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Crypto Markets Will Rally Once US Treasury Hits $850 Billion Goal: Analyst
Crypto Trends

Crypto Markets Will Rally Once US Treasury Hits $850 Billion Goal: Analyst

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Crypto markets will enter “up only” mode once the United States Treasury hits its target goal of filling the General Account (TGA), the Treasury Department’s bank account, with $850 billion, according to Arthur Hayes, co-founder of the BitMEX crypto exchange.

“With this liquidity drain complete, up only can resume,” Hayes wrote on Friday as the US TGA’s opening balance crossed $807 billion. When the Treasury is filling its General Account, the funds are generally sequestered and do not flow into private markets.

However, not all analysts were convinced by Hayes’ prediction that liquidity will flow to financial markets once the US Treasury hits its goal.

Source: Arthur Hayes

“Net liquidity has a loose correlation to Bitcoin and crypto at best, though. Think that is a useless banana in my view,” André Dragosch, the European head of research at investment firm Bitwise, responded.

Many crypto investors and traders anticipate rising liquidity levels in the coming months as the US Federal Reserve leans into the interest rate-cutting cycle, which should boost asset prices until liquidity dries up and the rate-tightening process begins again.

Related: Bitcoiners chasing a quick Lambo are heading for a wipeout: Arthur Hayes

US Federal Reserve slashes rates for the first time in 2025, while investors anticipate more cuts

The United States Federal Reserve slashed interest rates by 25 basis points (BPS), or a quarter of a percent, on Wednesday — the first interest rate cut since 2024.

Bitcoin (BTC) dipped below $115,000 immediately following the rate cut, in a classic sell-the-news event.

Nic Puckrin, founder of education and media company Coin Bureau, warned of a short term pullback and said that markets likely priced in the cut ahead of the US central bank’s decision to slash rates.

Federal Reserve chairman Jerome Powell said the Federal Open Market Committee (FOMC), the group of 19 officials that weighs interest rate decisions, remains divided on additional rate cuts in 2025.

91.9% of traders now expect an interest rate cut of up to 50 BPS at the next FOMC meeting in October. Source: CME Group

However, 91.9% of traders anticipate the FOMC will cut interest rates by up to 50 BPS at the next meeting in October, according to data retrieved at the time of this writing from the Chicago Mercantile Exchange (CME) Group.

The CME Group is a company that manages major financial derivatives exchanges, including futures marketplaces.

Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds: Trade Secrets



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Micron PCIe 6.x SSD
Gaming Gear

Memory and storage markets brace for turbulence as Micron pauses quotes and SanDisk enforces aggressive NAND price hikes

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  • Micron pauses DRAM and NAND quotes, signalling sharper increases coming soon
  • DDR4 spot prices climbed 3.31%, rising from $4.896 to $5.058
  • Transaction volumes are shrinking as buyers resist higher memory costs

Micron and SanDisk are preparing aggressive price adjustments that could ripple through the storage and memory markets within weeks.

Recent reports have claimed SanDisk has already announced a 10% hike for NAND products, aiming to boost market sentiment.

In response, Micron has paused its NAND and DRAM quotes, signaling sharper increases on the horizon.


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These developments come as suppliers attempt to recover margins ahead of anticipated supply shortages in 2026, while buyers remain hesitant to accept steep hikes.

Spot prices for DRAM continue to move upward, led by DDR4 products.

The average spot price of mainstream DDR4 1Gx8 3200MT/s chips has climbed 3.31%, rising from $4.896 to $5.058 in a single week.

According to TrendForce, this is influenced by Nanya’s strong August revenue performance.

However, transaction volumes are shrinking as buyers resist these increases, showing limited willingness to absorb higher costs.

Meanwhile, the spot trading of DDR5 chips remains subdued, showing no change from previous weeks.

Despite DDR5 representing the latest memory technology, its uptake appears tempered by cost concerns and limited near-term demand growth.


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SanDisk’s effort to push a 10% NAND price increase has not been fully embraced by buyers, especially now that peak-season stocking activity has passed.

The spot price of 512Gb TLC wafers has risen by around 1.5%, but suppliers have largely confined increases to channels rather than the retail market.

If these channel adjustments expand, consumers could soon see higher costs for SSD storage and related products.

SanDisk’s recent financial results show why suppliers are confident in pursuing price hikes.

The company reported quarterly revenue of $1.901 billion, a 12% increase from the prior quarter and 8% year-over-year growth.

For fiscal 2025, revenue reached $7.355 billion, up 10% from fiscal 2024.

This growth was supported by moderate gains in bit shipments and average selling prices, demonstrating sustained demand across key segments.

SanDisk’s data center business accounted for over 12% of total bits shipped, while cloud revenue rose 25% year-over-year to $213 million.

These figures indicate that enterprise and professional sectors remain willing to absorb higher costs, giving suppliers a foundation to push DRAM and NAND pricing higher.

With suppliers holding firm on quotes and signaling additional hikes, both enterprise customers and end users may face increased costs during the Black Friday period.

Rising DRAM and NAND prices could tighten margins for retailers and integrators, particularly if buyers delay purchases in anticipation of stabilization.

