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Crypto’s Q4 Sweet Spot: Legislation, Stablecoins and Rates Cut Fuel PEPENODE Presale
NFT Gaming

Stablecoins, ETPs and Rate Cuts to Push Q4 Crypto & PEPENODE Presale Up

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

With Q4 of 2025 approaching, things are looking up for the crypto market.

The meme coin market is up for the quarter and has gained 36% in its market cap over the past year. Stablecoins – one of crypto’s recent darlings – have seen their market cap climb from a little over $200B to nearly $300B this year.

Recent days have highlighted some exhaustion with Bitcoin and Ethereum, which have sagged back a bit. Still, analysts increasingly point to three interlocking forces that could drive performance in the final quarter of the year:

  • Regulatory clarity
  • The continued rise of stablecoins
  • Rotation from Bitcoin into high-growth sectors

The upbeat mood goes beyond those three issues; a recent Grayscale report shows growth in all six core crypto sections.

Here’s how the pieces align – and how PEPENODE fits in.

Potential Q4 Positives

Here are some things investors can watch for as October draws closer.

Legislative Clarity

The CLARITY Act, a sweeping U.S. bill designed to give a legal framework to crypto financial services, should serve as a bridge between the digital asset space and traditional finance, potentially opening doors for broader institutional participation.

Complementing that is the SEC’s new move to allow a generic listing standard for commodity-based ETPs. That change could expand the menu of crypto assets accessible to U.S. investors, lowering the barrier for institutional inflows.

Stablecoins and Tokenization

Stablecoins may become foundational infrastructure. Analysts highlight that chains heavily used for stablecoin activity – Ethereum, Solana, Tron, BNB, and others – could benefit disproportionately.

That builds on other reports that saw steady growth in stablecoins in the year’s third quarter.

Tokenization of real-world assets, including tokenized money market funds, deposits, and ETFs, continues to gain traction. That follows a steady increase in the RWA market cap over the past month.

Bitcoin First, Altcoins Close Behind

Following the Fed’s September rate cut, a ‘Uptober’ rally is widely anticipated. Renewed momentum in Bitcoin could cascade into altcoins, continuing a pattern of market rotation where assets cycle from large caps to smaller, more speculative tokens.

Among the sectors most likely to shine are those with revenue generation baked in: lending, staking, yield farming, and tokenized real-world assets. Projects combining DeFi principles with tangible cash flows could also attract outsized interest.

That trend is likely already underway, as the DeFi sector roared back in the past months with a focus on platforms specializing in perpetual futures contracts.

Emerging platforms like Aster ($ASTER), which saw its token price jump nearly 2400% in a month.

But there’s another token lurking that could see similar gains. Will PEPENODE power up the green frog meme market once again?

PEPENODE ($PEPENODE) – The Mine-to-Earn Meme Coin Makes Big Gains in Presale

Mine-to-Earn is PEPENODE’s meme coin innovation. Memes aren’t mined, they’re made – but with $PEPENODE, they can be both.

$PEPENODE token holders gain access to their own virtual mining node. At first, the node is a blank space. Users spend $PEPENODE to upgrade their nodes, adding additional mining rigs and boosting their ability to mine memes faster.

The best part is that miners won’t just earn $PEPENODE; they’ll also be eligible for bonuses in $PEPE, $FARTCOIN, and other leading meme coin market performers.

The $PEPENODE presale currently boasts an incredible 909% staking rewards, and the project has generated over $1.4M so far. The token price is only, but our price prediction shows that it could reach $0.0023 by the end of the year.

Learn how to buy $PEPENODE and visit the presale page today.

Q4 2025 could be a defining window for crypto if regulation, tokenization, and rotation align. The stage is set for a strong close to the year — and PepeNode’s mine-to-earn model fits the zeitgeist perfectly.

Authored by Bogdan Patru for Bitcoinist — https://bitcoinist.com/cryptos-q4-sweet-spot-legislation-stablecoins-and-rates-cut-fuel-pepenode-presale

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 price data. Image: Tradingview
Crypto Trends

Rate Cuts, Options Expiry Put Bitcoin at a Crossroads

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In brief

  • About $17 billion in Bitcoin options are set to expire Friday, one of the largest on record.
  • Experts warn a break below $108,000 could trigger forced selling and a drop toward $96,000.
  • Softer inflation could ease pressure and open room for a rebound into year-end.

Crypto faces a critical test this week as the quarterly options expiry collides with a key U.S. inflation reading, a convergence that could determine whether the rally gains momentum or falters.

Roughly, $22.3 billion in crypto options will expire as the third quarter comes to a close on Friday, according to options exchange Deribit. Out of which, Bitcoin options with a notional value of $17.06 billion are set to expire.

Greg Magadini, director of derivatives at options analytics platform Amberdata, told Decrypt that the current Bitcoin expiration cycle is “the largest on the board.”



Dealer positioning shows “a lot of short gamma at $109,000 and $108,000,” he said, pointing to a situation that requires those price levels to hold to prevent a sharp move downward.

Bitcoin’s short-term moves depend heavily on options dealers and large institutions that hedge their positions in real-time. Their exposure to “gamma,” a measure of how quickly hedges must adjust, can either amplify price swings or help steady them.

A short gamma position means dealers could be forced to sell into a declining market, exacerbating a drop.

Data shows that $108,000 has become critical for Bitcoin traders. A failure to hold above this level could trigger an automated selling cascade, independent of the August Core PCE release, Decrypt was told.

Considering the dealer’s short gamma positioning and volatility around 35%, Magadini expects a drop below $108,000 to trigger a “two standard deviation move to $96,000,” especially if the markets are weak.

Bitcoin is currently trading at $109,100, having clocked a 3.8% loss on Thursday. In total, the top crypto has shed 6.50% over the past week, CoinGecko data shows.

