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

by admin September 27, 2025

By Omkar Godbole (All times ET unless indicated otherwise)

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

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

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

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

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

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

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

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

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

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

What to Watch

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

Token Events

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

Conferences

Token Talk

By Francisco Rodrigues

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

Derivatives Positioning

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

Market Movements

BTC is up 0.4% from 4 p.m. ET Thursday at $109,669.81 (24hrs: -2.17%)
ETH is up 0.74% at $3,916.83 (24hrs: -3.12%)
CoinDesk 20 is up 0.18% at 3,820.89 (24hrs: -3.25%)
Ether CESR Composite Staking Rate is unchanged at 2.9%
BTC funding rate is at 0.0049% (5.4082% annualized) on Binance

DXY is down 0.19% at 98.37
Gold futures are up 0.21% at $3,778.90
Silver futures are up 0.56% at $45.37
Nikkei 225 closed down 0.87% at 45,354.99
Hang Seng closed down 1.35% at 26,128.20
FTSE is up 0.37% at 9,247.82
Euro Stoxx 50 is up 0.38% at 5,465.79
DJIA closed on Thursday down 0.38% at 45,947.32
S&P 500 closed down 0.5% at 6,604.72
Nasdaq Composite closed down 0.50% at 22,384.70
S&P/TSX Composite closed unchanged at 29,731.98
S&P 40 Latin America closed down 1.12% at 2,908.21
U.S. 10-Year Treasury rate is up 0.3 bps at 4.177%
E-mini S&P 500 futures are unchanged at 6,664.75
E-mini Nasdaq-100 futures are unchanged at 24,614.25
E-mini Dow Jones Industrial Average Index are up 0.19% at 46,355.00

Bitcoin Stats

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

Technical Analysis

XRP’s weekly chart. (TradingView/CoinDesk)

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

Crypto Equities

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

Crypto Treasury Companies

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

ETF Flows

Spot BTC ETFs

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

Spot ETH ETFs

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

Source: Farside Investors

While You Were Sleeping

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

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September 27, 2025 0 comments

Crypto Trends

Dogecoin (DOGE), XRP Get ETFs. Crypto Traders Say ‘Meh:’ Crypto Daybook Americas

by admin September 20, 2025

By Omkar Godbole (All times ET unless indicated otherwise)

The SEC, as market regulator, now couldn’t be more pro-crypto if it tried! On Thursday, a spot ETF tied to one of the least “serious” cryptocurrencies — dogecoin DOGE$0.2668 — debuted in the U.S. alongside payments-focused XRP.

Unlike bitcoin BTC$115,761.19, ether (ETH) and stablecoins, which act as a stores of value and facilitate decentralized finance, memecoins like DOGE are driven entirely by tweets, and cult-like fandom, just like baseball or pro-wrestling cards. Some observers are understandably worried that wrapping such an asset in an ETF gives it a false veneer of legitimacy, putting investors at risk.

You might call this the “peak pro-crypto SEC” moment, when regulators become so friendly that even memecoins get their own institutional wrapper. And, coincidentally, peak liquidity moment too, because when cash flows freely, traders get more adventurous. That’s one reason why the Fed may need to go slow with rate cuts.

The crypto market seems unimpressed. DOGE dropped over 2% in 24 hours, a sharp contrast to 2021, when a single tweet from Elon Musk could send it skyrocketing. The entire meme token gang is taking a hit; names like M, PUMP, and TOSHI are down nearly 10% in the same period.

XRP isn’t getting off easily either, falling 2%. Bitcoin and ether remain under pressure too, with traders aggressively seeking downside protection in the options market. The CoinDesk 20 Index was 1.3% lower at press time.

In other news, Consensys CEO reportedly said a Metamask token is arriving sooner than expected. Popular newsletter writer Christine Kim relayed that Ethereum’s Fusaka upgrade is scheduled for Dec. 3. This upgrade bundles multiple Ethereum Improvement Proposals focused on enhancing data availability and reducing costs for layer-2 rollups.

Meanwhile, traditional markets aren’t making it easy for crypto bulls. The dollar index and Treasury yields edged higher. The Bank of Japan stayed put on rates, with two dissenters signaling hikes in the coming months. The central bank announced the gradual selling of ETFs to slim its bloated balance sheet. Stay alert!

What to Watch

Crypto
- Sept. 19: Grayscale Digital Large Cap Fund, which became the Grayscale CoinDesk Crypto 5 ETF on Sept. 18, will uplist to the NYSE Arca Exchange and start trading under the ticker GDLC.
Macro
- Sept. 19, 8:30 a.m.: Canada July retail sales YoY Est. N/A (Prev. 6.6%), MoM (final) Est. -0.8%.
- Sept. 19 (after market close): Quarterly S&P 500, 400 and 600 rebalancing takes effect, adding Robinhood (HOOD).
Earnings (Estimates based on FactSet data)

Token Events

Governance votes & calls
- Gnosis DAO is voting on a $40,000 pilot growth fund using conviction voting on Gardens to empower GNO holders and support small, community-led ecosystem initiatives. Voting ends Sept. 23.
- Balancer DAO is voting on an ecosystem roadmap and funding plan through Q2 2026. It sets growth, revenue, innovation and governance targets and requests $2.87 million in USDC and 166,250 BAL to fund initiatives. Voting ends Sept. 23.
Unlocks
- Sept. 20: Velo VELO$0.01323 to unlock 13.63% of its circulating supply worth $43.39 million.
Token Launches
- Sept. 19, 9 a.m.: Enosys set to introduce XRP-backed stablecoin to Flare
- Sept. 19: Lombard (BARD) to be listed on Poloniex.
- Sept. 20: Reserve Rights RSR$0.007478 to conduct a token burn.

Conferences

Token Talk

By Oliver Knight

Aster, the native token of its namesake decentralized exchange, rose 33% in the past 24 hours to contribute a 650% gain since it was issued earlier this week.
The token was touted on X by Binance founder Changpeng Zhao, who claims the token is a direct competitor to HyperLiquid’s HYPE.
Nearly 330,000 wallets used Aster ahead of a series of exchange listings for the token, with daily trading volume hitting $420 million.
The platform’s introduction hasn’t been without controversy, one of the Aster team members had to say “funds are safe” on Discord in response to concerns about whether funds could be withdrawn.
It is also claimed that Aster is just a rebrand of Apollox, a decentralized perpetuals exchange that has been around for years.
Nonetheless, the platform has proven attractive in the past 24 hours and is considered by some traders as a viable alternative to HyperLiquid, whose token has a market cap of $18.7 billion compared with Aster’s $1 billion.

Derivatives Positioning

AVAX is the only top 20 cryptocurrency to boast an increase in perpetual futures open interest over the past 24 hours. The rest of the coins have seen flat to negative OI, a sign of capital outflows.
According to data source Glassnode, 5,000 BTC in long positions is vulnerable to liquidation if the price drops below $117,000. There is also a build up of short positions at higher price levels, representing a sell-on-rise mentality.
Most majors, excluding LINK, DOT and TRX, have seen net selling in futures, as evidenced by their negative 24-hour cumulative volume deltas. This indicates the possibility of a sharp drop in altcoins later today alongside a growing risk aversion on Wall Street.
On the CME, bitcoin futures OI has bounded to 149K BTC, ending a two-month downtrend. (Check the Technical Analysis section). Perhaps, fresh shorts are coming in, as the annualized three-month premium remains below 10% and looks to be trending south. Ether’s futures OI has risen back above 2 million ETH.
On Deribit, traders continue to chase put options tied to BTC in a sign of lingering downside concerns. Flows over OTC network Paradigm featured calendar spreads and put writing.

Market Movements

BTC is down 0.9% from 4 p.m. ET Thursday at $116,531.51 (24hrs: -0.61%)
ETH is down 1.81% at $4,523.65 (24hrs: -1%)
CoinDesk 20 is down 1.82% at 4,334.77 (24hrs: -1.27%%)
Ether CESR Composite Staking Rate is up 3 bps at 2.92%
BTC funding rate is at 0.0042% (4.5651% annualized) on Binance

DXY is up 0.24% at 97.58
Gold futures are up 0.34% at $3,690.80
Silver futures are up 0.86% at $42.48
Nikkei 225 closed down 0.57% at 45,045.81
Hang Seng closed unchanged at 26,545.10
FTSE is up 0.06% at 9,233.88
Euro Stoxx 50 is up 0.14% at 5,464.39
DJIA closed on Thursday up 0.27% at 46,142.42
S&P 500 closed up 0.48% at 6,631.96
Nasdaq Composite closed up 0.94% at 22,470.72
S&P/TSX Composite closed up 0.45% at 29,453.53
S&P 40 Latin America closed down 0.75% at 2,906
U.S. 10-Year Treasury rate is up 1.4 bps at 4.118%
E-mini S&P 500 futures are unchanged at 6,693.75
E-mini Nasdaq-100 futures are unchanged at 24,709.50
E-mini Dow Jones Industrial Average Index are unchanged 46,503.00

Bitcoin Stats

BTC Dominance: 57.92% (+0.31%)
Ether-bitcoin ratio: 0.03879 (-1.01%)
Hashrate (seven-day moving average): 991 EH/s
Hashprice (spot): $52.08
Total fees: 3.69 BTC / $432,583
CME Futures Open Interest: 149,110 BTC
BTC priced in gold: 31.9 oz.
BTC vs gold market cap: 9.03%

Technical Analysis

BTC’s CME futures open interest has ended downtrend. (Velo)

Open interest in BTC futures listed on the CME has surged from 133K to 149K BTC, ending a two-month downtrend.
The change shows renewed capital inflows into the market, although the direction of the flows remains unclear.

