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Trump Tariffs, U.S. GDP Rattle Markets, ETFs Bleed $500M: Crypto Daybook Americas
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Trump Tariffs, U.S. GDP Rattle Markets, ETFs Bleed $500M: Crypto Daybook Americas

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By Omkar Godbole (All times ET unless indicated otherwise)

It’s not been a happy 24 hours for crypto bulls, with the CoinDesk 20 Index dropping 5% and market leaders BTC$109,615.08 and ETH$4,016.39 falling nearly 2%.

Major altcoins such as XRP, BNB and SOL lost even more, and ASTR, the native token of Aster DEX, which recently flipped Hyperliquid in 24-hour volume, fell 4% as the decentralized exchange saw abnormal price movements in the XPL-USDT perpetual trading pair. Still, a few coins, including MNT, CRO, KAS, OKB and XMR, managed gains of around 1%.

The downturn coincides with a stronger dollar, pushed higher by Thursday’s U.S. GDP and jobless claims data. Meanwhile, market flow dynamics turned bearish.

“ETF behavior changed from a primary absorber of supply to a net seller this week,” analysts at BRN told CoinDesk. “Yesterday, Bitcoin ETFs posted $258 million of outflows while Ethereum ETFs recorded $251 million of outflows, marking four straight days of red for ETH funds.”

Whales have also become net sellers, offloading 147,000 BTC since Aug. 21, the most since the bull cycle began in early 2023, according to CryptoQuant.

Analysts at Bitunix exchange warned that President Donald Trump’s tariff announcements on Thursday have increased market uncertainty, with sentiment oscillating between “rising inflation” and “slowing growth.”

Trump announced tariffs of as much as 100% on trucks, furniture and pharmaceuticals, effective Oct. 1.

The Fed’s preferred inflation gauge, the core personal consumption expenditure, is due later today. The report is projected to show a 2.9% year-over-year rise in August, matching July. Month-on-month, it’s forecast to have increased 0.2%, slightly below July’s 0.3%, according to FactSet. A softer-than-expected print could temper the dollar’s rally, putting a floor under bitcoin and the wider crypto market.

Traders should remain vigilant about regulatory developments related to digital asset treasuries. A WSJ report on Thursday cited U.S. regulators’ concerns about unusual trading volumes and stock price volatility in over 200 companies linked to crypto treasury strategies. Regulatory pressure on these treasuries, or DATs, could accelerate market sell-offs.

Additionally, geopolitical developments warrant attention, as reports are circulating about Russia’s aerial incursions in Europe. WTI crude oil is already up 4% for the week, the most since June. Stay alert!

What to Watch

  • Crypto
  • Macro
    • Sept. 26, 8:30 a.m.: Canada July GDP MoM Est. 0.1%.
    • Sept. 26, 8:30 a.m.: U.S. August headline PCE Price Index YoY Est. 2.7%, MoM Est. 0.3%; core YoY Est. 2.9%, core MoM Est. 0.2%.
    • Sept. 26, 10 a.m.: (Final) September Michigan Consumer Sentiment Est. 55.4.
    • Sept. 26, 1 p.m.: Fed Vice Chair for Supervision Michelle Bowman speech on “Approach to Monetary Policy Decision-Making.”
  • Earnings (Estimates based on FactSet data)

Token Events

  • Governance votes & calls
  • Unlocks
    • Sept, 28: JUP$0.4435 to unlock 1.75% of its circulating supply worth $28.89 million.
  • Token Launches
    • Sept. 26: Hana Network (HANA) to be listed on Binance Alpha, KuCoin, MEXC, BingX, and others.
    • Sept. 26: Mira (MIRA) to be listed on Binance Alpha, KuCoin, and others.

