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Crypto ETF Floodgates Open With SEC Listing Standards. What Does It Mean For Prices?
Crypto Trends

Crypto ETF Floodgates Open With SEC Listing Standards. What Does It Mean For Prices?

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The U.S. Securities and Exchange Commission (SEC) has cleared a path for a flood of new crypto exchange-traded products to hit the market, a move analysts say could reshape how money flows into digital assets.

On Wednesday, the agency approved generic listing standards for “commodity-based trust shares” across regulated exchanges Nasdaq, Cboe BZX and NYSE Arca.

Read more: SEC Makes Spot Crypto ETF Listing Process Easier, Approves Grayscale’s Large-Cap Crypto Fund

The new rules remove the need for each crypto ETP to undergo its own individual rule filing under Section 19(b) of the Exchange Act. Instead, an offering whose underlying assets satisfy certain objective eligibility tests — for example, if the crypto trades on a market that is a member of the Intermarket Surveillance Group (ISG), or if the underlying asset’s futures contract is listed on a CFTC-regulated designated contract market for at least six months — can be listed using these generic standards.

What’s next?

The regulatory shift marks a watershed for the crypto industry, removing much of the procedural drag that has historically slowed getting new crypto products to the market, analysts said.

“[The] crypto ETF floodgates are about to open,” said Nate Geraci, a well-followed ETF analyst and president of NovaDius Wealth Management.

“Expect an absolute deluge of new filings and launches,” he said. “You may not like it, but crypto is going mainstream via the ETF wrapper.”

Matt Hougan, chief investment officer of digital asset management firm and ETF issuer Bitwise, said the SEC’s move is a “coming of age” moment for crypto.

“[It’s] a signal that we’ve reached the big leagues,” he wrote. “But it’s also just the beginning.”

History backs up predictions that the number of new crypto ETF launches will accelerate under the new regime.

When the SEC approved generic listing standards for bond and stock-based products in 2019, the number of ETFs launches more than tripled in a year, rising to 370 from 117 the year before, Hougan pointed out.

ETF launches before and after adopting generic listing standards. (Bitwise Asset Management/ETFGI)

What does it mean for crypto prices?

Hougan cautioned against assuming new crypto ETPs will automatically drive large inflows. “The mere existence of a crypto ETP does not guarantee significant inflows,” he wrote. “You need fundamental interest in the underlying asset.”

Take, for example, the slow start of spot ether (ETH) ETFs. They only began gathering meaningful inflows nearly a year after launch, once stablecoin activity and — by extension — Ethereum’s investment narrative picked up, Hougan wrote.

U.S.-listed spot ETH ETF flows (SoSoValue)

By contrast, products tied to smaller-cap assets with less tangible use cases may struggle to attract capital absent renewed fundamentals, he added.

Still, he argued that ETPs dramatically lower the barrier for traditional investors, making it far easier for institutional and retail allocators to pivot into crypto once sentiment turns. They also help demystify cryptocurrencies for mainstream audiences when names like Avalanche AVAX$33,96 and Chainlink LINK$23,55 appear in brokerage accounts, Hougan said.

“What we are seeing now are underlying assets further down the value curve being rolled into these wrappers and strategies,” Paul Howard, senior director of Wincent told CoinDesk in a note. “For institutions that cannot own spot [crypto] directly, these vehicles provide a wrapper and move liquidity into the ecosystem.”

The tokens most likely benefitting from this are large-cap altcoins. “Dogecoin DOGE$0.2672, XRP XRP$2,9998, Solana SOL$238,68, Sui SUI$3,6784, Aptos APT$4,5730 and others are now ushering in the next wave of

as investors look for opportunities and applications outside of bitcoin BTC$115 684,40 and ETH,” Howard said.



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Ftx To Distribute 1.6B To Creditors By End Of September
Crypto Trends

FTX to Distribute $1.6B to Creditors by End of September

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FTX announced it will commence its third distribution to creditors on September 30, 2025, releasing approximately $1.6 billion. The move is the next step in the company’s Chapter 11 Plan of Reorganization, returning funds to customers and creditors affected by the exchange’s collapse.

