Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$123,495, up by 1.5 percent in 24 hours. The cryptocurrency’s lowest valuation of the day was US$121,829, and its highest was US$124,072.

Bitcoin price performance, October 8, 2025.

Chart via TradingView.

Despite retreating to around US$121,000 on Tuesday (October 7), Bitcoin on-chain data and a rising relative strength index still indicate strong momentum and accumulation, with resistance near US$135,000 and support around US$113,300. Analysts believe the crypto market is transitioning from a speculative phase to a “maturity phase,” where institutional strategies and asset allocation will drive price discovery rather than retail hype.

A new report from CF Benchmarks forecasts that Bitcoin could climb another 20 percent to reach US$148,500 by the end of 2025, while the number of crypto exchange-traded funds (ETFs) is expected to double to 80.

The report also projects that stablecoins could hit US$500 billion in circulation.

Various macro factors are shaping this bullish narrative for the sector. Market uncertainty tied to US President Donald Trump’s economic and fiscal policies, his ongoing tension with the Federal Reserve and uncertainty surrounding the ongoing government shutdown have spurred what analysts describe as a “debasement trade.” Investors seeking protection from currency risk are turning to traditional hedges like gold, and increasingly to Bitcoin.

The Fed’s recent interest rate cut has provided additional support for risk assets. CF Benchmarks expects two more reductions by the end of the year, bringing rates closer to the 3.25 percent level.

Despite inflation concerns, analysts argue that Bitcoin remains undervalued, sitting at the lower end of its estimated fair-value range between US$85,000 and US$212,000. According to trader Ted Pillows, if Bitcoin manages to hold the US$120,000 area, it could mark the beginning of a reversal phase and signal renewed bullish momentum.

By Wednesday afternoon, Bitcoin had steadied near US$123,400, recovering some losses, with ETF inflows continuing to boost institutional confidence. The total market cap of cryptocurrencies currently stands at around US$4.3 trillion, per CoinGecko, while the circulating value of stablecoins has already surpassed $300 billion.

Ether (ETH) also slid after last week’s rally, but has since recovered some of its losses. It was up by 0.7 percent over 24 hours to US$4,518.05. Ether’s lowest valuation on Wednesday was US$4,441.20, and its highest was US$4,544.36.

Altcoin price update

• Solana (SOL) was priced at US$229.20, an increase of 1.6 percent over the last 24 hours and its highest valuation of the day. Its lowest valuation on Wednesday was US$220.04.

• XRP was trading for US$2.91, up by 3.2 percent over the last 24 hours. Its lowest valuation of the day was US$2.86, and its highest was US$2.92.

Crypto derivatives and market indicators

Total Bitcoin futures open interest was at US$98.85 billion, an increase of roughly 0.84 percent in the last four hours.

Ether open interest stood at US$60.24 billion, down by 0.07 percent in four hours.

Bitcoin liquidations were at US$34.01 million over four hours, primarily forcing long positions to close, which could lead to selling pressure. Ether liquidations totaled US$25.18 million, with the majority being short positions.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index climbed into high neutral territory after dipping to fear during the last week of September. The index currently stands around 55, inching closer to greed.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

JPMorgan says stablecoins could add US$1.4 trillion in dollar demand by 2027

A new JPMorgan Chase (NYSE:JPM) research note estimates that global stablecoin adoption could generate up to US$1.4 trillion in additional demand for US dollars within the next two years, according to Reuters.

The bank’s analysts argue that as foreign investors and corporations increasingly hold dollar-pegged stablecoins, they will effectively strengthen the greenback’s global position. The report projects that the stablecoin market could reach US$2 trillion in a high-end scenario, up from roughly US$260 billion today.

With 99 percent of stablecoins pegged 1:1 to the US dollar, JPMorgan says expansion will translate directly into higher dollar-denominated reserves. The findings counter fears that digital currencies could accelerate “de-dollarization” by offering alternatives to the US financial system.

ICE to invest US$2 billion in Polymarket

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is making a major bet on crypto-powered prediction markets. The company announced plans to invest up to US$2 billion in Polymarket, valuing the blockchain-based betting platform at about US$8 billion, a sharp rise from its US$1 billion valuation just two months ago.

Polymarket has gained prominence for its political, sports and entertainment wagers, including high-profile bets on the US presidential race. The deal will allow ICE to distribute Polymarket’s market data globally, signaling a push to integrate event-based contracts into mainstream finance. Founder Shayne Coplan said in a press release that the investment “marks a major step in bringing prediction markets into the financial mainstream.”

The firm is also working to re-enter the US market after acquiring a small derivatives exchange earlier this year.

