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Bitcoin Behaves Like Nvidia, Expect Corrections Before New ATH: Analyst
Crypto Trends

Bitcoin Behaves Like Nvidia, Expect Corrections Before New ATH: Analyst

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The path to new Bitcoin (BTC) all-time highs will continue to feature major corrections of 20% or more, including possible corrections during Q4, despite it typically being a good quarter for crypto asset prices, according to market analyst Jordi Visser.

Visser said Bitcoin is part of the AI trade and compared BTC to Nvidia, a high-performance computer chip manufacturer that has become the world’s most valuable publicly traded company and the first public company to hit a $4 trillion valuation. Visser said:

“I just want to remind people that Nvidia is up over 1,000% since ChatGPT’s launch. During that time period, which is less than three years, you’ve had five corrections of 20% or more in Nvidia before it went back up to all-time highs. Bitcoin’s going to do the same thing.”Nvidia’s stock performance shown as price candles, while Bitcoin is displayed as a magenta line. Both have experienced sharp corrections despite the bull market. Source: Tradingview

As artificial intelligence takes over more sectors of the economy and replaces human labor, it will erode traditional companies and make stocks obsolete, driving investors to BTC, which will be the best store of value in the digital age, Visser predicted.

The price of Bitcoin is one of the most debated and analyzed topics in crypto, as market analysts attempt to forecast the digital currency’s price trajectory amid a time of rapid technological innovation, market disruption, and fiat currency debasement.

Related: Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Analysts grapple with slow-moving Bitcoin performance

Market analysts are watching gold and stocks hit new all-time highs while Bitcoin’s price remains near the $110,000 level, down by about 11% from its all-time high of over $123,000.

Investors are divided on whether new highs are possible in Q4, catapulting BTC to about $140,000, or if the recent drawdown represents the start of a prolonged bear market that could take BTC’s price down to $60,000.

Regulatory hurdles and the lack of progress on a Bitcoin strategic reserve in the United States that grows through periodic market purchases have dampened expectations for some analysts.

Previously, some analysts forecast that US government purchases of BTC for a national Bitcoin reserve would be a major price catalyst for the digital asset in 2025.

Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon



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XRP vs Bitcoin: 16% Growth May Be Just Beginning
NFT Gaming

XRP vs Bitcoin: 16% Growth May Be Just Beginning

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Following an explosive rally of 320% at the beginning of the year, it seemed that XRP’s outperformance of Bitcoin had come to an end. Currently, one XRP token is estimated to be worth 0.00002541 BTC, which is 25.81% below its peak value.

For many, this marked the end, but Bollinger Bands support the opposite thesis — and they do so on the weekly timescale. XRP has just defended its mid-band versus Bitcoin on the weekly chart, making the scenario of testing the higher band at 0.000026 BTC more probable for now.

This would be 16% higher than the current price.

XRP/BTC on Binance by TradingView

It is all about chart mechanics. When a pair holds the weekly mid-band, it signals not collapse but the possibility of reaching the top band. That’s what’s on the table now: 0.000026 as the next target price.

Had the defense failed, the conversation would already be about 0.000021, but it didn’t. The ratio stayed alive.

XRP, Bitcoin and dollar

In the meantime, Bitcoin is trading at six-figure prices and Ethereum is holding at around $4,000. However, none of this explains why XRP at $2.78 is such a big deal. The ratio does.

Traders who only look at the dollar chart miss the fact that XRP has a clean 16% gap above it before resistance even shows up. The whole play is this: The mid-band held, the upper band is in sight.

If XRP/BTC breaks into that zone, it won’t just be a random candle. It will be the first serious confirmation in months that this pair is alive and well. The weekly bands are already pointing the way.



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Bitcoin advocate Ian Calderon runs for California governor
Crypto Trends

Bitcoin advocate Ian Calderon runs for California governor

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On September 23, Ian Calderon joined the Gubernatorial Elections in California. He vowed to ensure that Bitcoin would be on the state’s balance sheet if he were elected. However, many in the Bitcoin community are skeptical.

Summary

  • Calderon has a multi-year track record of advocating for crypto and Bitcoin in the California legislature.
  • Calderon is trying to appeal to both Republicans and Democrats.
  • The announcement of his gubernatorial campaign sparked mixed reactions from the crypto community.

Who is Calderon?