(1/3) FTX today announced it is set to distribute approximately $1.6 billion in its Third Distribution to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements on September 30, 2025.

— FTX (@FTX_Official) September 19, 2025

The official statement says that creditors who are qualified and have met all the requirements, such as Know Your Customer (KYC) verification and onboarding with a designated service provider, should get their money within one to three business days of the distribution date. BitGo, Kraken, or Payoneer will be used to handle the funds.

Distribution Breakdown

The distribution percentages vary by creditor class, with some groups nearing a full recovery of their funds. Following this third payout, holders of Dotcom Customer Entitlement Claims (Class 5A) will have received a cumulative total of 78% of their allowed claim amount.

In a notable development, U.S. Customer Entitlement Claims (Class 5B) will reach a 95% cumulative distribution. Meanwhile, General Unsecured Claims and Digital Asset Loan Claims (Classes 6A and 6B) will both reach an 85% total recovery. Convenience Claims (Class 7) are set for a 120% distribution, as detailed in the FTX claims portal. This structured payout is part of the ongoing legal process managed through the U.S. Bankruptcy Court.

Also read: Binance Co-Founder CZ Seeks Dismissal of $1.76B FTX Claim





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Strategy's Saylor Explains Why OGs Are Selling Bitcoin
Crypto Trends

Strategy’s Saylor Explains Why OGs Are Selling Bitcoin

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  • “Bitcoin rich, fiat poor” 
  • Reducing volatility 

According to Strategy co-founder Michael Saylor, Bitcoin O.G.s are responsible for the recently observed selling pressure. 

“Right now, I think that the selling is [done by] crypto OGs that have had a lot of money for a long time,” he said during a recent podcast appearance. 

Moreover, the market is absorbing all these coins and building its support level.

“Bitcoin rich, fiat poor” 

During his podcast appearance, Saylor explained why long-term holders are suddenly selling their holdings. 

“You’ve got a lot of people that own a lot of Bitcoin, but they can’t get a loan against it. And because they can’t get a loan against it, the only, you know, at the point that you all of a sudden find yourself Bitcoin rich, but fiat poor, you don’t have a lot of dollars, but you have a lot of Bitcoin, and you can’t borrow against it, then you think, I have to go sell it,” Saylor explained. 

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According to Saylor, Bitcoin resembles a Magnificent 7 startup, where all of a sudden all the employees got insanely rich on penny stock options, but they can’t borrow against them, so they have to sell them.

However, this does not necessarily mean that they have no confidence in the company. 

“It’s just they have kids to go to college. They want to buy a house right they want to live comfortably,” Saylor said. 

Reducing volatility 

According to Saylor, Bitcoin O.Gs selling as “much as they need” is actually beneficial for BTC since it helps to reduce the volatility of the leading cryptocurrency. 

This will ensure that institutions will feel more comfortable when entering BTC.

“You want the volatility to decrease so the mega institutions feel comfortable entering the space in size,” Saylor explained. 



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HBAR/USD (TradingView)
Crypto Trends

HBAR Slides 3% as Selling Pressure Intensifies, Finds Support at $0.24

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HBAR faced steady downward pressure over the past 23 hours, sliding from $0.25 to $0.24—a 3.38% decline. The token initially attempted to build momentum on September 18, reaching $0.25 by 20:00, but sellers quickly overwhelmed demand near that resistance level. Trading activity spiked at 19:00 with volumes topping 55.91 million, underscoring the intensity of selling. By late evening, HBAR broke below key support zones at $0.25 and $0.24, testing the lower boundary before finding temporary stability.

The retracement highlights fragile sentiment in the short term, with bears maintaining control as buyers failed to defend critical thresholds. The inability to reclaim lost ground indicates that market participants remain cautious, though consolidation near $0.24 suggests some stabilization. If the level continues to hold, traders may view it as a base for potential sideways movement before a clearer directional trend emerges.

