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Crypto exchange Bullish goes public on the New York Stock Exchange. (CoinDesk/Nik De)
Crypto Trends

Democrats in Congress Call Foul on Status of Trump’s Crypto Czar David Sacks

by admin September 17, 2025



President Donald Trump’s top adviser on crypto, David Sacks, is working under a “special government employee” status that’s meant to be for officials serviing an important but temporary duty with the federal government, and Senator Elizabeth Warren penned a letter with other Democrats in Congress asking him whether he’s overstepped that window.

Such an employee isn’t allowed to serve more than 130 days in a year, according to the law, and the Wednesday letter to Sacks asks him to put a number on the days the prominent venture capitalist has worked for Trump in the role as crypto and artificial intelligence czar. Under the rules, any day in which he’s done work counts against that 130, though in some agencies, the limit has commonly been governed by a “good faith” estimate of how long the official expects to serve.

“If you have worked every business day, your 130th day was July 25, 2025,” according to the letter signed by Warren and several other members of the Senate and House of Representatives, including Bernie Sanders. The lawmakers called their review of this timeline since the January 20 start of the administration an “investigation.”

“If you have indeed passed the 130th day mark, you are undermining the careful balance Congress struck in creating the SGE designation. It is only because of your designation as an SGE that you have been able to continue working for and being paid by Craft Ventures during your time in government,” read the letter.

Trump has used the temporary employment status in a high-profile fashion, also employing Tesla CEO Elon Musk in that capacity. The personnel tool is designed to be used to bring expertise into government without having to clear some of the bureaucratic hoops of typical hiring. Earlier this year, other Democrats in Congress pushed a bill that sought to inhibit such employees from using the role to seek financial gain, and Warren also pursued legislation to limit SGEs.

There have been more than 170 business days since Trump took office. Since then, Sacks has been running the president’s aggressive pro-crypto agenda, which has so far celebrated one major new law to regulate U.S. stablecoin issuers — leading to a White House signing ceremony that Sacks attended.

He’s also acted as the boss of the administration’s day-to-day crypto adviser, which had originally been Bo Hines until he left to work for Tether as its top U.S. executive. Patrick Witt replaced Hines as executive director of the President’s Council of Advisers on Digital Assets, and he told CoinDesk he’s still working closely with Sacks.



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Crypto Trends

Elizabeth Warren Probing Whether Trump’s AI and Crypto Czar David Sacks Broke Ethics Rules

by admin September 17, 2025



In brief

  • Elizabeth Warren and other liberal lawmakers questioned AI and crypto czar David Sacks on whether he has exceeded his 130-day limit as a temporary White House employee, raising ethics concerns.
  • The lawmakers want a full record of Sacks’ workdays and locations since January, noting his dual role at the White House and at his AI- and crypto-focused venture firm.
  • The inquiry follows a New York Times investigation linking the Trump family’s crypto platform to a UAE AI chip deal that Sacks reportedly helped finalize.

Sen. Elizabeth Warren (D-MA) and other prominent liberal lawmakers have turned up the heat on White House AI and crypto czar David Sacks, pressing the Trump administration official Wednesday on whether he has overstayed his temporary post and violated ethics rules.

In a letter sent to Sacks Wednesday morning and shared with Decrypt, Warren noted that as a Special Government Employee, the crypto czar is permitted to work in his position for only 130 days per year. 

“Any effort to stay beyond the time limits imposed on you as a Special Government Employee (SGE) would raise additional ethics concerns for you and the Trump Administration, particularly as it moves to implement recently enacted cryptocurrency legislation and put in place new rules for the crypto industry,” Warren wrote.



The letter was also signed by prominent lawmakers including Sen. Bernie Sanders (I-VT), Sen. Chris Van Hollen (D-MD), Sen. Richard Blumenthal (D-CT), and Rep. Rashida Tlaib (D-MI). 

Warren has requested Sacks to, within the next two weeks, provide the lawmakers with a list of days he has worked in any capacity for the Trump administration since his appointment in January, plus further details on where he has conducted said business, including in Silicon Valley. 