Calderon, a Democrat, drew scrutiny last week with his pro-crypto stance. Critics say his Bitcoin narrative is a PR stunt. Yet, others found Calderon’s bid noteworthy, as it signifies the rising bipartisan support for Bitcoin.

Calderon served three terms in the California Legislature before quitting in 2020. He was the first millennial elected to the Legislature and the youngest majority leader in the history of the California State Assembly. 

Among his Bitcoin-related initiatives is one aimed at pulling crypto out of the gray zone. After all, Calderon is the author of the 2018 bill AB 2658, which created California’s Blockchain Working Group. It aimed to explore the potential use of blockchain technology and cryptocurrencies, collaborate with policymakers to define the legal status of cryptocurrencies, and assess possible risks.

Between 2020 and 2022, he contributed to the Blockchain Working Group’s roadmap and began working on a bill aimed at making Bitcoin a legal tender in California. 

Calderon saw the bill as groundbreaking legislation for the entire country. He said in 2022:

“It’s important that we’re making this effort in California because of the national implications it will have. The goal here is to have a national model piece of legislation that can work anywhere in the country.”

It’s worth saying that despite Calderon’s claim about Bitcoin as legal tender, the bill doesn’t contain the words “Bitcoin” or “cryptocurrency.” Instead, it provides a pretty vague definition of “virtual currency” meant as a means of payment for goods and services. Calderon offered to launch pilot programs to tackle the bill’s legal ambiguity for the local cities. The bill has not seen much progress since November 2022.

Calderon’s platform

Calderon’s announcement was accompanied by a video clip in which he outlined the problems he plans to tackle as governor. He mentions growing gas and grocery prices and the housing crisis:

“Childcare costs are out of control, paychecks aren’t keeping up with the cost of living, gas prices are the highest in the nation, and now, buying a home is becoming out of reach.”

Additionally, Calderon notes that too many homes in California are owned by corporations and foreign investors, “preventing local families from attaining full ownership opportunities.”  

Calderon presents himself as a Democrat who believes in common-sense solutions and does not always agree with his party. The complete list of his initiatives is available on his campaign’s website, Ian For Governor.

He barely mentions Bitcoin in the video; however, on the day when he announced his governor bid, Calderon took to an X to state that it’s time to make California an undisputed leader on Bitcoin.

California has always been a leader on technology. It’s time for us to get back to our roots and make California the undisputed leader on Bitcoin.

— Ian Calderon (@IanCalderon) September 23, 2025

Reaction

A long-time ally, Dennis Porter, the Satoshi Act Fund CEO, has been teasing his 200,000-plus follower base with an important announcement for days.

When it turned out that he just wanted to inform his followers that Calderon is running for governor of California, many of his followers said the announcement wasn’t worth the hype.

Some of them equate Democrats with a war on crypto and don’t believe Calderon is a genuine Bitcoin supporter.

Most of them are unaware of Calderon’s track record as a Bitcoin advocate. Seemingly, the fact that the biggest crypto bills of 2025 were bipartisan doesn’t matter to them either.

Is this really “it”? Dennis…. I love what you do, but the hype was uncalled for.

— G$ (@Gendog52) September 23, 2025

Other critics recalled Calderon’s uncles, Ron and Tom, who were involved in California political life. In 2016, they were convicted on public corruption charges.

The adverse reactions stemming from Porter’s announcement spread on the comment sections of the announcements made by Calderon himself and several crypto influencers.

The latter includes The Wolf of All Streets podcast host Scott Melker and Wendy O, who is the host of the biggest female-run Bitcoin YouTube show, “The O Show.” Some expressed support for Calderon’s ambitions but urged him to stop his affiliation with Porter.

Dude… If you want to be serious drop working with @Dennis_Porter_ you might be a good guy but this guy hyped everyone up over a big announcement. It wasn’t a political announcement…

— ²¹²Johyo | CroCrash (@Johyo_cro) September 23, 2025

Nevertheless, many other people greeted an openly pro-Bitcoin candidate from the Democratic Party, hoping that Calderon could oppose fellow Democrats who go against Bitcoin.

This is the point of the announcement. Democratic pro-bitcoin voices can push back on the elizabeth warren camp in ways the GOP can’t. As bitcoiners isn’t this what we want?

— Gordon Perkins (@peconicgp) September 23, 2025

Competition

The fight for a governor’s seat in 2026 is already considered a tough contest. Calderon is facing several noteworthy candidates, including Congresswoman Katie Porter from the Democratic Party and Republican Fox News contributor Steve Hilton.