Conferences

Token Talk

By Francisco Rodrigues

  • Plasma, a new blockchain purpose-built for stablecoins, launched its mainnet beta and native token XPL on Thursday, debuting with a fully diluted valuation that’s now above $12 billion.
  • The layer-1 network, backed by Bitfinex, Bybit, Tether CEO Paolo Ardoino and tech billionaire Peter Thiel, entered the market with over $2 billion worth of XPL tokens in circulation.
  • Built for high-speed, low-fee stablecoin operations, Plasma aims to serve as the back end for a new class of DeFi applications. At launch, liquidity was already deployed across major platforms including Aave, Ethereum, Euler and Fluid.
  • These include Plasma One, which is billed as a “stablecoin-native neobank.”
  • Some tokens sold to U.S. investors are locked until mid-2026 due to regulatory restrictions, which may lower the effective float in early trading.

Derivatives Positioning

  • Most major tokens, including BTC and ETH continued to experience capital outflows from futures market, leading to a decline in the notional open interest (OI).
  • That’s only to be expected as the market soon shakes out overleveraged bets.
  • Notably, the BTC and ETH OI have continued to decline in the past couple of hours, raising questions about the sustainability of the minor price recovery.
  • Smaller coins like KAS and KCS have seen a moderate increase in OI in the past 24 hours.
  • Volume in crypto perpetuals listed on Aster DEX has surged to over $46 billion in the past 24 hours, significantly higher than Hyperliquid’s $17 billion.
  • On the CME, BTC futures OI has almost reversed the early September spike from 134K BTC to 149K BTC, representing renewed capital outflows. On the other hand, OI in options continues to rise, approaching the November 2024 high of 56.19K BTC.
  • Positioning in ETH futures and options remains elevated on Deribit, with an annualized three-month basis at 7%, a significantly lower yield than SOL’s 15%.
  • BTC, ETH options risk reversals continue to lean bearish out to the December expiry, data from Deribit show. In SOL and XRP’s case, pricing is biased bullish for the year-end expiry.

Market Movements

  • BTC is up 0.4% from 4 p.m. ET Thursday at $109,669.81 (24hrs: -2.17%)
  • ETH is up 0.74% at $3,916.83 (24hrs: -3.12%)
  • CoinDesk 20 is up 0.18% at 3,820.89 (24hrs: -3.25%)
  • Ether CESR Composite Staking Rate is unchanged at 2.9%
  • BTC funding rate is at 0.0049% (5.4082% annualized) on Binance
  • DXY is down 0.19% at 98.37
  • Gold futures are up 0.21% at $3,778.90
  • Silver futures are up 0.56% at $45.37
  • Nikkei 225 closed down 0.87% at 45,354.99
  • Hang Seng closed down 1.35% at 26,128.20
  • FTSE is up 0.37% at 9,247.82
  • Euro Stoxx 50 is up 0.38% at 5,465.79
  • DJIA closed on Thursday down 0.38% at 45,947.32
  • S&P 500 closed down 0.5% at 6,604.72
  • Nasdaq Composite closed down 0.50% at 22,384.70
  • S&P/TSX Composite closed unchanged at 29,731.98
  • S&P 40 Latin America closed down 1.12% at 2,908.21
  • U.S. 10-Year Treasury rate is up 0.3 bps at 4.177%
  • E-mini S&P 500 futures are unchanged at 6,664.75
  • E-mini Nasdaq-100 futures are unchanged at 24,614.25
  • E-mini Dow Jones Industrial Average Index are up 0.19% at 46,355.00

Bitcoin Stats

  • BTC Dominance: 59.06% (-0.03%)
  • Ether-bitcoin ratio: 0.03573 (0.52%)
  • Hashrate (seven-day moving average): 1,083 EH/s
  • Hashprice (spot): $48.79
  • Total Fees: 3.27 BTC / $364,469
  • CME Futures Open Interest: 134,940 BTC
  • BTC priced in gold: 29.2 oz
  • BTC vs gold market cap: 8.24%

Technical Analysis

XRP’s weekly chart. (TradingView/CoinDesk)