The White House did not immediately respond to Decrypt’s request for comment.

As a Special Government Employee, Sacks was permitted to remain at Craft Ventures—his Silicon Valley venture firm, which invests heavily in AI and crypto companies—even as he has continued to play a critical role in shaping the White House’s AI and crypto policy. 

That allowance is specifically granted only to temporary White House employees. Earlier this year, Elon Musk used a similar exception to continue operating his numerous businesses while running the Department of Government Efficiency (DOGE). 

Sacks has split his time between Silicon Valley and Washington D.C. since joining the Trump administration and has scrupulously used his working days so as to extend the period of his White House tenure, sources familiar with the matter told Decrypt. 

Warren’s inquiry comes days after the New York Times published an investigation linking the business dealings of the Trump family’s crypto platform, World Liberty Financial, to a recent lucrative agreement reached between the U.S. government and the UAE regarding AI chips. Sacks played a crucial role in getting the chip deal over the finish line, according to the report.

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FCA crypto proposal seeks full UK oversight for firms by 2026
Crypto Trends

FCA crypto proposal seeks full UK oversight for firms by 2026

by admin September 17, 2025



FCA crypto proposals aim to bring digital asset firms under full UK oversight by 2026, spelling out provisions for governance, resilience, and crime prevention. The regulator says the framework mirrors traditional finance rules but will be adapted to reflect crypto’s unique risks.

Summary

  • FCA plans full UK oversight of crypto firms by 2026, adapting TradFi rules for governance, resilience and crime prevention.
  • Proposals include extending the Senior Managers Regime, applying Consumer Duty, and allowing disputes at the Financial Ombudsman.
  • The regulator aims to balance innovation with consumer protection and test the industry’s readiness for stricter oversight.

On September 17, the Financial Conduct Authority announced its proposal for comprehensive cryptoasset regulation, publishing a detailed consultation paper that maps how existing financial rules will be adapted to govern the digital asset sector.

The proposal outlines the application of the FCA Handbook to crypto firms, targeting key areas including operational resilience, financial crime prevention, and senior management accountability.

According to the announcement, the move follows HM Treasury’s draft legislation from April 2025 that legally expands the FCA’s remit to oversee new regulated activities like operating trading platforms, custody, and staking. The regulator is now seeking industry feedback by October and November deadlines, with a final framework slated for 2026.

A closer look at what the FCA is proposing

The FCA’s consultation paper laid out several proposals that show how the financial watchdog intends to bring crypto firms more firmly under regulatory oversight. A central pillar is the full application of the Senior Managers and Certification Regime, which will impose clear accountability on individuals leading crypto firms, a direct response to the industry’s historical opacity.

Firms will also be expected to meet stringent operational resilience standards, mandating robust systems to withstand cyberattacks, outages, and other operational shocks that have previously led to significant consumer losses.

The FCA has also opened a crucial debate on applying its flagship Consumer Duty to crypto activities. This would legally obligate firms to deliver good outcomes for retail customers, a potentially transformative shift from the current caveat emptor environment.

Tied to this is a consultation on integrating cryptoasset disputes into the Financial Ombudsman Service, which would provide a formal, independent redress mechanism for the first time. The FCA itself acknowledges that the inherent volatility of cryptoassets will remain, but these measures aim to insulate consumers from poor business practices and outright fraud.

“We want to develop a sustainable and competitive crypto sector – balancing innovation, market integrity and trust. Our proposals won’t remove the risks of investing in crypto, but they will help firms meet common standards so consumers have a better idea of what to expect,” David Geale, FCA’s executive director of payments and digital finance, said.

The coming consultation period will be a critical test, revealing whether the industry is prepared to operate with the rigor of traditional finance or if it will resist the very structures it has long claimed to seek.



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Crypto Platform Bullish Wins New York BitLicense, Clearing Path for U.S. Expansion
Crypto Trends

Crypto Platform Bullish Wins New York BitLicense, Clearing Path for U.S. Expansion

by admin September 17, 2025



Bullish (BLSH), the parent company of CoinDesk, has secured a coveted BitLicense from the New York State Department of Financial Services (NYDFS), a key regulatory approval that will allow the institutional digital asset platform to offer spot trading and custody services to customers in New York, the company said in a press release on Wednesday.

