Welcome to our 241st issue of State of the Market, where we provide an overview of crypto market activity from October 3-9, 2025.
This week in crypto markets:
- BTC reached new all-time highs before easing, while gold hit a record $4,000/oz as fiscal uncertainty fuels demand for safe-haven assets.
- Grayscale became the first U.S. asset manager to enable staking in its ether-based ETFs (ETHE, ETH) and Grayscale Solana Trust (GSOL).
- Intercontinental Exchange (ICE) announced a $2B strategic investment in Polymarket, valuing the prediction markets platform around $9B.
- S&P Global announced the launch of the S&P Digital Markets 50 index, which will track 15 digital assets and 35 crypto-linked equities.
- Plume, an RWA-focused blockchain, received SEC approval as a registered transfer agent for tokenized securities.
- Ethena Labs and Jupiter partnered to launch JupUSD, a Solana-native stablecoin backed by Ethena’s USDtb.
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