Crypto Equities

Coinbase Global (COIN): closed on Thursday at $343.13 (+7.04%), -0.62% at $341.00 in pre-market
Circle (CRCL): closed at $140.42 (+7.16%), +2.53% at $143.97
Galaxy Digital (GLXY): closed at $33.08 (+0.21%), -1.75% at $32.50
Bullish (BLSH): closed at $65.61 (+20.72%), -2.85% at $63.74
MARA Holdings (MARA): closed at $18.5 (+6.69%), -0.65% at $18.38
Riot Platforms (RIOT): closed at $17.51 (-0.62%), -0.69% at $17.39
Core Scientific (CORZ): closed at $16.75 (+2.95%), -0.12% at $16.73
CleanSpark (CLSK): closed at $13.46 (+17.66%), -1.26% at $13.29
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $41.1 (-0.12%), -1.41% at $40.52
Exodus Movement (EXOD): closed at $29.26 (+3.61%)

Crypto Treasury Companies

Strategy (MSTR): closed at $349.12 (+5.89%), unchanged in pre-market
Semler Scientific (SMLR): closed at $29.49 (+6.54%), unchanged in pre-market
SharpLink Gaming (SBET): closed at $17.22 (+0.58%), -0.41% at $17.15
Upexi (UPXI): closed at $6.82 (+12.08%), -1.03% at $6.75
Lite Strategy (LITS): closed at $2.71 (+3.83%), +3.69% at $2.81

ETF Flows

Spot BTC ETFs

Daily net flows: $163 million
Cumulative net flows: $57.46 billion
Total BTC holdings ~1.32 million

Spot ETH ETFs

Daily net flows: $213.1 million
Cumulative net flows: $13.89 billion
Total ETH holdings ~6.6 million

Source: Farside Investors

While You Were Sleeping

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September 20, 2025 0 comments

NFT Gaming

All Eyes on the Fed, All Ears on Powell: Crypto Daybook Americas

by admin September 17, 2025

By Francisco Rodrigues (All times ET unless indicated otherwise)

Global markets are treading water as investors wait on the Federal Reserve’s latest policy move, coming later today. It’s almost a given the Fed will cut interest rates by 25 basis points. Traders will instead focus on Chair Jerome Powell for signs on future policy.

The cryptocurrency market is no different. Over the last 24 hours, the CoinDesk 20 (CD20) index is practically unchanged, up just 0.2%, while bitcoin (BTC) is around 1% higher. Gold, which surged to a record $3,700 this week, slipped 0.5%. The U.S. dollar index added less than 0.2%.

Equities markets have barely moved as well. U.S. stocks slipped in yesterday’s session, while European equities are edging higher. The FTSE All-World Index advanced less than 0.1% today.

That's today. But over a longer period, cryptocurrencies have lagged behind equities.

In the last 30 days, the FTSE All-World Index rose 2.78%, while the CoinDesk 20 added 2.6% and BTC gained 1.6%. The moves suggest caution even ahead of rate cut that would boost the appeal of risk assets.

Investors are currently pricing in six interest rate cuts. Three this year, and three next year.

“Market expectations are positioned in a Goldilocks range: six cuts represent a middle ground between caution and aggression,” analysts at QCP Capital wrote in a note.

“A deviation in the dot plot, however, would challenge that balance, forcing investors to recalibrate around the risk of tighter-than-expected conditions or a Fed struggling to respond effectively to weaker growth,” the analysts added.

Markets' real test will be Powell’s press conference. A balanced message is likely to further support risk assets, while hesitation would force investors to reassess.

Despite the uncertainty, demand for spot crypto ETFs has remained robust. This week, net inflows for spot BTC ETFs are around $550 million, while spot ether ETFs brought in nearly $300 million. Stay alert!

What to Watch

Crypto
- Nothing scheduled.
Macro
- Sept. 17, 9:45 a.m.: Canada benchmark interest rate decision Est. 2.5% followed by a press conference.
- Sept. 17, 2 p.m.: Fed decision on U.S. interest rates, including updated dot plot projections. Est. 25 bps cut to 4.00%-4.25%, followed by a press conference.
- Sept. 17, 5:30 p.m.: Brazil benchmark interest rate decision Est. 15%.
Earnings (Estimates based on FactSet data)
- None scheduled.

Token Events

Governance votes & calls
- MantleDAO is voting on keeping the 2025-2026 budget at $52 million USDc and 200 million MNT. Voting ends Sept. 18.
- Sept. 17, 6 a.m.: DYdX to host an Analyst Call.
Unlocks
- Sept. 17: ZKsync (ZK) to unlock 3.61% of its circulating supply worth $10.54 million.
Token Launches
- Sept. 18: Deadline to convert MKR to SKY before the Delayed Upgrade Penalty takes effect.

Conferences

Day 2 of 2: Real-World Asset Summit (New York)
Sept. 17: The Bitcoin Treasuries NYC Unconference (New York)
Day 1 of 3: AIBC 2025 (Tokyo, Japan)

Token Talk

By Oliver Knight

Bitcoin (BTC) continues to stubbornly trade in a tight range, rising slightly to $116,000 in the past 24 hours, but failing to build momentum for a break out.
Altcoins are capitalizing on the lack of volatility with several spikes leading to bitcoin dominance sliding to an eight-month low of 57%, according to CoinMarketCap data.
Dominance is a metric commonly used to assess whether capital is flowing into bitcoin or more speculative altcoins, as seems to be the case.
Another bullish factor for altcoins is that the average crypto token RSI, an abbreviation for relative strength index, is at 45.47. This means that altcoins are edging into “oversold” territory as opposed to “overbought,” suggesting that several tokens are primed for an extension to the upside.
It's worth noting that bitcoin dominance fell all the way to 33% in 2017 and 40% in 2021, meaning that altcoins still have more room to run.
Much will depend on how bitcoin acts if it begins to test record highs at $124,000. A breakout on significant volume will likely lead to a capital rotation back to the largest cryptocurrency as investors attempt to capitalize on a potential cycle high, with the personalities such as Eric Trump calling for $175,000 before year-end.

Derivatives Positioning

BTC futures open interest across major venues has crept up to $32 billion over the past week.
At the same time, the three-month annualized basis has started compressing again to roughly 6-7% across Binance, OKX and Deribit, leaving the carry trade only marginally profitable.
While the OI growth suggests increasing activity and engagement in the market, the narrowing basis indicates that directional conviction, particularly on the bullish side, is weakening, with traders less willing to pay a high premium for future exposure.
The options data also presents a complex picture of market sentiment.
While the BTC Implied Volatility Term Structure chart shows an upward-sloping curve, suggesting the market expects long-term volatility to be higher than short-term, other metrics point to a more immediate bearish outlook.
Specifically, the 25 delta skew chart indicates that the skew is either flat or slightly negative for shorter-term options (1-week, 1-month), which means traders are paying a premium for puts over calls to gain protection against declines.
This short-term bearish sentiment is directly contradicted by the 24-hour put-call volume chart, which shows a higher volume of calls than puts, indicating that over the past 24 hours most options traders were positioning for a price increase.
Funding rate APRs across major perpetual swap venues have recently started to show some pickup with BTC annualized funding currently at 17%.
If the uptrend is maintained and followed by other venues, funding rates would suggest growing conviction in a directional, more bullish bet on prices.

Market Movements

BTC is down 0.22% from 4 p.m. ET Wednesday at $116,637.44 (24hrs: +1.01%)
ETH is unchanged at $4,498.24 (24hrs: +0.00%)
CoinDesk 20 is down 0.58% at 4,272.21 (24hrs: +0.1%)
Ether CESR Composite Staking Rate is down 2 bps at 2.86%
BTC funding rate is at 0.0077% (8.4589% annualized) on Binance

DXY is up 0.14% at 96.76
Gold futures are down 0.52% at $3,705.60
Silver futures are down 2.14% at $42.00
Nikkei 225 closed down 0.25% at 44,790.38
Hang Seng closed up 1.78% at 26,908.39
FTSE is up 0.20% at 9,213.65
Euro Stoxx 50 is up 0.11% at 5,377.98
DJIA closed on Tuesday down 0.27% at 45,757.90
S&P 500 closed down 0.13% at 6,606.76
Nasdaq Composite closed unchanged at 22,333.96
S&P/TSX Composite closed down 0.39% at 29,315.23
S&P 40 Latin America closed up 0.52% at 2,919.60
U.S. 10-Year Treasury rate is down 1 bps at 4.016%
E-mini S&P 500 futures are unchanged at 6,669.00
E-mini Nasdaq-100 futures are unchanged at 24,525.25
E-mini Dow Jones Industrial Average Index are unchanged at 46,146.00

Bitcoin Stats

BTC Dominance: 58.3% (unchanged)
Ether-bitcoin ratio: 0.0386 (0.15%)
Hashrate (seven-day moving average): 1,021 EH/s
Hashprice (spot): $54.43
Total fees: 4.18 BTC / $483,499
CME Futures Open Interest: 144,220 BTC
BTC priced in gold: 31.8 oz.
BTC vs gold market cap: 8.91%

Technical Analysis

Bitcoin has surged from $107K to $117K, now trading above all key daily exponential moving averages.
Despite this strength, the broader bias remains cautious.
For momentum to continue, bulls will look for a decisive reclaim of the daily order block between $117K and $119K, an area that also aligns with the weekly order block established in early August.

