Bitcoin Breaks All-Time High as Q4 Rally Gains Steam

As we move into Q4, the bullish momentum across digital assets continues to strengthen. After closing September with a green monthly candle, Bitcoin has carried that strength into October, breaking through $126K to reach a new all-time high. The move comes as investors rotate into Bitcoin and Gold as we are seeing a weakening U.S. dollar and growing macro uncertainty, reinforcing Bitcoin’s role as a hedge and a leading store of value in this environment.

Altcoins are following suit, with BNB outperforming majors and Ethereum seeing sustained institutional inflows through ETFs and treasury accumulation. Meanwhile, traditional finance’s integration with crypto is deepening, highlighted by the upcoming launch of the S&P Digital Markets 50 Index, a development that signals accelerating adoption and the continued maturation of digital assets as the cycle progresses into Q4.

Weekly Price Update

Bitcoin Surges to New All-Time High at $126K

The Q4 bullish narrative continues to strengthen as Bitcoin broke to a new all-time high of $126,000, extending the momentum we highlighted last week. A key driver has been the renewed surge in Bitcoin ETF inflows, which have already totalled $4.3B in October alone. This mirrors the same pattern we saw in October 2024, when a sharp rise in ETF demand kick-started Bitcoin’s last major rally.

At the same time, gold hit $4,000 for the first time in history, while the U.S. dollar has fallen more than 10% year-to-date, reflecting growing macro uncertainty and a clear rotation into hard assets. Investors appear to be hedging against weakening fiat confidence by allocating to Bitcoin and gold as stores of value.

Interestingly, Google search interest for “Bitcoin” remains subdued despite the new highs, suggesting this move is being led primarily by institutional capital, with retail demand still on the sidelines. Historically, this setup has marked the early stages of major cycle expansions. After several strong daily closes, BTC has begun to cool off slightly, with $119K–$121K now the zone to watch as potential new support.

BNB Rally Overtakes XRP as the Third Largest Cryptocurrency

Binance Coin (BNB) has surged to a new all-time high, overtaking XRP to become the third largest cryptocurrency by market capitalisation. The token is now up over 130% year-to-date, fuelled by strong ecosystem growth and deepening liquidity. A key driver behind this move has been the $130M inflows bridged into the BNB Chain in the past 7 days, with on-chain data clearly showing growing cross-chain demand and renewed confidence in the Binance ecosystem.

Total $ Transfer Between Chains

The launch of Aster DEX, a decentralised perpetual exchange built on BNB Chain has also played a major role in reigniting interest. Aster has rapidly become one of the most active DEXs, attracting significant liquidity and trading volumes, which directly benefits BNB through fees, burns, and staking demand. During our time at Token2049 in Singapore, many industry leaders we spoke with expressed strong conviction in perpetual exchanges like Aster as the next major growth sector in DeFi.

With Total Value Locked (TVL) on BNB Chain climbing from $5.6B in June to over $9.1B today, liquidity depth and user engagement continue to rise. Coupled with CZ’s (Binance Founder) ongoing visibility on X and several new Binance alpha listings performing strongly post-launch, the Binance ecosystem currently seems to have found a sweet spot, combining strong fundamentals, trading flows, and growing institutional and retail attention.

S&P Global Launching the S&P Digital Markets 50 Index

S&P Global has announced plans to launch the S&P Digital Markets 50 Index, a major step toward bridging traditional finance and digital assets. The index will include 35 U.S. equities tied to blockchain infrastructure and crypto-related services, alongside 15 leading cryptocurrencies selected by the S&P Cryptocurrency Board Digital Market Index.

The product offers investors a unified, accessible way to gain exposure to both crypto assets and publicly listed companies building in the space all through a single, regulated instrument. It’s also built for diversification, with strict weighting caps ensuring that no individual asset exceeds 5% of the index, reducing concentration risk in an otherwise volatile sector.

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Just as importantly, the index delivers transparency and institutional trust, backed by S&P Global, the same name behind the S&P 500. Investors will have full visibility into weightings, methodology, and rebalancing, setting a new benchmark for how crypto exposure can be structured inside traditional portfolios.

From a broader perspective, this development reflects how U.S. regulatory clarity and mainstream adoption are beginning to converge. With clearer frameworks now in place for ETFs and custody, products like this can finally move forward, signalling that crypto is maturing into a recognised global asset class, rather than a speculative niche.

Ethereum Treasuries and ETFs Now Hold Over 10% Supply

Institutional demand for Ethereum continues to accelerate, with seven consecutive days of positive ETF inflows led by BlackRock. Collectively, Ethereum treasuries and spot ETFs now hold over 12 million ETH, representing more than 10% of total supply, a major milestone in the asset’s institutional adoption. Of this, 5.66M ETH is held by treasury companies, while 6.8M ETH sits within spot ETFs. October alone has seen $790M in ETH inflows, highlighting institutional investment in Ethereum is still active.

Among treasuries, Tom Lee’s BitMine Immersion Technologies continues to lead, holding 2.83M ETH, nearly halfway toward its goal of acquiring 5% of Ethereum’s total supply. BitMine now stands as the largest Ethereum treasury and the second-largest crypto treasury overall, reflecting the scale of institutional positioning underway.

ETH Supply Held by ETF's or Treasuries

After cooling off in September while Solana led the market rotation, momentum now appears to be shifting back toward Ethereum. With consistent ETF inflows, growing treasury adoption, and improving technical structure, ETH looks well positioned for a strong Q4 resurgence and may continue to outperform Solana until SOL ETF's are announced which can come this month.

UpTrade at Token2049 Singapore

We’ve just wrapped up an incredible week at Token2049 in Singapore, and what a ride it’s been. From back to back meetings with founders to hearing insights from some of the biggest names in crypto, it was a week packed with energy, innovation, and forward looking discussions.

We had the chance to hear from Tom Lee, Jesse Pollak (Creator of Base), the CEO of Hyperliquid, Donald Trump Jr., and many others shaping the next phase of the industry.

We also spent time at Solana’s event exploring new development and innovation, and joined Sui’s event where we met the Mysten Labs and Sui team with lots of exciting progress on that front. On top of that, we recorded several exclusive interviews for UpTrade Alpha, now available on our platform. Deeper video breakdowns and sector insights are coming soon, but here are our top three takeaways that stood out the most.

1. Stablecoins Are Entering Their Next Growth Phase

The adoption curve for stablecoins is undeniable. They are becoming central not only for crypto natives but increasingly for traditional finance players. We heard that several banks and exchanges are actively developing their own stablecoins, and Jesse (Base’s founder) announced plans to roll out native stablecoins for Singapore and Australia, aiming to have country-specific stablecoins globally by 2026.

2. A Wave of Token Launches Is Coming in Q4

Across multiple conversations, at least four major projects confirmed upcoming token generation events (TGEs), most targeting Q4 2025 as a bullish launch window.
Our view: This signals strong confidence that we are entering a favorable market phase. These launches could inject fresh liquidity and reignite market momentum heading into Q4 of 2025.

3. Pro-Crypto Governments Are Boosting Confidence

A recurring theme among founders and CEOs was the importance of government support for crypto innovation. Many pointed out how past U.S. hostility and regulatory uncertainty slowed progress, even making builders question the legality of their work.
Our view: With more governments adopting a pro-crypto stance, leaders believe we are entering an era of rapid adoption and scalable growth without the overhang of regulatory whiplash.

We’ll be rolling out more exclusive content, deeper sector breakdowns, and full interviews over the coming weeks inside our platform. For now, these insights should help you connect the dots on where momentum is building and where the next big opportunities might emerge.

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