Given that the election will take place on Nov. 5, Calderon may approve himself at some point. Yet, it is hard to say if his participation in the race makes a difference. 





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Exchange Review August
Crypto Trends

Peter Schiff Explains Why Strategy (MSTR) Should Have Bought Gold Instead of Bitcoin

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Analysts mapped a slow-grind path for bitcoin and flagged $112,000 as the trigger while gold advocate Peter Schiff revived the gold-versus-bitcoin debate by challenging Michael Saylor’s BTC treasury bet for his firm.

CoinDesk Senior Analyst James van Straten said bitcoin’s market structure has shifted alongside gold’s repricing.

He expects a slow, stair-step advance supported by steady ETF inflows, with 10–20% pullbacks along the way. He compared the setup to gold in the early 2000s, when prices climbed for years but often paused for healthy corrections.

In his framing, bitcoin may sometimes lag gold and sometimes outperform it, yet he still sees bitcoin leading on total returns over a full cycle.

Read More: Bitcoin Trails Equities, Metals, and USD in Q3. Here Is a Key Level to Watch for Next Move

Michaël van de Poppe focused on near-term levels.

He called sub-$107,000 a buy zone, signaling where he thinks dip buyers are likely to step in. He also pointed to $112,000 as the ceiling to beat. A clean break and hold above $112,000 on UTC closes would, in his view, confirm strength and broaden risk appetite, the point at which flows often rotate into large altcoins. That is what he means by “altcoin mode.”

Euro Capital CEO Peter Schiff, meanwhile, challenged Michael Saylor’s strategy by contrasting Strategy’s bitcoin exposure with a hypothetical gold program.

His core claim is liquidity. He argued that tens of billions of dollars in gold could be sold with limited market impact, while trying to exit a similar bitcoin position could hit prices hard and set off copycat selling.

Supporters of bitcoin would counter that any large seller could stage exits over time and use over-the-counter channels, but Schiff’s point is that gold’s market depth offers more flexibility to very large holders.

CoinDesk Research analysis

  • Window: Sept. 27, 09:00 UTC to Sept. 28, 08:00 UTC.
  • What happened: According to CoinDesk Research’s technical analysis data model, bitcoin consolidated in about a $692 band (~1%), between $109,156.82 and $109,849.28.
  • Support showed up: repeated holds near ~$109,400 late on Sept. 27 (UTC).
  • Resistance formed: ~$109,750 capped rebounds in that same late-evening window.
  • Final 60 minutes: between 07:09 UTC and 08:08 UTC on Sept. 28, price popped to $109,663.84 at 08:03 UTC, then settled near ~$109,580, turning ~$109,575 into fresh, short-term support.
  • Read-through: Support ~$109,400–$109,575; resistance ~$109,750. A UTC close above ~$109,750 sets up $110,000–$111,000. Lose ~$109,400, and ~$109,150 is next.

Latest 24-hour and one-month chart read

  • 24-hour context (as of Sept. 28, 14:41 UTC): price near $109,724 sits above ~$109,400/109,575 support and below ~$109,750 resistance. A break and hold above ~$109,750 (UTC) points to $110,000–$111,000, with $112,000 the broader momentum trigger many traders watch. A slip back under ~$109,400 risks a retest of ~$109,150, then ~$108,500.
  • One-month context: after mid-September highs near ~$117,000, bitcoin has compressed into the $109,000–$112,000 area. Reclaiming and holding $112,000 would likely reignite upside momentum. Failing that, more sideways consolidation is the base case rather than a trend break on its own.

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 ETFs
GameFi Guides

US Bitcoin ETFs Post $900M Net Outflows In Past Week – Details

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

The US spot Bitcoin ETFs (exchange-traded funds) endured some of the most difficult days in recent months over the past week. With the market sentiment flipping and the BTC price stalling, several US investors cashed out on their positions in the world’s largest cryptocurrency by market cap.

After posting strong performances over the past few weeks, the tides appear to be shifting for the Bitcoin exchange-traded fund market, with investor appetite in the United States seemingly waning. This latest round of withdrawals ended an inflow streak of four consecutive weeks for the spot Bitcoin ETFs.

Bitcoin ETFs Register $418 Million Net Inflows

According to the latest market data, the US Bitcoin ETFs registered a daily total net inflow of $418.25 million on Friday, September 26. This performance continued the terrible run of form for the crypto-linked investment products, which recorded only a positive inflow day in the past week.