Broader market factors continue to shape HBAR’s outlook. While its energy-efficient Hashgraph technology is often cited as a competitive advantage over traditional blockchains, trading volumes still lag peers like Solana. Still, institutional endorsements from Google, IBM, and Boeing offer a degree of legitimacy that could appeal to investors seeking utility-driven blockchain projects. Its low-cost, high-speed transactions keep HBAR positioned as a contender in the evolving digital asset landscape.

In the final hour of the observed session, HBAR showed signs of stabilization, hovering tightly around $0.24. The token formed a minor ascending triangle pattern, testing support multiple times while nudging slightly upward. Though modest, this recovery on volume of 2.08 million indicates buyers are tentatively stepping back in. Whether that consolidation evolves into sustained upside momentum remains contingent on overcoming immediate resistance near $0.24.

HBAR/USD (TradingView)

Technical Indicators Assessment
  • HBAR breached multiple support levels including $0.25 and $0.24 throughout the bearish phase.
  • Volume surge of 55.91 million during the 19:00 hour signalled intensified liquidation pressure.
  • Formation of ascending triangular pattern with progressive higher lows established at $0.24, $0.24, and $0.24.
  • Resistance remained consistent around $0.24, suggesting potential for breakout above this threshold.
  • Recent stabilisation near $0.24 may indicate prospective consolidation preceding subsequent directional movement.
  • Technical analysis reveals constructive consolidation pattern featuring successful support examinations.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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Bitcoin Climbs as Long-Term Risk Falls: Healthy Market Divergence Forms
Crypto Trends

Bitcoin Climbs as Long-Term Risk Falls: Healthy Market Divergence Forms

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is at a pivotal juncture as the market digests Wednesday’s 25bps interest rate cut from the Federal Reserve, a decision that has shifted market dynamics into a new phase. Following the announcement, BTC has entered a period of consolidation, with price holding steady as investors weigh the potential for another leg higher. While short-term volatility remains a factor, sentiment leans bullish as traders anticipate a breakout that could push Bitcoin closer to its all-time highs.

Top analyst Axel Adler highlighted a critical structural development in the market. According to Adler, Bitcoin’s price is rising while Long-Term Risk is falling, an unusual but constructive divergence. This is happening because the Long-Term Holder (LTH) Realized Price is climbing faster, driven by expensive Short-Term Holder (STH) coins maturing into the long-term cohort. In practice, this means newer, higher-cost basis coins are balancing out older, cheaper ones, leading to what Adler calls a “healthy LTH profit reset.”

This dynamic reduces overheating risk, keeping market structure strong and supportive of further trend continuation. As a result, despite caution from some analysts, the long-term outlook remains favorable, setting the stage for decisive moves in the coming weeks.

Long-Term Risk Dynamics Signal Healthy Bitcoin Cycle

Axel Adler explains that since March, Bitcoin’s Long-Term Risk has been steadily declining, reflecting a constructive shift in market structure. The key driver behind this decline is that the Long-Term Holder (LTH) Realized Price has been rising faster than the spot price. This divergence creates a bullish signal, suggesting that Bitcoin’s underlying health is improving, even as price consolidates.

Bitcoin Long-Term Holder MVRV Dashboard | Source: Axel Adler

The mechanics behind this trend lie in the maturation of coins. Many were purchased during spring and summer at higher valuations and are now crossing the six-month threshold, officially transitioning into the LTH cohort. These newer coins have a higher cost basis, which pushes the LTH Realized Price upward at a faster pace than spot itself. Because of this, the LTH MVRV ratio (a measure of unrealized profits) does not inflate, and normalized Long-Term Risk falls despite rising price.

At the same time, older, cheaper coins are being distributed and exiting the LTH pool, while newer, more expensive ones are entering. This rotation compresses the LTH profit multiple without requiring a decline in spot price. The effect is powerful: each time Bitcoin pushes to a new all-time high, Long-Term Risk increases only modestly, while fresh demand from Short-Term Holders (STH) absorbs the supply flowing from LTH.