  • XRP is dropping fast toward the key $2.65-$2.70 price level identified by the swing high from May and intraday lows in August and earlier this month.
  • A break below would mark a significant weakening of buying demand, potentially yielding a slide toward $2.00.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $306.69 (-4.69%), -0.1% at $306.39 in pre-market
  • Circle Internet (CRCL): closed at $124.66 (-5.26%), +0.28% at $125.01
  • Galaxy Digital (GLXY): closed at $32.12 (-6.34%), -1.26% at $31.71
  • Bullish (BLSH): closed at $61.83 (-8.52%), +0.36% at $62.05
  • MARA Holdings (MARA): closed at $16.07 (-8.9%), +0.62% at $16.17
  • Riot Platforms (RIOT): closed at $16.74 (-6.95%), +2.69% at $17.19
  • Core Scientific (CORZ): closed at $16.84 (-1%), -0.77% at $16.71
  • CleanSpark (CLSK): closed at $13.68 (-5.33%), -4.02% at $13.13
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.16 (-6.31%), -1.4% at $41.57
  • Exodus Movement (EXOD): closed at $28.9 (-9.69%)

Crypto Treasury Companies

  • Strategy (MSTR): closed at $300.7 (-6.99%), +0.31% at $301.62
  • Semler Scientific (SMLR): closed at $30.21 (-4.46%), +1.66% at $30.71
  • SharpLink Gaming (SBET): closed at $16.31 (-7.22%), -0.98% at $16.15
  • Upexi (UPXI): closed at $5.28 (-14.29%), -0.38% at $5.26
  • Lite Strategy (LITS): closed at $2.54 (-5.93%), +1.97% at $2.59

ETF Flows

Spot BTC ETFs

  • Daily net flows: -$253.4 million
  • Cumulative net flows: $57.2 billion
  • Total BTC holdings ~1.32 million

Spot ETH ETFs

  • Daily net flows: -$251.2 million
  • Cumulative net flows: $13.39 billion
  • Total ETH holdings ~6.57 million

Source: Farside Investors

While You Were Sleeping

  • Near $30M Ether Wipeout on Hyperliquid Stands Out as Crypto Market Sees $1B in Liquidation (CoinDesk): Nearly $1.2 billion in leveraged bets vanished as over-leveraged longs dominated losses, exposing overcrowded bullish positioning and rising risks on decentralized perpetual exchanges.
  • Key Indicators to Watch in Q4: Bitcoin Seasonal Trends, XRP/BTC, Dollar Index, Nvidia, and More (CoinDesk): Seasonal data show strong fourth-quarter tailwinds for BTC and ETH, while signals from XRP, the dollar index and Nvidia highlight technical and macro risks for traders.
  • Trump to Slap New Tariffs on Pharma, Big Trucks (The Wall Street Journal): The president announced Oct. 1 tariffs on imported branded drugs, heavy trucks and home goods, drawing warnings from U.S. pharmaceutical companies that higher costs could undermine domestic manufacturing and research.
  • Will China’s Digital Yuan Centre Be a Step Forward for Internationalisation? (South China Morning Post): On Thursday, the People’s Bank of China opened a Shanghai operations center and unveiled three platforms to expand e-CNY’s cross-border role, underlining Beijing’s bid to reduce China’s reliance on the U.S. dollar.
  • Curve Finance Founder Michael Egorov Launches Bitcoin Yield Protocol (CoinDesk): Yield Basis, a decentralized automated market maker (AMM) protocol backed by $5 million, debuts with capped pools and veTokenomics to remove impermanent loss and open sustainable bitcoin yield.



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Kraken Raises $500M at $15B Valuation Amid Rising IPO Buzz: Report
Crypto Trends

Kraken Raises $500M at $15B Valuation Amid Rising IPO Buzz: Report

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Kraken has reportedly raised $500 million at a $15 billion valuation, strengthening its financial position amid growing speculation that the cryptocurrency exchange is preparing for an initial public offering (IPO).

The funding was first reported by Fortune, which cited a source close to the negotiations in a profile on co-CEO Arjun Sethi. The source claimed that Kraken closed the round earlier this month.

When contacted by Cointelegraph for confirmation, a Kraken representative declined to comment.

The raise and valuation are broadly in line with Cointelegraph’s reporting in July, which revealed that Kraken was seeking $500 million at a $15 billion valuation — a move widely interpreted as a step toward IPO readiness.