All eyes are now on the Core PCE release, scheduled for 8:30 a.m. ET today, which remains sticky around 3%. The month-over-month forecasts sit around 0.2%, slightly lower than last month’s 0.3%.

A hotter-than-expected release could strengthen the dollar’s recent bounce and exacerbate Bitcoin’s ongoing correction, experts previously told Decrypt.  

However, a softer Core PCE could form a “pin from options expiry” that could “loosen and allow a sharp upside move,” Maja Vujinovic, CEO and Co-Founder of Digital Assets at FG Nexus, a Nasdaq-listed company focused on accumulating and generating yield on Ethereum, told Decrypt.

Despite the short-term, jumpy reaction around inflation report releases, she expects a constructive fourth quarter for crypto markets, driven by demand for spot exchange-traded funds and improving liquidity. 

Magadini echoed Vujinovic’s outlook, noting that there is downside risk in the short term, driven by uncertainty over the Fed’s path and weakness in risk assets. 

“Long-term, I expect prices to be drastically higher…should Fed inflation fighting stop…I could easily see Bitcoin start to trade above $250,000.”

Options data also support Bitcoin’s long-term bullish sentiment, evidenced by heavy buying of year-end call options with $120,000 and $140,000 strikes.

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Creepshow 4K Steelbook And New Creepshow 2 Limited Edition Get Massive Price Cuts
Game Updates

Creepshow 4K Steelbook And New Creepshow 2 Limited Edition Get Massive Price Cuts

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Amazon has several scary good deals on the horror-comedy anthology franchise Creepshow, including steep discounts on two exciting upcoming releases. Creepshow 2’s Limited Edition 4K Blu-ray is on sale for $33 (was $50) ahead of its September 30 launch. The first printing of Arrow Films’ 4K restoration comes with numerous exclusive bonuses, including a comic book adaptation of an unpublished Stephen King short story. You can pair the 4K edition of the sequel with last year’s Creepshow Limited Edition Steelbook, which is discounted to only $23 (was $40)–by far the lowest price yet.

Creepshow fans can also save big on the upcoming Blu-ray box set of the complete four-season run of Shudder’s anthology series. Preorders for the Creepshow: Complete Series Collector’s Edition have dropped to $68.47 (was $100) at Amazon and Walmart. Slated for November 11, the box set leans into the franchise’s roots and inspirations with a CRT TV display box containing comic book-inspired disc cases. It looks like an awesome collectible for Creepshow fans.

Creepshow: Complete Series (Blu-ray)

As shown above, the CRT TV’s display clearly can switch between a red background with the series logo and a picture of The Creep, but it’s unclear how this mechanism works. In any case, it’s one of the cooler display boxes we’ve seen this year. All four seasons have their own case modeled after the the in-universe Creepshow comics and Stephen King’s graphic novel. You’ll also get a real comic book based on “Skeletons in the Closet,” which is one of the vignettes in Season 3, Episode 2.

If you love Creepshow, you’ve come to the right place. Along with details on the two upcoming releases, we put together lists of Creepshow Blu-rays, making-of books, and the ongoing comic book anthology series. So make sure to creep farther down for some great Creepshow deals–unless you’d rather look for yourself, in which case you can check out the Amazon hubs we created: Creepshow Blu-rays | Creepshow books and comics.

$68.47 (was $100) | Releases November 11

Creepshow debuted on Shudder in 2019 and quickly became one of the horror streamer’s marquee original series. It was undoubtedly a huge subscription seller for Shudder, especially Season 1 was the best take on the franchise since the original movie.

The anthology series ran for four seasons and 25 episodes, including two TV specials, before ending in 2023. Episodes of Creepshow include a pair of distinct vignettes, roughly 20-25 minutes each.

Franchise creators Stephen King and George A. Romero weren’t involved with the production, but a few episodes are based on King’s short stories, including the show’s very first vignette “Gray Matter,” adapted from a story in King’s excellent collection Night Shift. The 2020 Halloween special adapted “Survivor Type” from Skeleton Crew. The back half of the special was based on “Twittering from the Circus of the Dead” from the story collection Full Throttle by Joe Hill, who also happens to be King’s eldest son.

The 9-disc box set has a total runtime of roughly 18 hours. All 23 episodes and the two specials are displayed in 1080p resolution and support DTS-HD Master Audio 5.1. Bonus features include cast and crew interviews, behind-the-scenes featurettes, and photo galleries.

If you’re interested in the behind-the-scenes content, you should also check out Shudder’s Creepshow: From Script to Scream, a 240-page coffee-table book with a foreword by Stephen King. The hardcover book is on sale for $35 (was $50) at Amazon.

$33 (was $50) | Releases September 30

Creepshow 2’s Limited Edition 4K Blu-ray was restored from the original camera negative with HDR (Dolby Vision and HDR10) and three audio formats: 5.1 DTS-HD, stereo, and lossless monaural.

Arrow Video originally created a 2K restoration that released as Creepshow 2: Special Edition back in 2016 on 1080p Blu-ray. The on-disc special features for the 4K release largely mirror the Special Edition. The reversible sleeve and cover art by Mike Saputo matches the 2016 release, too.

Just like the first printing of the 1080p Blu-ray, the 4K release includes two limited-edition booklets. These are no longer included with the standard Blu-ray and were limited to 3,000 units, but now you have another chance. For reference, the first printing has a red sleeve, but after it sells out, it’ll likely switch to a blue sleeve like the Blu-ray edition.

Most notably, you’ll get a booklet with the comic adaptation of “Pinfall,” one of the two stories that were cut from the film. The story was written by Stephen King and adapted into a script by George Romero. Jason Mayoh adapted the story into a comic for the Blu-ray release in 2016. Along with the comic booklet, you’ll get an illustrated booklet with commentary from Michael Blyth.

