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Bitcoin Gains Momentum as US Inflation Supports Markets
Bitcoin climbed toward $86,000 following the release of US inflation data. Below-forecast core PCE figures lowered expectations for another Fed interest rate hike.According to market data, Bitcoin gained approximately 2.4% following the announcement, trading near $86,000. However, it later retreated to just above $84,000, surrendering part of its initial gains. Consequently, US economic releases took center stage in the crypto market’s macroeconomic outlook. Investors assessed the inflation surprise alongside growth and employment figures.Bitcoin rises following PCE dataThe US core PCE price index increased 0.2% monthly in August. Its annual increase reached 3%.Forecasts had pointed to increases of 0.3% monthly and 3.3% annually. Therefore, both readings came in below market expectations.Meanwhile, the headline PCE price index rose 0.3% from the previous month. The Fed closely monitors PCE measures when assessing price pressures.Gains in traditional markets accompanied Bitcoin’s advance following the release. However, available data cannot attribute Bitcoin’s entire move to a single announcement.Alongside interest rate expectations, institutional demand and investor positioning also influence crypto prices. Therefore, the inflation release represented one important factor shaping the day’s trading.Shifting Fed expectations support cryptoFollowing the releases, markets priced roughly a 37% probability of an October Fed rate hike. Consequently, expectations for unchanged interest rates gained greater weight.The Fed’s September rate hike had increased the importance of incoming data. Investors now seek clarity on the pace of further tightening.Falling expectations for additional rate hikes can create more favorable conditions for risk assets. Higher interest rates can encourage investors to favor interest-bearing investments.Conversely, easing tightening pressure can support demand for assets such as Bitcoin. However, this relationship does not produce equally strong price movements after every economic release.Moreover, a potential October pause does not imply an imminent interest rate cut. Markets currently continue to adjust their expectations for the timing of another increase.Inflation revisions draw attentionChanges to July’s figures also matter when assessing August’s results. The Bureau of Economic Analysis lowered July’s annual core PCE increase from 3.3% to 3%.Consequently, July and August show identical annual increases in the updated series. August’s main surprise came from undershooting the market’s 3.3% forecast.This distinction separates inflation’s month-to-month trajectory from its performance against expectations. Both the level and persistence of inflation will matter in subsequent Fed assessments.Economic strength keeps the rate debate aliveThe US economy recorded annualized growth of 2.2% in the second quarter. The previous estimate had indicated growth of 1.5%.Additionally, ADP reported that private employers added 90,000 jobs in September. This exceeded August’s revised increase of 36,000.Real personal spending also rose 0.6% monthly in August. The result showed that consumption remained resilient despite elevated costs.Strong growth can ease concerns about an economic slowdown. However, robust demand could also encourage the Fed to remain cautious about inflation.Crypto investors will next focus on employment data and comments from Fed officials. Subsequent trading will reveal whether Bitcoin can retain its remaining gains.
Crypto This Week: 29 Events in Focus as PCE and Jobs Data Take Center Stage
Bitcoin started the week of September 28-October 4 at around $82,900. Ether was trading near $2,650 at the time of writing, while rising oil prices and expectations of further rate increases limited risk appetite. The main events of the week will be the US PCE inflation report and Friday’s employment data. On the crypto calendar, votes that could determine Balancer’s future, the Base and Hedera upgrades, Router Protocol’s shutdown and five token unlocks worth approximately $307 million stand out.PCE and jobs data will test Fed expectationsThe US Bureau of Economic Analysis will publish the August personal income and outlays report on Wednesday, September 30, at 3:30 p.m. Türkiye time. The report will also include headline and core PCE inflation, closely watched by the Federal Reserve.Annual core PCE inflation stood at 3.3% in July. The monthly price change in the August report will indicate how far higher oil costs have spread into core goods and services.The third estimate of second-quarter economic growth will also arrive on September 30 at 3:30 p.m. Türkiye time. The BEA will release corporate profit and industry-level growth figures at the same time, meaning the initial market reaction may extend beyond the headline GDP number.The first major employment indicator will be the August JOLTS report on Tuesday, September 29, at 5:00 p.m. Türkiye time. Job openings and the quits rate will provide new signals about labor demand.The ADP private-sector employment report will be published on Wednesday, September 30, at 3:15 p.m. Türkiye time. ADP and the official payroll report use different methodologies, so the two figures may not necessarily move in the same direction.The strongest market reaction of the week could form around the US employment report on Friday, October 2, at 3:30 p.m. Türkiye time. The report will cover September nonfarm payrolls, unemployment and wage growth.A recent Reuters poll forecasts an increase of 100,000 jobs and a rise in the unemployment rate to 4.2%. These figures are market expectations; the official results will be published on Friday.Fed officials will speak after the rate increaseThe Fed raised its target rate by 25 basis points to 3.75%–4.00% on September 16. Futures markets currently assign an approximately 65% probability to another increase at the October meeting.Michael Barr will discuss the economic outlook on Tuesday, September 29, at 7:40 p.m. Türkiye time. Christopher Waller will speak about payment systems at the Sibos conference in Miami at 10:00 p.m. the same day.Philip Jefferson’s speech on Thursday, October 1, at 8:30 p.m. Türkiye time will focus directly on the US economy and monetary policy. The Fed’s official calendar also includes separate appearances by Michelle Bowman and Lisa Cook covering regulation, economic data and central banking.Investors will focus on how officials balance inflation and employment risks. A significant surprise in the PCE or payroll data could increase the market impact of these speeches.Another rate increase is expected in AustraliaThe Reserve Bank of Australia will announce its policy decision on Tuesday, September 29, at 7:30 a.m. Türkiye time. The governor’s press conference will begin at 8:30 a.m.Market pricing indicates an approximately 95% probability that the cash rate will increase by 25 basis points to 4.60%. Core inflation reaching 3.6% and high energy costs underpin expectations for another increase.China’s official September PMI results will arrive on Wednesday, September 30, at 4:30 a.m. Türkiye time. Investors will watch whether the manufacturing index, which stood at 49.8 in August, moves above the 50-point threshold separating expansion from contraction.The Bank of Japan will publish its Tankan corporate survey and a summary of opinions from its September meeting on Thursday, October 1, at 2:50 a.m. Türkiye time. After the BOJ raised its policy rate to 1.25% at its latest meeting, companies’ price and wage expectations will