The BitLicense, also known as a Virtual Currency Business Activity License, is considered one of the most rigorous state-level crypto approvals in the U.S.

With it, Bullish’s U.S. entity, Bullish US Operations LLC, can now cater to institutional clients and advanced traders in the country’s financial capital.

“New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, CEO of Bullish, in the release.

“Receiving our BitLicense and Money Transmission License from the New York Department of Financial Services is a testament to Bullish’s commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets,” he added.

The license win follows the firm's successful initial public offering in August. It marks the second crypto exchange, after Coinbase (COIN), to go public in the U.S.

Bullish is also among several crypto-native companies that have recently gone public under the Trump administration's more digital asset-friendly regulatory approach. Stablecoin issuer Circle (CRCL) and exchange Gemini (GEMI) also recently IPO'd.

Chris Tyrer, president of Bullish Exchange, called the approval “a significant regulatory milestone” and said it strengthens the company’s credibility with institutions. “We believe that clear regulation drives responsible market evolution and institutional engagement,” Tyrer said in the release.

Key catalyst

The milestone adds to Bullish’s growing list of regulatory credentials.

The exchange is now regulated in the U.S., Germany, Hong Kong and Gibraltar, and positions itself as a venue designed for institutional-grade liquidity, combining a central limit order book with automated market making.

The BitLicense clears the path for the crypto platform to expand in the U.S., which Wall Street analysts noted as a key catalyst for the stock.

Investment bank Canaccord said that with Bullish licensed in Europe and Asia, securing a BitLicense would open access to U.S. institutional clients.

Meanwhile, broker Bernstein said that Bullish could compete with rivals such as Coinbase if the platform successfully launches in the U.S. in 2026. “We expect Bullish to capture ~8% market share in U.S. spot institutional crypto volumes by 2027E, while global spot market share remains at ~7%,” Bernstein's analysts wrote.

Investment bank KBW also said near-term U.S. expansion was a catalyst for growth for Bullish, and the firm's differentiated tech stack, competitive fees and deep liquidity positioning it to gain market share.

Read more: Bullish Gets a New $55 Price Target from KBW With U.S. Entry Seen as Key Catalyst



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Forward Industries Plans $4B Share Sale to Back Solana Treasury
Crypto Trends

Forward Industries Plans $4B Share Sale to Back Solana Treasury

by admin September 17, 2025



Nasdaq-listed company Forward Industries filed for an at-the-market (ATM) equity offering program of up to $4 billion, giving the company flexibility to sell shares over time to support its Solana-focused treasury strategy. 

On Wednesday, Forward Industries announced that the program will allow it to issue and sell common stock through sales agent Cantor Fitzgerald. 

The offering is being made under an automatic shelf registration statement filed with the US Securities and Exchange Commission (SEC). An automatic shelf registration allows certain large, publicly traded companies to quickly raise capital with flexibility. 

While the maximum amount listed is $4 billion, the company noted that sales may or may not occur depending on market conditions.

Forward Industries to use part of the funds on Solana purchases

According to the announcement, proceeds from share sales will be used for general corporate purposes. This includes working capital, growth initiatives and expanding its Solana (SOL) treasury holdings. 

Kyle Samani, the chairman of the company’s board of directors, said the offering gives Forward Industries a flexible and efficient mechanism to raise and deploy capital for its Solana treasury strategy. 

“The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani said.

Forward Industries announced its Solana treasury strategy plans on Sept. 8, securing $1.65 billion in cash and stablecoin commitments to build its SOL stash, led by crypto heavyweights like Galaxy Digital, Jump Crypto and Multicoin Capital.

The announcement was followed by a SOL buying spree, with Galaxy Digital buying $306 million in Solana tokens in one day to put in Forward Industries’ stash. 

At the time of writing, treasury data tracker Solana Strategic Reserve showed that Forward Industries led the SOL treasury companies, holding $1.6 billion in tokens.