Source: Cointelegraph

While Kraken has not filed any regulatory paperwork for a public listing, several of its actions appear consistent with IPO preparation, including enhancing financial disclosures. However, the company has yet to submit an S-1 registration statement to the US Securities and Exchange Commission (SEC), a necessary step for any US public offering.

Founded in 2011 and launched in 2013, Kraken is one of the industry’s oldest operating exchanges. It processed roughly $1.9 billion in trading volume over the past 24 hours, ranking among the top 15 global crypto exchanges, according to CoinMarketCap.

Related: Ether supply on exchanges hits 9-year low amid ‘Wall Street glow up’

Crypto IPO mania grows

Kraken’s reported interest in a public offering comes amid a wave of crypto firms heading to public markets with remarkable success.

Gemini, the exchange founded by Cameron and Tyler Winklevoss, was over 20 times oversubscribed in its Nasdaq debut, raising $425 million. Since going public earlier this month, its market capitalization has swelled to over $2.8 billion.

Source: Cointelegraph

Circle, the issuer of USDC (USDC), completed a billion-dollar IPO in June, with shares surging 167% on opening day. The company now commands a valuation of roughly $31.4 billion.

Figure Technology Solutions, a blockchain-based lender, also staged a blockbuster debut. Its shares jumped over 20% when trading began in September, lifting its market cap above $8.4 billion.

Meanwhile, BitGo, a leading crypto custodian with over $90 billion in assets, has filed S-1 registration documents with the SEC as it seeks to list its Class A common stock on the New York Stock Exchange.

The IPO rush comes amid a backdrop of favorable regulatory developments in the United States, including the passage of the GENIUS stablecoin bill and progress on market structure and anti-CBDC legislation, which together have provided greater clarity for the digital asset industry.

Related: US lawmakers challenge SEC on Tron IPO, press for probe into Justin Sun



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A magnifying glass shows a fingerprint displayed on a background of ones and zeroes.
Crypto Trends

Kraken Raises $500M in Funding Round Valuing Crypto Exchange at $15B: Fortune

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Popular cryptocurrency exchange Kraken closed a $500 million funding round, setting the stage for a long-awaited IPO now expected in 2026, Fortune reported.

The round did not feature a lead investor and was closed on Kraken’s terms valuing the firm at $15 billion, Fortune said, citing a person who was not authorized to discuss the matter publicly. Backers included investment managers, venture capitalists and Kraken co-CEO Arjun Sethi, who also participated via his Tribe Capital investment firm.

Founded in 2011, Kraken had reportedly raised only $27 million in venture capital funding until this year. It generated $411 million in revenue and nearly $80 million in post-Ebitda earnings in the second quarter, according to the report.

Much of Kraken’s transformation over the last year has been steered by Sethi, who, despite sharing the CEO title with Dave Ripley, is widely seen as the company’s strategic leader.

Under him, Kraken acquired U.S. futures platform NinjaTrader for $1.5 billion, expanding its customer base by 2 million and bolstering its presence in traditional finance.

Behind the scenes, Kraken has seen a wave of executive turnover, with four senior executives recently leaving the company as it trims jobs ahead of the planned initial public offering.



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NFT Gaming

Kraken secures $500M funding at $15B valuation ahead of IPO

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Kraken has secured fresh funding at a $15 billion valuation, boosting its war chest as it eyes a 2026 initial public offering.

Summary

  • Kraken raised $500M at a $15B valuation with Tribe Capital backing.
  • The exchange reported strong revenue growth in H1 2025, nearly double 2024.
  • IPO plans have been pushed to 2026 as Kraken expands into tokenized assets.

According to a Sept. 25 Fortune report, the round closed this month without a single lead investor, with Kraken itself setting the terms. Participants included investment managers, venture capitalists, and CEO Arjun Sethi’s Tribe Capital, as well as Sethi in a personal capacity.

The exchange, founded in 2011, has now raised over $527 million in total funding, following its initial $27 million investment.