Crypto Equities

Coinbase Global (COIN): closed on Tuesday at $327.91 (+0.27%), -0.52% at $326.19 in pre-market
Circle (CRCL): closed at $134.81 (+0.57%), +1.07% at $136.25
Galaxy Digital (GLXY): closed at $31.83 (+3.44%), -1.35% at $31.40
Bullish (BLSH): closed at $51.36 (+0.55%), -0.35% at $51.18
MARA Holdings (MARA): closed at $17.53 (+7.94%), -0.34% at $17.47
Riot Platforms (RIOT): closed at $17.52 (+5.04%), +0.23% at $17.56
Core Scientific (CORZ): closed at $16.18 (-0.86%), unchanged in pre-market
CleanSpark (CLSK): closed at $11.20 (+8.84%), unchanged in pre-market
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $39.86 (+2.92%), -1.15% at $39.40
Exodus Movement (EXOD): closed at $29.70 (+6.53%), -1.11% at $29.37

Crypto Treasury Companies

Strategy (MSTR): closed at $335.09 (+2.23%), +0.21% at $335.80
Semler Scientific (SMLR): closed at $29.11 (+2.54%)
SharpLink Gaming (SBET): closed at $16.95 (+0.95%), unchanged in pre-market
Upexi (UPXI): closed at $5.82 (-8.06%), +3.09% at $6
Lite Strategy (LITS): closed at $2.69 (-7.56%), +10.43% at $3.07

ETF Flows

Spot BTC ETFs

Daily net flows: $292.3 million
Cumulative net flows: $57.34 billion
Total BTC holdings ~1.32 million

Spot ETH ETFs

Daily net flows: -$61.7 million
Cumulative net flows: $13.68 billion
Total ETH holdings ~6.61 million

Source: Farside Investors

While You Were Sleeping

Metaplanet Sets Up U.S., Japan Subsidiaries, Buys Bitcoin.jp Domain Name (CoinDesk): The world’s sixth-largest BTC treasury company formed Bitcoin Japan to run bitcoin-focused media platforms and U.S.-based Metaplanet Income to generate revenue from bitcoin-related financial products.
21Shares Hits 50 Crypto ETPs in Europe With Launch of AI and Raydium-Focused Products: 21Shares is introducing two crypto exchange-traded products (ETPs), one tracking a group of decentralized AI protocols and one offering exposure to the token of Solana-based decentralized exchange Raydium.
Hex Trust Adds Custody and Staking for Lido’s stETH, Expanding Institutional Access to Ethereum Rewards (CoinDesk): The firm’s one-click staking feature enables clients to access staking rewards and decentralized finance (DeFi) liquidity tools for stETH without setting up their own infrastructure.
Three Things Britain Wants From Trump’s State Visit — Aside From Business Deals (CNBC): The U.K. wants Trump’s visit to advance the unfinished trade deal, tackle hurdles such as steel and aluminum tariffs and lock in investment from BlackRock, Alphabet and Blackstone.
UK Watchdog to Waive Some Rules for Cryptoasset Providers (Financial Times): The FCA says it will adapt regulations to crypto’s unique risks, pledging stricter safeguards on technology and resilience while exploring whether investors should gain wider consumer protections.

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September 17, 2025 0 comments

Crypto Trends

Solana Steals the Spotlight as Fed Rate Cut Nears: Crypto Daybook Americas

by admin September 16, 2025

By Omkar Godbole (All times ET unless indicated otherwise)

Suddenly, it’s all about Ethereum rival Solana and its native token SOL as the broader market holds its breath ahead of Wednesday’s Federal Reserve rate decision.

Michael Novogratz, the founder and CEO of Galaxy Investment, says Solana could evolve to become a settlement infrastructure in global finance. Why? Because the blockchain can handle over 6 billion transactions a day, which is way higher than the 400 million-700 million trades global securities markets usually deal with, he said. Speed matters.

At BaseCamp 2025, Coinbase’s layer-2 network hinted at plans for a token launch that could accelerate decentralization and unveiled a Solana bridge to boost cross-chain connectivity. Pantera Capital’s Dan Morehead announced that Solana is their largest bet, valued at $1.1 billion, calling it the fastest and best-performing blockchain, which has outpaced even Bitcoin over the past four years.

If that’s not enough, Kyle Samani, chairman of Nasdaq-listed Solana treasury company Forward Industries, said over the weekend that the company plans to deploy funds to boost the Solana-native decentralized finance ecosystem.

All these signs suggest SOL could outperform bitcoin BTC$115,406.46, ether (ETH) and other major tokens if the Fed cuts rates by the 25 basis points this week, as expected. If it surprises with a 50-basis-point move, things could get wild. Keep your eyes on those SOL/BTC and SOL/ETH trading pairs.

Currently, SOL is trading around $235 after peaking near $250 over the weekend. Other major cryptocurrencies are stuck in neutral, trailing behind stocks, which continue to hit fresh highs.

On the stablecoin front, the Bank of England proposed limits on how the value of dollar-backed stablecoins an individual can hold, as low as 10,000 pounds ($13,600), citing systemic risks. Stani Kulechov, Aave’s CEO, called the move “absurd” and urged the crypto community to stand up against such regulations.

More countries, especially those with current account deficits, will likely consider similar measures to curb outflows that dodge traditional banks.

And as for the traditional markets, Monday’s mix of rising stocks and the VIX, Wall Street’s fear gauge, has some observers raising their eyebrows. History shows these moments often precede market corrections, so stay alert!

What to Watch

Crypto
- Sept. 16, 12 p.m.: Solana Live event on X. Guests include Pump.fun co-founder Alon Cohen and Kyle Samani, chairman of Forward Industries (FORD) and the managing partner of Multicoin Capital.
Macro
- Sept. 16, 8 a.m.: Brazil July unemployment rate Est. 5.7%.
- Sept. 16, 8:30 a.m.: Canada August headline CPI YoY Est. 2%, MoM Est. 0%; core YoY Est. N/A (Prev. 2.6%), MoM Est. N/A (Prev. 0.1%).
- Sept. 16, 8:30 a.m.: U.S. August retail sales YoY Est. N/A (Prev. 3.9%), MoM Est. 0.3%.
Earnings (Estimates based on FactSet data)

Token Events

Governance votes & calls
- Curve DAO is voting to update donation-enabled Twocrypto contracts, refining donation vesting so unlocked portions persist after burns. Voting ends Sept. 16.
- Sept. 16: Aster Network to host a community call.
- Sept. 18, 6 a.m.: Mantle to host Mantle State of Mind, a monthly downhill series.
- Sept. 16, 12 p.m.: Kava to host a community Ask Me Anything (AMA) session.
Unlocks
- Sept. 16: Arbitrum ARB$0.4921 to unlock 2.03% of its circulating supply worth $45.92 million.
Token Launches
- Sept. 16: Merlin (MRLN) to be listed on Binance Alpha, MEXC, BitMart, Gate.io, and others.

Conferences

Token Talk

By Oliver Knight

As the crypto market stays within a tight range after a brief peak and trough on Monday, one token is running its own race: IMX is up 15% in the past 24 hours with daily trading volume doubling to $144 million.
The rise lifted IMX, the native token of Web3 gaming platform Immutable, to a five-month high.
Bullish sentiment around Immutable can be attributed to an SEC probe that was dropped earlier this year and general optimism around the gaming sector. Gaming is estimated to reach $200 billion in revenue this year with further growth forecast in 2026 alongside the release of Rockstar Gaming’s Grand Theft Auto 6.
Immutable is well positioned to capitalize on that growth after teaming up with gaming giant Ubisoft on the next iteration of Might and Magic Fates in April.
Blockchain technology could have a key role to play in gaming if trends shift toward in-game ownership of items, which could see the implementation of non-fungible tokens (NFTs) within a game that could then be collected or sold on for crypto tokens.
IMX is currently trading at $0.736 having broken out of a key level of resistance. It will likely come back to test $0.70 as support before potentially moving higher, provided trading volume can sustain at these levels.