BNY Mellon to explore tokenized deposits

BNY Mellon, the world’s largest custodian bank, is reportedly exploring tokenized deposits to enable instant, 24/7 fund transfers for clients, aiming to overcome limitations in legacy systems. Carl Slabicki, executive platform owner for Treasury Services, stated that this initiative is part of an effort to upgrade real-time and cross-border payments. The goal is to move a portion of BNY’s US$2.5 trillion daily payment flow onto the blockchain.

Slabicki highlighted that tokenized deposits help banks overcome technology constraints, facilitating the movement of deposits and payments within their own ecosystems and eventually across the broader market.

S&P Global to launch new crypto ecosystem index

The S&P Global, in partnership with Dinari, is creating a new investment index that will bring together both cryptocurrencies and publicly traded blockchain-related companies into a single benchmark called the S&P Digital Markets 50 Index. The index will include 15 cryptocurrencies and 35 public companies in the sector.

No single component will exceed 5 percent. Major companies like Strategy (NASDAQ:MSTR), Coinbase Global (NASDAQ:COIN) and Riot Platforms (NASDAQ:RIOT) are expected to be included.

Dinari plans to issue a tokenized version of the index, known as a “dShare,” which would allow investors to gain direct exposure. The investable version is expected to launch by the end of 2025.

Investor Insight

Metro Mining is one of the few pure-play upstream bauxite companies globally listed on a stock exchange. As a direct exposure to the aluminum sector, Metro offers investors a unique opportunity to benefit from rising global demand driven by industrial applications and growth areas such as electrification, batteries, renewable energy, and lightweight transportation solutions.

Overview

Metro Mining (ASX:MMI) is a low-cost, high-grade Australian bauxite producer with its 100-percent-owned Bauxite Hills mine located 95 km north of Weipa on the Skardon River, Queensland. The mine forms part of a tenement package covering ~1,900 sq km.

Bauxite Hills Mine

As at 31 December 2024, Bauxite Hills contained 114.4 Mt of ore reserves, supporting an ~11-year mine life, with additional mineral resources extending mine life by roughly five years.

Following the infrastructure expansion commissioned in late 2023, the operation is ramping up production during 2025 and remains on track to deliver 6.5 to 7 WMtpa by year end. This positions Metro as one of the lowest-cost global bauxite producers.

The aluminum sector continues to see rising demand growth of around 3 to 4 percent annually, supported by EV manufacturing, renewable energy infrastructure, battery production and lightweight transportation. Market conditions have been strengthened by instability in Guinea, where government actions and weather disruptions have curtailed exports, creating supply uncertainty and reinforcing the importance of reliable Australian producers.

Company Highlights

• Metro Mining’s flagship asset, the Bauxite Hills mine (BHM) in Skardon River, located 95 km north of Weipa in Cape York Peninsula Queensland, benefits from proximity to Asian markets, short haul distances, and a highly scalable, low-cost marine transportation system, ensuring industry-leading operating margins.
• Production ramp-up continuing in 2025 following infrastructure expansion in late 2023. August 2025 shipments reached 753,101 WMT, up 6 percent year-on-year, with year-to-date production of 3.4 Mt, keeping the company on track for its 6.5 to 7 million WMT per annum CY2025 target.
• Targeting a delivered bauxite cost below US$30 per dry ton CIF China, positioning the company firmly within the lowest quartile of global producers.
• End of Q2 2025: Cash balance of AU$28.7 million, secured debt of US$56.6 million, and full-year hedged position at 0.63 US$:A$.
• Ore reserves of 77.7 Mt underpinning ~11 years of mine life, with additional mineral resources providing ~five more years
• Metro Mining maintains robust environmental and social governance, evidenced by receiving the Association of Mining and Exploration Companies’ 2024 Environment Award.

Key Project

Bauxite Hills Mine (Queensland, Australia)

Metro Mining’s flagship asset, the Bauxite Hills mine, is located on the Skardon River, about 95 kilometres north of Weipa in Queensland. The mine is underpinned by 114.4 Mt of ore reserves as at 31 December 2024, providing approximately 11 years of production, with further Mineral Resources extending mine life by around five years.

Bauxite Hills is a straightforward, low-cost DSO operation. The orebody requires no blasting, with only ~0.5 metres of overburden to remove, and short average haul distances of nine kilometres. Ore is screened to below 100 millimetres and hauled to the barge loading facility, where it is transported via tugs and barges to offshore transhippers for loading onto Capesize vessels bound for Asian markets. This efficient marine logistics chain enables Metro to remain in the lowest quartile of global cost producers.