Related: Nasdaq-listed Helius announces $500M funding for Solana treasury

Solana treasury companies hit $4 billion in SOL tokens

Forward Industries is not alone in its efforts to build a strategic treasury focused on Solana tokens. On Tuesday, Solana Strategic Reserve showed that SOL treasuries reached over 17.11 million SOL tokens for the first time. These tokens were worth over $4 billion, signaling increased institutional interest in Solana. 

In total, 17 companies have implemented Solana reserve strategies, including Sharps Technology, the DeFi Development Corp. and Upexi. 

Magazine: Meet the Ethereum and Polkadot co-founder who wasn’t in Time Magazine



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Coinbase Hack Suspect Stored 10,000+ Customer Records On Phone
Crypto Trends

Coinbase Hack Suspect Stored 10,000+ Customer Records on Phone

by admin September 17, 2025



A New York court filing has revealed new details about a major data breach at Coinbase, one of the world’s largest cryptocurrency exchanges, which was done by an insider sitting in a customer support office in India. The filing claims that a former TaskUs employee in Indore, India, compromised data from more than 10,000 Coinbase customers by storing and selling their personal details. 

The worker, identified as Ashita Mishra, is accused of storing sensitive customer details on her phone and selling them to hackers, raising serious questions over insider-linked breaches at the crypto exchange.

According to the filing, from September 2024, she started quietly stealing customer details: things like social security numbers, bank info, and ID photos. Later, she sold those photos to hackers for $200 each, which the hackers then used to act like Coinbase staff and cheat people.

Over 69,000 Coinbase customers had their personal data exposed as a result. Coinbase has said that its main systems and wallets are still safe, but with this kind of personal data out, people are now vulnerable to fraud and scams. The exchange has asked customers to stay careful and promised stronger security.

Also Read: Is Coinbase Safe in 2025? Key Facts Amid Data Breach Lawsuit

Outsourcing questioned

This case has also raised big questions about outsourcing. Companies like Coinbase hire outsourcing firms like TaskUs to handle customer queries because it’s cheaper and faster. But when external staff get access to such sensitive data, it clearly comes with risks.

TaskUs has not yet issued a detailed statement. Experts are saying this mess will probably make everyone push for stricter checks, like better audits, tougher background checks, and tighter control over who can see data at outsourcing centers in India and elsewhere.

Coinbase, which has always tried to look like the safest and most trusted crypto exchange, especially in the U.S., is now under pressure to prove it, and the breach could invite closer examination of how it oversees vendors handling customer data.

The exchange is already under scrutiny from U.S. regulators, and the breach could invite closer examination of how it oversees vendors handling customer data.

What comes next?

Mishra is facing criminal charges, though details of her detention remain limited. Regulators in both the U.S. and India are expected to follow the case closely. For customers, the fallout is still unfolding, as stolen records could circulate on the dark web for months.

For Coinbase, the immediate task is damage control. Beyond its secure blockchain, the exchange must convince users that the people and partners behind the platform can also be trusted.

Also Read: Coinbase Urges Court to Act on SEC’s Lost Gensler Texts



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Key Reason Why 90,000 ETH Offloaded by Whales in Past 48 Hours Shared by Analyst
Crypto Trends

Key Reason Why 90,000 ETH Offloaded by Whales in Past 48 Hours Shared by Analyst

by admin September 17, 2025


  • 90,000 ETH sold within 48 hours, here’s key reason
  • Tom Lee predicts Ethereum to $5,500 by mid-October

Crypto trader and analyst Ali Martinez, known on the X social media platform as @ali_charts, has reported that over the past two days, large cryptocurrency whales have offloaded a massive amount of Ethereum valued at nearly half a billion dollars.

The analyst also revealed the key reason that likely pushed the whales to that step.

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90,000 ETH sold within 48 hours, here’s key reason

Martinez shared a chart provided by the on-chain data company Santiment, which shows that the rapid decline in whale holdings aligns with a 6.53% price drop in Ethereum over the past few days. Back then, the second-largest cryptocurrency went down from a local peak of $4,757, landing at the $4,510 level. It seems that whales decided to lock in their profits, seeing the price go down. Those were wallets holding between 10,000 and 1,000 ETH.