Derivatives Positioning

Most major cryptocurrencies, including BTC and ETH, continued to experience capital outflows from futures, leading to a decline in open interest.
AVAX stands out with OI rising over 14% as the token’s market cap looks to climb above $13 billion for the first time since Feb. 2.
Solana OI has reached a record high of over 70 million SOL, with positive funding rates pointing to bullish capital inflows.
On the CME, OI in solana futures pulled back to 7.63 million SOL from the record 8.12 million SOL on Sept. 12. Still, the three-month annualized premium holds well above 15%, offering an attractive yield for carry traders.
BTC CME OI continues to improve, but overall positioning remains light relative to ether and SOL futures.
On Deribit, the bias for BTC and ETH put options continues to ease across all tenors as traders anticipate Fed rate cuts. SOL and XRP options remain biased bullish.
On OTC network Paradigm, block flows featured BTC calendar spreads and shorting of call and put options.

Market Movements

BTC is unchanged from 4 p.m. ET Monday at $115,500.55 (24hrs: +0.54%)
ETH is unchanged at $4,513.45 (24hrs: -0.49%)
CoinDesk 20 is up 0.48% at 4,271.28 (24hrs: +0.71%)
Ether CESR Composite Staking Rate is up 5 bps at 2.87%
BTC funding rate is at 0.0059% (6.4616% annualized) on Binance

DXY is down 0.32% at 96.99
Gold futures are up 0.42% at $3,734.70
Silver futures are up 0.53% at $43.19
Nikkei 225 closed up 0.3% at 44,902.27
Hang Seng closed unchanged at 26,438.51
FTSE is down 0.22% at 9,256.41
Euro Stoxx 50 is unchanged at 5,437.55
DJIA closed on Monday up 0.11% at 45,883.45
S&P 500 closed up 0.47% at 6,615.28
Nasdaq Composite closed up 0.94% at 22,348.75
S&P/TSX Composite closed up 0.5% at 29,431.02
S&P 40 Latin America closed up 1.64% at 2,904.55
U.S. 10-Year Treasury rate is unchanged at 4.037%
E-mini S&P 500 futures are up 0.19% at 6,633.75
E-mini Nasdaq-100 futures are up 0.29% at 24,380.00
E-mini Dow Jones Industrial Average Index are unchanged at 45,902.00

Bitcoin Stats

BTC Dominance: 58.11% (unchanged)
Ether to bitcoin ratio: 0.03907 (-0.36%)
Hashrate (seven-day moving average): 1,025 EH/s
Hashprice (spot): $53.98
Total Fees: 4.41 BTC / $508,109
CME Futures Open Interest: 140,975 BTC
BTC priced in gold: 31.2 oz
BTC vs gold market cap: 8.82%

Technical Analysis

BTC is once again probing the 8-year bullish trendline trendline. (TradingView/CoinDesk)

The monthly chart shows that BTC is again probing the trendline connecting the previous bull market peaks.
Bulls failed to establish a foothold above that trendline in July and August.
A third straight failure could really embolden sellers, potentially yielding a deeper drop.

Crypto Equities

Coinbase Global (COIN): closed on Monday at $327.02 (+1.23%), +0.27% at $327.91
Circle (CRCL): closed at $134.05 (+6.97%), unchanged in pre-market
Galaxy Digital (GLXY): closed at $30.77 (+3.6%), +0.58% at $30.95
Bullish (BLSH): closed at $51.08 (-1.47%), +0.59% at $51.38
MARA Holdings (MARA): closed at $16.24 (-0.43%), unchanged in pre-market
Riot Platforms (RIOT): closed at $16.68 (+4.97%), +1.08% at $16.86
Core Scientific (CORZ): closed at $16.32 (+2.9%), +0.37% at $16.38
CleanSpark (CLSK): closed at $10.29 (-0.58%), +0.1% at $10.30
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $38.73 (+3.78%), +1.96% at $39.49
Exodus Movement (EXOD): closed at $27.88 (-1.69%), -1.94% at $27.34

Crypto Treasury Companies

Strategy (MSTR): closed at $327.79 (-1.1%), +0.34% at $328.89
Semler Scientific (SMLR): closed at $28.39 (-2.74%)
SharpLink Gaming (SBET): closed at $16.79 (-5.14%), +0.54% at $16.88
Upexi (UPXI): closed at $6.33 (-6.29%), +0.95% at $6.39
Lite Strategy (LITS): closed at $3.07 (+10.43%)

ETF Flows

Spot BTC ETFs

Daily net flows: $259.9 million
Cumulative net flows: $57.05 billion
Total BTC holdings ~1.31 million

Spot ETH ETFs

Daily net flows: $359.7 million
Cumulative net flows: $13.74 billion
Total ETH holdings ~6.53 million

Source: Farside Investors

While You Were Sleeping

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September 16, 2025 0 comments

NFT Gaming

BTC Price Teases Rebound as DOGE, WLD, HYPE, ENA Pop: Crypto Daybook Americas

by admin September 8, 2025

By Omkar Godbole

The bearish sentiment that followed Friday’s disappointing U.S. nonfarm payroll data quickly ran out of steam over the weekend. That has allowed a few coins, including Ethena’s ENA, worldcoin WLD$1.2232, hyperliquid (HYPE) and dogecoin DOGE$0.2334, to post impressive gains in the last 24 hours.

Bitcoin BTC$112,080.20, which dropped below the key support level of $112,000 after the report, now appears to be forming a bullish inverse head-and-shoulders pattern, often a precursor to a strong rally. BTC’s mining difficulty hit a new high and Strategy (MSTR) Executive Chairman Michael Saylor hinted at additional BTC purchases.

On-chain indicators, however, paint a more nuanced picture for the largest cryptocurrency: The proportion of illiquid supply has surged to record highs, signaling holder conviction. Yet, as CryptoQuant points out, whales are offloading coins at the fastest pace since 2022.

Meanwhile, a lively debate unfolded on X regarding the health of the Ethereum blockchain. One observer pointed to August’s revenue of $39.2 million, the fourth-lowest since 2021, proclaiming, “Ethereum is dying.”

In response, Tom Dunleavy, a senior research analyst at Messari, pushed back strongly, noting that Ethereum and Solana are thriving in terms of total value locked (TVL), active addresses, transaction volume, application revenue and stablecoin activity. He emphasized that revenue alone is a misleading metric for blockchain networks, as it contradicts their fundamental goal of enabling low-friction, decentralized financial activity and could ultimately hinder ecosystem growth.

Ethena’s governance token, ENA, surged to three-week highs after StablecoinX, a treasury company linked to a synthetic dollar issuer planning a Nasdaq listing, raised $530 million saying it intended to buy the tokens. The protocol’s robust fundamentals, highlighted by seven-day revenues of $53 million — more than double those of Hyperliquid — combined with anticipated benefits from StablecoinX’s Nasdaq listing and potential Federal Reserve interest-rate cuts, position ENA as a compelling investment opportunity, according to pseudonymous observer Crypto Stream.

Speaking of Hyperliquid, the layer-1 blockchain and decentralized exchange’s plans to launch its own USDH stablecoin sparked a governance battle, with the community facing backlash over a proposal tied to Stripe’s Bridge platform’s centralized influence.

On the macro front, the yen held steady against the dollar, shrugging off Prime Minister Shigeru Ishiba’s resignation. France, meanwhile, seemed headed toward government collapse.

In the U.S., the Bureau of Labor Statistics (BLS) will release annual benchmark revisions on Tuesday, which are expected to show significantly weaker job growth earlier in the year, with some surveys suggesting that between 500,000 and 1 million jobs could be revised away. Stay alert!

What to Watch

Crypto
- Sept. 9: Shares of SOL Strategies (HODL), a Canadian company focused on investing in and providing infrastructure for Solana’s ecosystem, are expected to start trading on the Nasdaq Global Select Market under the ticker symbol STKE. OTCQB trading as CYFRF will end, and shares will continue on the Canadian Securities Exchange as HODL.
- Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will talk about digital assets at the CoinDesk: Policy & Regulation Conference in Washington.
Macro
- Sept. 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases August consumer price inflation data.
  - Core Inflation Rate MoM Prev. 0.31%
  - Core Inflation Rate Prev. 4.23%
  - Inflation Rate MoM Prev. 0.27%
  - Inflation Rate YoY Prev. 3.51%
- Sept. 9, 10 a.m.: The U.S. Bureau of Labor Statistics releases preliminary annual benchmark revision to employment data.
  - Nonfarm Payrolls Annual Revision Prev. -818K
- Sept. 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases August consumer price inflation data.
  - Inflation Rate MoM Prev. 026%
  - Inflation Rate YoY Prev. 5.23%
- Sept. 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases August producer price inflation data.
  - Core PPI MoM Est. 0.3% vs. Prev. 0.9%
  - Core PPI YoY Prev. 3.7%
  - PPI MoM Est. 0.3% vs. Prev. 0.9%
  - PPI YoY Prev. 3.3%
Earnings (Estimates based on FactSet data)
- Sept. 9: GameStop (GME), post-market, $0.19

Token Events

Governance votes & calls
- Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
- Uniswap DAO is voting to establish “DUNI,” a Wyoming DUNA as its legal entity, preserving decentralized governance while enabling off-chain operations and liability protections, with $16.5M in UNI for legal/tax budgets and $75K UNI for compliance. Voting ends Sept. 8.
- Uniswap DAO is voting on an updated Unichain-USDS Growth Plan to accelerate adoption through performance-based incentives and DAO-guided distribution. The proposal introduces minimum KPIs, a “no result, no reward” model. Voting ends Sept. 9.
- Hyperliquid to vote on who issues its USDH stablecoin. Major contenders include Paxos, Frax and a coalition involving Agora and MoonPay. Voting takes place Sept. 14.
Unlocks
- Sept. 9: Sonic (S) to unlock 5.02% of its circulating supply worth $46.02 million.
- Sept. 11: Aptos APT$4.3482 to unlock 2.2% of its circulating supply worth $48.86 million.
- Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $15.66 million.
- Sept. 15: Sei SEI$0.2982 to unlock 1.18% of its circulating supply worth $16.01 million.
- Sept. 16: Arbitrum ARB$0.5000 to unlock 2.03% of its circulating supply worth $46.05 million.
Token Launches
- Sept. 8: Openledger (OPEN) to be listed on Binance Alpha, MEXC and others.
- Sept. 8: OlaXBT (AIO) to be listed on Binance Alpha and others.

