Week-over-week performance:
- BTCUSD: 108,000 / -4.5%
- ETHUSD: 3,887 / -5.3%
- US10Y: 3.98% / -5 bps
- DXY: 98.79 / -0.36%
- GOLD (USD/OZ): 4,329 / +3.66%
- SPX: 6,735 / +1.22%
- NDX: 25,141 / +1.58%
- VIX: 18.02 / -5.26%
Looking ahead – economic calendar:
- Tuesday, 21: Fed hosts Payment Innovation Conference in DC
- Wednesday 22: Earnings ($TSLA)
- Thursday 23: EU to aid Ukraine with Russian assets, US Jobless claims, Earnings ($INTC)
- Friday 24: US CPI
On the macro side:
U.S. equities continued to edge higher, with the S&P 500 now just 0.43% below its all-time high.
2025 is increasingly shaping up to be the year of hard assets.
Since the start of the year — or arguably since Trump’s return — the narrative of de-dollarization has gained momentum.
The U.S. dollar is no longer perceived purely as a safe haven but rather as a geopolitical instrument, raising concerns about the sustainability of U.S. dominance.
As a result, gold and other precious metals, crypto assets, and the Swiss franc (CHF) have emerged as key beneficiaries.
We believe this trend is far from over.
And with money printing once again becoming an incoming possibility, risk assets are also likely to perform well.
On the crypto side:
Uptober has turned red, with Bitcoin showing modest resilience and holding its trend line around the 106,000 support.
This level offers attractive buying opportunities on dips.
Technicals, however, do not yet indicate a local bottom, and defensive positioning in the options market suggests a continued risk of downside rather than an immediate V-shaped recovery.
That said, the strong hard-asset narrative and year-end traditional inflows remain supportive of higher prices.
We therefore see accumulation levels becoming increasingly attractive.
ETHUSD has been weaker, but 3,800 should provide near-term support, with 3,500 acting as the key psychological level.
Less noise from the Ethereum Foundation and key figures have been constructive – and hopefully marks a healthier phase for the ecosystem.
SOLUSD continues to offer solid swing-trade potential, with DEX volumes picking up.
The USD170–175 range looks like an appealing entry zone.
That said, the chart remains weak and the RSI is still in the 40s. Upcoming SOL ETFs could provide a boost.
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