This process creates a bullish divergence where price trends higher but risk remains contained. Adler stresses that this structure allows the cycle to extend further, making it possible for Bitcoin to climb toward new highs without the typical overheating conditions that marked previous tops. In other words, Bitcoin’s long-term foundation remains strong, and the market could sustain a prolonged bullish phase driven by fresh capital inflows and healthier profit distribution dynamics.

Testing Resistance Before Breakout

Bitcoin (BTC) is currently trading around $116,781, with the chart showing price action consolidating just below a major resistance at $123,217. This level has repeatedly acted as a barrier over the past months, making it a crucial threshold for bulls to break in order to confirm a new upward leg.

BTC consolidates below $118K | Source: BTCUSDT chart on TradingView

The recent bounce from the $112,000–113,000 zone, supported by the 100-day SMA, reflects renewed buying interest after a period of weakness. The 50-day SMA has also turned upward, aligning close to spot price and signaling improving short-term momentum. Meanwhile, the 200-day SMA, currently around $103,200, remains comfortably below, confirming that Bitcoin’s broader trend is still bullish.

For now, BTC is moving within a constructive setup: higher lows have formed since early September, suggesting buyers are gradually regaining control. However, without a decisive breakout above $117,500–118,000, price could remain rangebound before attempting to retest the $123K resistance.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Crypto Trends

AI Is Now Way Better at Predicting Startup Success Than VCs

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In brief

  • Oxford–Vela researchers created VCBench to test if AI can predict startup success.
  • GPT-4o, DeepSeek-V3, and others outperformed Y Combinator and top VCs.
  • The study suggests that LLMs could become powerful early-stage investing tools.

Could GPT-4 have spotted Airbnb in 2008—or Figma in 2012—before the pros did?

A new paper from researchers at the University of Oxford and Vela Research suggests that large language models are already better at picking winners than most early-stage investors. In a field notorious for pattern-matching and warm intros, the prospect of AI surfacing promising founders earlier—without knowing their names—could be a game-changer.

If models like GPT-4o can even modestly improve hit rates, then they could become must-have tools in every firm’s deal-sourcing stack, and might even make startup investing a little more meritocratic.



The research paper,  “VCBench: Benchmarking LLMs in Venture Capital,” introduces VCBench, the first open benchmark designed to test whether AI can forecast startup success before it happens. The team built a dataset of 9,000 anonymized founder profiles, each paired with early-stage company data. About 810 profiles were labeled as “successful”—defined as achieving a major growth milestone like an exit or IPO—giving the models a sparse but meaningful signal to train on.

Crucially, the researchers scrubbed the dataset of names and direct identifiers so the models couldn’t simply memorize Crunchbase trivia. They even ran adversarial tests to ensure that LLMs weren’t cheating by re-identifying founders from public data, reducing re-identification risk by 92 percent while preserving the predictive features.

When put to the test, the models did better than most human benchmarks. The paper notes that the “market index”—essentially the baseline performance of all early-stage VC bets—achieves just 1.9% precision, or one winner in 50 tries. Y Combinator does better at 3.2%, roughly 1.7 times the market, and tier-1 VC firms hit about 5.6%, roughly doubling that again.

Large language models, however, blew past this baseline.

For instance, DeepSeek-V3 delivered more than six times the precision of the market index, while GPT-4o topped the leaderboard with the highest F0.5 score, balancing precision and recall. Claude 3.5 Sonnet and Gemini 1.5 Pro also beat the market handily, landing in the same performance tier as elite venture firms.

In other words, nearly every frontier LLM tested did a better job of identifying likely winners than the average VC—and several models matched or exceeded the predictive power of Y Combinator and top-tier funds.

The researchers have released VCBench as a public resource at vcbench.com, inviting the community to run their own models and publish results. If the leaderboard fills with LLMs outperforming the market, then it could reshape early-stage investing. A world where founders are discovered by AI agents trawling LinkedIn rather than cold-emailing partners might not be far off.