For consumers, any temporary relief in storage deals may be short-lived, making this shopping season one of the most unpredictable in recent times.

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Kalshi Prediction Markets Are Pulling In $1 Billion Monthly as State Regulators Loom

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In brief

  • Kalshi reached $1 billion in monthly volume and now dominates 62% of the global prediction market industry, surpassing Polymarket’s 37% share.
  • Four states including Massachusetts have filed lawsuits claiming Kalshi operates as an unlicensed sportsbook, with Massachusetts seeking to permanently bar the platform.
  • Kalshi operates under federal CFTC regulation as a designated contract market, arguing this preempts state gambling laws that require separate licensing.

Prediction market Kalshi just topped $1 billion in monthly volume as state regulators nip at its heels with lawsuits alleging that it’s an unregistered sports betting platform.

“Despite being limited to only American customers, Kalshi has now risen to dominate the global prediction market industry,” the company said in a press release. “New data scraped from publicly available activity metrics details this rise.”

The publicly available data appears on a Dune Analytics dashboard that’s been tracking prediction market notional volume.

The data show that Kalshi now accounts for roughly 62% of global prediction market volume, Polymarket for 37%, and the rest split between Limitless and Myriad, the prediction market owned by Decrypt parent company Dastan. Trading volume on Kalshi skyrocketed in August, not coincidentally at the start of the NFL season and as the prediction market pushes further into sports.



But regulators in Maryland, Nevada, and New Jersey have all issued cease-and-desist orders, arguing Kalshi’s event contracts amount to unlicensed sports betting. Each case has spilled into federal court, with judges issuing preliminary rulings but no final decisions yet.

Last week, Massachusetts went further, filing a lawsuit that calls Kalshi’s sports contracts “illegal and unsafe sports wagering.”

The 43-page Massachusetts lawsuit seeks to stop the company from allowing state residents on its platform—much the way Coinbase has had to do with its staking offerings in parts of the United States. Massachusetts Attorney General Andrea Campbell contends that there’s no difference between Kalshi’s prediction market and a “sportsbook,” the likes of which are licensed, taxed, and regulated at the state level.

The state also alleges that Kalshi is skirting other rules it would have to follow if it were categorized as a sportsbook. The prediction market currently allows anyone 18 or older to trade on the platform. In Massachusetts, the legal age for online sports betting is 21.

“Kalshi offers its users a fair, transparent, federally-regulated, and nationwide marketplace,” a Kalshi spokesperson told Decrypt. “Rather than engage in dialogue with Kalshi as many other states have done, Massachusetts is trying to block Kalshi’s innovations by relying on outdated laws and ideas.”

Many well-known sports betting platforms—like FanDuel, DraftKings, and BetMGM—are already registered and pay the state’s 20% tax on gross gaming revenue. Retail sports betting, which means being in-person at a casino, is taxed at a 15% rate.

Kalshi doesn’t currently have a state license in Massachusetts or in any other state. And the lawsuit isn’t an invitation for the company to submit an application. It’s seeking to have Kalshi “permanently” barred.

For now, the company is operating in Massachusetts and across the U.S. on the premise that it’s a federally regulated designated contract market, or DCM, under the Commodities Futures Trading Commission.

The CFTC list of companies with DCM licenses also includes Aristotle, the company behind soon-to-relaunch PredictIt; Railbird, which is rumored to be discussing an acquisition by DraftKings; LedgerX, which was acquired by FTX in 2021 and then sold during its bankruptcy at a massive loss in 2023; and QCX, which was acquired by Polymarket in a $112 million deal earlier this year.

Kalshi and other markets following in its footsteps argue that a federal license to offer events contacts, as regulated by the CFTC under the Commodity Exchange Act, is enough and should, in effect, preempt any state law that would run counter. For now, Kalshi and other prediction markets are pressing forward, and with great success as the prediction space heats up.

But depending on how things go in courtrooms at the state level, a final resolution could be left to the Supreme Court.

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Grvt raises $19m to drive privacy-first onchain finance, eyeing $trillion markets
Crypto Trends

Grvt raises $19m to drive privacy-first onchain finance, eyeing $trillion markets

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Grvt raises $19m Series A to advance its ZK-powered DEX, tackling privacy, security, and scalability in onchain finance.

September 18, 2025 – Panama City, Panama – Grvt, the preeminent DEX (decentralized exchange) for onchain financial privacy that is powered by zero-knowledge (“ZK”) technology, today announced the close of a $19 million Series A funding round. 

This investment strengthens Grvt’s pioneering position as the global blueprint for the future of finance, accelerating its mission to disrupt the fragmented onchain finance ecosystem by addressing longstanding industry challenges, including privacy vulnerabilities, security, scalability and accessibility.

​As Wall Street embraces blockchain technology, the next chapter of global finance is being written, and it’s happening onchain. In August, Ethereum‘s onchain volume reached over $320 billion, its highest level since mid-2021. Research also projects the DeFi sector to surge from $32.36 billion in 2025 to over $1.5 trillion by 2034. 