matter for yen-funded trades.The euro area’s flash September inflation report will be released on Friday, October 2, at noon Türkiye time. Final headline inflation stood at 3.2% in August, and another increase could affect expectations for the ECB’s policy path.Oil approaches $107 againBrent crude started the week at around $106–$107 per barrel, while West Texas Intermediate traded in the $93–$94 range. The absence of an agreement in talks between the United States and Iran, together with Middle East shipping risks, continues to support energy prices.Persistently high oil prices could strengthen inflation pressures through transportation, production and food costs. Bitcoin and altcoins could face tighter dollar liquidity if this outlook causes the Fed, RBA and ECB to maintain restrictive monetary policy for longer.Balancer’s future goes to a voteThe Balancer community will vote until September 29 on BIP-928, which proposes an orderly wind-down of the protocol. The plan would end new business development, place eligible pools into withdrawal-only mode on October 30 and distribute the remaining treasury assets to BAL holders.The proposal includes two “yes” options that differ over the share allocated to tetuBAL assets. A separate proposal, BIP-929, presents a restructuring option for the Balancer brand and infrastructure, making the votes more significant than a routine technical parameter change.Horizen’s Special Council election will end on Wednesday, September 30, at 8:00 p.m. Türkiye time. The elected members will take part in the ecosystem’s governance and oversight processes.Hedera and Base prepare network upgradesHedera will upgrade its mainnet to version 0.77.2 on Tuesday, September 29, between 8:00 p.m. and 8:40 p.m. Türkiye time. The project’s status page warns that brief disruptions may occur during the upgrade.Base node operators must move their clients to version 1.4.2 before the Cobalt upgrade on Wednesday, September 30, at 9:00 p.m. Türkiye time. The release includes support for Proofs v2 snapshots and fixes for issues identified in the previous version.Router Protocol will cease operations on the same day and burn 303,333,198 ROUTE. The amount represents approximately 30% of the token’s maximum supply, and the team said its commercialization, licensing and acquisition efforts had failed to produce a viable outcome.Some calendars previously listed the XRPL BatchV1_1 activation for September 29. Its support process was reset, pushing activation back to October 9 at the earliest.Solana has also not confirmed a mainnet date for Alpenglow. Neither development is therefore included among the week’s 29 events.Upbit and Bithumb will end SNX tradingUpbit and Bithumb will terminate trading support for Synthetix on Monday, September 28, at 9:00 a.m. Türkiye time. The exchanges said the information requested from the foundation had failed to resolve their investor-protection concerns.Bitget postponed the delisting of FHE, DRIFT, RVV and DOG, previously scheduled for September 30, following a security incident. The decision is not included in the upcoming calendar because the exchange has not announced a new date.No high-profile spot listing or major token launch has been confirmed on leading exchanges this week. Authorities have also not announced a major crypto law taking effect or a new congressional digital asset vote with a confirmed date.Five token unlocks will add approximately $307 million in supplyThe week’s largest proportional token unlock will take place in 2Z. A total of 1.625 billion tokens will be released on October 2, worth approximately $95.4 million at spot prices at the time of writing.The amount equals approximately 46.4% of the project’s reported market capitalization.Canton Network will make 833.33 million community-allocated CC available on October 1. The unlock is worth approximately $94.7 million.Ethena will unlock 275.02 million ENA on the same day. The tokens, worth approximately $73.7 million, are allocated to the team, private investors, the community and the foundation.Sui’s October 3 unlock will release 23.38 million SUI worth approximately $27.9 million. Falcon Finance will also unlock 112.52 million FF on September 29, valued at around $15.3 million.The five unlocks have a combined estimated value of approximately $307 million. Their dollar values will fluctuate with spot prices and should therefore be treated as approximate figures.Conferences begin in Miami, New York and SeoulThe Bitcoin Treasuries Conference will focus on corporate Bitcoin reserve strategies in New York on September 28. The program begins at 4:00 p.m. Türkiye time and will cover balance-sheet management, custody, financing and investor communications.Sibos will take place in Miami from September 28 to October 1. The event will cover payments, tokenization and artificial intelligence in finance, with Fed Governor Christopher Waller among the speakers.The main Korea Blockchain Week conference will be held in Seoul from September 30 to October 1. The program will focus on real-world asset tokenization, the integration of AI and blockchain, and layer-1 and layer-2 infrastructure.No major earnings release from a publicly traded crypto company has been confirmed for the week. The Bitcoin Treasuries Conference and Sibos will therefore carry more weight for tracking how financial companies approach digital assets.This week’s 29-event crypto calendarAll times are Türkiye time, UTC+3.September 28, 9:00 a.m.: Upbit and Bithumb end trading support for SNX.September 28, 3:15 p.m.: Fed Governor Michelle Bowman speaks about banking regulation.September 28, 4:00 p.m.: Bitcoin Treasuries Conference begins.September 28–October 1: Sibos takes place in Miami.September 29, 7:30 a.m.: Reserve Bank of Australia policy decision; press conference at 8:30 a.m.September 29: Approximately $15.3 million in FF unlocks.September 29, 5:00 p.m.: US JOLTS job openings for August.September 29, 7:40 p.m.: Fed Governor Michael Barr speaks about the economic outlook.September 29, 8:00–8:40 p.m.: Hedera v0.77.2 mainnet upgrade.September 29, 10:00 p.m.: Fed Governor Christopher Waller speaks about payment systems.September 29: Voting ends on Balancer proposals BIP-928 and BIP-929.September 30, 4:30 a.m.: China’s official September PMI data.September 30, 3:15 p.m.: US ADP private-sector employment report.September 30, 3:30 p.m.: US PCE inflation for August.September 30, 3:30 p.m.: Third estimate of US second-quarter GDP and corporate profits.September 30, 8:00 p.m.: Horizen Special Council election ends.September 30, 9:00 p.m.: Final upgrade deadline for Base Cobalt.September 30: Router Protocol ceases operations and burns ROUTE.September 30–October 1: Korea Blockchain Week’s main conference.October 1, 2:50 a.m.: BOJ Tankan survey and summary of opinions from the September meeting.October 1: Approximately $94.7 million in CC unlocks.October 1: Approximately $73.7 million in ENA unlocks.October 1, 3:30 p.m.: US initial jobless claims.October 1, 5:00 p.m.: US ISM manufacturing PMI for September.October 1, 8:30 p.m.: Fed Vice Chair Philip Jefferson speaks about monetary policy.October 2, noon: Euro-area flash inflation for September.October 2, 3:30 p.m.: US September employment, unemployment and wage data.October 2: Approximately $95.4 million in 2Z unlocks.October 3: Approximately $27.9 million in SUI unlocks.The US employment report and PCE inflation could determine the broader direction of the crypto market this week. Oil remaining above $100, the expected RBA rate increase and messages from Fed officials could also increase volatility around Bitcoin’s $83,000 price level.
