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Digital Asset Treasuries Expand Beyond Bitcoin

September 8, 2025

Gold at Highs, Crypto on Hold

September 23, 2025

Liquidity Wave Fuels Markets

Key Takeaways

  • Global liquidity at ATHs, rate cuts expected, and risk assets continue pushing higher
  • Bitcoin consolidating with technical upside targets of $140k–$165k
  • Mid & low cap coins showing bullish setups with historical Q4 strength as a tailwind

Digital Asset Commentary

Global liquidity measures have surged to fresh all-time highs (ATHs), coinciding with a 3% slide in the US dollar since August. The FOMC meeting this week carries significant weight, as markets have priced in a near-certain rate cut amid a weakening jobs market, with odds suggesting two additional cuts before year-end. A dovish tone from Chair Powell could act as further fuel for risk assets, though much of this has been anticipated since the Jackson Hole conference. Gold has extended its momentum toward new highs, while equities remain strong, Google crossing the $3 trillion market cap milestone, Tesla rallying over 20% in two weeks, and Amazon, Meta, and Uber consolidating around record levels.

In digital assets, Bitcoin has remained rangebound since July, consistent with seasonal trends that often see Q3 consolidation followed by explosive Q4 rallies. BTC has found support at the 20-week moving average, and historical tolerance of 1.5x moves above that level suggests upside potential toward $165k. Technicals also highlight an active Cup and Handle pattern, with a declining volume profile that implies a breakout target zone of $140k–$160k. ETH, by contrast, has also consolidated since August, with mixed signals between bullish continuation and bearish reversal. Meanwhile, Solana has outperformed with gains exceeding 50% over the same period, signaling positive liquidity rotation down the risk curve and supported further by fresh stablecoin issuance.

Mid and low-cap tokens have largely remained in multi-month consolidations, many forming inverted head-and-shoulders structures that could act as springboards in the next rotation. Historically, altcoins have demonstrated their strongest relative momentum and froth during Q4, suggesting the stage is set for a broader digital asset rally should liquidity conditions remain supportive.

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Steven McClurg

Founder, CEO

Prior to founding Canary, Steven co-founded and served as CIO of Valkyrie Investments, whose public funds business was acquired by CoinShares in 2024. He was previously a Managing Director at Guggenheim Partners, overseeing portfolio strategy for fixed income and private equity. He also founded Theseus Capital (acquired by Galaxy Digital) and served as an MD at Galaxy. Steven holds a Master of Science and MBA from Pepperdine University, where he has served as an adjunct professor.

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Drew Hill

President, CLO

Drew is a seasoned digital asset attorney with deep expertise in securities law and fund compliance. Before Canary, he was GC and CCO at Valkyrie Investments and a key figure in Frost Brown Todd LLC’s Blockchain and M&A practice. He holds a BA in Finance & Spanish from the University of Oregon and a JD from Northwestern’s Pritzker School of Law.

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Jamal Pesaran

Co-Chief Investment Officer

Jamal Pesaran, CFA, is Co-Chief Investment Officer for Canary Capital LLC. With 30 years of investment experience, he has extensive portfolio management, trade execution as well as client-facing experience.

As Senior Portfolio Manager with Guggenheim Partners, Jamal helped build the Guggenheim Equities business and developed the income focused and risk-managed strategies with AUM of over $4 Billion. With Morgan Stanley, as Senior PM and CIO for an Ultra High Net worth team, he managed both Active equity, fixed income strategies as well as overall portfolio allocations across alternative assets. Prior to joining Canary Capital, as Head of Capital Markets for Clifton AI, he helped develop and market a Gen-AI platform for Investment Research. His experience includes extensive portfolio management experience as Senior Equity Options Portfolio Manager, across European, US and Asian markets with Goldman Sachs and UBS Securities. He worked in Equity Derivatives Hedge Fund Sales with Lehman Brothers in New York and HSBC in Hong Kong.

He holds an MBA from UCLA Anderson where he was awarded the Edward Carter Fellowship for academic performance in the top 2% of the class.

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Josh Olszewicz

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