However, this potential remains untapped due to critical concerns raised by a surge of issues on decentralized platforms. These issues include “whale hunting”, where large trades are front-run or exploited by sophisticated actors scanning the mempool. Such tactics lead to billions in annual losses from maximum extractable value (MEV) attacks and other manipulative tactics. Further challenges include smart contract exploits, compliance hurdles on public chains, a siloed onchain ecosystem, and a lack of ease of use for everyday people.

Grvt is the only player in the field with a solid head start and tech infrastructure to change that. The Series A round was co-led by Grvt’s foundational technology partner ZKsync; Further Ventures, a leading capital markets infrastructure investment firm based in Abu Dhabi, which also led the strategic investment round into Grvt (deal closed last December); EigenCloud (fka EigenLayer), a verifiable cloud platform that lets developers build any application; and 500 Global (formerly 500 Startups), a venture capital firm with $2.3B in AUM investing in founders with a global outlook building fast-growing startups.

Majority of the funds raised will accelerate Grvt’s multi-pronged product strategy, designed to serve both active traders and passive investors. This unique approach is absent from the current exchange scene, solidifying Grvt’s unrivaled position to dominate and unify the fragmented onchain financial landscape and bring it to mainstream. Key pipelines include:

  • Fixed Yield Generation Flywheel: An industry-first yield vehicle that lets users effortlessly move funds between their funding, trading, and vault accounts, and maximize returns.
  • Infrastructure: Keep strengthening Grvt’s privacy-by-default infrastructure which is lacking in the industry.
  • Stablecoin-Enabled System: A robust stablecoin business foundation, including cross-exchange vaults and real-world asset (RWA) integrations.

The remaining funds will fuel community initiatives and talent acquisition to drive global expansion.

Hong Yea, co-founder and CEO at Grvt, commented: “Onchain finance has been held back by privacy gaps that expose users to exploitation. By building a privacy-driven, scalable, and trustless DEX that offers a wide array of structured products, Grvt exemplifies how ZK-powered solutions will become the new normal for everyone, realizing the vision of an open and secure onchain finance world.” 

Alex Gluchoski, co-founder and CEO at Matter Labs, commented: “We believe ZK is the ‘HTTPS moment’ for crypto. Just as HTTPS took the internet mainstream by adding a layer of trust and privacy, ZK will do the same for Web3. Grvt is uniquely positioned to be the most liquid and impactful application layer to help realize this vision, their dedication and progress excellently demonstrates how ZK can bring onchain finance to mainstream.”

Faisal Al Hammadi, Managing Partner, Further Ventures, “Further Ventures is committed to backing the next generation of financial infrastructure from Abu Dhabi to the world. Grvt’s application of zero-knowledge proofs demonstrates how cutting-edge cryptography can underpin markets at institutional scale, and we are proud to support their vision for a truly borderless financial system.”

Sreeram Kannan, Founder and CEO at Eigen Labs, “Verifiable data powers verifiable compute, and with EigenDA now at 100 MB/s, the bottleneck has shifted from data to compute. Grvt is tackling that frontier head-on. Their ambitious vision is matched by the caliber of their team, and we’re thrilled to back them alongside ZKSync in bringing onchain finance to cloud scale with the security and privacy it requires.”

Min Kim, General Partner at 500 Global, commented: “We believe the next frontier of finance will be built onchain, and privacy is a foundational element to unlock its full potential. Grvt’s vision of combining ZK technology with institutional-grade infrastructure aligns strongly with our thesis of backing global founders who are re-architecting core financial systems. We’re excited to partner with Grvt as they set a new standard for secure, private, and accessible onchain markets.”

A collective charge to lead and consolidate onchain finance 

By implementing zero-knowledge technology and integrating with the ZKsync technology which has been explored in proofs-of-concept by leading institutions like Deutsche Bank, UBS and more, Grvt is uniquely positioned as a blockchain-native global blueprint for what ZK is able to achieve for finance, making everyday trading and investing secure, fast, private, and accessible. This is how the ZKsync Stack helps solve key bottlenecks when bringing finance onchain:

  • Privacy: Grvt runs a ZKsync Validium L2 blockchain that validates L2 state without publishing it, thereby ensuring privacy, an issue that has long plagued most DeFi protocols.
  • Ethereum-level Security: With ZK proofs, L2 transactions inherit Ethereum-level security. Every batch of transactions is verified directly on Ethereum, this means that even though transactions are processed off-chain for speed and low cost, their validity is mathematically guaranteed. If any transaction were invalid, the proof would fail and Ethereum would reject it.
  • Scalability: The ZKsync Stack improves scalability by operating as a L2 solution, enabling the processing of significantly more transactions than Ethereum’s base layer.
  • Accessibility: ZKsync technology makes transactions cheaper by handling them off-chain in bulk and only posting the essential proofs to Ethereum’s base layer, cutting settlement costs dramatically.

As a key investment arm of Abu Dhabi’s strategic push into the blockchain space, Further Ventures’ co-leadership of the Series A round consolidates its leading position as a critical force in shaping onchain finance globally.

