Heavy rainfalls and flooding in top producer South Africa in the first quarter of the year had a major impact on an industry already reeling from high-cost electricity and dwindling reserves.

In late August, Paul Dunne, CEO of Northam Platinum (JSE:NPH) in South Africa told Reuters that higher platinum prices in 2025 will likely not do much to alleviate the pressures facing platinum group metals (PGM) production in the country.

“Recent price appreciation is offering some relief to the PGM sector,” he said in a statement. “However, it is still not yet at levels that will support sustainable mining across the industry and certainly not the much-needed development of new operations.”

Suffice it to say that problems in the supply side of the market will continue to support platinum prices over the longer-term.

Platinum demand seen as sustainable

As for platinum demand, Mykuliak sees a few key important drivers including auto catalysts for hybrid vehicles, increased hydrogen adoption for industrial uses and Chinese demand for platinum jewelry as an alternative to gold.

In the automotive industry, platinum is used in catalytic converters for vehicle exhaust systems for emissions control. The rise of electric vehicles (EVs), which do not require catalytic converters to control emissions, is expected to cut into platinum demand over time.

However, high costs and range anxiety are leading auto buyers to choose hybrids over battery EVs. Because hybrid engines still require catalytic converters, the auto sector continues to be a reliable source for platinum demand.

In the hydrogen sector, platinum has a role as a catalyst in the proton exchange membrane electrolyzers used for green hydrogen production and in hydrogen fuel cells. The WPIC has noted that the hydrogen market be ‘a meaningful component of global demand by 2030 and potentially the largest segment by 2040.’

As for jewelry demand, the WPIC is predicting an increase of 11 percent year-on-year to 2.23 million ounces in 2025. China is expected to represent more than one quarter of that growth as the fabrication of platinum jewelry in the region is expected to grow by 42 percent to 585,000 ounces.

Platinum price outlook

The platinum price has since pulled back from the US$1,600 level to US$1,558 per ounce in midday trading on Thursday (October 2). But a correction is expected in the short-term, explained Mykuliak, who believes the fundamental outlook for platinum is still a positive one.

“Looking ahead, I expect volatility. My base case is a US$1,650-US$1,750 range by the year-end, with possible dips toward US$1,450 if profit-taking intensifies,” she said. “On the upside, if South African power disruptions worsen or hydrogen policies accelerate, US$1,850-US$1,950 is realistic, with US$2,000 also within reach.”