Conferences

The CoinDesk Policy & Regulation Conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration.

Token Talk

By Oliver Knight

Memecoins are showing fresh signs of life after months in the doldrums, with several popular tokens posting gains on Monday. The rally comes despite lingering skepticism following a string of celebrity-linked launches that flamed out earlier this year.
Bonk BONK$0.0₄2210, a Solana-based, dog-themed token, led the charge with a nearly 7% daily gain. Dogecoin DOGE$0.2334, the original memecoin, also climbed more than 7%, reaching $0.2335, while newer entrants like spx6900 SPX$1.3292 and pump.fun (PUMP) each outperformed the wider altcoin market.
The CoinDesk Meme Index (CDMEME) has gained 2.20% in the past 24 hours, outpacing the broad market CoinDesk 20 Index measure, which added 1.27%.
Other speculative assets, including the irreverently named fartcoin (FARTCOIN), also found buyers, adding to the sense of momentum across the sector. The rally suggests renewed appetite among retail traders for high-risk, high-reward bets after weeks of sideways action in the broader crypto market.
The rally marks a sharp turnaround for the sector, which has been depressed for months. A series of celebrity-driven launches, including TRUMP and MELANIA coins, drew headlines in recent months but quickly collapsed under the weight of poor liquidity, questionable tokenomics, and investor fatigue.
Layer-1 blockchain MemeCore (M), which is designed to cater to the memecoin sector, ignited the fuse last week, climbing 164% over a seven day period.
The wider crypto market cap is up 0.57% to $3.84 trillion as majors bitcoin BTC$112,080.20 and ether (ETH) began to lift themselves away from a critical level of support, suggesting renewed strength for the altcoin and memecoin markets as a result.

Derivatives Positioning

By Omkar Godbole

DOGE, SUI and HYPE have seen double-digit gains in futures open interest over the last 24 hours, significantly outpacing other top cryptocurrencies.
Dogecoin OI surged to 16.88 billion DOGE, the highest since July 31, validating the 7.5% surge in the cryptocurrency’s price. The token has broken out of a descending trendline characterizing the pattern of lower highs since mid-July.
BTC’s OI in USDT and USD-denominated perpetuals on major exchanges continues to hover in the recent range of 270K-290K BTC. An increase above 290K may be a harbinger of renewed price volatility.
On the CME, BTC’s standard futures OI remains at April lows while the ETH futures OI has pulled back to 1.87 million ETH from the record high of 2.2 million ETH, indicating capital outflows.
On Deribit, XRP and SOL calls trade at a premium to puts across all tenors, indicating a bullish bias. Meanwhile, BTC and ETH options signal lingering downside concerns.

Market Movements

BTC is up 0.39% from 4 p.m. ET Friday at $112,087.64 (24hrs: +0.8%)
ETH is up 0.26% at $4,328.09 (24hrs: +0.54%)
CoinDesk 20 is up 1.25% at 4,079.43 (24hrs: +1.92%)
Ether CESR Composite Staking Rate is down 9 bps at 2.81%
BTC funding rate is at 0.0091% (9.9634% annualized) on Binance

DXY is unchanged at 97.73
Gold futures are unchanged at $3,651.60
Silver futures are up 0.66% at $41.83
Nikkei 225 closed up 1.45% at 43,643.81
Hang Seng closed up 0.85% at 25,633.91
FTSE is up 0.10% at 9,217.42
Euro Stoxx 50 is up 0.49% at 5,344.27
DJIA closed on Friday down 0.48% at 45,400.86
S&P 500 closed down 0.32% at 6,481.50
Nasdaq Composite closed unchanged at 21,700.39
S&P/TSX Composite closed up 0.47% at 29,050.63
S&P 40 Latin America closed up 1.14% at 2,801.75
U.S. 10-Year Treasury rate is unchanged at 4.086%
E-mini S&P 500 futures are up 0.19% at 6,502.25
E-mini Nasdaq-100 futures are up 0.34% at 23,764.75
E-mini Dow Jones Industrial Average Index are up 0.11% at 45,510.00

Bitcoin Stats

BTC Dominance: 58.47% (unchanged)
Ether-bitcoin ratio: 0.03853 (-0.56%)
Hashrate (seven-day moving average): 973 EH/s
Hashprice (spot): $51.88
Total fees: 3.23 BTC / $358,958
CME Futures Open Interest: 134,065 BTC
BTC priced in gold: 30.8 oz.
BTC vs gold market cap: 8.72%

Technical Analysis

DOGE’s daily chart with the Ichimoku cloud. (TradingView/CoinDesk)

DOGE’s two-day price rise has taken it past the trendline characterizing the decline from July 21’s high of 28.7 cents.
Prices now look to be crossing into bullish territory above the Ichimoku cloud, a widely tracked momentum indicator.
That would shift the focus to 25.58 cents, the Aug. 14 high.

Crypto Equities

Coinbase Global (COIN): closed on Friday at $299.07 (-2.52%), +0.81% at $301.50 in pre-market
Circle (CRCL): closed at $114.56 (-2.49%), +0.7% at $115.35
Galaxy Digital (GLXY): closed at $23.49 (+2.53%), -0.38% at $23.40
Bullish (BLSH): closed at $52.35 (+6.81%), -0.78% at $51.98
MARA Holdings (MARA): closed at $15.19 (+0.53%), +0.33% at $15.24
Riot Platforms (RIOT): closed at $13.29 (+0.99%), +0.3% at $13.33
Core Scientific (CORZ): closed at $13.62 (0%), +1.32% at $13.80
CleanSpark (CLSK): closed at $9.24 (+1.76%), +0.54% at $9.29
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.45 (+0.96%)
Exodus Movement (EXOD): closed at $24.03 (-1.15%)

Crypto Treasury Companies

Strategy (MSTR): closed at $335.87 (+2.53%), -2.02% at $329.10
Semler Scientific (SMLR): closed at $28.12 (+0.11%)
SharpLink Gaming (SBET): closed at $14.94 (-3.21%), -0.37% at $14.88
Upexi (UPXI): closed at $6.04 (-4.58%), +2.65% at $6.20
Mei Pharma (MEIP): closed at $4.23 (-0.94%), -20.33% at $3.37

ETF Flows

Spot BTC ETFs

Daily net flows: -$160.1 million
Cumulative net flows: $54.47 billion
Total BTC holdings ~1.29 million

Spot ETH ETFs

Daily net flows: -$446.8 million
Cumulative net flows: $12.74 billion
Total ETH holdings ~6.42 million

Source: Farside Investors

Chart of the Day

Monthly purchases of bitcoin by BTC Treasury companies. (CryptoQuant)

The chart shows that companies have significantly slowed their purchases of BTC in recent months.
In August, Strategy and other firms cumulatively added 3,700 BTC to their stash, down from 134,000 BTC in November last year.
The slowdown in buying helps explain BTC’s stalled price rally.

While You Were Sleeping

EasyJet Founder Adds Crypto Trading to His Cut-Price Empire (Bloomberg): Stelios Haji-Ioannou will launch easyBitcoin this month with Uphold, saying President Trump’s election pushed crypto into the mainstream and promising lower-cost bitcoin and ether trading under his expanding “easy” brand.
Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal (CoinDesk): Hyperliquid’s plan to replace USDC with a native stablecoin has drawn bids from Stripe, Paxos, Frax and an Agora–MoonPay coalition, with validators set to choose the USDH issuer Sept. 14.
Crypto Exchange HashKey Plans $500M Digital Asset Treasury Fund (CoinDesk): The Hong Kong–based exchange is launching a $500 million fund targeting digital asset treasury projects, starting with bitcoin and ether, to build an institutional bridge between traditional financial capital and on-chain assets.
Russia Unleashes Largest Drone Assault of War, Setting Government Building Ablaze (The New York Times): 805 drones and 13 missiles reached Ukraine on Sunday, with 60 drones and nine missiles getting through. Debris from a downed drone set Kyiv’s Cabinet of Ministers building on fire.
Japanese Lawmakers Launch Leadership Bids After PM Resigns, Yen Sinks (Reuters): Japan’s ruling party will choose a new leader Oct. 4 after Shigeru Ishiba’s Sunday resignation, fueling expectations of looser fiscal policy and a delay to Bank of Japan rate hikes.
Javier Milei Suffers Stinging Setback in Buenos Aires Polls (Financial Times): A Peronist coalition beat Javier Milei’s grouping in Argentina’s largest province as voter anger over soaring living costs and a corruption scandal tied to his sister Karina eroded his support before October’s congressional midterms.