As one of the fastest-growing developer ecosystems in crypto, EigenCloud’s EigenDA, the #1 data availability solution for Ethereum rollups, provides Grvt with the scale and security needed to operate at cloud speed. By anchoring data to a decentralized validator network, EigenDA ensures that Grvt’s ZK stack remains both verifiable and scalable. 

Looking ahead, Grvt will also tap into EigenDA’s programmable privacy features, which resolve the long-standing paradox between data availability and privacy. This breakthrough allows Grvt to combine data availability with privacy guarantees, an achievement once thought impossible.

Looking ahead

Building on Grvt’s innovative foundation, which has already delivered several industry firsts – such as a 1 bps maker fee rebate for all maker orders (a benefit traditionally reserved for institutions) – the immediate next step is the launch of our fixed-yield product. This product will ensure a 10% interest rate return for all users. We will also introduce our flagship market-making strategy, the Grvt Liquidity Provider (GLP), a fund strategy that provides high double-digit APRs, which was once inaccessible to retail traders.

Amid the industry’s rapid growth, this funding round establishes a robust, multi-layered foundation. It combines cutting-edge technology, institutional-grade infrastructure, and a secure data framework to create a platform that solidifies its strong position in the increasingly crowded onchain financial space.

About Grvt

Grvt (pronounced “gravity”) is an onchain financial platform built on the ZKsync Stack that ensures private, trustless, scalable and secure infrastructure. Through its decentralized exchange (“Grvt Exchange”) and investment marketplace (“Grvt Strategies”), Grvt enables everyday people to trade, invest, and grow wealth transparently alongside world-class professionals.

For more information, visit the official website.

For media inquiries, contact: [email protected] 

Social and Community: X, LinkedIn, Telegram, Discord

About ZKsync

ZKsync is the pioneering ZK technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables the Elastic Network—an ever-expanding network of customizable chains. 

Your gateway to the accelerating digital economy, ZKsync is used by leading banks, institutions, and companies to future-proof their financial infrastructure. Built on Ethereum, ZKsync delivers the privacy, scalability, and compliance needed to issue assets, power payments, and launch new financial products—giving you a secure foundation to grow with confidence.

About Further Ventures

Further Ventures builds and invests in companies shaping the future of financial markets. Through a global platform rooted in emerging economies, Further connects next-generation financial infrastructure with global capital markets. Our portfolio companies enable institutional partners to securely store and transfer assets, trade structured products, secure decentralized networks, tokenize funds, and settle complex transactions with trustless precision.

From San Francisco to Hong Kong, founders choose Further as their institutional co-founder of choice. We make concentrated capital commitments, collaborate closely with regulators, and bring deep domain expertise to build category-defining companies at the frontier of finance.

For more information, visit the official website.

Media inquiries: [email protected] 

About EigenCloud

EigenCloud is a developer cloud platform that lets developers build any application onchain or offchain, with cryptoeconomic trust. It is powered by the EIGEN token and secured by Ethereum; it unifies data, compute, and verification into a single developer experience, making anything verifiable onchain.

About 500 Global

500 Global is a venture capital firm with $2.3 billion in assets under management that invests early in founders building fast-growing technology companies. Since its inception, 500 Global has backed over 2,700 companies across 80+ countries, including 51+ unicorns such as Credit Karma, Canva, Grab, Bukalapak, GitLab, Solana, and Udemy. With a team of more than 190 professionals representing 25 nationalities, 500 Global is committed to uplifting people and economies around the world through entrepreneurship.

Disclaimer: Grvt Strategies: Grvt provides technology solutions and smart contract infrastructure for digital asset management but does not offer financial, investment, or advisory services. Grvt does not endorse, recommend, or guarantee the performance or suitability of any investment strategies made available through the Strategies platform. All investment strategies are developed and managed independently by third-party strategy providers. Grvt does not assume any responsibility or liability for the performance of such strategies or any losses incurred by users. Users are solely responsible for evaluating and accepting the risks associated with any investment decisions made through the Strategies platform.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.



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Crypto liquidations surpass $900m following Fed Chair's Jackson Hole speech
GameFi Guides

Markets await Fed’s first 2025 cut, experts bet “this bull market is not even close to over”

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Will the Fed’s first rate cut of 2025 fuel another leg higher for Bitcoin and equities, or does September’s history point to caution?

Summary

  • The Fed is widely expected to announce its first rate cut of 2025, with markets pricing in a 25bp move.
  • Bitcoin is trading near $116,500 and Ethereum near $4,500, supported by declining exchange balances and record ETF inflows.
  • Historical patterns show September as a weak month for equities and crypto, while tariffs and inflation add fresh macro risks.
  • Anthony Pompliano argues the bull market has much further to run, while other analysts warn of seasonal volatility and short-term pullbacks.

First rate cut of 2025 set against a fragile backdrop

The Federal Reserve is widely expected to announce its first rate cut of 2025 at the conclusion of its Sep. 16–17 meeting. Markets are pricing in a 25 basis-point reduction, which would bring the federal funds rate down to a range of 4.00% to 4.25%.

A larger 50 basis-point cut is seen as unlikely, but attention will be on the Fed’s updated “dot plot,” which will indicate how many cuts policymakers expect through the rest of 2025 and the likely path of rates into 2026.