Breaking things down, Fidelity Wise Origin Bitcoin Fund (with the ticker FBTC) posted the most significant daily net outflows, losing more than $300 million on the day. BlackRock’s iShares Bitcoin Trust came in second, with a total daily withdrawal of $37.25 million to close the week.

Bitwise Bitcoin ETF (BITB) recorded a daily total net outflow of $23.79 million on Friday, while Ark & 21Shares Bitcoin ETF (ARKB) lost $17.81 million in value on the day. Grayscale Bitcoin Mini Trust (BTC) and Bitcoin Trust were the only other Bitcoin ETFs with double-digit outflows ($17.14 million and $12.57 million, respectively) on the day.

VanEck Bitcoin ETF (HODL) was the only exchange-traded fund to record any activity on Friday, with a daily net outflow of $9.28 million. This negative $418.25 million performance amounted to a cumulative $902.5 million net outflow in the past week.

Source: SoSoValue

This negative weekly performance marked the end of a streak of four consecutive weeks of positive inflows. In the previous two weeks, the US spot Bitcoin ETFs registered more than $3 billion in capital inflows, as the macroeconomic conditions shifted in favor of risk assets.

Bitcoin Price Overview

However, the crypto market seems to have cooled off, as seen with the price of Bitcoin over the past week. The premier cryptocurrency lost over 5% in its value, falling from around $116,000 to beneath the $110,000 level in the last seven days.

With the Bitcoin price struggling at the moment, it is no shock that the Bitcoin ETFs have seen massive withdrawals in the past week. As of this writing, the price of BTC stands at around $109,690, reflecting no significant movement in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, 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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Bitcoin (BTC) Price Prediction for September 28
NFT Gaming

Bitcoin (BTC) Price Prediction for September 28

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The majority of the coins remain in the red zone today, according to CoinStats.

Top coins by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.14% since yesterday. Over the last week, the price has fallen by 5.43%.

Image by TradingView

On the hourly chart, the price of BTC has made a false breakout of the local support of $109,317, however, the rate has not bounced off far from it. If the situation does not change, one can expect a further downward move to the $109,000-$109,200 range.

Image by TradingView

On the bigger time frame, the rate of the main crypto remains under sellers’ pressure.

You Might Also Like

If the daily bar closes around the current prices or below, traders may witness a test of the $108,000-$109,000 area by the end of the month.

Image by TradingView

From the midterm point of view, one should focus on the weekly bar closure in terms of $107,389. If a breakout happens, the correction is likely to continue to the $104,000 range.

Bitcoin is trading at $109,447 at press time.



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Best Altcoins to Buy as Options & Derivatives Push Bitcoin Toward $10T Market Cap
GameFi Guides

Best Altcoins to Buy as Options & Derivatives Push Bitcoin Toward $10T Market Cap

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

Market analyst James Van Straten has highlighted that open interest for BTC futures on the Chicago Mercantile Exchange (CME) is now sitting at all-time highs.

This signals increasing institutional participation and maturity for Bitcoin, as these instruments typically cushion markets from excessive volatility – exactly what deep-pocketed investors are after.

According to Straten, ‘this is how Bitcoin gets to a $10T+ market cap.‘

Keep reading as we break down why Bitcoin’s growing maturity is necessary for its growth. We’ll also point you toward the best altcoins to buy if you want to position yourself ahead of this shift.

Bitcoin’s Maturity and the Road to $10T

A big driver of Bitcoin’s maturity is the growth of derivative products like options.

By definition, an option is a contract that gives you the right but not the obligation to buy or sell an asset at a predetermined price.

Beyond the technicalities, their true role is in bringing stability, hedging strategies, and depth to the market, all of which pave the way for Bitcoin’s evolution into a full-fledged institutional asset class.

Sure, while less dramatic price swings and dampened volatility could be perceived as Bitcoin losing its trademark sheen, it’s important for us to wrap our heads around their importance.

With that in mind, now’s the perfect time to build yourself a growth-oriented crypto portfolio. Here are our top 3 suggestions.

1. Bitcoin Hyper ($HYPER) – New Bitcoin Layer-2 for Solana-Like Speed & Web3 Support

Bitcoin Hyper ($HYPER) is arguably the best crypto presale available right now.

Retail and crypto whales combined have already poured in over $18.6M into this potentially revolutionary Layer 2 solution for the Bitcoin blockchain.