“Pinfall” has never been published as a short story or filmed, so this is the only way to experience one of Stephen King’s unpublished stories.

Creepshow 2 4K Limited Edition Bonuses

  • “Pinfall” comic booklet (adaptation of unpublished King story)
  • Illustrated booklet with commentary on the film
  • Collector’s sleeve with original artwork and reversible cover art
  • Featurettes, audio commentaries, and interviews

A full list of on-disc special features can be found at the end of this article. For a deep dive on the sequel, check out The Making of Creepshow 2, a 320-page account of the film’s production based on production documents and author Lee Karr’s conversations with cast and crew.

$23 (was $40) | All-time low

Though you can watch Creepshow 2 without watching the original, the 1982 anthology is a more well-rounded collection of horror-comedy stories, so it doesn’t really make sense to skip it. Plus, it’s already available on 4K Blu-ray. A Collector’s Edition released in 2023, and the awesome Steelbook Edition shown above arrived just in time for Halloween last year. The Limited Edition Steelbook is on sale for only $23 (was $40), which is actually cheaper than the standard 4K Blu-ray edition by a few bucks.

Both editions include 4K Blu-ray and standard 1080p Blu-rays and the same special features. The film was remastered in 4K using the original camera negatives and supports HDR (Dolby Vision and HDR10), Dolby Atmos audio, and DTS-HD Master Audio 5.1 and 2.0. Special features include three different audio commentary tracks, a roundtable on the making of the anthology, interviews, and a whole bunch more. You can check out the full list at the bottom of this article.

Creepshow 2 Limited Edition (Arrow Video)

Creepshow and its numerous follow-ups blend horror and comedy while paying homage to classic comics like Tales from the Crypt and The Haunt of Fear. Directed by George Romero, the 1982 original is an anthology film with five distinct vignettes. Stories include a murdered man rising from the dead, a mysterious meteor that lands on a remote farm, and a cockroach army that’s hunting a man with Entomophobia.

Stephen King made his screenwriting debut with Creepshow, and two of the five tales were adapted from his short fiction. Creepshow wears its comic book influences on its sleeve, and King adapted the film into a graphic novel the same year the movie released.

Creepshow 2’s screenplay was written by Romero and directed by the original film’s cinematographer Michael Gornick. Though originally planned to mirror its predecessor with five vignettes, only three made it into the movie: “Old Chief Wood’nhead,” “The Raft,” and “The Hitch-hiker.” All three are based on King’s short stories, but “The Raft” is the only one that has been published and collected in the author’s heralded collection Skeleton Crew.

“Cat from Hell,” the other King story that was cut from Creepshow 2, was included in Tales from the Darkside: The Movie in 1990. The spin-off film was based on a TV series created by Romero in 1983. Given the timing, it should come as no surprise that Tales from the Darkside–also a horror-comedy anthology–existed because of Creepshow’s unexpected box office success. Tales from the Darkside: The Complete Series is available on DVD for $27.90.

Creepshow franchise 4K Blu-ray and Blu-ray releases

Beyond the collectible editions, the first two Creepshow anthologies are available for $10-$12 each on standard Blu-ray. The Creepshow franchise technically has three film anthologies, but the 2006 straight-to-home-video Creepshow 3 is one that many fans want to forget exists at all (it’s quite bad). If you want to be reminded of it, a region-free Blu-ray edition of Creepshow 3 is $22 at Walmart. All three films are collected in a DVD box set for $25.

Another box set option is the King of Horror 8-Film Collection on Blu-ray or DVD. This one only includes the first Creepshow movie, but you’ll also get The Shining, Shawshank Redemption, The Green Mile, the 1990 It miniseries, and more. King of Horror’s Blu-ray edition is only $36.30 (was $60) at Amazon.

Creepshow Movies

All four seasons of Shudder’s anthology series are already available on Blu-ray and DVD. The first season is currently priced close to $30, but Seasons 2-4 are up for grabs for under $15 each.

Tales from the Darkside / Tales from the Crypt

If you like the horror-comedy anthology structure, you should definitely check out Tales from the Darkside and Tales from the Crypt.

Creepshow by Stephen King (1982) | Creepshow Deluxe Edition Book One (2024)

Shudder’s series also led to the revival of Creepshow in print. Skybound and Image Comics have published 20 Creepshow comics since 2022, and 15 of them have been collected in paperback volumes. Each volume has five standalone comics written and illustrated by a rotating group of big names in the industry, including Garth Ennis and Joe Hill. As a child, Hill appeared in the prologue and epilogue of the original Creepshow film, and over 40 years later he wrote an official Creepshow comic called Joe Hill’s Wolverton Station.

The first issue in Volume 4 was published September 17. Volume 4 #2 releases October 22, and #3 is scheduled for November 19.

If you want to catch up on the anthology series, the first three volumes are available in trade paperback for $10-$15 each. Volume 3 was published in April, and Volume 4’s paperback edition is slated for April 14, 2026. Last holiday season, Image Comics published a hardcover Deluxe Edition compiling the first two volumes. Amazon has Creepshow Deluxe Edition for $21 (was $40), which is almost exactly the same price as the two paperback editions combined.

Joe Hill’s Creepshow comic and three others are one-shots that aren’t included in the collected volumes, but you can buy Kindle digital editions for a couple bucks each or collected volumes for $8-$12. All 20 Creepshow comics released publsihed so far are available in a Kindle bundle for $43.80. But before reading the new series, we’d highly recommend Stephen King’s original graphic novel, which is available in paperback for only $15 (was $20) at Amazon.