The case for easing has been building for months. Job growth has slowed noticeably. In August 2025 nonfarm payrolls rose by only 22,000, one of the weakest monthly gains in years. The unemployment rate also ticked up to 4.3% from 4.2% in July, close to its highest level since 2021.

Housing data points to softer momentum as well. The 30-year fixed mortgage rate fell to 6.39% in early September, its lowest level since October 2024. That decline spurred a pickup in refinancing activity and showed how higher borrowing costs have curbed demand.

Inflation is still above target but shows signs of stabilizing. Consumer prices in August 2025 rose 2.9% year-over-year compared with 2.7% in July, while core inflation held steady at 3.1%. On a monthly basis, headline CPI increased 0.4% and core CPI rose 0.3%.

These figures remain above the Fed’s 2% goal but are well below the peaks of 2022 and 2023, when headline inflation ran above 6%. That gap gives the Fed some room to cut without immediately risking a rebound in price pressures.

These developments shape expectations for how crypto markets may react once the Fed delivers its first cut of the year.

Bitcoin and Ethereum climb as investors bet on easing

Crypto markets have been gradually advancing in the days leading up to the Fed meeting, reflecting expectations of a rate cut.

Bitcoin (BTC) is trading close to $116,500, up about 3.5% over the past week and approaching its August peak above $124,000.

Ethereum (ETH) has gained nearly 4% in the same period, trading near $4,500, though it remains more than 9% below its August all-time high of $4,950.

On-chain data shows that the amount of Bitcoin available for immediate sale has been declining. Since Sep. 1, balances on exchanges have dropped from about 2.5 million BTC to 2.45 million. This means more than 50,000 BTC have been moved off exchanges in just over two weeks.

BTC supply on exchanges | Source: CryptoQuant

A year earlier, balances were above 3 million. Current levels mark a sharp drawdown and the lowest on record, suggesting that holders are increasingly transferring assets into private custody and easing near-term selling pressure.

ETF flows point to continued institutional demand. Between Sep. 8 and Sep. 17, U.S.-listed spot Bitcoin ETFs recorded more than $2.8 billion in net inflows, with every trading day in that period showing positive contributions.

Ethereum ETFs also attracted strong interest, with nearly $1 billion in inflows during the same stretch. On Sep. 15 alone, spot ETH funds pulled in $360 million, surpassing Bitcoin ETFs for the day.

The next stage will hinge on how the Fed matches its rate decision with guidance. A 25 basis point cut paired with signals of more easing could lift sentiment further, with Bitcoin moving closer to $120,000 and Ethereum testing levels above $4,600.

A more guarded message that poses inflation risks or a limited path for cuts could restrain the upside, keeping Bitcoin and Ethereum consolidating while smaller tokens face greater downside pressure.

September’s historic drag meets fresh tariff headwinds

Historical data shows that September has long been one of the weakest months for U.S. equities. Since 1950, the S&P 500 has averaged a return of about −0.68% in September, the lowest of any month in the calendar year.

The index has finished higher in only about 44% of Septembers during that span. The Nasdaq has recorded a slightly better frequency of positive outcomes but still shows a higher chance of losses than other months.

Crypto markets display a similar seasonal pattern. Bitcoin has historically struggled in September, with an average monthly decline of more than 3% since inception.

In many years the monthly low for Bitcoin has occurred within the first 10 days of September, followed by a recovery into the fourth quarter. Market participants often refer to this rebound phase as “Uptober.”

Amid this backdrop, tariff policy remains one of the biggest sources of uncertainty. In 2025 the U.S. has imposed steep levies, including a wide range of tariffs on different countries and products. These measures are feeding inflation by driving up production and input costs.

The Congressional Budget Office has revised its outlook for real GDP growth in 2025 to around 1.4%, down from earlier forecasts closer to 1.9–2.0%.

Rising tariffs and persistent inflation add to macro uncertainty, which often weighs on risk assets such as digital tokens. However, crypto can sometimes benefit in such conditions, as some investors view it as an alternative store of value when traditional markets appear fragile.

Taken together, a mix of inflation surprises, tariff escalation, weaker consumption, and economic challenges could trigger sharper volatility. Isolated shocks, by contrast, may cause short-term swings but are unlikely to disrupt the broader crypto market trend on their own.

Fed cut sparks split in market views

Anthony Pompliano, a well-known crypto investor and co-founder of Pomp Investments, believes the Fed’s rate cut will add fuel to an already strong market.

He points out that the S&P 500 has climbed more than 30% in five months, a move that has occurred only six times since 1975.

“In 100% of these cases, the S&P 500 has ended higher in the following six and 12 months,” he said, noting an average gain of 18% in the year ahead. He added that momentum is firmly intact and “this bull market is not even close to over.”

He also highlighted the unusual backdrop for the Fed’s expected cut. Household net worth rose by $7 trillion in the second quarter of 2025, yet wealth distribution remains heavily skewed, with the top 1% holding far more than the bottom 50%.

Despite these disparities, he emphasized that “asset owners are going to be winners and savers will be losers moving forward.”

