BlockByte Weekly: Bitcoin, Gold & S&P500 All Time Highs, US Govt Shutdown, BlockByte at TOKEN2049

Thanks for reading The BlockByte Weekly, where we summarise the key updates in crypto over the last week and provide our perspective on what you need to know as an investor.​
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Weekly Snapshot

• BTC: US $125,520 (+14.5%)
• Crypto Market Cap: US $4.22T (+11.9%)
• Gold: US $3,886/oz (+3.4%)
• S&P 500: 6,716 (+1.1%)
• ASX 200: 8,987 (+2.3%)
• 10-Year Treasury Yield: 4.12% (-0.07%)

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Key Stories This Week

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Bitcoin Hits All Time High of US $125,725 (AU $189,437), Gold and S&P500 Also Hit New All-Time Highs

New all-time highs were seen this week across markets, with bitcoin hitting an all-time high of US $125,725, gold seeing US $3,897 and the S&P500 at 6,749.

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Our take: Bitcoin is increasingly viewed as a store of value and hedge against inflation. Whilst historically bitcoin's price has been somewhat correlated with risk-on assets (e.g. equities) but less correlated with gold, we've seen a shift over the last year where gold has surged despite high US rates. Demand for gold has been from global central banks buying as part of the shift towards de-dollarisation, investors seeking a 'safe-haven' asset amidst global geopolitical tensions, and market expectations of future rate cuts. Bitcoin has benefited from its status as a 'digital gold' - however despite gold and bitcoin prices becoming more correlated, we still look more to liquidity (M2 money supply) and risk sentiment as better predictors of bitcoin price.

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US Shutdown Continues, Potentially Delaying Crypto Policy Progress

The US government has been shut down since Wednesday, as a result of an inability to reach agreement on funding for stopgap bills. Whilst the shutdown is in place, ~750,000 government workers have been suspended, and there are delays in the release of key economic reports that can guide market direction.

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Our take: Historically shutdowns have had minimal impact on overall markets, and despite the uncertainty around when the shutdown may end, this week the S&P500, gold and bitcoin all reached new all-time highs. However, that’s not to say there are not further risks downstream particularly if the shutdown is prolonged, given it will extend delays in crypto legislation bills including the Clarity Act which looks to provide clear guidance on categorising digital assets, roles of regulators and intermediaries. We’re not making any changes to crypto portfolio positioning as of yet, but will be monitoring the shutdown closely.

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Tokenised Gold Market Nears US $3B as Bullion Hits Record Highs

The tokenised gold sector surged in September to ~US $2.9B in AUM as spot gold breached US $3,895/oz, rising ~48% YTD. Tether Gold (XAUT) and Paxos’ PAX Gold (PAXG) were dominant players, with record volumes and net inflows; PAXG alone drew ~US $40M in new capital.

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Our take: Blockchain‑based gold instruments are showing appeal in times of macro stress - providing near-gold exposure with digital portability. As demand for tokenised alternatives grows, we expect further inflows, especially from capital that seeks digital-native exposure to precious metals. Bitcoin’s ~26% YTD gain still lags gold this year (~48%), setting the stage for relative reversion or rotation trade dynamics.

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Institutional Treasury Adoption Continues, Visionsys AI Announces US$2B Solana Treasury Strategy

Strategy (ex‑MicroStrategy), Metaplanet, and Tether added billions in BTC in recent weeks, while ETFs alone bought ~US $950M in the tail end of September. Current BTC holdings for Strategy are 640,000 BTC (~US $80B), Metaplanet 30,823 BTC (US $3.9B), Tether 87,475 BTC (US $10.7B).

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Notably, VisionSys AI announced a US $2B Solana treasury strategy, starting with US $500M SOL acquisition and staking in partnership with Marinade. The Nasdaq-listed firm joins other corporates holding over US $3B in SOL. VisionSys stock fell 20% premarket despite being up 300% this year. Solana is up +25% this year, currently trading at US $235.

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Our take: Corporate treasury plays continue to expand beyond bitcoin, reflecting sustained structural demand in digital assets, as well as confidence in DeFi yield markets where Solana is strengthening its position as an Ethereum alternative for institutional DeFi adoption. Whilst the BlockByte team were fortunate to meet with Heng Wang, CEO of VisionSys AI in Singapore this week where we discussed VisionSys AI's treasury strategy, we remain cautious on investing in altcoin treasury companies due to the significantly enhanced volatility and prefer direct holdings of the assets.

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BlockByte Team in Singapore for TOKEN2049, World's Largest Crypto Conference of 2025

The BlockByte team were fortunate to attend TOKEN2049, the world's largest crypto conference of 2025, in Singapore over the last week. Located at the iconic Marina Bay Sands, TOKEN2049 had over 25,000 attendees, 2,000 side events, 500 exhibitors, and 300 speakers exchanging ideas, building connections and shaping the digital asset industry. We'll be sharing a summary of key takeaways soon - watch this space.

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Until next week,
James

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James Brannan
Managing Director
BlockByte