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Gold at Highs, Crypto on Hold

September 23, 2025

The Great Cycle Debate

September 30, 2025

Shutdown Fears, Gold Highs, Crypto on the Verge of Breakout

Key Takeaways

  • Gold surges on US government dysfunction and rising debt
  • Crypto boost from new SEC ETF rules and possible Vanguard entry
  • BTC breakout setup with ETH and SOL poised to follow

Digital Asset Commentary

As the US government faces a likely temporary shutdown this week due to a failure to pass annual appropriations bills, gold has surged to new all-time highs. Fixed-supply assets continue to benefit from government and central bank dysfunction as global debt spending accelerates.

Digital assets have also gained momentum amid recent regulatory progress. The SEC’s new Generic Listing Standards for crypto spot exchange-traded funds (ETFs) pave the way for multiple ETF launches in Q4. At the same time, Vanguard, the world’s second-largest asset manager, is rumored to be exploring crypto ETFs on its platform after strongly opposing them last year.

Seasonality now turns favorable for crypto, and technicals for both Bitcoin (BTC) and Ethereum (ETH) suggest consolidation phases may be coming to an end. Adjusted Ichimoku Cloud settings, tailored for 24/7 markets, indicate a possible bullish breakout for BTC if prices hold above $115k. An inverted head-and-shoulders pattern with a diagonal neckline also projects a potential move toward $130k. Such cloud breakouts and chart patterns often signal the end of consolidation.

ETH remains earlier in its cycle, having just entered the Cloud’s neutral zone. BTC may lead the rally in October, with ETH and other altcoins following into November and December. Solana (SOL) has largely maintained relative strength compared to the broader altcoin market, where most mid and low-cap tokens remain deeply negative year-to-date and have yet to recover from the market-wide drop in February. A late-cycle rotation into these heavily discounted alts could emerge if BTC, ETH, and SOL break out to new all-time highs this quarter.

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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

VP, Head of Trading

With over a decade in digital asset markets, Josh leads Canary’s trading strategy and research. He previously headed crypto research at BraveNewCoin, was a portfolio manager at Techemy Capital, and served as Head of Research at Valkyrie Investments. Josh holds a BS in Human Biology and an MS in Biotechnology, and formerly taught lab sciences at the university level.

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Linnea Steffy

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Linnea leads finance at Canary Capital, overseeing FP&A, fund accounting, and mid-office operations across the firm’s hedge funds, private funds, and ETFs. A strategic finance expert with a decade of experience, she previously managed over $850M+ in operating budgets at Discovery Inc., where she partnered directly with executive and creative leadership on major US networks including HGTV, DIY, and GAC. Linnea began her career at KPMG and holds a BS in Business Administration from the University of Tennessee, Knoxville.

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Redding Shelby

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Redding leads ETF operations at Canary Capital, managing daily fund activities across trading, accounting, and finance responsibilities. He is a fund operations professional with over five years of experience in ETF administration and business management. His expertise spans transaction oversight, reconciliations, and compliance for ETFs with exposure to digital assets. At U.S. Bancorp, Redding was instrumental in launching '40 Act ETF products and supporting the administrative needs of a leading national service platform. He excels at identifying and implementing process improvements, and collaborating across business units to drive performance. He holds a Bachelor of Arts in Finance from Ouachita Baptist University.
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Dylan Farnick

Associate Trader

With over a decade of experience in digital asset markets, Dylan brings a strategic approach to trading and research. He quickly honed his skills in navigating digital exchanges and futures trading, with research focused on post-mortem analysis. His expertise extends beyond trading to include UI/UX consulting, working on trading interfaces and documentation for various platforms including Kraken and Tradingview, as well as community management, where he provided direct product feedback as a liaison with the crypto trading community.

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Business Development

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