Delphi's Market Matters - September 2025

Welcome back to Market Matters – September edition from Montenegro!

Since our last discussion, markets have been a slog, chopping bulls and bears while grinding sideways and lower. This was not to be unexpected, however, given our outlook with respect to macro and liquidity conditions as we marched towards Q4.

Despite this grind, BTC and risk asset markets remain quite close to all time highs. In this episode, we discuss our views on the market. Are we gearing up for yet another bullish Q4 and Uptober? If so, what are we most excited about and what are some of the risks to our outlook?

October is here, and with it Q4. Let’s dive in.
We hope you enjoy!