Bitcoin ETFs Erase $5.8 Billion Deficit: Data
Year-to-date net flows into U.S. spot Bitcoin ETFs have turned positive again. A cumulative net outflow of $5.8 billion in July has shifted to approximately $800 million in net inflows following purchases in recent months. These figures represent the balance between money entering and leaving the funds throughout 2026, rather than a single day’s activity.Bitcoin ETFs Record Six Consecutive Days of InflowsAccording to SoSoValue data reported on September 25, the funds recorded net inflows for six consecutive trading sessions. Total inflows over that period reached $2.84 billion. Year-to-date net flows had hit a low of negative $5.8 billion on July 13. The subsequent recovery offset earlier withdrawals and brought the total back into positive territory.However, approximately $800 million in year-to-date net inflows remains below previous annual totals. U.S. spot Bitcoin ETFs attracted $35.2 billion in net inflows in 2024 and $21.4 billion in 2025. The comparison also needs to account for the fact that 2026 is still underway.BlackRock Leads Inflows in the Latest SessionAccording to figures reported by CryptoNews, spot Bitcoin ETFs attracted $190.7 million in total net inflows on September 24. BlackRock’s IBIT accounted for the largest share, bringing in $162.6 million.Fidelity’s FBTC received $12.9 million, while Morgan Stanley’s MSBT attracted $10.2 million. Bitwise’s BITB added $4.1 million, and Franklin Templeton’s EZBC took in $4.9 million.Meanwhile, WisdomTree’s BTCW recorded $4 million in outflows. Although individual funds saw flows in different directions, the combined daily total remained positive.Net Inflows Do Not Measure Investor ProfitsThe closing of the “deficit” does not mean ETF investors have recovered their losses. Net flows measure the difference between money entering and leaving funds over a given period; investor returns depend on purchase prices and changes in share values.Similarly, total assets under management and net inflows measure different things. A rise in Bitcoin’s price can increase the dollar value of a fund’s holdings without any new money entering. Treating every increase in fund assets as fresh investor demand can therefore lead to misleading conclusions.Daily trading volume is another separate measure. ETF shares changing hands on an exchange can generate substantial volume, but that activity does not necessarily represent new money entering the fund. Reading flow data alongside trading volume and total assets provides a clearer picture.What Do Positive Flows Mean for Bitcoin’s Price?ETF inflows are one indicator used to track demand for Bitcoin through exchange-traded products. These funds allow investors to gain exposure to Bitcoin’s price through brokerage accounts without opening an account on a cryptocurrency exchange.However, positive net flows do not guarantee that Bitcoin’s price will rise on the same day. Selling in spot markets, changes in futures positions and broader market conditions can all influence prices.Describing total ETF inflows solely as institutional buying would also be incomplete. Retail investors can access these products too; aggregate flow figures alone do not reveal who the buyers are or how long they intend to hold their positions.The available data suggests that demand through the ETF channel has recovered compared with earlier months of the year. Assessing whether that trend will last requires monitoring whether inflows continue in subsequent trading sessions and how they are distributed across funds.
Bitget Hit by $351.6 Million Hack, Withdrawals Suspended
Crypto exchange Bitget reported losses of approximately $351.6 million following an attack on its wallet infrastructure. The exchange temporarily suspended withdrawals pending a security review while keeping deposits and trading available.Bitget CEO Gracy Chen said the attack affected parts of its hot and warm wallet infrastructure. Chen said cold wallets remained secure and user balances were protected.How did Bitget detect the attack?According to the company, its security systems detected unauthorized transfers from some hot wallets at 18:31 UTC on Thursday, September 24. The security team then activated emergency response procedures.Independent researchers had flagged unusual on-chain activity before the exchange issued its statement. Initial findings pointed to roughly $183 million in asset movements, while the company’s announcement put the incident’s scale at $351.6 million.That created a significant gap between early reports and the loss disclosed by the company. The transactions researchers initially tracked represented only part of the total damage subsequently reported.Attackers manipulated transaction dataAccording to preliminary findings Chen shared on September 25, attackers compromised a critical backend system within the wallet infrastructure. They then manipulated transaction data, causing the exchange’s own authorization process to approve outgoing fund transfers.Chen said investigators had ruled out private key compromise. Her explanation indicates that the investigation is focusing on the mechanisms used to prepare and authorize wallet transactions.The exchange also said it had stopped unauthorized outflows. However, investigators are still examining how the attackers accessed the system; the company plans to publish a comprehensive technical report once its findings are confirmed.Will the protection fund cover the loss?Chen said Bitget’s User Protection Fund held more than $464 million in assets. The company maintains that the fund covers the entire $351.6 million loss.The exchange also said user account balances remained accurate and assets were protected. These assurances come from company management; withdrawals can resume only after the security review is complete.The latest statements provide no specific date or time for withdrawals to reopen. Chen said technical teams were working to repair systems and strengthen security, adding that the exchange would not commit to a timeline it could not guarantee.XRP accounts for the largest share of stolen assetsAccording to Lookonchain data, XRP accounts for the largest share of assets linked to the attack. The tracked assets include 102.93 million XRP worth approximately $157.5 million and 31,890 ETH valued at $85.8 million.USDT, USDC and USDT0 together account for approximately $75.5 million. The list also includes gold-backed XAUt, BNB, AVAX and TRX. The combined value of these assets was approximately $357 million at the time of measurement. Price fluctuations mean the on-chain calculation differs from Bitget’s reported loss of $351.6 million.SlowMist findings cited in the same report show that addresses linked to the attack span multiple networks. The security firm reported that the attackers were converting some assets on EVM-compatible networks into ETH.North Korea connection remains unconfirmedChen also said a North Korea-linked group could be behind the attack. According to comments reported by CryptoNews, that assessment rests on preliminary findings involving VPN connections and similarities to previous attacks.However, investigators have yet to confirm which group carried out the attack. Chen’s assessment reflects the early findings of an ongoing investigation.For users, the most immediate uncertainty is when withdrawals will reopen. Although deposits and trading remain available, transfers out of the platform must wait until security checks are complete.