Production continues to build steadily. In Q2 2025, the mine shipped a record 1.9 Mt, generating site EBITDA of AU$54 million and a margin of AU$32 per tonne. In August 2025, shipments reached 753,101 tonnes, a six percent increase from the prior year, with 3.4 Mt shipped year-to-date, putting the mine firmly on track to meet its 2025 target of 6.5 to 7 Mt.

Metro has established offtake agreements with leading global alumina and aluminum producers, including Chalco, Emirates Global Aluminium, Xinfa Aluminium and Shandong Lubei Chemical. To support growth beyond 2025, debottlenecking and optimisation studies are underway to enable potential expansion to 8 Mtpa beyond 2026.

The company is also advancing exploration in surrounding lateritic bauxite terraces. Drilling campaigns are planned across EPM 27611, EPM 16755, EPM 25879 and EPM 26982 during the second half of 2025, with approximately 150 holes scheduled.

In addition, Bauxite Hills hosts a significant kaolin deposit beneath the bauxite ore. Metro is progressing a feasibility study to assess extraction potential, market strategies and product testing, with applications in ceramics, paper, paints and industrial uses.

Management Team

Simon Wensley – CEO and Managing Director

Simon Wensley is a proven industry leader with extensive experience in mining operations and strategic growth. He spent 20 years at Rio Tinto in various operational, project and leadership roles across commodities, including iron ore, industrial minerals, bauxite, alumina, coal and uranium.

Douglas Ritchie – Non-Executive Chair

Douglas Ritchie brings more than 40 years’ experience in resources, previously holding senior leadership roles at Rio Tinto, including CEO of Rio Tinto Coal Australia, chief executive of the Energy Product Group, and group executive of strategy.

Nathan Quinlin – CFO

Nathan Quinlin is experienced in financial strategy and cost optimization, previously serving as finance and commercial manager at Glencore’s CSA mine, managing finance, risk management and life-of-mine planning.

Gary Battensby – General Manager and Site Senior Executive

Gary Battensby has extensive experience in managing large-scale metalliferous mining operations, budget control and regulatory compliance. He previously oversaw teams of up to 350 staff and operations with substantial CAPEX and operational responsibilities.

Vincenzo De Falco – General Manager, Marine Supply & Logistics

With over 15 years of global experience in the shipping and maritime industry, including at IMC and Louis Dreyfus Armateurs, Vincenzo De Falco is leading the Metro Marine Team to manage BHM transhipping logistics, including new Floating Crane Terminal (Ikamba) as well as Tug Mandang.

Bullet briefing — CEO shakeup at Barrick, Newmont

Barrick Mining (TSX:ABX,NYSE:B) and Newmont (NYSE:NEM,ASX:NEM) both announced major executive changes this week, with the CEOs of both companies departing.

Barrick’s Mark Bristow unexpectedly stepped down from his position on Monday (September 29) after nearly seven years at the helm of the firn. His exit, which was effective immediately, comes after big changes at the firm, including a shift toward copper and an asset divestment program designed to hone the company’s focus on tier-one assets.

It also follows persistent issues in Mali, where Barrick lost control of its gold-mining complex and had 3 metric tons of the yellow metal seized by the government.

According to Reuters, Bristow’s handling of that ongoing situation was the final straw that prompted the company’s board to push for a change in leadership.

Newmont announced the retirement of Tom Palmer the same day. He had held the position since 2019, and will be succeeded by the company’s president and COO. Analysts note that Newmont had been signaling that a succession plan was in the works.

Similar to Barrick, the company has been in the midst of an extensive program geared at streamlining its portfolio. Newmont acquired Newcrest Mining in 2023, and in February 2024 announced a program to sell non-core assets. It completed the program in April of this year, but has continued to make portfolio adjustments, and to pursue other cost-saving measures.

Market watchers note that despite efforts to boost efficiency, Barrick and Newmont have both failed to match the performance of their peers during today’s bull market.

Year-on-year share price performance of major gold miners.

Chart via Google Finance.

With gold-mining companies conscious of not repeating missteps made during the precious metal’s last runup, investors will no doubt be keen to see how they perform under new management.

Bitcoin and Ether price update

After opening on Monday at its lowest valuation of the day, US$112,168, Bitcoin (BTC) reached a high of US$114,336, a 3.6 percent increase in 24 hours. The cryptocurrency dipped below US$110,000 last week, but its Sunday (September 28) night rebound liquidated roughly US$250 million in short positions.

Bitcoin price performance, September 29, 2025.

Chart via TradingView.

Despite the rally, some market participants aren’t convinced the bull market is back in full force. Crypto investor and entrepreneur Ted Pillows noted that Bitcoin’s pump is “mostly due to short positions getting closed.”