In the Ether

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September 8, 2025 0 comments

Crypto Trends

BTC Treads Water, Gold Extends Gain as U.S. Jobs Data Looms: Crypto Daybook Americas

by admin September 3, 2025

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC$111,487.44 rose just 0.6% in the last 24 hours, while the wider market as measured by the CoinDesk 20 (CD20) Index added 0.4%. The gain is overshadowed by gold’s increase and a major government bond sell-off.

The precious metal broke through $3,500 per ounce for the first time on Wednesday, helping the tokenized gold market to top $2.5 billion in value as growing bets see the Federal Reserve cutting rates this month. Gold’s advance comes as investors are wary of swelling government debt, prompting a sell-off in long-dated government bonds.

The yield on Japan’s 30-year government bond rose to a record 3.28% following similar moves in the U.S. and U.K. The U.S. 30-year Treasury yield neared 5%, while British gilts reached levels not seen since 1998, at 5.7%.

The turmoil hasn’t added fuel to the crypto market, whose price action remains muted. Deribit’s bitcoin volatility index (DVOL) is now at 38.1, its lowest level since late 2023, while capital is seemingly rotating into ether (ETH).

While spot bitcoin ETFs saw $751 million in net outflows last month, spot ether ETFs brought in a net $3.87 billion. That rotation is also being seen on-chain.

Meanwhile, a joint statement from the SEC and CFTC clarified rules for compliant spot crypto trading in the agencies’ latest effort to clear a way forward for crypto in the U.S.

The statement failed to jolt the crypto market, seemingly as investors await Friday’s U.S. jobs report. A soft reading could nudge the Federal Reserve closer to lowering rates, which would boost the market and other risk assets.

A hotter-than-expected figure, however, could damp sentiment. September has historically been a negative month for the sector, with bitcoin recording a drop of 3.29% on average for the month according to CoinGlass data. Stay alert!

What to Watch

Crypto
- Sept. 3: First day of regular-hours trading on Nasdaq for American Bitcoin (ABTC). The company, backed by Eric Trump and Donald Trump Jr., was formed through a reverse merger with Gryphon Digital Mining and listed after market close on Sept. 2.
- Sept. 3, 10:15 a.m.: Tellor (TRB), a decentralized oracle network that operates as an Ethereum layer-2 blockchain, will upgrade its mainnet to version 5.1.1. The upgrade improves network performance and node operation.
- Sept. 4: Polygon will switch its mainnet token to POL from MATIC. Holders of MATIC on Ethereum, Polygon zkEVM or centralized exchanges may need to take action.
- Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will talk about digital assets at the CoinDesk: Policy & Regulation Conference in Washington.
Macro
- Sept. 3, 8 a.m.: Brazil’s Institute of Geography and Statistics (IBGE) releases July industrial production data.
  - Industrial Production MoM Est. -0.3% vs. Prev. 0.1%
  - Industrial Production YoY Est. 0.2% vs. Prev. -1.3%
- Sept. 3, 9 a.m.: S&P Global releases August Brazil data on manufacturing and services activity.
  - Composite PMI Prev. 46.6
  - Services PMI Prev. 46.3
- Sept. 3, 10 a.m.: The U.S. Bureau of Labor Statistics releases July labor market data (the JOLTS report).
  - Job Openings Est. 7.4M vs. Prev. 7.437M
  - Job Quits Prev. 3.142M
- Sept. 4, 8:15 a.m.: Automatic Data Processing (ADP) releases August U.S. private-sector employment data.
  - Employment Change Est. 68K vs. Prev. 104K
- Sept. 4, 9:30 a.m.: S&P Global releases August Canada data on manufacturing and services activity.
  - Composite PMI Prev. 48.7
  - Services PMI Prev. 49.3
- Sept. 4, 9:45 a.m.: S&P Global releases (final) August U.S. data on manufacturing and services activity.
  - Composite PMI Est. 55.4 vs. Prev. 55.1
  - Services PMI Est. 55.4 vs. Prev. 55.7
- Sept. 4, 10 a.m.: The Institute for Supply Management (ISM) releases August U.S. services sector data.
  - Services PMI Est. Est. 51 vs. Prev. 50.1
- Sept. 4, 1 p.m.: Uruguay’s National Institute of Statistics releases August inflation data.
  - Inflation Rate YoY Prev. 4.53%
- Sept. 4, 3 p.m.: Colombia’s National Administrative Department of Statistics (DANE) releases August producer price inflation data.
Earnings (Estimates based on FactSet data)
- Sept. 9: GameStop (GME), post-market

Token Events

Governance votes & calls
- Arbitrum DAO is voting on upgrading Arbitrum One and Nova to ArbOS 50 Dia, adding support for Ethereum’s Fusaka fork, new EIPs, bug fixes and a native mint/burn feature (for Orbit chains only). Voting ends Sept. 4.
- Uniswap DAO is voting on deploying Uniswap v3 on Ronin with $1M in RON and $500K in UNI incentives to make it the chain’s primary decentralized exchange. Voting ends Sept. 6.
- Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
- Sept. 2, 6 a.m.: Bybit and Centrifuge to host an ask me anything (AMA) session on X spaces.
- Sept. 3: Stellar XLM$0.3649 to host vote on Protocol 23 mainnet upgrade.
- Sept. 3, 10 am: Lido to host a Poolside Community Call.
- Sept. 3, 10 a.m.: Zebec Network ZBCN$0.004202 to host spaces event on blockchain integrations.
- Sept. 3, 12:30 p.m.: Aptos APT$4.3209 to host hangout on ecosystem updates.
- Sept. 4, 10 a.m.: OlympusOHM$131.29 to host community call.
Unlocks
- Sept. 5: Immutable (IMX) to unlock 1.27% of its circulating supply worth $13.26 million.
- Sept. 11: Aptos APT$4.3209 to unlock 2.2% of its circulating supply worth $48.18 million.
- Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $16.39 million.
- Sept. 15: Sei SEI$0.2886 to unlock 1.18% of its circulating supply worth $16 million.
- Sept. 16: Arbitrum ARB$0.5017 to unlock 2.03% of its circulating supply worth $47.15 million.
Token Launches
- Sept. 3: Moonchain (MCH) to be listed on Binance Alpha, MEXC, Gate.io and others.

Conferences

The CoinDesk Policy & Regulation Conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration.

Token Talk

By Oliver Knight

Bitcoin BTC$111,487.44 dominance, a key metric when assessing whether the crypto market is in “altcoin season” has ticked down another notch to around 58%, having been above 61% just 30 days ago.
The drop-off demonstrates a change in trader behavior: Typically altcoins perform poorly when BTC enters a downtrend, this time, however, many have held their value while some have outperformed the market’s largest asset.
Bitcoin is down by 2.91% in the past 30 days while the likes of ether (ETH) and solana SOL$210.66 are up by 21% and 27.5%, respectively.
While the gains have been driven by the adoption of several altcoins in corporate treasuries, they can also be attributed to a recalibration of the entire market.
During BTC’s rise to a $124,000 record high last month, the narrative was solely focused on bitcoin and it’s perceived correlation with the well-performing tech sector in equities.
It’s worth noting that in previous cycles bitcoin dominance slumped all the way down to 39%, indicating that the altcoin resurgence still has some way to go.
However, as liquidity flowed into BTC, several altcoins fell to record lows against bitcoin, leading to a number being “oversold” on technical indicators like relative strength index (RSI).

Derivatives Positioning

The total open interest across all perpetual instruments increased overnight to $114 billion, data from Laevitas show.
A liquidations heatmap for the BTC-USDT pair on Binance shows that bitcoin is trading between two significant liquidation clusters. Above the current price, a $90 million cluster of liquidations sits around the $112,200 mark. To the downside, the largest cluster is valued at $76.6 million, located around $110,000.
According to Deribit options data, the 24-hour BTC put-call volume is 26.4K contracts, with calls accounting for 51.6% of the total. The contract with the highest volume is the $108K strike price put expiring Sept. 26.
That’s followed by the call at a strike price of $114K expiring on the same day.
The funding rate heatmap on Coinglass remains positive for most assets, indicating a general bullish sentiment. The one exception is TRX, which has a negative funding rate, reflecting a -10.2% APR.

Market Movements

BTC is down 0.1% from 4 p.m. ET Tuesday at $111,323.58 (24hrs: +0.92%)
ETH is up 0.82% at $4,348.94 (24hrs: -0.89%)
CoinDesk 20 is up 0.59% at 4,046.65(24hrs: +1.01%)
It’s worth noting that in previous cycles bitcoin dominance slumped all the way down to 39%, indicating that the altcoin resurgence still has some way to go.