By now, Ethereum has rebounded by 1.42% and is changing hands at $4,510 after reaching $4,548 earlier today.

Tom Lee predicts Ethereum to $5,500 by mid-October

Earlier this week, Fundstrat’s Tom Lee spoke to CNBC, sharing that he expects Bitcoin and Ethereum to skyrocket within the next three months, as they can make “a monster move.”

The main trigger for that, according to Lee, is the interest rate reduction to be announced by Federal Reserve Chairman Jerome Powell today. The very smallest price jump for Ethereum he expects to see is $5,500 by the middle of October.



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Crypto Trends

Avalanche, Sui, and Bonk ETFs Test SEC as Issuers Push Into Riskier Territory

by admin September 17, 2025



In brief

  • Bitwise, Defiance, Tuttle, and T-Rex filed five new crypto ETFs, from Avalanche and Sui to memecoin Bonk and leveraged Orbs.
  • Analysts say AVAX and tokenization funds have the strongest approval odds, while memecoin and basis-trade ETFs face “more scrutiny.”
  • The filings add to a queue of over 90 crypto ETF applications infront of the SEC.

A flood of crypto ETF applications hit the Securities and Exchange Commission on Tuesday, with five distinct filings spanning everything from Avalanche infrastructure to Bonk (BONK) in what one analyst called “wild” territory.

The lineup includes Bitwise’s spot Avalanche ETF and a Stablecoin & Tokenization ETF, Defiance ETFs built around Bitcoin and Ethereum basis trades, Tuttle’s “Income Blast” funds covering Bonk (BONK), Litecoin (LTC), and Sui (SUI), and T-Rex’s leveraged 2x Orbs ETF, according to ETF Institute co-founder Nate Geraci.

Together, they expand an already swelling roster of more than 90 crypto ETF applications pending before the regulator.



“The spot AVAX ETF should have the highest chance of approval because it’s a simple product relative to others,” Pratik Kala, head of research at Apollo Crypto, told Decrypt. 

Bitwise joins VanEck and Grayscale in pursuing institutional-grade exposure to AVAX ETFs.

But Kala expressed skepticism about more exotic products, saying that “Basis Trade ETF will be the first of its kind, to my knowledge, and will have more scrutiny.” 

He was referring to Defiance ETFs’ market-neutral Bitcoin and Ethereum funds that execute hedge fund arbitrage strategies by buying spot ETFs while shorting futures contracts.

Sudhakar Lakshmanaraja, founder of Digital South Trust, echoed Kala’s assessment, telling Decrypt that the SEC is “far likelier to greenlight AVAX and stablecoin/tokenization ETFs,” while “meme coin-linked products face a steeper climb” due to concerns over “volatility and liquidity.”

Tuttle Capital Management, managing over $3.6 billion in assets, became the second U.S. fund manager to file for a spot Bonk (BONK) ETF, alongside “Income Blast” products covering Litecoin and Sui. 

“Income Blast ones on long-tailed altcoins are also difficult as the options volumes for those are slim,” Kala told Decrypt. “It would be fair for the SEC to draw a harder line for memecoin-based ETFs due to the long-term sustainability of some of these coins, along with a poorer liquidity profile.”

Pav Hundal, lead analyst at Swyftx, told Decrypt that “infrastructure coins like Avax are close enough to Ether” to have strong approval odds, and “the same holds true for Sui.” 

He noted the SEC provided “clarity” in February that “meme coins aren’t securities,” suggesting more applications will follow. 

But Hundal showed particular enthusiasm for the basis trade ETF, calling it a “standout” since “a market neutral product hasn’t been launched yet” and predicting “these types of yield-bearing funds could be big.”

The filing blitz comes as REX-Osprey’s Dogecoin ETF prepares to debut this week after clearing its SEC review period. 

Kala said it’s “wild that ETF applications on long-tailed crypto and memecoin assets are being considered” as issuers position for “the largest wealth transfer” from boomers to younger generations who see “memetics plays a large role in investing.”