Kraken’s strong financials amid IPO delay

The funding round comes as Kraken prepares for a public listing, now expected in 2026. Investors were drawn to the company’s steady profitability. It reported $411 million in revenue and nearly $80 million in post-EBITDA earnings in the second quarter.

Kraken’s valuation places it among the industry’s most valuable private exchanges, second only to Coinbase. The firm has been expanding through acquisitions, including the $1.5 billion purchase of NinjaTrader earlier this year, which added two million customers. It has also rolled out new products such as tokenized stocks, or “xStocks,” aimed at bridging crypto with traditional markets.

Leadership and strategy

Since cofounder Jesse Powell left his position as CEO of Kraken in 2022, Sethi has played a key role in leading the company. The co-founder of Tribe Capital and venture capitalist has stressed the importance of establishing Kraken as a center for tokenized assets and institutional trading.

Under his direction, Kraken has entered the retail market and increased the scope of its institutional offerings, such as advanced APIs and derivatives. But the shift has also been accompanied by executive turnover and internal restructuring, which have sparked worries about morale and management style.

Market backdrop

Kraken’s funding comes amid a resurgence of cryptocurrency IPOs, with Circle, Gemini, and Bullish having already listed this year. The company’s choice to hold off until 2026, however, raises questions because a change in the market cycle could reduce investor interest in cryptocurrency stocks.

Analysts note that Kraken’s established reputation and diversified revenue sources put it in a stronger position than many of its rivals to weather volatility. The $500 million round shows that investors remain confident as the exchange prepares for its next phase of growth.



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Helius (HSDT) Soars 200% on $500M Raise for SOL Treasury
Crypto Trends

Helius (HSDT) Soars 200% on $500M Raise for SOL Treasury

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Helius Medical Technologies (HSDT) announced on Monday it’s raising more than $500 million in a private financing round to create a Solana-focused treasury company.

The vehicle will hold SOL, the native token of the Solana blockchain, as its reserve asset and aims to expand to more than $1.25 billion via stock warrants tied to the deal, the press release said.

The financing was led by Pantera Capital and Summer Capital, with participation from investors including Animoca Brands, FalconX and HashKey Capital.

Shares of the firm rallied over 200% above $24 in pre-market trading following the announcement. Solana was down 4% over the past 24 hours.

The firm is joining the latest wave of new digital asset treasuries, or DATs, with public companies pivoting to raise funds and buy cryptocurrencies like bitcoin BTC$114,744.60, ether (ETH) or SOL.

Helius is set to rival with the recently launched Forward Industries (FORD) with a $1.65 billion war chest backed by Galaxy Digital and others. That firm confirmed on Monday that has already purchased 6.8 million tokens for roughly $1.58 billion last week.

Helius’ plan is to use Solana’s yield-bearing design to generate income on the holdings, earning staking rewards of around 7% as well as deploying tokens in decentralized finance (DeFi) and lending opportunities. Incoming executive chairman Joseph Chee, founder of Summer Capital and a former UBS banker, will lead the firm’s digital asset strategy alongside Pantera’s Cosmo Jiang and Dan Morehead.

“As a pioneer in the digital asset treasury space, having participated in the formation of the strategy at Twenty One Capital (CEP) with Tether, Softbank and Cantor, Bitmine (BMNR) with Tom Lee and Mozayyx as well as EightCo (OCTO) with Dan Ives and Sam Altman, we have built the expertise to set up the pre-eminent Solana treasury vehicle,” Cosmo Jiang, general partner at Pantera Capital, said in a statement.

“There is a real opportunity to drive the flywheel of creating shareholder value that Michael Saylor has pioneered with Strategy by accelerating Solana adoption,” he added.

Read more: Solana Surges as Galaxy Scoops Up Over $700M Tokens From Exchanges



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Trump Family Expands Crypto Bets as Thumzup Pivots Into Dogecoin Mining
NFT Gaming

ZONE Higher by 13% as Token Holdings Pass 500M

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CleanCore Solutions (ZONE) surged in pre-market trading Friday after announcing it purchased more than 200 million dogecoin DOGE$0.2958, pushing its total holdings past 500 million tokens.