Generally Intelligent Newsletter

A weekly AI journey narrated by Gen, a generative AI model.



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Inside Upexi’s SOL play: staking yield and locked token deals
Crypto Trends

Inside Upexi’s SOL play: staking yield and locked token deals

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Upexi is the largest public company holding Solana tokens and uses a SOL strategy to build its holdings and generate additional revenue through staking. In an interview with crypto.news, Upexi CEO Allan Marshall explains why the company executed a large equity private placement to build a crypto treasury, citing MicroStrategy’s playbook and a more accommodating U.S. policy backdrop.

Summary

  • Upexi is the largest public holder of Solana, using equity raises to build a SOL treasury and earn staking yield.
  • Upexi CEO Allan Marshall spoke with crypto.news in an interview.
  • Corporate strategy focuses on accretive issuances, staking, and discounted locked SOL purchases, not venture investing.

Upexi markets itself as a “new institutional gateway to Solana’s (SOL) speed, scale, and rapidly growing ecosystem.” But it isn’t alone, as it joins a handful of rival companies also building Solana treasuries, while dozens of other public entities are focusing on other coins.

Speaking to crypto.news, Marshall discusses strategy and market perception. He notes that Upexi is focused on accretive capital raises, staking, and discounted, locked SOL purchases rather than venture investing. He also discusses how the company measures progress through an “adjusted SOL per share” metric designed to remove timing and leverage effects.

We also discuss the company’s risk management strategies, which include a buy-and-hold approach, no hedging, disciplined use of leverage, and custody with qualified providers.

The entire interview transcript is below:

crypto.news: Upexi is now the largest corporate holder of Solana with over 2 million SOL in treasury. Why did you make such a dramatic shift now? Was there something specific that happened in the past few months that gave you the confidence to commit so heavily to a crypto treasury at this time?

Allan Marshall: Upexi did the first large-scale equity private placement to create an altcoin treasury, and there were two key items that led us to adopt this strategy.  First was a growing appreciation for all the value that MicroStrategy has created, as it has been the best performing stock in the US since it adopted a Bitcoin treasury strategy in August 2020.  Second was a more accommodative US administration, which moved from a headwind to a tailwind and gave us increasing confidence that such a strategy would work.

CN: With so many crypto assets available, what makes you believe SOL is the best reserve asset for Upexi’s needs? Did you consider any alternatives, and if so, what unique advantages did Solana offer that others did not?

AM: We view Bitcoin as the best monetary asset and Solana as the best high performance blockchain.  Going with Solana over Bitcoin not only enabled us to be a first mover rather than a follower, but also enabled us to be underpinned by an asset with more potential upside, all else equal, with Solana’s market cap at just 5% that of Bitcoin’s.  In addition, being underpinned by Solana enables additional ways to create value, such as staking to earn an 8% yield making the treasury into a productive asset as well as buying locked Solana at a discount for built-in gains for shareholders.

CN: Upexi is sitting on an unrealized gain of $142 million. Can you provide a breakdown of this figure, for example, how much came from SOL’s price appreciation versus strategic actions you took, such as buying discounted tokens or earning staking yield?

We have not reported it broken down but the gain is a combination of all the tools we have to create value. Staking, SOL appreciation from early and strategic buying both liquid and locked tokens. 

You basically invented a new financial metric, “adjusted SOL per share,” to measure your treasury performance. How exactly is this metric calculated, and why do you think it’s a better indicator of value creation than the more recognized SOL per share or even NAV? In practical terms, what exactly does the current 0.0197 adjusted SOL per share figure tell investors?

We detailed the adjusted SOL per share metric in the table from a [Sept 11] press release.  We believe this is a better metric than a basic adjusted SOL per share as it adjusts for items that can heavily skew such a calculation such as investment timing and leverage.  For example, a company can raise $100m, buy $1m of SOL one month, and buy $99m of SOL the following month to claim their basic SOL per share increased by 99x over that time, but this was more due to the small initial purchase than due to value creation.  The company could then borrow $100m and buy SOL with it in a subsequent month to claim their SOL per share then doubled, though this was due to leverage rather than the main value accrual mechanisms.  Our adjusted SOL per share metric adjusts for items like these to measure the value creation from accretive issuances, staking, and discounted locked SOL purchases.

