Hey folks,
BTC pushed into uncharted territory last week, printing around $125.2k to $125.7k on October 5. That was the clean break the market was waiting for.
ETF engine is doing the heavy lifting
U.S. Spot Bitcoin ETFs pulled in roughly $3.24–$3.25 billion in the week ending October 3. That kind of flow parks coins inside funds, thins exchange supply, and adds a steady bid that compounds over time. It is the structural buyer that 2021 never had.
Macro mood gave the cover.
Mainstream coverage tied the push to safe haven appetite and the debasement trade. A softer dollar backdrop and policy uncertainty helped the move stick once the price pressed into new territory.
Breakout mechanics did the rest.
Once price took out the old peak, momentum systems and short covering chased the move higher.
New highs attract flows, and with fewer coins sloshing around on exchanges, the follow-through looked bigger.
What does this mean now?
Institutions have more pull on direction because ETF subscriptions set the pace each week.
As long as funds keep absorbing supply, rallies can stretch, but volatility near highs will stay sharp. ETH can wait its turn. For now, the market dances to bitcoin’s flow.
Action after the breakout
Solana's positioning grew on both crypto and regulated venues. Open interest in SOL futures hit a record of around 71.8 million SOL in late September, about $14.5 billion at the time.
CME also set plans to launch options on SOL and XRP futures on October 13, pending review.
That mix of positioning and product expansion keeps SOL on trader short lists even when spot chops.
DeFi fundamentals got a quiet win. Maple Finance shows multi-billion TVL with solid fee and revenue run rates. Not flashy. Very real.
Ethereum participated but lagged in leadership. The ETH to BTC ratio remains under 0.05, which tells you institutions are prioritizing the Bitcoin ETF bid first.
Rotation can come later once the initial wave of BTC demand settles.
The read
Follow the ETF flows. Respect the tape near highs. For alts, stick to names showing real positioning or real revenue. This is not financial advice. DYOR before you trade.
Bitcoin surged past a historic milestone, briefly crossing $125,700 for the first time. Meanwhile, altcoins such as Ethereum, XRP, and Dogecoin experienced minor pullbacks as investors locked in their profits. The market's mixed sentiment reflects broader macroeconomic pressures, including concerns over a potential U.S. government shutdown. Notable gainers of the day include MNT, SPX, and APT.
Weekly price movement:
BTC $123,849 ⏫ 10.35% (7d)
ETH $4,564 ⏫ 10.59% (7d)
MNT $2.12 ⏫ 15.69% (7d)
SPX $1.57 ⏫ 57.47% (7d)
APT $5.35 ⏫ 24.79% (7d)
(All data here as of 2:10 p.m., 6 October 2025)
Before we conclude, here’s a quick look at some important news from around the crypto world.
The US SEC has cracked the door to welcome crypto custody at a wide range of firms that have earned state charters as trust companies—a list that would include the trust affiliates of Coinbase, Kraken, and other high-profile names in the crypto industry. The SEC issued a document that ensures that the regulator doesn’t intend to pursue any enforcement actions by those engaging in specific activity—in this case, that SEC-registered advisers and funds can park digital assets in state trusts, according to CoinDesk.
Metaplanet is now the fourth-largest Bitcoin treasury company, having acquired 5,288 BTC for $615.67 million at an average price of $116,870 per bitcoin. This acquisition brings its Bitcoin yield for 2025 to 497.1%, according to CEO Simon Gerovich. In total, Metaplanet holds 30,823 BTC, accumulated for $3.33 billion at an average price of $107,912 per bitcoin, according to CoinDesk.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