Bitcoin Falls: $613 Million in Crypto Positions Liquidated
The cryptocurrency market recorded $613.5 million in leveraged position liquidations over the past 24 hours. Short positions, opened in anticipation of falling prices, accounted for $70.6 million. Most liquidations affected long positions held by traders expecting prices to rise.According to liquidation data compiled for this report, long liquidations reached $542.9 million. Long positions therefore accounted for 88.49% of total liquidations, while shorts represented approximately 11.51%. Long liquidations were roughly 7.7 times larger than short liquidations. With Bitcoin trading around $84,000, this distribution shows that leveraged bullish positions took the heavier hit. Meanwhile, short liquidations indicate that price swings against bearish positions also triggered forced closures during the broader decline.Short liquidations reach $70.6 million over 24 hoursAccording to the time windows shown at the top of the data dashboard, $26.7 million in short positions were liquidated over the past 12 hours. Total liquidations reached $186.6 million during that period, including $159.9 million in longs.Over the past four hours, short liquidations stood at approximately $8.9 million. Long liquidations reached $133.2 million, bringing the total to $142.2 million. Long positions consequently accounted for approximately 93.7% of liquidations during that window.In the past hour, total liquidations amounted to $5.3 million. Shorts accounted for approximately $805,000, while longs represented $4.5 million.These time windows overlap, so adding them together would not produce a separate daily total. Each window covers a different period looking backward from the time the data was captured.Binance and OKX stand out for short liquidationsIn the dashboard’s 12-hour exchange table, Binance recorded the highest short liquidation total among the platforms shown. Approximately $13.1 million in short positions were liquidated on the exchange, while total liquidations reached $86.7 million.Short liquidations stood at approximately $6 million on OKX and $1.8 million on Bybit. Hyperliquid recorded approximately $739,000.Although Hyperliquid’s total liquidations reached $46.5 million, long positions accounted for 98.41% of that amount. The long share stood at 84.90% on Binance, 87.93% on Bybit and 64.45% on OKX.This distribution shows that bullish positions accounted for most liquidations across all four platforms displayed. However, the table covers only forced closures within the relevant period; it does not show the distribution of all outstanding positions.Rising Treasury yields continue to pressure BitcoinBitcoin traded at approximately $83,900 during the Asian session. Most of the media agencies said rising U.S. Treasury yields increased pressure on crypto assets.Strong U.S. economic activity data, a rebound in oil prices and weak demand at a five-year Treasury auction contributed to the move. The U.S. 10-year Treasury yield closed at 5.11% on Wednesday.The $70.6 million short liquidation figure does not represent the value of bearish positions still open in the market. It reflects the value of short positions forcibly closed over the past 24 hours after failing to meet margin requirements.Similarly, the $613.5 million liquidation total should not be interpreted as an equivalent cash outflow from the market. The figure measures the value of liquidated leveraged positions; it does not directly show traders’ total posted collateral or spot market fund flows.