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Drake song leaked by pump.fun streamers, token soars by 3,000%
Crypto Trends

Drake song leaked by pump.fun streamers, token soars by 3,000%

by admin September 17, 2025



A pair of pump.fun streamers allegedly leaked Drake’s single from his upcoming album ICEMAN in a stream to promote their meme coin BAGWORK. The duo have since made more than $83,410 from creator fees in just two days after streaming the song.

Summary

  • Drake’s unreleased track from ICEMAN was leaked by a pair of streamers on pump.fun.
  • The developers behind the token, BAGWORK, gained $83,410 within just two days of streaming the song.

Pump.fun livestreamers went viral for playing what sounds like an unreleased song from rapper Drake’s upcoming album over the weekend in an effort to promote their token. The video clip shows the pair of livestreamers in the backseat of a car, listening to what they claim is an “unreleased” song.

“First time this song is ever played,” said the one of the streamers

“Buy f**king BAGWORK right now,” yelled the other streamer.

Both streamers jam to the song wearing white t-shirts that spell out the name of their token, BAGWORK on SOLANA (SOL), in big bold marker-written letters. It did not take long for the clip to spread all over social media and catch the attention of Aubrey “Drake” Graham himself, who was taken off guard by the fact that two teenagers leaked his song on a meme coin launchpad livestream.

According to a report by the Rolling Stone, the rapper called into the Kick stream of Adin Ross to find out who the leakers were. At first, Ross believed that it was one of Drake’s unconventional methods of releasing music. But the rapper denied it.

“I don’t even know who the f**k those kids are,” Drake said to Ross over the phone.

“What, you actually don’t know who those kids are?” the streamer responded.

“I just asked you who they are. What the f**k?” Drake snapped back.

The BAGWORK streamers later claimed that Ross had messaged them, asking how they were able to get their hands on the unreleased track. However, they told him to come on their stream if he wanted to know. Ross did not respond to the request, according to the duo.

Drake’s impact on the BAGWORK meme coin

Within just two days of playing the unreleased track on their livestream, the token shot up in value. The token soared nearly 3,000% in less than 24 hours, with market cap rocketing from under $5 million to a peak of $53.8 million.

According to the chart, price action shows the token climbed from near $0.001 to highs above $0.050 at the peak of the hype, as volume surged and speculators rushed in.

However, the Drake rally proved to be short-lived. Within two days of the spike, BAGWORK retraced sharply, dropping over 80% from its highs and now trading around $0.0095 with a market cap of just $10.3 million.

Leaking the unreleased Drake song lifted the BAGWORK token up | Source: pump.fun

According to data from Pump.fun (PUMP), the account that launched the BAGWORK token has launched a dozen other tokens. Their Solana balance has reached $20,100. Meanwhile, the creator fees generated from Bagwork has dropped significantly since their Drake leak; falling fro $83,410 to just around $35,300 within 24 hours.

Pulling stunts to gain traction for their token is not new for the livestreamer duo. Before Drake, they’ve claimed to leak songs from other artists like Future, Lil Uzi Vert, and Playboi Carti.

Last week, one of the devs behind BAGWORK even invaded the field during a Los Angeles Dodgers baseball game to promote the token.



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Asia Morning Briefing: BTC Traders Brace for Fed Cuts But Massive $4.5B Liquidity Tests Loom
Crypto Trends

Asia Morning Briefing: BTC Traders Brace for Fed Cuts But Massive $4.5B Liquidity Tests Loom

by admin September 17, 2025



Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.
Polymarket and CME FedWatch are aligned: the Fed’s easing cycle begins tomorrow. Both have a 25 bps cut locked in for the next FOMC meeting, with odds building for a three-cut path through year-end.

Polymarket traders leave more room for aggressive easing, while CME assigns steadier probabilities of 25 bps steps. Either way, markets see 75 bps in cuts as the baseline for 2025.

Market conviction around the Fed pivot is already showing up on-chain, with BTC trading at $116,762, up 1.3% on the day and 4.7% on the week, while ETH sits at $4,502, up 4.3% on the week as traders price in the cuts.