Modern Creepshow Series (2022-Present)

Creepshow Digital Comics

Creepshow 2 reversible cover art

Creepshow 2 Limited Edition Special Features

  • “Pinfall” comic booklet (adaptation of unpublished King story)
  • Illustrated booklet with commentary on the film
  • Collector’s sleeve with original artwork and reversible cover art
  • Native 4K (2160p) restoration from original camera negative
  • HDR: Dolby Vision and HDR10
  • Audio: 5.1 DTS-HD surround sound, stereo, and lossless mono (original)
  • English subtitles
  • Audio Commentary: director Michael Gornick
  • Screeplay for a Sequel – Interview with screenwriter George A. Romero
  • Tales from the Creep – Interview with actor and makeup artist Tom Savini
  • Poncho’s Last Ride – Interview with actor Daniel Beer
  • The Road to Dover – Interview with actor Tom Wright
  • Nightmares in Foam Rubber – Archive featurette and interviews on Creepshow 2 special effects
  • My Friend Rick – Howard Berger talks about special effects mentor Rick Baker
  • Behind-the-scenes footage
  • Image gallery
  • Trailers and Commercials
  • Original screenplay galleries

Creepshow Steelbook + Collector’s Edition Special Features

Disc 1: 4K Blu-ray

  • Audio commentary with director George A. Romero and makeup effects artist Tom Savini
  • Audio commentary with photography director Michael Gornick
  • Audio commentary with composer/first assistant director John Harrison and construction coordinator Ed Fountain
  • Interviews: Michael Gornick, John Amplas, Bruce Alan Miller, Darryl Ferucci
  • Mondo Macabre – A look at Creepshow posters with Mondo co-founder Rob Jones and events planner Josh Curry
  • Collecting Creepshow – Prop collector Dave Burian shows off his collection
  • The Colors Of Creepshow – How Creepshow was restored in 4K
  • Into The Mix – Sound re-recordist Chris Jenkins talks about remastering the audio
  • Still Galleries – Behind-the-scenes pictures, movie posters, special effects makeup, color stills, posters, and lobby cards

Disc 2: 1080p Blu-ray

  • Terror and the Three Rivers – Roundtable discussion on the making of Creepshow
  • The Comic Book Look – Interview with costume designer Barbara Anderson
  • Ripped From the Pages – Interview with animator Rick Catizone
  • Horror’s Hallowed Grounds – Sean Clark tours original filming locations
  • Tom Savini’s Behind-the-scenes footage
  • Audio commentary with director George A. Romero and makeup effects artist Tom Savini
  • Audio commentary with photography director Michael Gornick
  • Audio commentary with composer/first assistant director John Harrison and construction coordinator Ed Fountain
  • Audio interviews with original crew
  • Mondo Macabre – A look at Creepshow posters with Mondo co-founder Rob Jones and events planner Josh Curry
  • Collecting Creepshow – Prop collector Dave Burian shows off his collection
  • The Colors Of Creepshow – How Creepshow was restored in 4K
  • Into The Mix – Sound re-recordist Chris Jenkins talks about remastering the audio
  • Still Galleries – Behind-the-scenes pictures, movie posters, special effects makeup, color stills, posters, and lobby cards
  • Deleted scenes
  • TV and radio commercials
  • Theatrical trailers in English and Spanish

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Fed Cuts Interest Rate in 'Risk Management' Move as Bitcoin Eyes Possible Upside
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Fed Cuts Interest Rate in ‘Risk Management’ Move as Bitcoin Eyes Possible Upside

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The Federal Reserve has returned to easing mode after ten months of taking a wait and see approach on the U.S. economy.

In a widely expected move on Wednesday, the U.S. central bank cut its benchmark fed funds interest rate range by 25 basis points to 4%-4.25%, the lowest since December 2022, in what Fed chair Jerome Powell called a “risk management cut.”

The Fed acknowledged that economic growth in the first half of the year “moderated” and the job market has “slowed.” This slowdown, Powell said during a press conference, is mostly due to changes in immigration. Nevertheless, there was no widespread support for a larger cut, he said, and that the Fed was right to wait to lower rates and will not be rushed to cut more aggressively.

The decision follows growing signs that the U.S. labor market has begun to decisively weaken, the latest being the August employment report which showed the addition of just 22,000 jobs to the economy and the unemployment rate rising to 4.3%, the highest since 2021.

“The Fed is under pressure to lean more dovish, and any successor to Powell is likely to favor faster and deeper rate reductions,” Chris Rhine, Head of Liquid Active Strategies at Galaxy, said. “While risk assets had largely priced in this cut, the updated dot plot aligns with recent sell-side forecasts, pointing to another 50bps of cuts ahead.”

Alongside that data, revisions to previous months’ reports showed far less jobs had been created than previously thought.

Added to that was political pressure in the form of President Trump’s repeated criticisms of the Fed’s hesitancy to act in the face of what he insists has been softening inflation. Powell said during Wednesday’s press conference that the Fed is “strongly committed to maintaining [its] independence.”

Bitcoin ‘new highs’ possible

In the minutes following the rate cut, the price of bitcoin BTC$116,862.68 rose about 1% before giving up gains. It is currently down about 1.5% since the decision, trading at $115,092.

Major U.S. stock indexes — which have been repeatedly carving out record highs for weeks ahead of the Fed move — also briefly rose on the news but later fell sharply. Gold followed a similar move.

“The dots leaned more dovish, signaling the Fed is open to accelerating the pace of easing if conditions demand it,” said Matt Mena, Crypto Research Strategist at 21Shares. “That repricing risk is now front and center – creating an asymmetric setup for Bitcoin. While today’s 25bps cut provided the spark, it is the path implied by the dots – more than the cut itself – that may set the stage for Bitcoin to challenge new highs into year-end.”