The 0.197 adjusted SOL per share tells investors how much in adjusted SOL is underlying each share of Upexi common equity.  The investor can see how this develops over time to measure the efficacy of Upexi’s treasury management operations, and can convert the adjusted SOL per share by multiplying by the price of SOL to see how much of a premium our stock is trading at relative to the value of our cryptocurrency (on an adjusted basis).

CN: Over 53% of your SOL holdings are locked tokens that were purchased at a mid-teens discount to spot prices. Can you explain what these locked tokens are and why Upexi chose to buy locked tokens at a discount? What benefits and risks do locked tokens bring in terms of built-in gains for shareholders, and how long before those tokens become liquid?

AM: Solana Foundation sold tokens to investors, typically cryptocurrency venture capital firms, early on to raise money for things like protocol development and for developer grants.  However, as it was still early on in Solana’s development, these tokens were locked. Hence, investors are not able to use them freely in DeFi and they do not trade on an exchange (only OTC).  Upexi is able to buy locked tokens at a mid-teens discount, that vest and become liquid on a monthly basis, generally through January 2028.  As we do not plan to sell Solana, there is no reason for us not to buy locked tokens to take advantage of the discount for investors.  Moreover, locked tokens still early the ~8% staking yield, and when the mid-teens discount is put into yield-equivalent terms, we are nearly doubling the staking yield.  So buying locked Solana at a discount is a great way for us to great built-in gains for shareholders and increase the staking yield in a risk-prudent manner.

CN: It goes without saying that holding any single-asset crypto treasury comes with volatility. How do you approach risk management for your SOL holdings? Do you hedge for downside protection, or are you all in with full confidence that downturns will reverse? In more practical terms, how do you reassure investors that the company won’t overexpose itself if Solana faces a major correction?

AM: We have a buy and hold strategy, and given our view that Solana will generally increase over the medium-term, we buy when we have the funds to do so and we do not hedge.  We seek to maximize value for shareholders in a risk-prudent fashion, so we will not take on too much leverage, we will not do crazy degen trading onchain, and we only use qualified custodians while diversifying amongst them.  We believe this not only positions us well for any market environment, but is also a strategy that resonates with both crypto and traditional investors alike.

CN: Does Upexi have any plans to move beyond simply holding SOL? For example, are there advantages to investing in projects or builders within the Solana ecosystem to complement your SOL holdings? Or do you see concentration in Solana as core to your strategy?

AM: We do not have any plans to move beyond holding and staking spot and locked Solana and engaging in accretive capital issuances. We believe the three value accrual mechanisms of accretive raises, staking, and discounted locked Solana purchases are so powerful that it doesn’t make sense to deviate from that at all.

CN: Upexi’s stock trades at around 0.7 times its basic NAV of the SOL treasury. Why do you think the market is valuing Upexi at a discount to its crypto holdings? What steps can be taken to close that valuation gap so that the stock price better reflects the underlying holdings? I saw that SharpLink announced a share buyback program as an acknowledgment that its stock is below its NAV. Would you consider a similar move?

AM: There are a number of items that make a basic mNAV calculation misleading, and as such, we do not believe that it represents the true underlying valuation that the market is ascribing to the company.  Here, we have published a “Fully-Loaded mNAV” metric that adjusts for items like leverage, cash on hand, pre-funded warrants, etc., and we believe is the most accurate valuation measure for Upexi.  Here, we are currently trading at 1.4x.

CN: I noticed that management has been active at investor conferences, including presentations at Needham, Canaccord, and H.C. Wainwright. Can you discuss how traditional finance audiences and investors are reacting to your crypto treasury strategy? What are the most common questions or concerns you hear from institutional investors and analysts?