US Data Pressures Crypto: Bitcoin Falls Below $84,000
Bitcoin fell below $84,000 on Thursday, September 24, as altcoin losses deepened. Rising Treasury yields following strong US economic data weighed on risk appetite in the crypto market.At the time of writing, Bitcoin was trading at $83,973, down 2.97% over the past 24 hours. Ethereum fell 2.69% to $2,682, while Dogecoin and XRP posted steeper declines.CoinDesk highlighted strong US business activity data, a rebound in oil prices, and weak demand at a five-year Treasury auction as factors behind the sell-off. These developments, alongside rising borrowing costs, added pressure on crypto assets.Strong US Data Shifts Interest Rate ExpectationsS&P Global’s flash US Composite Purchasing Managers’ Index (PMI) rose to 58.4 in September from 56 in August. The indicator, which covers manufacturing and services, reached its highest level since July 2021.According to Reuters, the US 10-year Treasury yield climbed 8.7 basis points to 5.054%. That brought the benchmark yield to its highest level since 2007.Meanwhile, futures markets priced in a 73% probability of a Fed rate hike in October, up from 53%. This figure reflects market expectations; it does not represent a confirmed Fed decision.Stronger economic activity keeps the possibility of tighter monetary policy in focus. With inflationary pressures persisting, robust demand can reinforce expectations that interest rates will remain elevated.Rising Treasury yields can also affect the crypto market through this channel. As interest-bearing assets become more attractive, investors demand higher returns from volatile assets, potentially limiting demand for Bitcoin and altcoins.Dogecoin and XRP Lead LossesMarket data at the time of writing showed Dogecoin falling 7.22% over the past 24 hours to approximately $0.0941. XRP traded at $1.5033, down 6.62%.Zcash’s daily loss reached 6.41%, bringing its price to approximately $1,515.50. Hyperliquid’s HYPE token also declined 5.04% to $92.51. Solana fell 2.96% to $114.91, while BNB dropped 2.32% to $772.50. A substantial portion of the major crypto assets shown in the market snapshot therefore remained in negative territory over the past 24 hours.However, the intensity of the selling varied across assets. Dogecoin and XRP recorded daily percentage losses more than twice Bitcoin’s, while TRON posted a smaller decline of 0.21%.Bitcoin’s trading volume over the past 24 hours reached approximately $44.24 billion. Ethereum recorded $16.47 billion in volume, while XRP registered $6.47 billion.These figures represent total trading activity. Trading volume therefore cannot be interpreted as the amount of money leaving the market.Weekly Gains Remain IntactDespite the daily declines, weekly returns in the same market snapshot remained positive. Bitcoin gained 10.04% over the past seven days, while Ethereum rose 10.16%.Dogecoin’s weekly gain stood at 16.47%, compared with 16.05% for XRP. Solana retained a weekly advance of 15.52%, while HYPE was up 17.41%.This suggests that the latest selling erased part of the gains from previous days. Although daily losses became more pronounced, the assets covered had yet to surrender their entire weekly advances.The latest crypto market moves brought the influence of US interest rate expectations back into focus. With strong economic data, rising Treasury yields, and a rebound in oil prices creating pressure simultaneously, Bitcoin traded below $84,000 while altcoins recorded losses of varying sizes.
BitMEX Halts Trading: How Will Withdrawals Work?
Crypto derivatives exchange BitMEX ended trading operations on Wednesday, September 23, at 04:00 UTC. Users can still access their accounts and withdraw their remaining balances.The closure notice on the exchange’s website confirms that all trading services have ended. BitMEX says it continues to hold remaining user assets in custody, while applying account fees to balances that have not been withdrawn.The next key date for users is September 28. Changes to the withdrawal infrastructure will take effect that day, requiring users who rely on automated systems to process withdrawals through the website.Why Did BitMEX Close?BitMEX first announced its closure on July 23. The board of HDR Global Trading Limited, which owns and operates the platform, decided to wind down operations following a review of the business and the broader crypto industry.In its support statement on the closure, the company says the decision did not stem from legal or regulatory issues. BitMEX also maintains that user assets are secure, attributing the closure to the board’s strategic assessment.The exchange followed a phased shutdown schedule. It stopped accepting new account registrations in July and introduced restrictions preventing new positions from August 26.During that period, users could reduce their existing positions. BitMEX’s announced schedule also provided for the system to forcibly close any positions remaining open at the shutdown time.Withdrawals Will Continue Through the WebsiteBitMEX’s closure does not eliminate access to remaining account balances. Users can log in to view their wallet balances, transaction history, and withdrawal pages.However, support for API withdrawals will end on September 28 at 04:00 UTC. The change also covers withdrawals through institutional integrations such as Fireblocks and Copper.Users relying on these channels will need to disable their automated workflows and submit withdrawal requests through the BitMEX website. September 28 therefore marks a deadline for API access; it does not mean website withdrawals will end that day.Support for withdrawing USDT, USDC, and ETH across multiple networks will also end on the same date. According to BitMEX’s schedule, these three assets will subsequently be held and available for withdrawal only on the Ethereum network.Key Details on Remaining Balances and New TransfersAccording to the exchange, assets left in accounts after the closure will be subject to account fees. Continued withdrawal access therefore does not mean users can keep their balances on the platform free of charge.Users must also avoid sending new transfers to their old deposit addresses. BitMEX’s support page states that deposits sent after the September 23 closure time will not be credited to account balances and will not be recoverable.The platform has also unstaked BMEX tokens. This gives users access to manage those tokens in their accounts and transfer them to external addresses.BitMEX Warns Against Fake Withdrawal ServicesBitMEX also highlighted potential scams targeting users during the shutdown. The company said it does not offer priority or expedited withdrawal services.It noted that additional reviews and blockchain network capacity could delay withdrawal requests. Bitcoin block confirmation times, in particular, can affect how quickly transfers are completed.According to the company, requests marked “Processing” remain in the queue. BitMEX urges users to monitor withdrawal status through their official accounts and remain alert to fraudulent links exploiting the closure announcement.
