{"id":89609,"date":"2025-10-05T18:55:30","date_gmt":"2025-10-05T15:55:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89609"},"modified":"2025-10-05T19:04:52","modified_gmt":"2025-10-05T16:04:52","slug":"week-in-review-bitcoin-tops-125000-and-the-perp-dex-war","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/week-in-review-bitcoin-tops-125000-and-the-perp-dex-war\/","title":{"rendered":"Week in review: bitcoin tops $125,000 and the perp-DEX \u2018war\u2019"},"content":{"rendered":"

Bitcoin set a fresh record, the SEC<\/span> named crypto its top priority, trading on perp-DEX<\/a> topped $1trn, Poland will tighten oversight of digital assets, and other events of the week.<\/p>\n

Uptober begins<\/h2>\n

The bellwether began gearing up for an October rally<\/a> at the end of September. On Monday morning it was still trading below $110,000, but it quickly gathered pace and set off towards a new record.<\/p>\n

Throughout the week bitcoin was buoyant, with brief pauses for consolidation. On the morning of 5 October, digital gold set<\/a> a new all-time high (ATH) at $125,708.<\/p>\n

\"image\"
Hourly chart of BTC\/USDT on the Binance exchange. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

At the time of writing the coin had pulled back to $123,300, with a market capitalisation of $2.45trn. Over the past seven days bitcoin is up 13%.<\/p>\n

The main driver is seen as the U.S. government shutdown<\/a>. On 30 September Washington halted operations for the first time since 2018 after Republicans and Democrats failed to agree on healthcare funding.<\/p>\n

Sentiment was also boosted by inflows into spot ETF<\/a>s based on crypto. Over the past trading week, bitcoin funds notched the second-largest weekly inflow since launch \u2014 $3.24bn.<\/p>\n

\"image\"
Source: SoSoValue<\/a>.\u00a0<\/figcaption><\/figure>\n

Ethereum-based instruments added<\/a> $1.3bn.<\/p>\n

In seven days ETH rose 13.7%, testing $4,600. It now trades near $4,500, roughly 8% below its ATH.<\/p>\n

\"image\"
Hourly chart of BTC\/USDT on the Binance exchange. Source: TradingView<\/a>.<\/figcaption><\/figure>\n

Among the week\u2019s standouts was BNB. The token also set<\/a> a record above $1,110.<\/p>\n

\"image\"
Source: CoinGecko<\/a>.<\/figcaption><\/figure>\n

Total market capitalisation surpassed $4.3trn. BTC dominance is 57%, ETH \u2014 12.7%.<\/p>\n

The Crypto Fear and Greed Index<\/a> reached 74, up from 34 a week earlier.<\/p>\n

\"image\"
Data: alternative.me<\/a>.<\/figcaption><\/figure>\n

The perp-DEX wars<\/h2>\n

In September, trading volume on decentralised exchanges for perpetual futures (perp-DEX) exceeded<\/a> $1trn for the first time. The niche has clearly caught investors\u2019 attention, sparking a full-on contest among platforms.<\/p>\n

\"image\"
Source: DeFi Llama<\/a>.<\/figcaption><\/figure>\n

Aster led the segment with $493bn. In second place \u2014 Hyperliquid<\/a> \u2014 with $280bn. Lighter rounded out the top three with $165bn.<\/p>\n

Launched with backing from Binance founder Changpeng Zhao, Aster continues<\/a> to hold the top spots since late September. Its total value locked stands at $2.41bn.<\/p>\n

\"image\"
Source: DeFi Llama<\/a>.<\/figcaption><\/figure>\n

The platform also topped the protocol fees ranking<\/a>. On 28 September, Aster\u2019s figure exceeded<\/a> $29m, versus $22m and $7m for Tether and Circle respectively.<\/p>\n

\"image\"
Source: DeFi Llama.<\/figcaption><\/figure>\n

By press time, the exchange had slipped to second place with $193m over the past 30 days.<\/p>\n

Also this week, leading perp-DEX Lighter announced<\/a> the full launch of its L2<\/a> network after eight months of beta testing. The TGE<\/a> is expected by year-end.<\/p>\n

Despite Hyperliquid\u2019s share falling from 45% to 8%, the platform remains \u201cthe most investable,\u201d believes<\/a> DeFi analyst Patrick Scott.<\/p>\n

In his view, the venue\u2019s key advantage is a resilient business model. A current market-cap-to-revenue ratio of 12.6 \u201cindicates a fair valuation given the project\u2019s earnings\u201d.<\/p>\n

What to discuss with friends?<\/h2>\n