AM: The knowledge level of traditional investors varies quite considerably, with many of them looking into cryptocurrencies and crypto-related stocks for the first time.  As such, the most common question we receive is ‘what is the difference between Solana and Bitcoin?”.  Another common question we get is “why Solana?”.  All that said, traditional investors do appreciate how powerful the model is and that cryptocurrencies may have more positive than negative catalysts, such as incoming US market structure legislation, all coming together to offer what is likely a very asymmetric risk-reward in our stock.

CN: Upexi joins a fast-growing list of public companies embracing a crypto treasury strategy. What do you think is driving this wave of corporate crypto treasury strategies? How does Upexi’s approach compare to the OG in this strategy, which was the first to hoard Bitcoin?

AM: Upexi did the first large-scale equity private placement for an altcoin treasury, and since there have been over 150 to follow.  The popularity of the model is likely coming from the success of companies like Upexi, which is making more companies want to adopt similar strategies and investors looking to make outsized returns. 

Upexi employs MicroStrategy’s main value accrual mechanism in accretive capital issuances, but also adds others such as staking to earn an 8% yield making the treasury a productive asset and buying locked Solana at a discount for built-in gains for shareholders.  We are also underpinned by an asset that we believe will similarly be an end-game winner, but at just 5% the size, so our view is that there is much more  potential upside in our treasury asset than for MicroStrategy.

CN: And last, as a follow-up to the prior question, are you concerned that that company’s exclusion from the S&P 500 index invalidates the investment thesis that resonated well with traditional stock investors?

AM: No, we are not concerned.  The S&P Index Committee has discretion on which companies it adds to the index, and MSTR may still be added in the future.  It has added other firms that own Bitcoin in the past like COIN and SQ. We do not think the fact that it wasn’t added during the recent quarterly rebalancing means much.



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Scattered pile of $1 bills (Gerd Altmann/Pixabay)
Crypto Trends

ETH News: Fusaka Coming in December

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Ethereum core developers have confirmed a tentative roadmap for the network’s next major upgrade, Fusaka, during Thursday’s All Core Developers Consensus (ACDC) call.

The upgrade, designed to further scale the blockchain, is now scheduled for early December, with follow-up changes aimed at more than doubling blob capacity in the weeks after.

Before the Fusaka upgrade reaches Ethereum’s mainnet, developers will push the code through three public test networks in October.

If those tests proceed smoothly, the mainnet activation is targeted for Dec. 3. Developers noted that exact epoch numbers and timing will be confirmed in the coming days.

Blob Capacity Expansion via BPO Forks

While Fusaka itself won’t immediately change blob parameters, the call outlined a phased approach to scaling blob availability through so-called Blob Parameter Only (BPO) forks.

One week after Fusaka BPO-1 will raise the blog target/max from 6/9 to 10/15, then one week later BPO-2 will push the limit to 14/21.

These incremental changes are based on performance observed on the Fusaka Devnet-5 and are intended to safely expand capacity without requiring client-side software updates.

Blobs, introduced in March’s Dencun upgrade, allow Ethereum to store large amounts of rollup transaction data more efficiently, reducing costs for users of layer-2 scaling networks.

Looking Ahead

Ethereum researcher Christine Kim, who reported the call highlights on X, noted that additional BPOs remain on the roadmap for Fusaka, although only the first two were scheduled in this week’s call.

A detailed timeline of the Fusaka and BPO activations is available via Ethereum’s public notes.

The Fusaka rollout follows May’s Pectra upgrade, which introduced validator staking changes and new account abstraction features, underscoring Ethereum’s ongoing push to optimize scalability and network efficiency.



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Bhutan Transfers $107M Bitcoin, With $1.1B BTC Left
Crypto Trends

Bhutan Transfers $107M Bitcoin, With $1.1B BTC Left

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The Royal Government of Bhutan transferred more than $100 million worth of Bitcoin this week, raising concerns about potential sell pressure in the market just as the US Federal Reserve delivered its first interest rate cut of 2025.

The Bhutan government-labelled wallet moved 913 Bitcoin (BTC) worth about $107 million into two newly created cryptocurrency wallets on Thursday.