Bitcoin and 9 Altcoin ETFs Attract $964 Million in Inflows
U.S. spot ETFs tracking Bitcoin and nine altcoins recorded approximately $963.52 million in net inflows on September 22. SoSoValue’s latest table shows Bitcoin funds leading with $714.75 million, followed by Ethereum funds with $162.31 million. Zcash, Solana and XRP funds also stood out for their daily inflows. However, the platform lists the Zcash update status as “pending,” meaning the total including ZEC may not yet be final.Daily net flows were positive across all ten assets listed. Inflow amounts varied considerably between categories; Bitcoin and Ethereum together accounted for approximately 91% of the total.Bitcoin and Ethereum Attract $877 MillionThe $714.75 million flowing into Bitcoin ETFs represents approximately 74% of total net inflows across the ten assets covered in this article. Combined with Ethereum, the two categories attracted $877.06 million during the day.SoSoValue’s table lists 12 ETFs in the Bitcoin category. These products held $110.84 billion in total net assets and recorded $2.82 billion in daily trading volume.The platform tracks 11 Ethereum ETFs. Total net assets in Ethereum funds reached $17.92 billion, while daily trading volume stood at $957.36 million.Flows over the past 30 days were also positive for both categories. Bitcoin ETFs attracted approximately $3.17 billion during that period, while Ethereum ETFs received $1.53 billion in net inflows.Strong daily demand therefore accompanied positive flows over a longer period. However, the 30-day totals do not mean that every trading session within that period ended with net inflows.Zcash, Solana and XRP Lead Other Altcoin InflowsAmong altcoins other than Ethereum, the Zcash fund showed the largest daily inflow. The platform displayed $32.81 million for ZEC while its data update remained pending.Solana ETFs recorded $28.87 million in net inflows, while XRP ETFs attracted $20.02 million. The table marked the update status for both categories as “completed.”Solana funds held $1.77 billion in total net assets. The figure stood at $1.73 billion for XRP funds and $979.48 million for the Zcash product.Zcash also stood out with $306.12 million in net inflows over the past 30 days. During the same period, Solana funds attracted $286.12 million, while XRP funds received $178.01 million.These figures show how daily inflow rankings can differ from rankings by total fund assets. Zcash’s daily inflow exceeded those of Solana and XRP, while its total net assets remained below both categories.LINK, DOGE and AVAX Also Finish PositiveAmong categories with smaller inflows, Chainlink funds led with $1.89 million. Dogecoin ETFs attracted $1.17 million, while Avalanche ETFs received $1.15 million in net inflows.According to Avalanche’s separate fund table, the entire daily inflow went to VanEck’s VAVX product. Bitwise’s BAVA and Grayscale’s GAVA funds finished the day with zero net flows.The Hedera fund received $401,650, while the Litecoin fund attracted $152,850. Positive flows in SoSoValue’s September 22 table were as follows:Crypto AssetDaily Net InflowBitcoin (BTC)$714.75 millionEthereum (ETH)$162.31 millionZcash (ZEC)*$32.81 millionSolana (SOL)$28.87 millionXRP$20.02 millionChainlink (LINK)$1.89 millionDogecoin (DOGE)$1.17 millionAvalanche (AVAX)$1.15 millionHedera (HBAR)$401,650Litecoin (LTC)$152,850The Zcash row shows its update status as “pending.” The total was calculated using the rounded figures displayed in the table.The same dashboard showed zero daily net flows for Hyperliquid and Polkadot ETFs. The Tron row also displayed zero, although its update had not yet been completed.The total calculated across the ten assets with positive inflows therefore does not establish the final figures for other categories. Net inflows, trading volume and total net assets are also separate measures; the approximately $964 million figure represents daily net fund flows.
Strive, Strategy and Bitmine Make New Purchases: Bitcoin and Ethereum Reserves Grow
Strive purchased 1,355 Bitcoin for approximately $107.7 million last week. The company’s total holdings reached 26,355 BTC, while TD Cowen raised its price target for ASST shares from $32 to $44.The company paid an average of $79,475 per Bitcoin for purchases made between September 14 and 18. As Bitcoin climbed to approximately $85,600 on Monday, the market value of Strive’s holdings exceeded $2.25 billion.The latest purchase increased the company’s previous holdings of 25,000 BTC by approximately 5.4%. However, growth in total holdings does not necessarily translate into an equivalent increase in Bitcoin per share.SATA and warrants stand out in fundingOne development accompanying Strive’s Bitcoin accumulation was the start of exercises of warrants tied to its common stock. Investors exercised approximately 786,000 warrants last week, generating $21.2 million in gross proceeds for the company.Warrants give holders the right to purchase company shares under specified conditions. Exercising these rights provides cash to the company and can increase its share count.Meanwhile, preferred shares trading under the SATA ticker accounted for 57.7% of the capital the company raised during the week. SATA traded near its $100 par value on Monday.This funding structure shows that Strive uses multiple capital instruments to support its Bitcoin purchases. Assessing the company’s reserve growth therefore requires tracking changes in its share count alongside new funding.The amount of capital raised during the week and the money spent on Bitcoin purchases are also separate figures. The $21.2 million generated through warrant exercises represents only part of the company’s disclosed funding.TD Cowen raises its Bitcoin accumulation forecastTD Cowen analysts Lance Vitanza and Jonnathan Navarrete said Strive was accumulating Bitcoin faster than expected. They also cited growth in Bitcoin held per fully diluted share as a reason for raising their price target.The firm’s new $44 target for ASST represents a 37.5% increase from its previous $32 estimate. However, a price target does not guarantee that the stock will reach that level.TD Cowen also raised its forecast for Strive’s Bitcoin holdings at the end of 2026. Its previous estimate of 27,156 BTC increased to 32,105 BTC.That scenario implies Strive would add another 5,750 BTC to its current holdings by year-end. The forecast assumes the company will continue making purchases during the remainder of the year.The analysts also raised their full-year “BTC Yield” forecast from 54.1% to 70.1%. This metric measures changes in Bitcoin per share; it does not directly represent stock returns or interest income.ASST shares fall in early tradingDespite the higher price target, ASST shares fell approximately 1.5% during Monday’s early trading hours. The stock traded around $29.65 after reaching $31.50 in premarket trading.Meanwhile, Bitcoin’s rise above $85,000 supported the market value of Strive’s holdings. However, the company’s shares did not mirror Bitcoin’s gains.Strive’s announcement came on the same day as Strategy’s latest Bitcoin purchase disclosure. Strategy said it had acquired 950 BTC for approximately $75.7 million.Strive therefore purchased 405 BTC more than Strategy in the reported weekly acquisitions. However, Strategy’s total holdings remained substantially larger at 846,000 BTC.