In his view, the Fed is behind the curve and should cut by 50 to 75 basis points, but even a smaller move will add liquidity and lift asset prices, from stocks to gold to Bitcoin.

Other analysts, however, are more cautious in the short term. Ted, a crypto market analyst, warns that seasonal factors such as September’s triple witching expiration could add pressure.

September triple witching expiration has been short-term bearish for the S&P 500.

Since 2000, the S&P 500 has averaged a -1.17% return in a week after triple witching expiration.

If this happens again, $BTC could drop 5%-8%, while alts could drop 15%-20%. pic.twitter.com/FvQG3Mw3Cp

— Ted (@TedPillows) September 14, 2025

“Since 2000, the S&P 500 has averaged a -1.17% return in the week after triple witching. If this happens again, Bitcoin could drop 5%-8%, while alts could drop 15%-20%,” he wrote.

For now, structural inflows and Fed easing may keep the broader trend intact, but the near-term window carries elevated volatility risk. A pullback in Bitcoin and sharper corrections in altcoins cannot be ruled out if negative catalysts align. As always, trade wisely and never invest more than you can afford to lose.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.





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NFT Gaming

Prediction Markets Favor Chargers in Monday Night Football Showdown

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In brief

  • The Chargers are favored, but the line is tight: L.A.’s a ~3.5-point favorite, moneyline at about −185, and the Over/Under set near 46.5. Markets expect a win by the Chargers, but not a blowout. 
  • Sharp money wagers are driving line movement toward Chargers −3.5.
  • A number of analysts lean toward Raiders +3.5 given home game underdog trends, with player props (e.g. Ashton Jeanty’s looks, Brock Bowers yardage) also getting traction as sleepers.

Ever notice how when betting lines move, they’re usually pulling you toward something the public isn’t seeing? That’s exactly what’s happening with tonight’s Chargers vs. Raiders Monday Night Football game. The Chargers are about −3.5 favorites, with totals hovering near 46.5—but sharp money is quietly loading up on the Raiders and the Over.

In other words, the markets are whispering, “This game might be closer than it looks.”

At the time of this writing, Los Angeles is ≈ 3.5-point favorite in tonight’s matchup, with many sportsbooks listing the spread at Chargers −3.5. The Over/Under (total points) is around 46.5, and the moneyline favors the Chargers at approximately −185 to −196, while the Raiders are lumped in as underdogs at +150-+160.

This pricing implies confidence in a Chargers win, but a tightly contested game.

Prediction markets

The big three prediction market platforms—Myriad, Polymarket and Kalshi—were all favoring Los Angeles by roughly 65%.

(Disclaimer: Myriad Markets is a product of DASTAN, Decrypt’s parent company.)

Expert models and analyst picks

  • The CBS SportsLine projection model confirms the numbers above: Chargers −3.5, total 46.5. It tends to favor Chargers both to win and cover (with the profit for moneyline also tilted toward them).

  • Still, some analysts see value in the Raiders +3.5. Their logic: Chargers might have overhyped momentum from Week 1, whereas home field and Las Vegas’s offensive weapons could keep it close. (See SI’s prop & pick story.)

  • On the over/under front, there’s a split: some models lean Over 46.5, expecting moderate scoring, while others believe defensive plays, turnovers, or a more conservative game script might push the total Under slightly.

What the sharp money reveals

Several betting media outlets have spotted sharp bettors pushing in favor of the Chargers, and the numbers suggest this isn’t just public hype—it’s serious money behind belief in L.A.’s edge.

Metric

Data Point

Source

Spread % (Tickets)

~63% of spread bets through STN Sports are backing the Chargers at −3.5.

Review-Journal 

Spread % (Money / Handle)

~56% of the money at BetMGM is on the Chargers covering.

Review-Journal 

Moneyline Odds

Chargers: ~−185; Raiders: +150-+160

Action Network & CBSSportsLine 

Total Points Movement

Over/Under opened around 44.5 and has been pushed to 46.5. At BetMGM, 72% of tickets + 92% of the money are on the Over.

Here’s what the split looks like, and what it’s telling us:

  • Confidence in Chargers from informed bettors: The fact that the majority of both spread bets and dollar volume are leaning on the Chargers suggests sharp money believes LA is undervalued by the public or that recent performance (vs. KC, etc.) justifies the line moving in their favor. 

  • Movement in line/spread: The spread creeping from −3 to −3.5 aligns with sharp bettors pushing; sportsbooks adjust lines when heavy money comes in. The Chargers being −3.5 now (vs initial −3) suggests early demand forcing the shift. 

  • Over/Under trend is Over bias: 72% of tickets but 92% of dollars on Over at BetMGM shows smart money is confident this game will have decent scoring. That reinforces the idea that props tied to offense (passing yards, receptions, etc.) are a better value.

Prop bets and key player performance bets

Here are some specific props that bettors appear bullish on:

  • Ladd McConkey Over 72.5 receiving yards is one of the more popular props, based on his Week 1 target volume and recent consistency. (SportsBookReview.com prop pick)

  • Ashton Jeanty Over 17.5 rush attempts is favored by some—suggesting the Raiders will try to lean on run to control clock or balance the offense. (See SI’s prop breakdown)

  • Also noted: McConkey Over 5.5 receptions and Geno Smith Over 248.5 passing yards are getting traction.