At DOGE’s current price of $0.26, up 6% in the past 24 hours, those 500 million tokens are worth about $130 million.

The move is part of the company’s plan to build a treasury of one billion DOGE within 30 days. The strategy was unveiled earlier this month alongside a $175 million private placement involving over 80 investors. Participants included Pantera Capital, GSR and FalconX, all well-known digital asset firms.

Earlier this week, Cleancore disclosed an initial purchase of 285 million DOGE, signaling the start of its accumulation effort. The latest buy suggests the company is ramping up quickly toward its one billion-token target.

Dogecoin, the meme-inspired cryptocurrency that began as a joke but has since developed a devoted community, traded 6% higher over the past 24 hours at $0.26. ZONE shares are higher by 13%.



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CleanCore Solutions Has Acquired 500M DOGE Tokens In Four Days.
Crypto Trends

CleanCore Solutions Has Acquired 500M DOGE Tokens In Four Days.

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CleanCore Solutions, a maker of aqueous ozone cleaning systems, has reached the halfway point of its 1 billion Dogecoin treasury target after buying $130 million in DOGE on Thursday.

In an announcement on Thursday, Cleancore said it has now crossed over 500 million Dogecoin (DOGE). It had just bought 285.42 million DOGE on Monday and had previously stated that it intends to purchase 1 billion tokens in total within the next 30 days.

CleanCore Solutions aims to hold 5% of DOGE’s circulating supply in the long term. Source: CleanCore Solutions

“Crossing the 500 million DOGE threshold demonstrates the speed and scale at which ZONE is executing its treasury strategy,” said CleanCore’s chief investment officer, Marco Margiotta.

Margiotta is also the CEO of House of Doge, the commercial arm of the Dogecoin Foundation. 

Margiotta further added that the company intends to “establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances.”

CleanCore Solutions was the first publicly traded company to establish a DOGE treasury in partnership with the Dogecoin Foundation and House of Doge. 

On Sept. 3, the company announced it will raise $175 million via private placement, with the proceeds being used to buy DOGE for its treasury. The announcement caused CleanCore Solutions’ stock to crater by 60%.

The company successfully closed its private placement two days later on Sept. 5.

CleanCore DOGE buy comes as DOGE is up nearly 23% in the past seven days, according to CoinGecko.

CleanCore rallies 12% in after-hours trading

Shares of CleanCore Solutions (ZONE) ended Thursday’s trading session at $3.98, down 0.25%; however, the stock rallied 11.81% during the after-hours trading session to end at $4.45, according to Google Finance.

Despite the recent price swings, ZONE is up 201.52% year-to-date.

For the June quarter, the company announced its revenue was up 26% year-on-year, while its net profit margin was down 229% during the same period.

First DOGE ETF delayed

Rex-Osprey Doge ETF (DOJE), the first spot DOGE exchange-traded fund, was set to launch on Thursday.

Related:  How high can DOGE price go when a Dogecoin ETF is approved?

However, Bloomberg ETF analyst Eric Balchunas announced that it has been delayed to Friday.

On a Thursday X post, Balchunas said DOJE has been further delayed and will now launch sometime next week, speculating a Thursday launch.

Magazine: Thailand’s ‘Big Secret’ crypto hack, Chinese developer’s RWA tokens: Asia Express



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ENA Surges on Binance USDe Listing and $500M Buyback Hopes
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ENA Surges on Binance USDe Listing and $500M Buyback Hopes

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Governance token of decentralized finance protocol Ethena ENA$0.6692 surged on Tuesday to its strongest since late January as the protocol has made a big step towards activate a fee switch that would share protocol revenues to token holders.

The token hit 87 cents in the early hours, advancing 8.3% over the past 24 hours, CoinDesk data shows. It’s up over 20% in a week.

The latest surge occurred as Binance, the largest crypto exchange by volume, said on early Tuesday it will introduce trading with USDe, Ethena’s $13 billion yield-generating token, on its platform starting Wednesday.

