No new orange dots this week.
Just one green candle.
Well, Bitcoin hitting a new all-time record high above 125,000 over the weekend, and that's despite Michael Saylor not stacking any more sets.
The crypto major rallying to kick off Q4 in October, and this as the US government shutdown enters day 6.
Now ETF inflows have rebounded and safe haven demand has digital gold acting like physical gold.
Well joining me as we kick off.
New trading week is Ray Salmond, head of markets for Coin Telegraph.
Ray, great to have you here.
Thank you so much for joining me.
Well, over the weekend we saw Bitcoin hit new record highs above that key milestone, and I do want to get your take on what we've been seeing so far.
So where do we go next?
Well, you know, Bitcoin's momentum, it looks unstoppable, so we've kicked off this October with stronger than expected inflows, and, you know, the price action is really exceeding analyst expectation time-wise.
We all expected Bitcoin to hit new highs in October, but not within the first week.
So I know there's analyst expectations out there.
JPMorgan believes that Bitcoin's worth 165,000. dollars by the end of the year they've placed its current valuation at $147,000.
Citibank thinks that $133,000 is its real valuation.
We're just a mere few percent away from that.
I mean, the sky is basically the limit with price, isn't it?
There's even, there's even like price estimates out there in the $200,000 range before the end of the year.
So it seems like the sky is the limit.
Assuming that the current catalysts that are pushing the price like capital inflows and corporate adoption, Bitcoin treasury building, if those things maintain a pace which is sustainable, then they all seem to be, you know, putting pressure on price.
Yeah, and Ray, I'm glad you mentioned that because it's not just crypto, it's also gold as well as the major US stock averages when it comes to lofty year and price targets here.
And you just mentioned institutions.
So what do you make of the institutional adoption that we've been seeing in crypto in 2025?
It's fantastic and it seems like a flywheel that's going to continue to gain momentum.
So Matt Hoogan at at Bitwise views Sallana, or he says that Wall Street's view of Salana is it's the optimal choice for stablecoin product building.
It's the optimal choice for mass adoption and tokenization, and you know, we're seeing the same thing happen with like Ethereum.
Uh, treasury building and uh inflows into the Bitcoin ETFs can remain robust.
So, uh, you know, the, the theme of the year is clearly mass adoption and um I don't see that stopping.
And of course now that we've covered Bitcoin, I do want to get your take on the other crypto major ETS.
So in New York Morning trade we are looking at ET hovering right above that 4600 level.
So give us an idea of what's going on and what we can expect as we head into your end.
It seems like a rising tide continues to lift all boats.
So last week, I think it was on Thursday and Friday, we saw consecutive billion dollar days of capital inflows into Bitcoin, and then on Saturday out of the blue during evening trading hours we saw a billion dollar spot inflows into Bitcoin at Coinbase and also At Binance, so that has a knock-on effect on Ethereum also, which saw $1.5 billion in inflows last week and um we're seeing the same sort of kind of, kind of interest in inflows at the CME Futures where the open interest um and futures and options continues to rise.
It's nearly doubled over the last few months.
So, um, you know, it just seems like.
It seems like flows into Ethereum will continue.
Now there's this theory that that, you know, Bitcoin kind of sucks up all the energy in the room, and when it's surging to new all-time highs that pulls a little bit of energy and capital out of altcoins and energy and attention away from Ethereum.
But then when Bitcoin consolidates, there's kind of like this catch up trade where traders then rotate back into Ethereum or Solana, and we see price reflect that.
Well, we will have to leave it there, but Ray, it's always great talking to you.
Thank you so much for joining us and weighing in on the crypto majors on this Monday morning.
Thanks.
Have a good one.