Looking ahead

A glance at the Fed’s dot plot shows that the Commission is torn about how the rest of the year will unfold. A slight majority of participants of the Federal Open Market Committee (FOMC) believe there could be two more rate cuts this year.

Seven out of the 19 participants see rates kept steady throughout the year.

UPDATE (September 17, 18:18 UTC): Adds dot plot projections and markets update alongside commentary.

UPDATE (September 17, 18:39 UTC): Adds quote on markets.

UPDATE (September 17, 18:45 UTC): Adds quotes from Federal Reserve chair Jerome Powell.



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Fed cuts interest rates for first time in 2025
NFT Gaming

Fed cuts interest rates for first time in 2025

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The Federal Reserve has followed through with its widely expected decision, cutting rates by 25 basis points and leaving the door open for more cuts.

Summary

  • FOMC cut interest rates by 25 basis points, leaving the door open for more cuts
  • The decision, while widely expected, also carries an easing tone
  • Bitcoin and altcoins could react in a moderately

The Federal Reserve’s widely anticipated decision came on Wednesday, September 17. The Federal Open Market Committee decided to cut interest rates for the first time in 2025. Interest rates will go down by 25 basis points, as expected, from a range of 4.25%–4.50% to 4.00%–4.25%.

The Fed stated that it will leave the door open for more interest-rate cuts. However, Chair Jerome Powell did not commit to a clear path forward, including one that would commit the Fed to more easing. Instead, the central bank opted to retain its flexibility.

Still, the Fed chair highlighted rising concerns with employment and economic growth. This is a major shift in tone and potentially signals that the Fed could be more likely to lower interest rates in the future. Moreover, one member of the FOMC,, according to Bloomberg, dissented, wanting a 50-basis-point rate cut. While there is no official confirmation, the dissenter is likely Trump appointee Stephen Miran.

What the Fed decision means for Bitcoin and altcoins

Interest rates have a major effect on asset prices. Lower interest rates reduce the yields of fixed-income assets like bonds and Treasuries. At the same time, they reduce the cost of borrowing, making riskier assets more attractive. This includes Bitcoin and especially altcoins.

The Fed’s decision was widely anticipated, so it is not likely to have a major effect on crypto prices. Still, a more dovish tone on inflation and interest rates could push Bitcoin prices higher and boost altcoins even further.



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GameFi Guides

Bitcoin Steady as Fed Cuts Interest Rates for First Time Since December

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In brief

  • The Federal Reserve had kept interest rates unchanged since last December.
  • U.S. President Donald Trump has been hammering the Fed to cut rates.
  • Crypto and other assets typically benefit from rate cuts that increase financial liquidity.

The U.S. central bank, as widely expected, cut the federal funds rate by 0.25% Wednesday, amid recent signs that the economy was faltering and needed a boost—and under relentless pressure from President Donald Trump.

Bitcoin and other major digital assets traded largely flat  in the immediate aftermath. The largest cryptocurrency by market capitalization was recently changing hands just above $116,000, up 0.2% over the past hour hours, according to crypto markets data provider CoinGecko. BTC rallied in recent days with investors possibly pricing in the anticipated decision.

Ethereum, the second-largest cryptocurrency by market value, was trading at $4,501, flat over the same period.

The Fed slashed the interest rate to a range between 4% and 4.25% after a downward revision in a Department of Labor report showing that the U.S had created 911,000 fewer jobs than initially reported for a year-long period ending in March, and other concerning economic signs.

Those seemed to outweigh the threat of inflation, which has risen to 2.9% on an annual basis, stubbornly above the bank’s longstanding 2% goal. The Fed has a dual mission to keep inflation low and ensure full employment.

Central bankers had kept rates unmoved over five meetings this year over inflation concerns, with Fed Chair Jerome Powell vowing after these decisions to remain data-driven in focus. The bank dropped rates a percentage point in three late 2024 rate cuts as prices slackened and raised expectations for additional cuts this year.

Fearful that his administration will be saddled with an economic cratering, Trump has hotly criticized the bank for not following through and looked to replace Fed governors with his own more dovish selections. On Tuesday, White House advisor Stephen Miran was sworn in to serve out the remaining four months of a term left open when Adriana Kugler resigned in August.

The same day, a federal appeals court blocked Trump’s firing of Fed governor Lisa Cook, whom he considered—possibly wrongly—of being an obstacle to a rate cut. By numerous accounts, Cook is considered less restrictive about monetary policy. Trump has also hotly criticized Powell.

The CME’s FedWatch tool, the widely watched measure of investor sentiment, forecast a 96% probability of a rate reduction in the days leading up to the decision.

Still, investors have been unbalanced by the White House-Fed feud and ongoing macroeconomic uncertainties, including Trump’s global trade war. Gold, the traditional safe haven asset, rose to a record high on Tuesday above $3,730. It is up more than 10% over the past month.



And a Myriad market found that nearly nine in 10 users expect the price of Bitcoin, which is often likened to gold, to remain above $105,000 throughout September.

(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

In her Crypto Is Macro Now newsletter, crypto markets researcher Noelle Acheson noted that updated projections showing end-of-year gains for unemployment and insurance and Powell’s comments about the Fed’s approach following Wednesday’s announcement could “encourage or spook” markets.

“He might studiously avoid saying anything at all, but that itself would be a signal. Or, he could hint that a new easing cycle has begun, with consecutive cuts in coming months. Or, he could reiterate the need to wait for more data on inflation and employment,” Acheson wrote. “As usual, his words will be parsed carefully for deviations from the expected tropes, and as usual, too much will be read into them.”