$HYPER aims to finally rid the Bitcoin network of its longstanding issues: sluggish speeds, little to no scalability, and almost no Web3 support.

Unlike Bitcoin’s native layer that processes transactions one by one, $HYPER processes thousands of transactions simultaneously.

Then, it sends a summary of all those transactions to Bitcoin’s mainchain, ensuring the network’s security remains intact.

All of this is made possible via Solana Virtual Machine (SVM) integration, which also allows developers on Bitcoin to finally build smart contracts and decentralized applications.

This opens up an entirely new world of Web3 applications on Bitcoin, including DeFi trading apps, NFT marketplaces, gaming dApps, DAOs, lending, staking, and more.

To interact with these apps, all you have to do is send your Layer 1 Bitcoin to Hyper’s Canonical Bridge, which will lock those tokens and provide you with an equivalent amount of Layer 2-compatible wrapped tokens.

Currently, you can buy $HYPER for just $0.012985 apiece. And according to our Bitcoin Hyper price prediction, the token could hit $0.32 by the end of 2025 – a whopping 2,300% ROI.

Visit Bitcoin Hyper’s official website to learn more about this new BTC-centric altcoin.

2. Maxi Doge ($MAXI) – Raw Degen Energy Powering the Next Greatest Meme Coin

A well-rounded crypto portfolio should also include one or two hype-driven meme coins with the potential to go absolutely bonkers. Enter Maxi Doge ($MAXI).

Think of $MAXI as Dogecoin’s latest iteration – fierce, bulked-up, and determined to churn out 1000x gains for its investors.

Maxi’s mission is to overtake Dogecoin’s dominance as the best meme coin. Why? Because Dogecoin is his cousin – and the very reason behind his loneliness and low self-esteem growing up. And now, $MAXI wants revenge.

Naturally, a good old hero-villain story has plenty of takers, which is why the Maxi Doge presale has already pulled in over $2.5M from early investors.

Maxi’s plan involves going viral. It has reserved a massive 40% of its total token supply for marketing, covering PR campaigns, influencer collaborations, and social media blitzes.

Even better, if you’re a $MAXI holder, you’ll also gain access to exclusive weekly trading competitions and leaderboard prizes.

$MAXI doesn’t want to limit itself to just CEX and DEX listings either; it also plans to dominate the futures trading space, giving meme coin enthusiasts a real shot at outsized returns using leverage.

Right now, 1 $MAXI is available for just $0.0002595. And as per our Maxi Doge price prediction, a $100 investment today could turn into $920 by year-end. Here’s how to buy $MAXI.

Visit Maxi Doge’s official website to learn more.

3. Tutorial ($TUT) – Utility-Backed Altcoin Ready to Rally

Tutorial ($TUT) is a low-cap coin that could become the next big breakout winner, given that it’s directly tied to crypto’s growth.

It’s an AI-powered tool designed to educate people about the basics of cryptocurrency, blockchain technology, and the BNB Chain ecosystem.

Think of it as a smart tutor that guides you through things like setting up a crypto wallet, writing smart contracts, and trading on the best decentralized exchanges.

$TUT is up over 10% in the last seven days, having just broken out of a long-drawn consolidation phase that lasted nearly three months.

At the time of writing, the price is hugging the 10 EMA – a classic technical analysis signal suggesting upcoming bullishness.

Interested? Buy $TUT on Binance or any of the other crypto exchanges.

Recap: With Bitcoin’s market cap set to rocket toward $10T on the back of derivatives, now’s the perfect time to load up on low-priced, high-upside gems like Bitcoin Hyper ($HYPER), Maxi Doge ($MAXI), and Tutorial ($TUT).

Disclaimer: Crypto is highly risky, so kindly do your own research before investing. This article is not financial advice.

Authored by Krishi Chowdhary, Bitcoinist — https://bitcoinist.com/best-altcoins-to-buy-as-options-derivatives-push-bitcoin-10t-market-cap

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

Bitcoin, Ethereum and Dogecoin Dive as Crypto Liquidations Top $1 Billion

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In brief

  • Liquidations topped $1.1 billion, most of the them long positions.
  • Bitcoin was down 3.6% over the past 24 hours and nearly 7% for the week.
  • Glassnode said that crypto markets were showing “signs of exhaustion.”