Meanwhile, bulls argue that Bitcoin usually follows gold’s price moves with a three to four month delay, suggesting a strong rally could come in October or November.

Targets mentioned range from US$150,000 to as high as US$300,000 over the next few months.

Ether (ETH) is also performing well, up 3.8 percent over 24 hours to US$4,190.47. Like Bitcoin, Ether opened at its lowest daily valuation, US$4,112.40, before peaking at US$4,202.65.

Supply reduction, increased DEX activity and seasonal bullish trends could set the stage for an Ether price pump in October, with predictions pointing toward US$4,300 or higher.

A looming US government shutdown could increase short-term volatility in the cryptocurrency market this week due to delayed economic data and regulatory uncertainties.

Decisions on 16 crypto exchange-traded funds (ETFs) — including those tied to Solana, XRP, Litecoin and Dogecoin — are expected from the US Securities and Exchange Commission throughout October.

Altcoin price update

• Solana (SOL) was priced at US$212.91, an increase of 3.3 percent over the last 24 hours and its highest valuation of the day. SOL opened at US$206.31, its lowest valuation of the day, and trended upward.

• XRP was trading for US$2.90, up by 2.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.85, while its highest was US$2.91.

ETF data and derivatives trends

The Fear & Greed Index currently reads 39, indicating fear amongst market participants.

Bitcoin dominance in the crypto market is at 56.66 percent, showing a slight fall week-over-week.

Last week, the cumulative net flow for spot Bitcoin ETFs was predominantly negative, with several days of outflows. According to data from the week of September 22 to September 26, spot Bitcoin ETFs had outflows on four days, with September 24 being the only day of inflows at US$241 million. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the ARK 21Shares Bitcoin ETF (BATS:ARKB).

Overall, the weekly trend showed significant withdrawal pressures despite the one day inflow exception. Cumulative total inflows for spot Bitcoin ETFs stood at US$56.78 billion as of September 26.

On the derivatives side, CoinGlass data shows Bitcoin futures open interest at US$82.89 billion, an increase of 6.73 percent over 24 hours and a rise of 0.32 percent over four hours. Open interest for Ether futures is at US$56.04 billion, up 2.71 percent over 24 hours and a 0.06 percent boost over four hours.

Bitcoin leveraged positions have resulted in liquidations totaling US$5.61 million in four hours. Ether saw significantly greater liquidations, amounting to US$9.53 million. Bitcoin’s max pain price is US$114,000.

The Ether funding rate is positive, signaling bullish sentiment and more demand for long positions, while the Bitcoin funding rate is in the red, signaling bearish sentiment.

Today’s crypto news to know

SWIFT to debut blockchain to facilitate cross-border payments

According to a Monday announcement, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is developing a blockchain in collaboration with over 30 financial institutions and Consensys.

The initial focus is on developing infrastructure for “real-time 24/7 cross-border payments.” SWIFT CEO Javier Pérez-Tass made the announcement at SWIFT’s annual Sibos conference, held in Frankfurt, Germany, on Monday:

“We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.’

SWIFT will consider feedback on its design from financial institutions from 16 countries.

Polkadot users show support for potential stablecoin

Bryan Chen, co-founder of Polkadot and chief technology officer of its Acala blockchain, introduced a proposal on Sunday to develop a native stablecoin for the Polkadot network.

The stablecoin (pUSD) would be algorithmic and backed by Polkadot tokens, and would use the pUSD ticker. It would also include an optional savings module, allowing holders to lock their stablecoins and earn interest from stability fees. It will utilize the Honzon protocol on the Acala network. The aim is to reduce reliance on USDt and USDC.

The proposal is gathering support among users. The ballot will close in 24 days.

Qatar financial group adopts Kinexys

One of the largest financial institutions in the Middle East, Qatar’s QNB Group, has switched to JPMorgan Chase’s (NYSE:JPM) blockchain platform for US dollar corporate payments processing.

By adopting JPMorgan’s Kinexys Digital Payments system, QNB can now process US dollar-based payments for its business clients in Qatar in minutes and 24/7, the companies said in a statement.

Kazakhstan debuts crypto fund

Kazakhstan, in partnership with Binance, has launched a state-backed crypto reserve called the Alem Crypto Fund, according to an announcement on the country’s government website.

The fund, established by the Ministry of Artificial Intelligence and Digital Development and managed by Qazaqstan Venture Group, aims for long-term digital asset investments and strategic reserves. Its initial asset is BNB, Binance’s utility token. The announcement does not specify the amount of BNB purchased or future investments.