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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

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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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The Elder Scrolls Online heads on the aftermath of Microsoft's cuts and the future of the long-running MMO
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The Elder Scrolls Online heads on the aftermath of Microsoft’s cuts and the future of the long-running MMO

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There have been some tumultuous times recently at ZeniMax Online Studios, makers of The Elder Scrolls Online (ESO).

As part of Microsoft’s sweeping cuts in early July, a long-in-development MMO codenamed Blackbird was cancelled. Shortly afterwards, ZeniMax president Matt Firor announced his departure after 18 years as head of the studio.

Rich Lambert, studio game director, ZeniMax Online Studios

Replacing him – or at least part of his role – is Rich Lambert, who was formerly game director on ESO. Lambert’s new title is studio game director, while Jo Burba has taken on the title of studio head. “He’s focused on the operational side of things,” explains Lambert, “and I’m focused on a lot of studio-level things and future planning.”

It perhaps says something about Firor’s importance to the studio that it has taken two people to fill his vacant seat. “He wore a lot of different hats,” acknowledges Lambert.

Stepping up into Lambert’s old role is Nick Giacomini, who started off as a senior product manager at ZeniMax in 2019. “Am I nervous? Absolutely,” says Giacomini. “But I’m very excited.”

“This wasn’t something that I was seeking out,” he adds. But he says he is “incredibly honoured” to take on the role, and judging by his all-encompassing enthusiasm for MMOs, he’s the perfect person to steer the future of ESO.

Nick Giacomini, game director, ZeniMax Online Studios

“I’ve been playing [MMOs] for about 20 years, almost every single day,” he gushes. “I can count on my own two hands the number of days I haven’t logged into an MMO, so that’s thousands of hours in multiple games.”

Securing a job at ZeniMax in 2019 was like a dream for him. “I remember jumping up and down with my wife, [going] ‘I can’t believe this is happening!'”

But Lambert has warned his successor that being the public face of a popular MMO also has a negative side. It means dealing with a lot of criticism from players, some of it personal. “You have to have really thick skin for that stuff,” he says.

“Nick and I were actually talking about this the other day, where he asked me, ‘How do you deal with all of the hate? […] How do you not let that get to you?’

“Because it’s a personal attack, right? They’re personally attacking you, and it’s really hard to deal with that and work through that. And I just told him, people generally don’t complain unless they’re passionate. And so try to find that nugget.

“And if there’s no nugget and it’s just pure vitriol, then just kind of push it away and try to focus on the positives.”

Saying goodbye

But the more immediate concern has been dealing with the aftermath of Microsoft’s cuts, which reportedly saw ZeniMax employees being locked out of Slack and left in limbo.

“It was super emotional, it was awful,” recalls Lambert, who says that he had personally worked with some of the people affected for 10 or 15 years.

“But then after, you pick yourself up off the floor and […] you realize that we have this responsibility to our community, to the game, to everybody else that is still there to move forward. That’s really hard, but that’s the goal, to continue to move forward and keep ESO going.”

Giacomini emphasises the point: “We have a commitment to our players to try to deliver the best product and experiences that we can for them. And so yes, it’s been challenging, but we’re facing forward.”

Image credit: ZeniMax Online Studios

There was also the sudden departure of studio founder Matt Firor to process. “I’ve been working with Matt for almost 20 years, and it was a shock to all of us,” says Lambert. “But he’s his own man. He’s his own person. He gets to do that, and you respect him, right? He’s been in the industry a long, long, long time.”

Still, the show must go on. “I think the thing that you kind of rally around as a team, especially on something like ESO, is we’re more than one person. The game is more than one person. Yes, Matt is the founder of the studio, and I was the number two person on there, but I don’t build everything. Nick doesn’t build [everything], Matt doesn’t build everything.

“We have this village of super-talented, super-passionate people, and we get to represent them, but we don’t do it all.”

Fast forward

In terms of where ESO is going, Lambert says it’s in “a bit of a transition year.”

Historically, the game has issued updates as ‘chapters’ – big swathes of content that take around 18 months to build. The trouble with that, says Lambert, is that “most of the team’s efforts are focused on building the chapter,” which means that any issues raised by players in the meantime get pushed back in the schedule until the team has time to address them.

Now, ESO is switching over to a ‘season’ model, where the goal is to have “smaller, more bite-sized things out quicker,” explains Lambert. And rather than players waiting perhaps 18 or 24 months for requested features to be implemented, the hope is to get that down to six or nine months, he says.

The ultimate goal with the season model is to put out more frequent, meaningful updates to players, Lambert says, adding that the chapter model had started to feel a little too formulaic. “We’re kind of too predictable, and we want to shake that up and be a little bit more reactive.”

Image credit: ZeniMax Online Studios

It also, perhaps, ties in to the industry-wide ambition to make things a bit more quickly: a response to the lead times for ever-more-detailed modern games becoming ever longer. But Lambert emphasises that games, by their nature, are just “really hard” to make.

“It takes a long time to build art, because you’ve got to model it out and you’ve got to rig it and skin it, all these things. It takes time to code things out. It takes time when we’re building stories: you’re writing words on a paper and then you put that in-engine, and then you have to send it out to be voiceovered and localized.” In short, he says, it’s “really, really complicated.”

What about AI, that purported saviour? What kinds of uses is ZeniMax finding for that?

“I mean, obviously we’ve looked into it. Microsoft has got their big push for AI. But we don’t really use a lot of it right now. I use a lot of it for meeting summaries and whatnot, because it just makes my life easier. It helps organise my inbox and stuff like that. But we don’t have a ton of it right now.”

Ambitions

In terms of the future of ZeniMax Online Studios, Lambert has lofty goals.

“I want us to be the most successful studio in our entire organization,” he says. “That’s a big thing to say because we’ve got Bethesda Game Studios, we’ve got MachineGames, and id – the list goes on. But I want us to be that group that everybody looks at, like we do with [Bethesda Game Studios].

