Wayex Weekly Wrap: From Uptober Gains to Shutdown Pains

October has arrived with a surge of optimism in the crypto markets, as traders welcome what has been dubbed “Uptober” after a sluggish September. In 2025, like most things the optimism lasted until the US government shut down. 

But, let’s talk about that later. Bitcoin started strong already, breaking past USD$118,000 (AUD 178,600)  and fueling speculation of a push toward fresh highs despite short term overbought signals. At the same time, attention is turning to altcoins, with Ethereum showing stronger technical momentum than Solana, while ETF decisions looming this month could prove to be a major catalyst. Beyond price action, global events are shaping sentiment: the US government shutdown is being seen by some analysts as a potential market bottom, and corporate treasury strategies are ramping up with bold Bitcoin and Solana allocations. Ripple is also in the spotlight following CTO David Schwartz’s decision to step down while remaining on the board, and in Europe, nine major banks are preparing to launch a MiCAR compliant euro stablecoin even as regulators push back against multi issuance models. Together, these developments paint a picture of a market that is evolving quickly, balancing institutional adoption with regulatory headwinds as Uptober kicks into gear.

Welcome To Uptober: Bitcoin Is Heading Where?

Congrats, on surviving red september! In case you don’t know, September is traditionally a slow month for both Wall Street and deFIN markets. As the event is quite cyclical most traders tend to take their feet off the ignition for the month but the trades keep turning. 

But now, we are back to what is being dubbed as Uptober and Bitcoin is ahead of the pack as usual ringing in the new month with a bang. Bitcoin has broken decisively above US$118,000 (AUD$178,430) sparking fresh momentum toward the US$124,000 (AUD$187,502) zone. CoinTelegraph cited Technical indicators show strong support from reclaimed moving averages and bullish trading volume, though the RSI above 80 signals short-term overbought risks. 

However, with the US weak job numbers, markets have traditionally sought gold to survive weak markets and low rates. Historically, Bitcoin often lags during strong gold rallies, then gains momentum once gold cools. If institutional buying continues and capital begins rotating out of gold, Bitcoin could be well positioned for a move to fresh highs but with the US government shut down its anyone’s game right. 

Where the Bitcoin price heads to next, we’ll be watching and waiting. 

What’s Happening On The Wayex Platform This Week 

Altcoin Speculation: Is October It? 

We didn’t have the ALTCOIN season that was predicted by Crypto Twitter but ALTCOIN season watchers are hyped for October.  

The big player in altcoins Ethereum, is currently around 13.8 per cent below its all-time high, while Solana faces a steeper climb of 34.1 per cent to retest its record. Prediction markets such as Myriad now give Ethereum a 62 per cent chance of reaching a new high before falling back to USD 3,500 (AUD$5,292), a sharp jump from just 32 per cent odds a few days earlier. By contrast, Solana is seen as less likely to reclaim its peak this year, with more than 52 per cent of traders betting against it. Ethereum’s technical indicators support the bullish sentiment, with an RSI near 62 showing healthy momentum, an Average Directional Index (ADX) of 32 pointing to a strong trend, and the 50-day Exponential Moving Average (EMA) sitting above the 200-day average. Solana’s setup is weaker, with an ADX around 17, suggesting little directional strength even though it holds above key moving averages. Fibonacci projections suggest Ethereum could set a new high in the coming weeks or by December, while Solana may not get there until late 2025 or early 2026. Still, a potential Solana ETF (which may be delayed due to the US shutdown) remains an important wildcard that could accelerate its path higher.

The US Shuts Down: What It Means For Crypto

Good news, bad news or maybe in between? The start of a US government shutdown has prompted some analysts to see a “bottoming” in the crypto space rather than just another shock to the system. Since funding lapsed, Bitcoin is up nearly 2.9 per cent, pulling back past resistance near USD$116,000 (AUD$175,405), while gold also climbed, a signal that investors may be shifting toward safe-haven assets. Observers point out that when political chaos undermines confidence in traditional markets, crypto tends to attract renewed interest, especially if traders believe rate cuts or stimulus could follow. The shutdown also freezes much of the federal machinery, notably delaying any further crypto legislation, including a tax exemption for crypto holdings.

Treasury Plays Comeback With A Vengeance

Japan’s Metaplanet made an aggressive treasury play this week with the acquisition of $5,268 BTC worth approximately USD 600 million (AUD$907 million), bringing its total holdings to 30,823 BTC. CryptoNews reported that at Bitcoin’s current price, that position is valued at approximately USD$3.6 billion (AUD$5.4billion). Since launching its Bitcoin strategy in April 2024, Metaplanet has become the fourth-largest corporate holder of Bitcoin. 

And it's not just Bitcoin that’s feeling that treasury buzz. Forward Industries recently secured a USD 2 billion treasury strategy in funding via a PIPE deal led by Galaxy Digital, Jump Crypto and Multicoin Capital, earmarked for a Solana-focused digital asset treasury strategy. Forward Industries joins Brera Holdings (rebranding to “Solmate”) and Helius are raising hundreds of millions to build SOL treasuries and crypto infrastructure.

XRP CTO Steps Down

After more than a decade at Ripple, David Schwartz will step down as CTO at the end of 2025 announced on October 2nd (AEST). Although initially users were concerned about his resignation, his announcement that he has accepted a position on Ripple’s board and will also take on the title of CTO Emeritus, returning in a supporting role from time to time, eased some users' fears. Schwartz says his real passion lies in writing code and building directly with the XRP Ledger, and he plans to dedicate more time to hands-on development, new projects, and working closely with the XRPL community. In his farewell message, he noted that he is not disappearing, saying “you have not seen the last of me,” and reaffirmed his commitment to Ripple’s long-term mission and ongoing innovation.

European Stablecoins Banks Join Forces, Regulators Are Not Happy

Nine major European banks, including ING, UniCredit, CaixaBank, SEB, KBC, Danske Bank, DekaBank, Banca Sella and Raiffeisen, are joining forces to launch a MiCAR-compliant euro stablecoin. Set for rollout in the second half of 2026, the initiative will operate under the EU’s Markets in Crypto Assets framework and be supervised by the Dutch Central Bank as an e-money institution. The stablecoin is designed to deliver low-cost, instant payments available around the clock, along with programmable settlement features for cross-border trade, supply chains and digital asset transactions. To achieve this, the banks have created a Dutch-based company and are inviting other institutions to join. The move also comes as the European Systemic Risk Board has recommended a ban on multi-issuance stablecoins issued both inside and outside the bloc, underlining the EU’s push to tighten oversight and strengthen financial sovereignty, a direct shot at the 9 major banks that they are watching and aren’t happy with Jan.

Things that made us laugh this week

‍

‍

Founder's Corner

Uptober is here, at least it looks like it so far. Bitcoin wasted no time ripping past US$118K,  but let’s be honest, whales are still unloading, RSI is flashing red, and the US government just shut down. To me, it's letting institutions keep buying and setting the stage for new highs.

Ethereum looks ready to lead alt season with strong momentum and a real shot at fresh ATHs. Meanwhile, Japan’s Metaplanet just dropped another US$600m into BTC, and Solana treasuries are heating up. Institutions are stacking while retail argues on Twitter.

Ripple’s CTO stepping aside shows the old guard shifting, and in Europe, nine banks are rolling out a euro stablecoin, signalling the drastic need for stablecoins around the world. It’s clear: the market’s evolving fast, institutions are doubling down, and stablecoins are becoming the backbone of this industry.

Richard, Co-Founder

Cheers, the Wayex Team

‍