Bitcoin Tops $85,000 as Crypto Liquidations Reach $756 Million
Bitcoin climbed above $85,000 on Monday, September 21, extending its rally. Around $756 million in leveraged positions were liquidated across the cryptocurrency market over the past 24 hours. Short positions, which bet on falling prices, accounted for roughly 84% of the total.Bitcoin reached an eight-month high during the session. Market data showed the price rising 4.7% to $85,117, giving the largest cryptocurrency a strong start to the week.The liquidations accompanying the rally increased pressure on traders betting on a decline. The liquidation dashboard shown below recorded $634.7 million in short liquidations. Long liquidations totaled $121.3 million over the same period. Most Liquidations Occurred in the Past Four HoursThe data shows that liquidations were particularly concentrated in recent hours. Over the past 12 hours, $658.6 million in positions were liquidated, including $564.2 million in shorts. Short positions accounted for 85.67% of liquidations during that period.Liquidations over the past four hours reached $513.4 million. Short positions accounted for approximately $451.3 million, while longs made up $62.1 million. This means roughly 68% of the 24-hour liquidation total occurred within the latest four-hour window.The distribution points to a sharp price move over a short period. The widespread closure of bearish positions highlights the pressure leveraged traders faced during the rally.However, these time windows overlap. The one-hour, four-hour and 12-hour figures are included in the 24-hour total. Adding them together would therefore overstate the overall liquidation amount.Short Closures Can Fuel the RallyTraders who open short positions aim to profit from falling prices. When prices rise instead, the collateral needed to maintain those positions increases. If the collateral becomes insufficient, the trading platform may forcibly close the position.The buying pressure generated by these closures can accelerate price gains. Known as a “short squeeze,” this process can intensify as additional short positions reach their liquidation levels.The current dominance of short liquidations shows that bearish positions came under substantial pressure during the rally. However, liquidation data alone cannot fully explain Bitcoin’s rise. Additional data is needed to assess the contribution of spot buying and other market factors.The $756 million total also covers liquidations across the broader cryptocurrency market. The entire amount cannot be attributed to Bitcoin trades. Nor does it represent new money entering the market; it reflects the value of leveraged positions forcibly closed.Liquidations Became More Balanced Over the Past HourThe shorter time frame presents a different picture. Total liquidations reached $77.4 million over the past hour. Short and long liquidations were nearly balanced at $39.9 million and $37.5 million, respectively.These figures show that traders on both sides of the market faced liquidations during the latest hour. However, this distribution alone does not establish that the rally has ended.Bitcoin’s move above $85,000 has brought sharp price gains and widespread derivatives liquidations into focus. The clearest feature of the current data is the overwhelming share of bearish positions in the 24-hour liquidation total.
Crypto This Week: 24 Events in Focus as Fed Signals and PMI Data Take Center Stage
Bitcoin started the week of September 21–27 at approximately $83,600. Ether traded near $2,665 at the time of writing as markets assessed the future path of interest rates following last week’s decisions from the Federal Reserve, European Central Bank and Bank of Japan. The crypto calendar features Plasma’s approximately $167.6 million XPL unlock, Binance’s removal of USDP and Terra’s network upgrade. Flash PMI reports, speeches from Fed officials and US durable goods orders will lead the macroeconomic agenda.Fed officials will speak after the rate increaseThe Fed raised its target rate by 25 basis points to 3.75%–4.00% on September 16. The policy statement described economic activity as solid and inflation as still elevated, while all members voted in favor of the increase.Fed Vice Chair Philip Jefferson will speak about discount window modernization and the functioning of the US Treasury market on Tuesday, September 22, at 5:20 p.m. Türkiye time. Michael Barr will discuss the housing market on Wednesday, September 23, at 5:05 p.m.The Fed’s official calendar also includes the Senior Credit Officer Opinion Survey on Thursday, September 24, at 9:00 p.m. Türkiye time. The report will show how collateral, leverage and credit conditions have changed for major institutions that finance securities transactions.Markets currently assign an approximately 55% probability to another rate increase in October. Comments about inflation, oil prices and the next meeting could affect Bitcoin through movements in the dollar and Treasury yields.PCE inflation will not be released this weekSome economic calendars list US personal consumption expenditures inflation and gross domestic product data for this week. The latest schedule from the Bureau of Economic Analysis shows that the August PCE report and the third estimate of second-quarter growth will arrive on September 30.Neither PCE nor GDP data belong on the September 21–27 calendar. This week’s US releases instead center on new home sales, initial jobless claims, durable goods orders and consumer sentiment.August new home sales will arrive on Thursday, September 24, at 5:00 p.m. Türkiye time. The Census Bureau calendar schedules durable goods orders for Friday, September 25, at 3:30 p.m.The University of Michigan will publish its final September consumer sentiment reading at 5:00 p.m. on September 25. The preliminary index fell from 51.7 to 47.8, while one-year inflation expectations climbed to 4.6%.Flash PMI data will provide a view of global growthSeptember flash purchasing managers’ indexes will be released on Wednesday, September 23. The euro-area composite PMI will arrive at 11:00 a.m. Türkiye time, followed by the UK data at 11:30 a.m. and the US manufacturing and services indexes at 4:45 p.m.Readings above 50 would indicate an expansion in private-sector activity. Strong growth accompanied by rising input prices could support expectations that central banks will continue raising interest rates.Price indicators within the services reports will carry particular importance for crypto markets. The Fed continued to characterize inflation as elevated last week, making input costs and selling prices almost as significant as the headline PMI readings.Oil and the US-China meeting enter focusBrent crude started the week above $100 as conflict in the Middle East and shipping risks continued to affect the energy market. High oil prices are maintaining pressure on the currencies and inflation outlooks of energy-importing countries.The Bangladeshi government increased fuel prices by as much as 17.4% from September 21 in response to higher global oil and shipping costs. The decision provides a current example of how the energy shock is passing through to consumer prices.US President Donald Trump and Chinese President Xi Jinping are expected to meet on September 24. Comments on trade, artificial intelligence, supply