Derivatives Positioning

DXY is down 0.15% at 98.25
Gold futures are up 0.36% at $3,605.20
Silver futures are unchanged at $41.62
Nikkei 225 closed down 0.88% at 41,938.89
Hang Seng closed down 0.6% at 25,343.43
FTSE is up 0.43% at 9,155.78
Euro Stoxx 50 is up 0.84% at 5,335.46
DJIA closed on Tuesday down 0.55% at 45,295.81
S&P 500 closed down 0.69% at 6,415.54
Nasdaq Composite closed down 0.82% at 21,279.63
S&P/TSX Composite closed up 0.18% at 28,615.62
S&P 40 Latin America closed down 0.32% at 2,760.02
U.S. 10-Year Treasury rate is up 0.2 bps at 4.279%
E-mini S&P 500 futures are up 0.46% at 6,454.75
E-mini Nasdaq-100 futures are up 0.68% at 23,433.75
E-mini Dow Jones Industrial Average Index are unchanged at 45,352.00

Bitcoin Stats

BTC Dominance: 58.59% (+0.04%)
Ether-bitcoin ratio: 0.0389 (0.01%)
Hashrate (seven-day moving average): 1,001 EH/s
Hashprice (spot): $54.39
Total fees: 4.97 BTC / $548,282
CME Futures Open Interest: 133,410 BTC
BTC priced in gold: 31.4 oz.
BTC vs gold market cap: 8.85%

Technical Analysis

PUMP has been one of the strongest tokens in recent days, backed by strong fundamentals such as its buyback program and the recently announced Project Ascend — a series of updates that focuses on growing the Pump.fun ecosystem and infrastructure.
After breaking the bearish trendline last week, PUMP has reclaimed the 20-day exponential moving average.
Bulls are looking for the token to continue this upward trend and flip the $0.004 level, which has proven to be a tough resistance point over the last month.
A successful breakout above this price would signal strong bullish momentum.

Crypto Equities

Coinbase Global (COIN): closed on Tuesday at $303.56 (-0.32%), +0.74% at $305.80 in pre-market
Circle (CRCL): closed at $120.14 (-8.97%), +2.22% at $122.81
Galaxy Digital (GLXY): closed at $24.16 (+2.85%), +0.99% at $24.40
Bullish (BLSH): closed at $62.03 (+5.08%), -0.55% at $61.69
MARA Holdings (MARA): closed at $16.06 (+0.5%), +0.31% at $16.11
Riot Platforms (RIOT): closed at $14.09 (+2.4%), +0.5% at $14.16
Core Scientific (CORZ): closed at $14 (-2.44%), unchanged in pre-market
CleanSpark (CLSK): closed at $9.64 (+1.8%), +0.1% at $9.65
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $31.64 (+3.33%), +2.84% at $32.54
Exodus Movement (EXOD): closed at $24.79 (-1.71%), -1.21% at $24.49

Crypto Treasury Companies

Strategy (MSTR): closed at $341.62 (+2.16%), +0.66% at $343.88
Semler Scientific (SMLR): closed at $29.37 (-0.91%)
SharpLink Gaming (SBET): closed at $16.98 (-4.71%), +0.94% at $17.14
Upexi (UPXI): closed at $6.89 (-4.7%), +3.48% at $7.13
Mei Pharma (MEIP): closed at $4.85 (-0.21%), +1.44% at $4.92

ETF Flows

Spot BTC ETFs

Daily net flows: $332.8 million
Cumulative net flows: $54.55 billion
Total BTC holdings ~1.29 million

Spot ETH ETFs

Daily net flows: -$135.3 million
Cumulative net flows: $13.4 billion
Total ETH holdings ~6.56 million

Source: Farside Investors

Chart of the Day

While BTC futures volumes on the CME exchange fell 17% to $148 billion in August, the ETH futures volume surged by 48% to $123 billion, an all-time high.
The trading volume of SOL futures and XRP futures also surged to records, rising 41% and 51% to $8.60 billion and $7.32 billion, respectively.
The figures highlight the heightened institutional interest in altcoins in recent weeks.

While You Were Sleeping

In the Ether

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September 3, 2025 0 comments

NFT Gaming

Ether (ETH) May Outperform Bitcoin (BTC) If PCE Inflation Report Is Soft: Crypto Daybook Americas

by admin August 29, 2025

Crypto Daybook Americas will not be published on Monday due to the Labor Day holiday. It will return on Tuesday.

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin BTC$110,163.05 has dropped nearly 3% to $109,800 in the past 24 hours, pulling the broader market, including ether (ETH), down with it. But those losses are nothing out of the ordinary, meaning major tokens are trading near recent valuations.

What’s new today is that BTC’s volatility is bouncing from recent multiyear lows (See Chart of the Day). The 30-day implied volatility, as represented by Volmex’s BVIV and Deribit’s DVOL indices, has surged above the 100-day simple moving average for the first time since mid-June. Perhaps the price turbulence that some traders predicted for August may unfold in September.

The increase could be noteworthy for stock traders as an early indicator of a potential uptick in Wall Street’s VIX. The VIX is inversely correlated with stocks, suggesting there’s of a rough day ahead on Wall Street, a possibility underlined by fiat liquidity dynamics.

“Market liquidity pressures are mounting as reserve balances decline and large Treasury settlements approach, leaving equities vulnerable despite lower volatility,” Michael Kramer, the founder of Mott Capital Management, wrote in the latest edition of the firm’s markets update.

One piece of data to keep an eye on is the U.S. core PCE release, due later today.

“This PCE release will shape the Fed’s future easing path rather than the September decision itself,” analysts from crypto exchange Bitunix wrote in an email. “If data comes in at or below expectations, risk sentiment can hold; but if significantly hotter, the Fed’s forward guidance may shift toward a ‘one-and-wait’ stance. Investors should focus on core services and wage trends, alongside U.S. Treasury yields and the DXY as key drivers of risk appetite.”

In the event of a soft CPI, ether may outperform because traders have been increasingly focusing on Ethereum’s native token. That’s evident from the ETF flows. This week, the U.S.-listed ETH ETFs have registered a net inflow of over $1 billion, SoSoValue data show. That’s close to double the $567 million entering the bitcoin ETFs.

In traditional markets, the spread between the U.S. 10- and two-year Treasury yields has risen to the highest since September 2022. The so-called curve steepening supports the bullish case in gold and bitcoin. Stay alert!

What to Watch

Crypto
- Aug. 29, 2 p.m.: The Stellar Development Foundation will host a livestream on X to discuss how NEAR Intents will enable new DeFi use cases on the Stellar blockchain.
- Aug. 30: Conflux (CFX), a layer-1 blockchain focused on high throughput and Ethereum compatibility, will activate its v3.0.1 hard fork network upgrade at epoch 129,680,000 introducing 8 enhancements to improve EVM compatibility, fix bugs and optimize performance. Node operators must upgrade before Sept. 1 to ensure network compatibility.
- Sept. 1: Starknet (STRK), a layer-2 scaling product for Ethereum, will introduce its v0.14.0 mainnet upgrade featuring decentralized sequencing, subsecond transaction pre-confirmations and an EIP-1559 fee market to improve speed and decentralization.
- Sept. 3, 10:15 a.m.: Tellor (TRB), a decentralized oracle network that operates as an Ethereum layer-2 blockchain, will upgrade its mainnet to version 5.1.1. The upgrade improves network performance and node operation, enhancing Tellor’s role in providing off-chain data to Ethereum smart contracts.
- Sept. 4: Polygon will switch its mainnet token to POL from MATIC. Holders of MATIC on Ethereum, Polygon zkEVM or centralized exchanges may need to take action.
Macro
- Aug. 29, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases July consumer income and expenditure data.
  - Core PCE Price Index MoM Est. 0.3% vs. Prev. 0.3%
  - Core PCE Price Index YoY Est. 2.9% vs. Prev. 2.8%
  - PCE Price Index MoM Est. 0.2% vs. Prev. 0.3%
  - PCE Price Index YoY Est. 2.6% vs. Prev. 2.6%
  - Personal Income MoM Est. 0.4% vs. Prev. 0.3%
  - Personal Spending MoM Est. 0.5% vs. Prev. 0.3%
- Aug. 29, 11 a.m.: Colombia’s National Administrative Department of Statistics (DANE) releases July unemployment rate data.
  - Unemployment Rate Est. 8.9% vs. Prev. 8.6%
- Aug. 30 – Sept. 1: The Shanghai Cooperation Organization (SCO) — a Eurasian intergovernmental alliance focused on regional security, economic cooperation, and political coordination — holds its 25th annual summit in Tianjin, China.
- Sept. 1, 9 a.m.: S&P Global releases August Brazil data on manufacturing and services activity.
  - Manufacturing PMI Prev. 48.2
- Sept. 1, 11 a.m.: S&P Global releases August Mexico data on manufacturing and services activity.
  - Manufacturing PMI Prev. 49.10
- Sept. 1, 11 a.m.: Peru’s National Institute of Statistics and Informatics releases August consumer price inflation data.
  - Inflation Rate MoM Prev. 0.23%
  - Inflation Rate YoY Prev. 1.69%
Earnings (Estimates based on FactSet data)

Token Events

Governance votes & calls
Unlocks
- Sept. 1: Sui SUI$3.3094 to release 1.25% of its circulating supply worth $153.1 million.
- Sept. 2: Ethena ENA$0.6470 to release 0.64% of its circulating supply worth $25.64 million.
- Sept. 5: Immutable (IMX) to unlock 1.27% of its circulating supply worth $13.26 million.
- Sept. 11: Aptos APT$4.2801 to unlock 2.2% of its circulating supply worth $48.18 million.
Token Launches
- Aug. 29: CeluvPlay (CELB) to list on KuCoin, Gate and MEXC.
- Aug. 29: Camp Network (CAMP) to list on Bithumb.
- Aug. 29: Kori (KORI) to list on KuCoin.

