Gold Crashes, Bitcoin Wakes Up

Welcome back to The Warmup.

Coinbase just dropped $400M on Cobie’s Echo and the Up Only NFT, showing the world that crypto can build real, lasting things without scamming anyone along the way.

Here’s what we’re watching:

• Market Snapshot

• Bitcoin’s Comeback as Gold Crashes

• ETH Spot Play

• Coinbase Buys Echo & Up Only for $400M

Market: Crypto and equities are both cooling off, with Bitcoin, Ethereum, and Solana pulling back alongside U.S. indices. Volatility is ticking higher while the dollar remains steady, signaling a short-term risk-off tone.

Bitcoin’s Comeback as Gold Crashes

What’s going on:

Bitcoin just bounced back strong, climbing to $113,800 after dipping below $108,000, right as gold suffered its biggest single-day drop in over five years, falling 5.3% to around $4,125.

For months, gold completely outshined Bitcoin. Since mid-August, gold surged nearly 30% while BTC slipped 12%, pushing the Bitcoin/Gold ratio down about 30% to its lowest level since the 2018 tariff shock.

But the tide might be turning. We’re entering the early stages of an aggressive catch-up trade.

Institutional players are rotating back into risk assets as the Fed turns dovish, geopolitical tensions ease, and traders start hunting for higher returns.

The Fed is widely expected to cut rates again later this month, with the CME’s FedWatch tool showing a 99% probability of a move. That’s fueling optimism across all risk-on assets.

According to Bitwise, even a 3% to 4% capital rotation out of gold’s $17T market could double Bitcoin’s price, and a 2% shift alone could send BTC above $160,000.

What it means:

Gold’s monster rally may have finally peaked, and Bitcoin looks ready to steal the spotlight.

As macro conditions turn more favorable and institutional money flows back into crypto, BTC could be gearing up for a major catch-up rally.

This isn’t retail FOMO. It’s portfolio managers, funds, and big money starting to position for a new phase of the cycle. With gold profits being taken off the table, Bitcoin might be next in line for capital rotation.

ETH Spot Play

What’s going on:

Ethereum is hovering around key support levels on major timeframes, currently trading near $3,800. The setup looks favorable for accumulation, especially if Bitcoin continues its move higher.

ETH also remains well above the 200 EMA on the daily chart, adding confluence to the bullish case.

Key levels we’re watching:

• $3,300 – strong support zone

• $3,400 – secondary accumulation area

• $3,800 (CMP) – current market price

• $4,800 – take profit area

Accumulate in 4–5 parts within this range.

Directional Bias: Cautiously bullish

1–8 weeks hold duration.

What we’re waiting for:

• BTC continuation above local highs to confirm risk-on momentum

• Daily close holding above the 200 EMA

Build exposure gradually between $3,300–$3,800, manage risk around the $3,200 zone.

Coinbase Buys Echo & Up Only for $400M

What’s going on:

Coinbase spent a total of $400M across two headline deals, starting with a $25M purchase of the Up Only NFT from Cobie, followed by a $375M acquisition of Cobie’s Echo platform.

For context, Up Only was one of the most iconic crypto shows of the last cycle, hosted by Cobie and Ledger. It was chaotic, entertaining, and defined Crypto Twitter culture from 2021 to 2023.

The NFT Coinbase bought, which was listed at $25M as a joke, gives them the rights to 8 new episodes of the show.

The bigger move came right after.

Echo, Cobie’s onchain fundraising platform, has facilitated over $140M raised across 340 deals from 9,000 investors.

Coinbase will now integrate Echo with its Sonar product to power future token sales, onchain capital formation, and even tokenized securities.

What it means:

Coinbase just made its biggest power move of the year.

This acquisition is a huge boost for the onchain economy. Builders will gain easier access to funding tools, while investors will get more transparent ways to participate in early crypto projects.

It also shows Coinbase’s evolution beyond being a simple exchange. The company is moving into media, fundraising infrastructure, and creator-driven ecosystems that bring more users onchain.

And yes, Up Only is officially coming back. Expect massive viewership, high-profile guests, and maybe a little bull market energy to go with it.

• Ethereum Foundation moves $654M in ETH

• Kadena winds down operations

• Aave to integrate Maple’s yield-bearing assets

Gold’s massive rally this year is not something bitcoin investors should envy, it is something to understand.

Central banks started buying gold aggressively back in 2022, but it took almost three years for the real breakout to happen. The early phase was all about steady accumulation and seller exhaustion. Once the market ran out of willing sellers, gold finally took off.

Bitcoin looks to be in a similar stage now. ETF and corporate demand keeps growing, yet prices remain flat as early holders continue to take profits. That phase will not last forever. When that selling pressure fades, the next move higher could come quickly.

So instead of frustration, patience is key. The setup is already there. Gold has shown the path, and bitcoin may just be preparing to follow it.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.