Major digital coins including Bitcoin, Ethereum, and Dogecoin plunged on Thursday, with liquidations over a 24-hour period topping $1 billion. 

Bitcoin, the leading cryptocurrency, was recently down by 3.6% over the past 24 hours, trading for under $109,554, crypto data provider CoinGecko shows. BTC is down nearly 7% for the week. 

While Ethereum, the second biggest digital coin, dropped  7% to trade at $3,887 Thursday afternoon New York time. 



Other major cryptocurrencies were battered harder, with Dogecoin plunging by 7.6%. The original meme coin and eighth-biggest digital asset was trading close to $0.23.

Solana also sank by 7.7% to $197. 52. Both SOL and DOGE are down about 21% over the last week alone, making them the biggest losers among the top 100 coins by market cap.

The drop in crypto prices came with a dip in the stock market, with the S&P 500, tech-heavy Nasdaq, and Dow Jones Industrial Average all shedding value.

CoinGlass data shows that over $1.1 billion in traders’ positions betting on the future prices of cryptocurrencies had been liquidated. The vast majority of that number—over $1 billion—were long positions.

Glassnode analysts said in a Thursday report that the biggest digital coin was now “showing signs of exhaustion” as long-term holders had taken profits and ETF flows had slowed down. 

“Unless demand from institutions and holders aligns again, the risk of deeper cooling remains high, highlighting a macro structure that increasingly resembles exhaustion,” Glassnode said, noting that the current up cycle has already lasted 1,030 days, just short of the roughly 1,060-day span of the past two bull markets.

Those placing bets on Myriad, a prediction market owned by Decrypt‘s parent company, DASTAN, are also feeling bearish: 70% of betters expect BTC will drop to $105,000 before it reaches $125,000. 

Bitcoin’s all-time high currently stands at $124,128. It broke that record in August. 

Juan Leon, senior investment strategist at crypto asset manager Bitwise, told Decrypt in an interview that crypto was “at the mercy of macro right now.” Leon noted the specter of a U.S. government shutdown that could lead to mass layoffs, rising geopolitical tensions, and a toxic mix of sagging job markets and upwardly revised GDP numbers that could make an interest rate cut less likely.

“Bitcoin and other crypto assets were already hovering in uncertain territory over the last couple of weeks, and so investors were already a little skittish trying to figure out what direction the market is going to take going into Q4,” Leon said. “So I think investors are just bracing into safety, and crypto assets are getting sold down as a result.”

Leon added, however, that he did not believe that crypto prices had topped out, highlighting the enactment of the Genius Act and likely passage of additional crypto friendly legislation and growing institutional interest in digital assets.

“This cycle is fundamentally different than past cycles, and we have to adjust to the new reality,” Leon said. “This is the first cycle where we have regulatory clarity that is just starting. And this is the first cycle that is being driven by institutional adoption instead of retail adoption. As we know, institutional adoption is slower and more spaced out than the retail sort of driven euphoria that we’ve seen in the past.”

Analysts now await Friday’s Personal Consumption Expenditures Price Index (PCE), a favored measure of the Federal Reserve, which could determine the U.S. central bank’s next move. 

An increase in the PCE could lead to a second consecutive interest rate cut in 2025, which could benefit Bitcoin and other risk assets that traditionally respond well to surges of liquidity in markets. 

UPDATE (September 25, 2025, 2:49 p.m. ET): Updates headline, liquidation totals and prices, adds Leon and Glassnode quotes. 

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$200,000 BTC: Mike Novogratz Predicts Bitcoin Price Surge
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$200,000 BTC: Mike Novogratz Predicts Bitcoin Price Surge

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  • Does Bitcoin cycle still work?
  • How could crypto transform the world?

Galaxy Digital CEO Mike Novogratz has issued yet another bold Bitcoin prediction. “Can Bitcoin get to 200,000? Of course it could,” he said.

Novogratz believes the current crypto cycle could play out differently than previous ones, citing unprecedented institutional interest and the rise of tokenized finance.

Speaking on Kyle Chasse’s podcast, Novogratz reflected on the scale of recent Bitcoin activity handled by Galaxy, noting, “When we sold $9 billion of Bitcoin for a customer, I thought to myself, where would Bitcoin be if I hadn’t sold that $9 billion? A lot higher. That’s the scale we’re talking about.”

Does Bitcoin cycle still work?