“You look at Todd Howard’s group and […] it’s, like, five Game of the Years in a row, and this massive legacy and all that. That’s what I want us to do.”

Presumably, does that mean Lambert has ambitions for the studio beyond just ESO, then? “I want to make more games,” he replies. “I’m not done yet, and the team continues to want to make more games as well.

“I have lots of ideas. Hopefully we’ll be able to share those at some point.”

So it certainly seems like ZeniMax Online Studios won’t always be a single-game studio – and Lambert definitely doesn’t want to pin everything on a single game.

“I don’t think you can ride one thing into forever. I mean, obviously we want ESO to be successful, we want it to be that 30-year MMO, and commit to it,” he says. “But if you put all your eggs in one basket, there’s issues.”

Image credit: ZeniMax Online Studios

Still, there’s that perennial problem for studios with long-running live-service games – the worry that any new release will only end up competing with and potentially taking players from your existing title. But Lambert points out that this is something ZeniMax Media deals with all the time.

“When you look at our entire portfolio, we have that across the board, right?” he says. “There’s Fallout 76 and ESO, and they coexist, right? We’re also under the entire Microsoft portfolio, so World of Warcraft is [being made by] a sister studio now.”

Amid all the drama of the long-running Microsoft/Activision Blizzard acquisition saga, when much of the attention was on what would happen to Call of Duty, it’s easy to forget that it also resulted in two rival fantasy MMORPGs being united under the same parent.

Giacomini says ZeniMax now works together with Blizzard – “We communicate with each other, we learn from each other” – and he adds that internal competition is something they need to be aware of for any new game, giving the example of Bethesda releasing The Elder Scrolls IV: Oblivion Remastered earlier this year.

“We looked at it, and we’re like, ‘Ooh, what’s that going to do for us? Does that have the potential to hurt us?’ But in fact, it resulted in a lot of new players trying ESO for the first time, and a lot of players who have lapsed coming back to the game.”

Innovation versus inertia

ESO came out in 2014 and recently celebrated its first decade. But being the steward of such a long-running game poses all sorts of problems.

For a start, there are the technical aspects. “We used to be cutting edge in 2014,” says Giacomini. “Maybe less so now. And so that’s something that we’re constantly evaluating.”

He points out that the studio recently reworked the game’s starter zones, home to some of ESO’s oldest content, as well as adding new onboarding for lapsed players, “because as we’ve continued to add to the game, it’s introduced a tremendous amount of complexity as well.”

Lambert adds that ESO’s water tech has gone through four iterations since the game’s debut, and there have been a whole host of other technical improvements over the past decade, too. “When we started building the game in 2007, cross play wasn’t a thing,” he points out.

Image credit: ZeniMax Online Studios

But if ZeniMax has ambitions to keep ESO going for 30 years or more, there’s also the inescapable issue of the human aging process. As ESO’s loyal, long-term audience gets older, and perhaps has less time to play games, how does ZeniMax plan to persuade a younger audience to come in?

“There’s no solution, exactly,” says Giacomini. “A lot of it comes down to the players in the community, of course, and doing right by them, trying to give them what they want and need from us.”

He notes that player expectations change, just as technology changes, “and so staying on top of that while staying true to the roots is also a big part of it. Games need to be willing to change and evolve.”

But of course, any changes to suit new players or emerging trends could also risk alienating veteran players who want to keep things as they are.

“One hundred percent,” agrees Lambert. “And we’ve gone through this over the years. At the launch, we tried to walk this line between MMO and Elder Scrolls, and we were in this weird spot where we didn’t do either one particularly well.

“And so when we decided that we were going to do Elder Scrolls first and then do MMO kind of second, that upset some folks. But it just made everything better overall.” He adds that the game has changed considerably from launch, notably dropping the subscription model early on.

“I think the other really important part in all of this is respecting players,” he continues.

“That’s the most valuable thing that players can give us, is their time”

Rich Lambert, ZeniMax Online Studios

It’s a tall order: a balance between making sure there’s enough content and mechanics to ensure dedicated, daily players can be satisfied engaging in marathon game bouts, yet also ensuring that players who can only engage for a handful of hours here and there still come away satisfied at having made meaningful progress, without being bamboozled by complexity.

“That’s the most valuable thing that players can give us, is their time. And as you say, as you start to get older, you start to have less of that.”

In other words, time comes for us all, in the end. “I used to be able to stay up for 30 hours straight and play games,” remembers Lambert. “Now? Five hours, I’m exhausted, I’m ready to go to bed.”



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Cryptos Steady as Rate Cuts Sentiment Lingers Ahead of Jobs Report
Crypto Trends

Bulls Bet on Fed Rate Cuts To Drive Bond Yields Lower, But There’s a Catch

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On Sept. 17, the U.S. Federal Reserve (Fed) is widely expected to cut interest rates by 25 basis points, lowering the benchmark range to 4.00%-4.25%. This move will likely be followed by more easing in the coming months, taking the rates down to around 3% within the next 12 months. The fed funds futures market is discounting a drop in the fed funds rate to less than 3% by the end of 2026.

Bitcoin BTC$115,729.93 bulls are optimistic that the anticipated easing will push Treasury yields sharply lower, thereby encouraging increased risk-taking across both the economy and financial markets. However, the dynamics are more complex and could lead to outcomes that differ significantly from what is anticipated.

While the expected Fed rate cuts could weigh on the two-year Treasury yield, those at the long end of the curve may remain elevated due to fiscal concerns and sticky inflation.