Now, some traders are sitting on the sidelines to see just how the market might react as the Fed announces cuts.

In a recent report, CryptoQuant data shows bitcoin exchange inflows have dropped to a 7-day average of just 25,000 BTC, the lowest in more than a year and a half; the level seen in mid-July when BTC first crossed $120,000. The average BTC deposit size has also halved to 0.57 BTC, evidence that large holders are sitting idle rather than rushing to sell.

ETH is seeing the same pattern: exchange inflows have fallen to a two-month low of 783,000 ETH, down sharply from 1.8 million in August. The average ETH deposit has declined to 30 ETH from 40–45 ETH earlier this summer, suggesting reduced sell-side activity from whales.

If BTC and ETH are being hoarded, stablecoins are flowing in CryptoQuant writes in its report. USDT deposits into exchanges surged to $379 million at the end of August, the highest this year, and remain elevated at $200 million. The average daily USDT deposit has doubled since July, giving exchanges the “dry powder” needed to support a post-Fed rally.

But the flows aren’t uniform. Altcoins are seeing a resurgence of exchange activity, with transaction deposits climbing to a 7-day total of 55,000, up from a flat 20,000–30,000 range earlier this year. That divergence signals possible profit-taking in higher-beta names even as BTC and ETH supply remains tight.

“September brings a wave of token unlocks totaling $4.5 billion, a dynamic that could pressure liquidity and test market absorption,” OKX Singapore CEO Gracie Lin wrote in a note to CoinDesk.

True opportunity lies beyond short-term volatility, Lin argued.

“Stablecoins are nearing $300 billion in supply, token unlocks are putting market depth to the test, and major infrastructure upgrades like Nasdaq’s move toward tokenized securities are signaling that crypto is becoming part of the global financial system, not an outlier,” she wrote.

The message is clear: the Fed pivot is nearly priced in. What matters now is whether crypto’s liquidity buffers, stablecoins, exchange inflows, and token unlocks can absorb the shocks and channel capital into the next leg higher for BTC.

Market Movement

BTC: BTC is trading above $116,500 as traders are optimistic about potential U.S. interest rate cuts. Technical factors such as the closing of futures gaps have added upward pressure. Some caution is setting in ahead of the Fed meeting.

ETH: ETH is trading with modest strength, supported by overall crypto market momentum (dominated by BTC), but with some resistance as investors weigh macro risks and await clarity on policy from the Fed.

Gold: Gold is hitting record highs, driven by expectations that the U.S. Federal Reserve will cut rates, a weakening U.S. dollar, and heightened geopolitical or macroeconomic uncertainty. Safe‑haven demand from investors is strong.

Nikkei 225: Asia-Pacific stocks fell on Wednesday morning, with Japan’s Nikkei 225 down 0.3%, as investors tracked Wall Street losses and awaited a likely Fed rate cut decision.

S&P 500: The S&P 500 slipped 0.13% to 6,606.76 Tuesday as investors booked profits ahead of the Fed’s rate decision after touching a record high earlier.

Elsewhere in Crypto

  • Eric Trump defends UAE-Binance deal, says his father is ‘first guy who hasn’t made money off of the presidency’ (The Block)
  • President Trump Alleges New York Times Harmed Meme Coin in $15 Billion Lawsuit (Decrypt)
  • The Clarity Act Is Probably Dead: Here's What's Next for Its Successor Legislation (CoinDesk)



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Welcome to Laughinghyena.io, your ultimate destination for the latest in blockchain gaming and gaming products. We’re passionate about the future of gaming, where decentralized technology empowers players to own, trade, and thrive in virtual worlds.

Recent Posts

  • This 5-Star Dell Laptop Bundle (64GB RAM, 2TB SSD) Sees 72% Cut, From Above MacBook Pricing to Practically a Steal

    October 10, 2025
  • Blue Protocol: Star Resonance is finally out in the west and off to a strong start on Steam, but was the MMORPG worth the wait?

    October 10, 2025

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