The original wallet still holds 9,652 Bitcoin worth over $1.1 billion, according to blockchain data platform Lookonchain.

The transfers may indicate Bhutan is preparing to sell a portion of its holdings. If the government liquidated its entire stash, it could add more than $1 billion of supply to the market.

Source: Lookonchain

Related: Standard Chartered venture arm to raise $250M for digital asset fund: Report

It was the first activity in a month from the wallet, which previously moved $92 million worth of Bitcoin on Aug. 18, according to Arkham data.

Bhutan has embraced cryptocurrency under its current monarch, King Jigme Khesar Namgyel Wangchuck, including initiatives such as hydro-powered Bitcoin mining and a crypto reserve.

In September 2024, Arkham identified the first Bitcoin address of Bhutan’s investment arm, Druk Holding and Investments, which held about $780 million in crypto, showcasing the benefits of cryptocurrency adoption for developing economies.

Related: ‘Diamond hand’ investor turns $1K into $1M as BNB tops $1,000

Whales stir as Fed cuts rates

The Bhutan transfers came as other large holders moved coins ahead of potential volatility.

On Wednesday, an unknown whale woke up after 12 years of dormancy to transfer $116 million worth of Bitcoin, which he initially acquired for just $847 per token, worth around $847,000 at the time.

The transfer occurred shortly before Wednesday’s highly anticipated Federal Open Market Committee (FOMC) meeting, which delivered the first US interest rate cut of the year.

While Bitcoin initially topped $117,000 on the interest rate cut announcement, the “median FOMC projection of just 50 bps in total cuts this year tempers the optimism,” introducing short-term volatility risks, Ryan Lee, chief analyst at Bitget exchange, told Cointelegraph, adding:

“Historically, crypto has dipped 5–8% percent following rate cuts before resuming its upward path, suggesting a potential ‘sell the news’ phase in the days ahead.”

“In the near term, Ethereum and Solana may outperform on ETF-driven inflows and network catalysts, while Bitcoin consolidates before targeting $123,000 to $150,000 if subsequent cuts materialize,” the analyst added.

Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder



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Michigan'S Bitcoin Reserve Bill Progresses After Months Of Delay
Crypto Trends

Michigan’s Bitcoin Reserve Bill Progresses after Months of Delay

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The U.S. state of Michigan has advanced with the Michigan Bitcoin Reserve bill, HB 4087, after months of delay. The bill will move forward for a second reading to the Committee on Government Operations for review. It aims to allow the state treasurer to allocate up to 10% of Michigan’s general and stabilization funds into cryptocurrency investments. 

House Bill, HB 4087, sponsored by Republicans Bryan Posthumus and Ron Robinson, was first introduced in February 2025. The bill also provides for lending the cryptocurrency to yield further returns, provided there is no increase in financial risk to the state. The measure requires the state to directly hold cryptocurrency through secure custody solutions or exchange-traded products (ETPs). 

Following other US states in Bitcoin Reserve

The sponsor lawmakers to HB 4087 said that similar measures have already been enacted in states like Texas, New Hampshire, and Arizona, where laws establishing state-level Bitcoin reserves are in place. In May 2025, New Hampshire made history by becoming the first U.S. state to pass a Bitcoin Reserve Bill into law. 

Arizona’s House of Representatives passed the HB2324 bill in June, which would allow the state to create a special reserve for Bitcoin and other cryptocurrencies that are taken from criminals during investigations. Following them was the state of Texas, which not only created a Bitcoin reserve but also allocated ten million to fund the project. 

Most states are in the same boat.

Currently, over 26 U.S. states have stat-backed Bitcoin Reserve bills in progress, and about 47 states have proposed or considered legislation pertaining to Bitcoin reserves. Majority of these proposals follow the U.S. President Donald Trump’s executive order, signed in March, to establish a national Bitcoin reserve, where Bitcoin will be held as a store of value. 

Also Read: Kiyosaki Slams Schools for ‘Fake Money’ Indoctrination



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