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration through Sept. 1.

Token Talk

By Shaurya Malwa

Solana (SOL) posted a 44% drop in second-quarter application revenue, sliding to to $576.4 million from $1 billion in the first quarter even as its DeFi sector expanded, according to Messari.
The downturn reflects weaker profitability across key decentralized apps. Pump.fun (PUMP) still led with $156.9 million, but was still down 44% as memecoin frenzy cooled.
Axiom was the outlier, surging 641% to $126.6 million, showing how fast protocol-specific growth can offset broader ecosystem weakness. Jupiter JUP$0.5124 earned $66.4 million (–16%), while Phantom and Photon were hit hardest with declines of 65% and 72%, respectively.
Despite revenue losses, DeFi TVL on Solana climbed 30% to $8.6 billion in the quarter and has since crossed $11 billion, cementing the chain as the largest DeFi network behind Ethereum.
Kamino Finance drove TVL growth, up 34% to $2.1 billion after introducing Kamino Lend V2, which attracted $200 million in deposits and $80 million in loans within three weeks. Kamino now controls 25% of Solana’s market share.
Raydium staged a strong comeback, rising 54% to $1.8 billion in TVL, reclaiming second place from Jupiter. It now commands 21% share versus Jupiter’s 19%.
Trading activity, however, told a different story: Average daily spot DEX volume fell 45% to $2.5 billion, reflecting a fading of the memecoin momentum that had fueled the previous quarter’s records.

Derivatives Positioning

Open interest (OI) in futures tied to the top 20 coins, excluding SOL, has decreased in the past 24 hours, indicating broad-based capital outflows.
SOL’s open interest, however, hit a record high 63.84 million, alongside a rally in the token’s price to $217, a level last seen in February.
The eight-hour funding rates for ether, tron and BNB flipped slightly negative, indicating a bias for bearish bets on a drop in prices. Funding rates for other major tokens were steady at around zero, indicating neutral sentiment.
OI in the CME bitcoin futures slipped to 135.72K BTC, the lowest since April, while ether OI remained elevated at record highs near 2.10 million ETH. The divergence suggests a continued preference among investors for ETH over BTC.
On Deribit, downside bias in BTC options has strengthened across all tenors, with puts trading at a five volatility premium to calls at the front end. ETH options display similar dynamics, marking a shift from bullish positioning early this week.
On Paradigm, block flows featured call selling and put rolling strategies in BTC and ETH. Market maker Wintermute pointed to demand for call spreads in the December expiry BTC options.

Market Movements

BTC is down 1.87% from 4 p.m. ET Thursday at $109,828.05 (24hrs: +1.95%)
ETH is down 2.66% at $4,013.41 (24hrs: -5.69%)
CoinDesk 20 is down 2.52% at 4,168.55 (24hrs: -3.73%)
Ether CESR Composite Staking Rate is up 2 bps at 2.92%
BTC funding rate is at 0.0056% (6.0992% annualized) on Binance

DXY is up 0.14% at 97.95
Gold futures are down 0.18% at $3,467.90
Silver futures are down 0.54% at $39.49
Nikkei 225 closed down 0.26% at 42,718.47
Hang Seng closed up 0.32% at 25,077.62
FTSE is down 0.27% at 9,192.27
Euro Stoxx 50 is down 0.52% at 5,368.49
DJIA closed on Thursday up 0.16% at 45,636.90
S&P 500 closed up 0.32% at 6,501.86
Nasdaq Composite closed up 0.53% at 21,705.16
S&P/TSX Composite closed unchanged at 28,434.80
S&P 40 Latin America closed up 1.07% at 2,770.74
U.S. 10-Year Treasury rate is up 1.8 bps at 4.225%
E-mini S&P 500 futures are down 0.32% at 6,496.75
E-mini Nasdaq-100 futures are down 0.47% at 23,657.75
E-mini Dow Jones Industrial Average Index are down 0.34% at 45,551.00

Bitcoin Stats

BTC Dominance: 58.41% (+0.25%)
Ether-bitcoin ratio: 0.03954 (-1.35%)
Hashrate (seven-day moving average): 978 EH/s
Hashprice (spot): $53.73
Total fees: 3.3 BTC / $371,906
CME Futures Open Interest: 135,720 BTC
BTC priced in gold: 32.2 oz.
BTC vs gold market cap: 9.11%

Technical Analysis

XRP’s daily chart. (TradingView/CoinDesk)

The chart shows XRP’s price is stuck within the Ichimoku cloud, indicating a clear directional bias in the market.
A move below the cloud would confirm a bearish trend shift, opening the way for a deeper decline.
The price has already established a downtrend since peaking at $3.65 in July.

Crypto Equities

Coinbase Global (COIN): closed on Thursday at $308.47 (-0.16%), -1.53% at $303.75 in pre-market
Circle (CRCL): closed at $130.94 (+2.78%), -0.69% at $130.04
Galaxy Digital (GLXY): closed at $24.51 (+0.41%), -2.08% at $24
Bullish (BLSH): closed at $64.43 (+0.7%), -2.5% at $62.82
MARA Holdings (MARA): closed at $15.96 (+0.69%), -2.26% at $15.60
Riot Platforms (RIOT): closed at $13.8 (+1.84%), -1.88% at $13.54
Core Scientific (CORZ): closed at $14.35 (+1.06%), -1.74% at $14.10
CleanSpark (CLSK): closed at $9.55 (-0.31%), -1.26% at $9.43
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.67 (+1.23%), +0.78% at $29.90
Exodus Movement (EXOD): closed at $26.16 (-4%), unchanged in pre-market

Crypto Treasury Companies

Strategy (MSTR): closed at $338.84 (-0.94%), -1.84% at $332.60
Semler Scientific (SMLR): closed at $30.63 (+0.23%), -0.2% at $30.57
SharpLink Gaming (SBET): closed at $18.46 (-4.2%), -3.14% at $17.88
Upexi (UPXI): closed at $8.09 (-1.58%), -5.32% at $7.66
Mei Pharma (MEIP): closed at $5.2 (+0.78%)

ETF Flows

Spot BTC ETFs

Daily net flows: $178.9 million
Cumulative net flows: $54.34 billion
Total BTC holdings ~1.29 million

Spot ETH ETFs

Daily net flows: $39.1 million
Cumulative net flows: $13.7 billion
Total ETH holdings ~6.6 million

Source: Farside Investors

Chart of the Day

BVIV. (TradingView/CoinDesk)

Volmex’s BVIV index, which represents bitcoin’s 30-day implied volatility, has risen above the 100-day simple moving average for the first time since April.
The uptick could be an early indicator of an impending rise in Wall Street’s so-called fear gauge, the VIX index.

While You Were Sleeping

China Says Stronger Ties With India Is in Interest of Both Sides (Bloomberg): China’s Foreign Ministry said Xi’s 2024 meeting with Modi restarted relations, stressing there was no “secret diplomacy” and that both sides are resuming dialogue while seeking a long-term strategic framework.
Stand Up to Trump on Big Tech, Says EU Antitrust Chief (Financial Times): The European Commission’s executive vice president said Brussels may walk away from a new trade deal if Trump demands weakening of the bloc’s Digital Services Act and Digital Markets Act.
Bitcoin Bull Market May End Early, Warns Key Indicator, But Flows Continue to Lean Bullish (CoinDesk): RSI, a key momentum gauge, suggests bitcoin’s rally may be running out of steam, but large trades in options markets suggest many investors are still betting on gains into year-end.
Bitcoin Headed to $190K on Institutional Wave, Research Firm Says (CoinDesk): Tiger Research argues record liquidity, ETF accumulation and Trump’s 401(k) order give bitcoin its strongest institutional setup in years, though weak retail activity and on-chain signals show risks remain.
IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb (CoinDesk): The company reported a $86.9 million profit on record $501 million revenue, with bitcoin mining generating $1 billion annually and the AI cloud unit set to reach $250 million in annualized revenue by year-end.
A Tariff Loophole on Cheap Imports Has Closed. How Will It Affect Shoppers? (The New York Times): From today, individuals and businesses in the U.S. can no longer receive packages under $800 tariff-free from abroad, a change set to raise shopping costs and disrupt supply chains.

In the Ether

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August 29, 2025 0 comments