Listing the token on top exchanges is a key requirement for Ethena to enable the fee switch mechanism, sharing protocol profits with ENA token holders. The protocol made $54 million in revenues last month and over $480 million since its launch in late 2023, Token Terminal data shows.

“With the Binance USDE listing ENA fee switch is going to get turned on. That unlocks $500m of buybacks,” said Arthur Hayes, BitMEX co-founder and a prominent investor in Ethena.

Ethena catalysts

Besides the listing, there’s been a lot going for Ethena recently.

Ethena’s USDe token mushroomed to nearly $13 billion from $5.5 billion in-mid July as crypto investors chase yields. USDe, marketed as a “synthetic dollar,” uses bitcoin BTC$112,671.11, ether (ETH) and Solana’s SOL (SOL) as backing assets, pairing them with an equal value of short perpetual futures positions.

The strategy generates revenue on its backing derivative assets when the perpetual funding rates are positive and passes on some of the income as yield to investors. USDe currently pays out 6.5% annualized yield for those who stake their tokens, higher than traditional money market funds and USDC, USDT lending rates on DeFi lender Aave.

Ethena is also taking part in the digital asset treasury fever that’s captivating stock markets. StablecoinX and TLGY, two firms about to merge and get listed on Nasdaq, raised $530 million to accumulate ENA tokens as a public vehicle.

The protocol also participate in the booming stablecoin issuance business. It’s launching the native stablecoin for Ethereum scaling network MegaETH and hinted at entering the competition to issue popular derivatives exchange Hyperliquid’s upcoming stablecoin.

Read more: Crypto for Advisors: The Mechanics of Generating Yield On-Chain



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Crypto Trends

$500M Liquidations Rock Ethereum and Bitcoin: Is the Crash Fueling Whale Accumulation?

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

The crypto market faced a brutal correction on Monday, with nearly $500 million in liquidations rattling traders across Bitcoin (BTC) and Ethereum (ETH).

According to CoinGlass data, over 115,000 traders were liquidated as Bitcoin slipped to $115,000 and Ethereum plunged toward the $4,200 danger zone. The cascade was fueled by high leverage exposure, creating a domino effect of forced selling across exchanges.

Bitcoin’s sharp drop erased more than $3,000 in value within hours, pulling major altcoins into the red. ETH fell nearly 5%, while Solana (SOL) and Dogecoin (DOGE) each dropped 4–5%.

XRP tested the critical $3 support level, underscoring the market-wide fragility. Interestingly, Chainlink (LINK) bucked the trend, posting a daily 5% gain despite the turmoil.

Ethereum Faces a Liquidation Cliff

Ethereum appears particularly vulnerable if its price breaks below $4,200. Data from Hyperdash shows that more than 56,000 ETH long positions, worth about $236 million, sit at risk of liquidation near $4,170.

Additional liquidation clusters are positioned around $3,940 and $2,150–$2,160, levels that could amplify volatility if triggered.

Andrew Kang, founder of Mechanism Capital, warned that ETH could fall as low as $3,600 if the liquidation cascade continues. He added that overall ETH liquidations across exchanges could reach $5 billion, potentially driving prices even lower before stabilizing.

ETH’s price losing momentum on the daily chart. Source: ETHUSD on Tradingview 

Bitcoin Whale Accumulation or General Market Breakdown?

Despite the sell-off, some analysts argue the crash may be setting up a whale accumulation phase.

Crypto analyst CrypNuevo noted that Bitcoin recently printed a new all-time high before a sudden $1 billion liquidation event, a move he believes was engineered to flush out retail traders. He suggested that one whale absorbed much of the forced selling, signaling that institutional players may be scooping up BTC at discounted prices.

If whales are indeed accumulating, the dip could serve as a springboard for the next rally once leveraged positions reset and selling pressure eases. However, with geopolitical uncertainty and fragile support levels, traders should remain cautious.

The coming days will determine whether Bitcoin stabilizes above $115,000 and Ethereum holds $4,200, or if another wave of liquidations drags the market deeper into correction.

Cover image from ChatGPT, ETHUSD 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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