AI, Crypto and Gold on Watch as Equity Bull Run Continues

Magnificent 7 stocks remain popular and earnings are strong – factors that have already seen the Nasdaq and S&P 500 gain around 15% and 12%, respectively, as of mid-October. Barring an unexpected shift in monetary policy, deteriorating economic conditions and/or another unforeseen event, the rally could continue into next year.

“The train is not stopping,” said Greg Benhaim, head of product and trading at crypto investor 3iQ, adding that quantitative easing and strong liquidity is encouraging investors to pour billions into a plethora of assets, whether real estate, crypto or Mag 7 stocks.

Benhaim added that the dollar’s weakness is helping lift gold, which is up 51% this year against an 11.7% gain for the S&P 500. 

“The recent gold rally is fascinating,” Benhaim continued. “It shows me that there is huge demand for protection against currency debasement including the U.S. dollar, which has depreciated 10% in the past year.”

The analyst also expects bitcoin, which some call ‘digital gold,’ to benefit from the de-dollarization trend – one that could gain steam if Washington continues to issue bonds, deepening the U.S.’s $38 trillion debt, which some say could depress stocks.

Amid changes in the regulatory environment, which contributed to bitcoin hitting a new all-time high of over $125,000 on October 5, digital currencies are also gaining traction. Beyond crypto ETFs, a slew of companies are starting to create treasuries to hold a myriad of coins. Wedbush analyst Dan Ives’-backed Eightco (established to hold Sam Altman’s identity start-up’s Worldcoin) is a recent, high-profile example.

This growth is extending to the derivatives market – CME Group Crypto futures and options volume exceeded $900B in Q3, reaching an all-time high. In response to client demand for continuous market access, CME Group also recently announced plans to launch 24/7 trading for Cryptocurrency futures and options beginning in early 2026.