What the consensus suggests

Putting the market’s pieces together, here’s the story that appears to be forming:

  • Chargers are favored, but not overwhelmingly. The 3.5-point spread suggests Vegas expects them to win, but that this will be competitive.

  • Passing game for Los Angeles is getting respect, especially via Herbert → McConkey and possibly Allen. If their air attack fires, they likely cover.

  • Raiders are being undervalued in some quarters; bettors are buying into props where the Raiders can make plays—Jeanty’s work in the backfield, Geno Smith finding intermediate passes, etc.

  • The projected scoring is moderate. The Over/Under of ~46.5 implies a game that is likely to see some scoring fireworks, but not a shootout, assuming neither side turns the ball over too often or gets overly conservative.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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France, Austria and Italy Urge Stronger EU Oversight of Crypto Markets Under MiCA

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Market watchdogs in France, Austria and Italy want the European Union to tighten its approach to crypto regulation, warning that uneven enforcement of the bloc’s landmark MiCA legislation could leave investors exposed to risks that aren’t covered by the rules.

In a joint statement, France’s Autorité des Marchés Financiers (AMF), Austria’s Finanzmarktaufsichtsbehörde (FMA) and Italy’s Consob said the first months of MiCA’s rollout revealed “major differences” in how national supervisors apply the law. Without changes, they argued, firms may shop around for lenient jurisdictions, undermining both investor protection and Europe’s competitiveness in digital assets.

The regulators set out four proposals. Chief among them is handing direct supervision of the largest crypto-asset service providers to the European Securities and Markets Authority (ESMA). They also want to close loopholes allowing EU intermediaries to route orders to offshore platforms not bound by MiCA, a practice that leaves investors without regulatory safeguards.

The authorities also called for mandatory, independent cybersecurity audits before firms receive or renew MiCA licenses, citing the sector’s high exposure to hacks. Finally, they proposed a centralized filing system for token white papers to simplify cross-border offerings and ensure legal clarity.

While MiCA was designed to harmonize crypto oversight across the EU, the three regulators say swift adjustments are needed to align with international standards set by the Financial Stability Board and IOSCO. Without them, they caution, national regulators may be forced into emergency measures that risk fracturing Europe’s digital asset market.



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Crypto Trends

Native Markets Secures USDH Ticker Following Hyperliquid Governance Vote

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In brief

  • The startup beat out Paxos, Ethena, and others, with validators and prediction markets pushing odds to above 90% before the vote.
  • Native Markets’ proposal splits reserve yield between Hyperliquid’s Assistance Fund and growth, with reserves managed via Bridge, BlackRock, and Superstate.
  • The next test for USDH would be whether it could break the dominance of USDC and USDT, Decrypt was told.

Native Markets was awarded the USDH stablecoin ticker on Sunday, following a governance vote among Hyperliquid validators.

The newly formed firm edged out established bidders after prediction markets and validator commitments swung heavily in its favor, capping one of the most closely watched governance decisions in crypto this year.

Ethena, once considered a strong challenger, withdrew from the race on Thursday. The firm cited feedback from validators and community members questioning whether its proposal, anchored in its existing non-native infrastructure, met the spirit of the competition.



Its exit further pushed prediction odds on Myriad for Native Markets above 90% and effectively cleared the path, with Paxos left trailing despite revising its proposal midweek.

Disclosure: Myriad Markets is owned by Decrypt’s parent company Dastan.

Despite the broad concurrence, the voting process drew criticism.

Observers argued the compressed request-for-proposals timeline, combined with validator ties to existing Hyperliquid infrastructure, tilted the playing field in favor of Native Markets.

Max Fiege, founder of Native Markets, outlined a phased rollout in a statement on Sunday.

The first step will be the introduction of a Hyperliquid Improvement Proposal, after which mints and redeems of USDH will begin in a controlled trial.

Early participants will be capped at about $800 per transaction to stress-test the system. Once initial checks are complete, the USDH/USDC spot order book will open on Hyperliquid, followed by full minting and redemption functionality for all users.

With Native Market securing the USDH ticker, the closely watched governance vote “cements Hyperliquid as a fast-growing ecosystem” but also shows the “intensifying stablecoin competition,” Vincent Liu, chief investment officer at Kronos Research, told Decrypt.

Governance-led moves and fresh liquidity being poured into Hyperliquid show that “stablecoins remain central to crypto’s next phase of global adoption,” Liu added.

Native Markets had been the frontrunner throughout the contest. Its proposal emphasized a native alignment with Hyperliquid: cash reserves and U.S. Treasuries managed by BlackRock off-chain.

Tokenized reserves, meanwhile, will be handled on-chain by Superstate through Bridge, Stripe’s stablecoin infrastructure provider.

The team also pledged to split all reserve yield equally between Hyperliquid’s Assistance Fund and ecosystem growth.

Backers include operators and investors with track records at Uniswap Labs, Paradigm, and Polychain. These elements, combined with early validator endorsements from groups such as CMI Trading, gave Native Markets a decisive advantage.