Novogratz warned that market frenzies often peak in ways that exceed expectations. “”he last leg of stock market frenzies always gets crazier than you can imagine. At the end of the day, price is more than just numbers on a chart — it’s about narrative, community, and belief,” he said.

Historically, crypto markets have moved in four-year cycles, often culminating in euphoric peaks followed by sharp corrections. 

“Normally, this would be the time we should be selling it all and going away,” Novogratz said, referencing the pattern seen in 2017 and 2021. “And the most dangerous words in investing are, ‘It could be different this time.’ But — it’s going to be different this time.”

How could crypto transform the world?

Novogratz argued that the difference now lies in institutional adoption and infrastructure development. “What we’re seeing at Galaxy is every bank and institution realizing, ‘We need some form of hot and cold wallets because we’re going to trade currencies in token and equities in token.’ Custodians are going to be important,” he explained.

He revealed that Galaxy recently tokenized its own stock on Superstate, which runs on Solana. While early trading volumes have been modest, Novogratz expects that tokenized equities will eventually trade on decentralized exchanges — a development he believes will be transformative.

“Larry Fink was important for the price of Bitcoin and credentializing the space,” Novogratz said. “But for crypto to really transform the world, you need this amalgamation of trade and DeFi — and it’s going to happen.”



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Nation-State Bitcoin Adoption On 'Tail End' Of Gradual Stage
Crypto Trends

Nation-State Bitcoin Adoption On ‘Tail End’ Of Gradual Stage

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An increasing number of countries are preparing to ramp up Bitcoin adoption after moving past the initial skepticism, according to Jan3 founder Samson Mow.

“I think we’re on the tail end of gradually, and we’re at the beginning phases of suddenly,” Mow told Danny Knowles on the What Bitcoin Did podcast published on YouTube on Saturday.

“These things happen very quickly,” Mow said, referring to the potential for more countries to adopt a Strategic Bitcoin (BTC) Reserve. “It’s like literally gradually then suddenly,” he said, adding:

“I think it is simply a matter of time before we see a massive run-up, and we see a massive nation-state FOMO, you know, panic.”

Mow emphasized that while US President Donald Trump has signed an executive order to establish a Strategic Bitcoin Reserve, the US still hasn’t started buying. 

US is “pushing forward” with Bitcoin plan

However, he pointed out the nation is “pushing forward” with budget-neutral Bitcoin acquisition and the Bitcoin Act.

Galaxy Digital’s head of firmwide research, Alex Thorn, recently said there is a high likelihood that the US government will form the highly anticipated Strategic Bitcoin Reserve by the end of this year.

Samson Mow spoke to Danny Knowles on the ‘What Bitcoin Did’ podcast. Source: What Bitcoin Did

While the US still leads all governments in total Bitcoin holdings, Mow told Cointelegraph Magazine in June that the US “has to start” acquiring Bitcoin this year.

“The risk is that the US is front-run by Pakistan,” he explained. At the time of publication, the US government holds 198,012 Bitcoin, according to Bitbo data. 

Mow anticipates significant Bitcoin moves from the Latin American region, which he says is one of the areas he is most bullish on.

Nation-state Bitcoin adoption has been a widely discussed talking point in the crypto industry this year.

Fidelity Digital Assets said in a research paper in January that it anticipates “more nation-states, central banks, sovereign wealth funds, and government treasuries will look to establish strategic positions in Bitcoin.”

Bitcoin’s price hasn’t had a “massive run up” yet

Meanwhile, Mow pointed out that Bitcoin’s price hasn’t played out how many market participants thought it would for 2025.

“We should have had a bull run already,” he said, “like a massive run up,” he added.

Bitcoin is trading at $109,400 at the time of publication. Source: CoinMarketCap

“So I think this cycle, if you want to call it a cycle, is delayed; it might push into next year,” he said. Several other market participants have echoed a similar sentiment in recent times. On July 26, Bitwise chief investment officer Matt Hougan said, “I bet 2026 is an up year.” 

Related: Bitcoin now just one of many ways for retail to onboard to crypto

“I broadly think we’re in for a good few years,” Hougan said. Bitcoin is trading at $109,400 at the time of publication, down 1.97% over the past 30 days, according to CoinMarketCap.

Mow’s and Hougan’s comments come as the industry continues to debate whether Bitcoin’s usual four-year cycle is still relevant now that ETFs and institutional demand are in play.

It was only in June that Mow said the $1 million Bitcoin price tag “is a given at this point, maybe this year, maybe next year.”

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