Markets at Record Highs

Find out our latest reports in partnership with Bybit, listed below:

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• Bybit x Block Scholes Quarterly Report: What will drive crypto in Q3 2025?‍
• Bybit x Block Scholes July Volatility Review‍
• ‍Bybit x Block Scholes Quarterly Report: Altcoin season and the evolving role of Bitcoin

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Daily Updates:

• U.S. stock indices remain at record highs this week.
• The SPX closed at 6,693 after rallying strongly from the open, while Dow Jones Industrial Average and Nasdaq are all positioning strong gains.
• Crypto, on the contrary, saw only modest gains by comparison following a sizable crash, with BTC at 113K (+0.51%) and ETH at 4.2K (+0.38%). The move highlights how the asset class is lagging equities despite the broader risk-on tone.

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• Meanwhile, gold is hitting all time highs again, with gold futures hitting a record $3,800 and spot closing at $3,789 (+1.31% today).

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• Bitcoin’s 30-day at-the-money (ATM) volatility has retreated to around 32%, marking its lowest level since August. Shorter-term 3-day ATM volatility has also eased, falling from 35% earlier this week to approximately 27% today.
• Ethereum’s 3-day ATM volatility has declined as well, dropping from 73% earlier this week to 57%.

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• Yesterday, Fed Governor Stephen Miran spoke at the Economic Club of New York, justifying his view that monetary policy is already highly restrictive following his decision to dissent from the 25bps rate cut voted for by all other FOMC members at their Sep 17, 2025 meeting.
• Miran warning that keeping rates too high risks

“unnecessary layoffs and higher unemployment.”

• He highlighted how nonmonetary factors — including immigration, trade, and fiscal policy — are reshaping the neutral interest rate and influencing the Fed’s policy path. Miran noted that

“Insufficiently accounting for the strong downward pressure on the neutral rate resulting from changes in border and fiscal policies is leading some to believe policy is less restrictive than it actually is.”

• Miran argued that the appropriate fed funds rate is closer to 2–2.25%, nearly two percentage points below current levels, and stressed that structural shifts such as slower population growth, reduced net immigration, and tariffs are putting downward pressure on long-term interest rates.
• He also pointed out that deregulation and energy policies provide modest upward offsets, noting that these changes can

“raise the neutral rate of interest in increasing the marginal product of capital.”

• Today, all eyes are on Federal Reserve Chair Jerome Powell as he delivers remarks at the Greater Providence Chamber of Commerce’s 2025 Economic Outlook Luncheon. Powell is expected to provide key insights into the U.S. economic trajectory, with particular attention on inflation trends, labour market dynamics, and the Fed’s monetary policy outlook.

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• The White House aims to push a sweeping crypto market structure bill through by year-end, according to Patrick Witt, executive director of the Council of Advisors on Digital Assets. Speaking at Korea Blockchain Week, Witt said the council is coordinating with Congress to get the legislation onto President Trump’s desk as soon as possible.
• The proposed framework would merge multiple bills, including the CLARITY Act and the Responsible Financial Innovation Act, clarifying regulatory jurisdiction between the SEC and CFTC while building on rules for stablecoins established earlier this year. Witt emphasized the U.S. is “open for business” and actively working to bring crypto companies back onshore, with the council positioned as a direct point of contact for industry engagement.

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• Trump family-backed World Liberty Financial is gearing up to launch its own debit card and retail application “very soon,” according to co-founder Zak Folkman, speaking at Korea Blockchain Week 2025. The debit card will allow users to link the USD1 stablecoin and the World Liberty Financial app directly to Apple Pay, providing a seamless bridge between digital assets and everyday payments.
• WLFI, the project’s native token, has faced volatility since its September launch, dropping roughly 37% from its initial value.
• Additionally, World Liberty Financial has signed a memorandum of understanding with Bithumb, one of South Korea’s largest crypto exchanges, signaling potential collaboration on future initiatives and further integration into the digital asset landscape.

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• CleanSpark, a leading American Bitcoin mining company, has secured an additional $100M in Bitcoin-backed financing through an expanded credit facility with Coinbase Prime, the institutional arm of Coinbase.
• The U.S.-based mining firm plans to deploy the funds across energy infrastructure, scaling of mining operations, and development of high-performance computing capabilities at select facilities.

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This Week’s Calendar:

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Charts of the Day:

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