Still, USDH’s biggest test will be “breaking through the dominance of USDC and USDT, where adoption and liquidity remain king,” Liu noted.

“Transparency around reserves and strong, unified governance will be vital to win lasting trust,” with its future prospects highly dependent “on proving it can compete while maintaining stability,” he added.

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Native Markets Wins Right to Issue USDH

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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.

Hyperliquid’s validator community has chosen Native Markets to issue USDH, ending a weeklong contest that drew proposals from Paxos, Frax, Sky (ex-MakerDAO), Agora, and others.

Native Markets, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, said it will begin rolling out USDH “within days,” according to a post by Fiege on X.

Native Markets has been awarded the USDH ticker on Hyperliquid.

Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.

— max.hl (@fiege_max) September 14, 2025

According to onchain trackers, Native Markets’ proposal took approximately 70% of validators’ votes, while Paxos took 20%, and Ethena came in at 3.2%.

The staged launch starts with capped mints and redemptions, followed by a USDH/USDC spot pair before caps are lifted.

USDH is designed to challenge Circle’s USDC, which currently dominates Hyperliquid with nearly $6 billion in deposits, or about 7.5% of its supply. USDC and other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.

Most rival bidders had promised to channel stablecoin yields back to the ecosystem with Paxos via HYPE buybacks, Frax through direct user yield, and Sky with a 4.85% savings rate plus a $25 million “Genesis Star” project.

Native Markets’ pitch instead stressed credibility, trading experience, and validator alignment.

Market Movement

BTC: BTC has recently reclaimed the $115,000 level, helped by inflows into ETFs, easing U.S. inflation data, and growing expectations for interest rate cuts. Also, technical momentum is picking up, though resistance sits around $116,000, according to CoinDesk’s market insights bot.

ETH: ETH is trading above $4600. The price is being buoyed by strong ETF inflows.

Gold: Gold continues to trade near record highs as traders eye dollar weakness on expected Fed rate cuts.

Elsewhere in Crypto:

  • Pakistan’s crypto regulator invites crypto firms to get licensed, serve 40 million local users (The Block)
  • Inside the IRS’s Expanding Surveillance of Crypto Investors (Decrypt)
  • Massachusetts State Attorney General Alleges Kalshi Violating Sports Gambling Laws (CoinDesk)





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Bitcoin, not Big Tech, is the Market’s Biggest Story, Michael Saylor Says

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

Strategy’s stock and treasury moves have grabbed fresh attention after the company’s executive chairman compared the firm’s returns to those of the so-called Magnificent 7 tech giants. Short and blunt: Strategy has leaned hard into Bitcoin, and recent numbers make a striking case.

Strategy’s Bitcoin Haul And Returns

According to posts by Michael Saylor, Strategy now holds about 638,460 BTC following a purchase of 1,955 BTC at an average price near 111,196. The company has spent roughly $47 billion, fees included, to build that stack at an average buy price of $73,880.

Based on reports, the current value of those holdings is about $71 billion. Those figures sit at the center of Saylor’s argument that his firm’s balance sheet strategy has paid off in ways typical tech plays have not.

Open Interest And Market Cap Comparison

Saylor also shared a chart that matched open interest against market capitalization. Strategy topped that metric at 100%, while Tesla registered 26%. The rest of the Magnificent 7 — Nvidia, Meta, Alphabet, Apple, Amazon, and Microsoft — came in well below Strategy’s reading.

According to his post, this comparison underpins the claim that Strategy’s market dynamics tied to Bitcoin have outpaced many heavyweight tech names.

What’s your Strategy to beat the Magnificent 7? pic.twitter.com/wywaAij3Rs

— Michael Saylor (@saylor) September 13, 2025

Magnificent 7 Face Headwinds

Based on reports, each of those big tech firms is dealing with different pressures. Apple and Microsoft face tougher regulatory checks.

Amazon is seeing slower consumer demand. Tesla must contend with rising competition in electric vehicles. Nvidia remains a strong performer because of AI chip demand, but even Nvidia’s run this year has not matched its earlier explosive gains.

Annualized returns presented by Saylor put Strategy at 91%, Nvidia at 72%, Tesla at 32%, Alphabet at 26%, and Meta at 23%. Microsoft, Apple, and Amazon showed significantly lower annualized gains in that comparison.

BTCUSD currently trading at $115,580. Chart: TradingView

Other Firms Are Buying Bitcoin Too

Reports have disclosed that about 12 companies upped their Bitcoin holdings last week, led by Strategy’s 1,955 BTC purchase. Gemini added 1,191 BTC and Bitdeer took on 333.5 BTC.

Companies from Japan’s Metaplanet to China’s Cango and the US firm Volcon also added coins. According to BitcoinTreasuries.NET, the 100 largest public holders now control 1,009,202 BTC, which is valued at more than $117 billion today.

Bitcoin Could Be The Answer

“What’s your Strategy to beat the Magnificent 7?” Saylor asked on X, hinting that Bitcoin—and his company’s bold treasury bet—may offer the answer.

Whether investors see it as a challenge or a warning depends on how they weigh Bitcoin exposure against traditional tech growth.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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