Debt supply

The U.S. government is expected to increase the issuance of Treasury bills (short-term instruments) and eventually longer-duration Treasury notes to finance the Trump administration’s recently approved package of extended tax cuts and increased defense spending. According to the Congressional Budget Office, these policies are likely to add over $2.4 trillion to primary deficits over ten years, while Increasing debt by nearly $3 trillion, or roughly $5 trillion if made permanent.

The increased supply of debt will likely weigh on bond prices and lift yields. (bond prices and yields move in the opposite direction).

“The U.S. Treasury’s eventual move to issue more notes and bonds will pressure longer-term yields higher,” analysts at T. Rowe Price, a global investment management firm, said in a recent report.

Fiscal concerns have already permeated the longer-duration Treasury notes, where investors are demanding higher yields to lend money to the government for 10 years or more, known as the term premium.

The ongoing steepening of the yield curve – which is reflected in the widening spread between 10- and 2-year yields, as well as 30- and 5-year yields and driven primarily by the relative resilience of long-term rates – also signals increasing concerns about fiscal policy.

Kathy Jones, managing director and chief income strategist at the Schwab Center for Financial Research, voiced a similar opinion this month, noting that “investors are demanding a higher yield for long-term Treasuries to compensate for the risk of inflation and/or depreciation of the dollar as a consequence of high debt levels.”

These concerns could keep long-term bond yields from falling much, Jones added.

Stubborn inflation

Since the Fed began cutting rates last September, the U.S. labor market has shown signs of significant weakening, bolstering expectations for a quicker pace of Fed rate cuts and a decline in Treasury yields. However, inflation has recently edged higher, complicating that outlook.

When the Fed cut rates in September last year, the year-on-year inflation rate was 2.4%. Last month, it stood at 2.9%, the highest since January’s 3% reading. In other words, inflation has regained momentum, weakening the case for faster Fed rate cuts and a drop in Treasury yields.

Easing priced in?

Yields have already come under pressure, likely reflecting the market’s anticipation of Federal Reserve rate cuts.

The 10-year yield slipped to 4% last week, hitting the lowest since April 8, according to data source TradingView. The benchmark yield has dropped over 60 basis points from its May high of 4.62%.

According to Padhraic Garvey, CFA, regional head of research, Americas at ING, the drop to 4% is likely an overshoot to the downside.

“We can see the 10yr Treasury yield targeting still lower as an attack on 4% is successful. But that’s likely an overshoot to the downside. Higher inflation prints in the coming months will likely cause long-end yields some issues, requiring a significant adjustment,” Garvey said in a note to clients last week.

Perhaps rate cuts have been priced in, and yields could bounce back hard following the Sept. 17 move, in a repeat of the 2024 pattern. The dollar index suggests the same, as noted early this week.

Lesson from 2024

The 10-year yield fell by over 100 basis points to 3.60% in roughly five months leading up to the September 2024 rate cut.

The central bank delivered additional rate cuts in November and December. Yet, the 10-year yield bottomed out with the September move and rose to 4.57% by year-end, eventually reaching a high of 4.80% in January of this year.

According to ING, the upswing in yields following the easing was driven by economic resilience, sticky inflation, and fiscal concerns.

As of today, while the economy has weakened, inflation and fiscal concerns have worsened as discussed earlier, which means the 2024 pattern could repeat itself.

What it means for BTC?

While BTC rallied from $70,000 to over $100,000 between October and December 2024 despite rising long-term yields, this surge was primarily fueled by optimism around pro-crypto regulatory policies under President Trump and growing corporate adoption of BTC and other tokens.

However, these supporting narratives have significantly weakened looking back a year later. Consequently, the possibility of a potential hardening of yields in the coming months weighing over bitcoin cannot be dismissed.

Read: Here Are the 3 Things That Could Spoil Bitcoin’s Rally Towards $120K



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Tron’s Gas Fee Reduction Cuts Daily Revenue by 64% in 10 Days
Crypto Trends

Tron’s Gas Fee Reduction Cuts Daily Revenue by 64% in 10 Days

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Tron’s recent fee reduction has significantly cut into the revenue earned by its block producers, according to a new report from CryptoQuant.

The total daily network fees for Tron’s block producers, known as Super Representatives, dropped to $5 million on Sept. 7, the lowest level in over a year. That’s a 64% revenue decline in 10 days, down from $13.9 million the day before lower fees were implemented.

Onchain data shows that average gas fees on Tron have decreased by 60% after the network implemented a proposal slashing the energy unit price from 210 sun to 100 sun. Gas fees are transaction costs paid on the Tron network, measured in its smallest unit, called sun.

Tron Proposal #789, labeled “Decrease the transaction fees,” went live on Aug. 29 after a vote from the Super Representative community.

Tron transaction fees since January 2024. Source: CryptoQuant

Community member GrothenDI issued the proposal in August, arguing that lower transaction fees would “ensure the sustainable and healthy development of the Tron ecosystem.”

GrothenDI estimated that cutting the gas fees to 100 sun from 210 sun could result in an additional 12 million potential transfers from users. One TRON (TRX) equals 1 million sun, the lowest divisible part of TRX.

Related: Tron Inc. adds $110M in TRX to treasury, total holdings now top $220M

Tron dominates blockchain revenue among L1s 

Although Proposal #789 reduced gas fees on Tron, the blockchain still leads other layer-1 chains in revenue, according to data from Token Terminal.

Over the past seven days, Tron captured 92.8% of total revenue among layer-1 networks, ahead of Ethereum, Solana, BNB Chain and Avalanche. Fees generated from transactions on Tron amounted to $1.1 billion over the past 90 days.

Revenue generated by layer-1 blockchains over past 90 days. Source: Token Terminal

Ethereum has led revenue generation over the past five years with $13 billion, compared to Tron’s $6.3 billion.

Magazine: Ethereum L2s will be interoperable ‘within months’ — Complete guide



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