For this week’s Trading Take, Beimnet Abebe (Galaxy Trading) and Alex Thorn (Galaxy Research) discuss extended positioning across funds and retail, and whether markets can keep grinding higher without a clear catalyst. They examine the Fed’s aggressive rate-cut pricing and the risk of moving too quickly in an economy that still shows growth and price pressures.

The conversation also turns to gold’s breakout to new all-time highs, Bitcoin’s steadier footing after a difficult August, and Ethereum’s surge on ETF inflows and leverage, highlighting how reflexivity in digital asset markets can fuel both rallies and reversals.