Bitcoin, Market Sentiment, and ETFs
Weekly Crypto Roundup: September followed its usual weak pattern for Bitcoin, with price falling under $109,000 at one point. Order book data showed spot buyers entering the market, suggesting demand is still alive even with risk of a further dip toward $107,000.
Glassnode reported “exhaustion signals”: long-term holders took profits on 3.4 million BTC, and ETF inflows slowed after the recent FOMC meeting. This raised the question of whether the market is entering a pause before the next big move.
Meanwhile, BlackRock’s Bitcoin and Ether funds passed $260 million in annual revenue, showing the scale of institutional adoption. Bloomberg analyst James Seyffart said more than 100 new crypto ETFs could enter the market in the next 6–12 months, since the SEC’s new rules cut approval times to around 75 days.
Peter Schiff claimed Bitcoin is in a bear market after falling 20% against gold. But others pointed out Bitcoin is still up over 100% vs gold in the last 5 years. Historically, gold rallies often lead to Bitcoin outperforming later.
Altcoins, DeFi, and Layer 1 Competition
Sui hit 1,000+ transactions per second for the fourth time this month, showing high throughput. It also quietly passed Base in daily active addresses.
Solana became the number one network for Prediction Markets, a sign of growing ecosystem diversity. However, BNB Chain overtook Solana in daily fees for three straight days, helped by Aster DEX launching on BNB with support from CZ.
BNB Chain also saw its stablecoin supply reach $12.5 billion, the highest in years, signaling fresh liquidity.
Aster DEX reported $101.7 billion in perpetuals trading volume in just 7 days, while $ASTER token revenues surpassed Circle in daily earnings. On Avalanche, DEX volumes hit $4.4 billion overnight, the strongest level since the start of the year.
On Sei, DeFi grew 68% in Q2, crossing $600M TVL, and Apollo Global with $840B AUM launched a $1.2B fund on Sei through Securitize.
LayerZero completed a buyback of 50M ZRO (about 5% of supply), while Ronin Treasury announced a $4.6M buyback of RON starting September 29.
Stablecoins and Centralization Issues
Tether is exploring a $15–20 billion raise for a 3% stake, valuing the company near $500B, putting it on par with OpenAI and SpaceX.
SWIFT announced work on an on-chain stablecoin and messaging system with Linea, not XRP, showing TradFi’s deeper entry into blockchain.
PayPal invested in Stable, a Layer 1 focused on stablecoins, aiming to expand usage of PYUSD.
Bloomberg reported that Justin Sun indirectly controls around 64% of TRX supply, raising questions about centralization on Tron.
Institutional Adoption and Corporate Moves
MicroStrategy bought 850 BTC worth $99.7M at an average price of $117,344. At the same time, Tom Lee’s Bitmine purchased 264,378 ETH in one week, now holding over 2% of ETH supply.
Treasuries holding crypto reached $105B across public companies and funds, showing Bitcoin and ETH are increasingly treated like reserves alongside cash and bonds.
Rex Shares announced REX-ESK, the first U.S. fund combining spot ETH exposure with staking rewards.
21Shares listed the first Dogecoin ETF ($TDOG) on DTCC.
Coinbase launched “Mag7 + Crypto Equity Index Futures,” mixing big tech stocks with Bitcoin and Ether ETFs in one product. This links TradFi equities with crypto under shared risk.
YZI Labs, founded by CZ, valued at $10B, is considering opening to outside investors or becoming public.
AgriFORCE rebranded to AVAX One and plans to raise $550M on Nasdaq while using AVAX for its treasury strategy.
Ralph Lauren began accepting Ethereum and other crypto payments in its Miami Design District store via BitPay.
Zak Folkman of World Liberty Financial revealed plans to launch a crypto-linked bank card soon.
Macroeconomic Data and the Fed
U.S. GDP came in at 3.8% versus 3.3% expected, a big jump from the previous -0.5%. Core PCE for Q2 was 2.6%, slightly above estimates. Weekly jobless claims dropped to 218K, lower than expected. Core PCE for August matched forecasts at 0.2% MoM and 2.9% YoY.
These numbers were broadly positive for the U.S. dollar, but neutral for PCE specifically.
Fed Chair Jerome Powell said the latest rate cut was a response to job market risks and moved policy closer to neutral. He noted “risks on both sides” and described policy as “moderately restrictive.” Inflation remains elevated, consumer spending is slowing, and tariffs are raising prices but seen as short-lived inflationary pressure.
U.S. Treasury Secretary Besent criticized Powell, saying the Fed should have signaled 100–150 basis points of cuts.
Markets reacted with contradictions: stocks rising like the economy is booming, oil dropping like a recession is coming, gold rising as if the Fed is cutting rates into inflation, Bitcoin falling as if cuts were delayed, and housing prices rising as if more cuts are coming.
The Financial Times wrote that the U.S. dollar is having its worst year in decades, reflecting global pressures.
Geopolitics and Trade Tensions
Trump announced new tariffs: 100% on imported drugs unless made in the U.S., 50% on cabinets and vanities, and 30% on upholstered furniture. These moves could raise housing and renovation costs.
Geopolitical tensions also escalated. NATO’s Rutte said they have the right to shoot down Russian fighters if needed. The U.S. deployed jets against Russian bombers, while NORAD confirmed Russian aircraft entered Alaska’s air defense zone. Markets reacted quickly to the risk of direct conflict.
Regional and Regulatory Developments
The UAE joined the OECD’s CARF framework for digital asset reporting. Tax data sharing on crypto will start in 2028, showing a push toward global regulatory alignment.
In Abu Dhabi, M2 Capital invested $20M into Ethena, boosting the project’s expansion in MENA.
U.S. lawmakers pressed the SEC to enforce Trump’s executive order that opens $12.5 trillion in 401k retirement accounts to crypto investments, a potentially massive inflow channel.
Voices, Media, and Culture
Jim Cramer said he wants to see a stop to the “endless rise” of gold and crypto. Gold then hit new highs, reinforcing the “Inverse Cramer” meme.
CZ criticized Telegram, saying fake accounts and spam slowed his phone, and hinted at deeper motives behind his comments.
Closing Note
This week highlighted how crypto sits at the center of overlapping forces: strong institutional adoption, rising activity on multiple blockchains, major buybacks, and ETF growth. At the same time, macroeconomic contradictions, geopolitical risks, and liquidity shocks continue to shape the landscape. The balance between enthusiasm and caution remains fragile, and every move in data, politics, or adoption creates ripple effects across the markets.
This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before making investment decisions. Visit blog.millionero.com for more market insights and analysis.
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