chains and the Middle East could influence risk appetite and the direction of the dollar.Terra will upgrade its network todayTerra will activate a network upgrade at block height 22,942,000 on Monday, September 21. The network is expected to reach the block at approximately 6:00 p.m. Türkiye time, although the exact time may change depending on block production.Binance said it would temporarily suspend LUNA deposits and withdrawals from 5:00 p.m. Spot trading will remain available, while transfers will resume after the exchange determines that the network is stable.The exchange will also launch a USDBRLUSDT perpetual contract tracking the US dollar-Brazilian real exchange rate at 5:00 p.m. The USDT-settled product will trade around the clock and offer leverage of up to 100 times.Binance will end USDP tradingBinance will cease all spot trading in Pax Dollar on Thursday, September 24, at 6:00 a.m. Türkiye time. The exchange will cancel open orders and terminate the related trading-bot services at the same time.USDP deposits will no longer be credited to user accounts after 6:00 a.m. on September 25. Withdrawals will remain available until 6:00 a.m. on November 24.The decision does not end the Paxos-issued token or USDP trading on other exchanges. Its impact is limited to Binance’s spot market and related products that support USDP.The XPL unlock exceeds $167 millionTokenomist estimates that cliff unlocks scheduled for the next seven days have a combined value of approximately $227.17 million. Plasma’s September 25 unlock accounts for roughly $167.6 million of that total.The XPL release equals approximately 67.1% of the project’s reported market capitalization. The tokens belong to the ecosystem and growth allocation, making XPL the asset with the week’s highest dilution risk.Humanity Protocol will release approximately $18.97 million in H tokens to early contributors on the same day. The amount equals around 13.1% of its reported market capitalization.SoSoValue’s September 24 unlock has an estimated value of $6.83 million, equivalent to 6.9% of its market capitalization. STBL will release approximately $5.41 million from its adviser allocation on September 26, representing around 42.7% of its reported market capitalization.Smaller releases include approximately $2.52 million in ID, $3.83 million in SOON, $1.88 million in MET and $2.7 million in AERO.ETHTokyo continues this weekETHTokyo, which began on September 19, will continue through September 27. The event brings together Ethereum developers, security researchers, infrastructure projects and members of Japan’s Web3 community.The US Senate’s procedural vote on the CLARITY Act failed to reach the required 60-vote threshold on September 15. No new vote has been scheduled, so the proposal does not appear among this week’s upcoming events.The SEC announced a five-year exemption for tokenized stock trading on September 17. Although the decision is a completed development, it creates a new regulatory framework that could affect the tokenized securities plans of companies such as Coinbase and Robinhood.This week’s 24-event crypto calendarSeptember 21, 5:00 p.m. Türkiye time: Binance suspends Terra deposits and withdrawals.September 21, approximately 6:00 p.m.: Terra network upgrade.September 21, 5:00 p.m.: Binance launches the USDBRLUSDT perpetual contract.September 21–27: The remaining ETHTokyo program continues.September 22, approximately 3:00 a.m.: ID unlock worth around $2.52 million.September 22, 5:20 p.m.: Speech by Fed Vice Chair Philip Jefferson.September 23, 11:00 a.m.: Euro-area flash PMI data for September.September 23, 11:30 a.m.: UK flash PMI data for September.September 23, approximately 11:30 a.m.: SOON unlock worth around $3.83 million.September 23, approximately 4:00 p.m.: MET unlock worth around $1.88 million.September 23, 4:45 p.m.: US flash PMI data for September.September 23, 5:05 p.m.: Speech by Fed Governor Michael Barr.September 24, approximately 3:00 a.m.: AERO unlock worth around $2.7 million.September 24, 5:00 a.m.: USDP removed from Binance Convert.September 24, 6:00 a.m.: Binance ends USDP spot trading.September 24: SOSO unlock worth around $6.83 million.September 24, 3:30 p.m.: US initial jobless claims.September 24, 5:00 p.m.: US new home sales for August.September 24, 9:00 p.m.: Fed credit conditions survey.September 24: Trump-Xi meeting.September 25: XPL unlock worth around $167.6 million.September 25: H unlock worth around $18.97 million.September 25, 3:30 p.m. and 5:00 p.m.: US durable goods orders and final consumer sentiment.September 26: STBL unlock worth around $5.41 million.The XPL unlock represents the week’s strongest crypto-specific price risk because of its size. The broader market will focus on flash PMI data, Fed officials’ post-meeting messages, oil prices above $100 and announcements from the US-China meeting.
Bitcoin Tops $80,000 as Crypto Liquidations Reach $500 Million
Bitcoin climbed above $80,000 on Friday, September 18. Around $501 million in leveraged positions were liquidated across the cryptocurrency market over the past 24 hours. Short positions, which bet on falling prices, accounted for most of the liquidations.According to JrKripto data, Bitcoin traded at $80,719 at the time of writing. The largest cryptocurrency gained 5.72% over the past 24 hours. Short liquidations reached $445.7 million during the same period. Activity in derivatives markets also drew attention as Bitcoin crossed the $80,000 threshold. Liquidations over the past four hours accounted for more than half of the 24-hour total.Short Positions Account for Nearly 89% of LiquidationsMarket data showed that $500.993 million in positions were liquidated over the past 24 hours. Short positions accounted for $445.69 million of that amount. Liquidations of long positions, which bet on rising prices, stood at $55.304 million.Short positions therefore represented 88.96% of total liquidations. The value of liquidated bearish positions was roughly eight times that of liquidated longs.This breakdown shows that traders positioned against the price increase faced heavier liquidation losses. However, the $501 million total covers leveraged positions across the broader cryptocurrency market. It does not consist entirely of Bitcoin trades.Liquidation figures also do not mean that an equivalent amount of cash left the market. They represent the value of leveraged positions that exchanges forcibly closed after traders could no longer meet margin requirements.Four-Hour Liquidations Reach $279 MillionShort positions also dominated liquidations across shorter time frames. Total liquidations reached $420.5 million over the past 12 hours. Shorts accounted for approximately $384.3 million, while longs made up $36.2 million.Over the past four hours, total liquidations reached $279.2 million. Short liquidations amounted to $261.4 million, compared with $17.8 million in long liquidations.These figures put the share of short positions at roughly 93.6% of four-hour liquidations. The same period accounted for approximately 55.7% of the 24-hour total.Another $46.9 million in positions were liquidated over the past hour. Shorts accounted for $42.5 million of that amount, while longs represented $4.4 million.The one-hour, four-hour and 12-hour periods all fall within the 24-hour window. Adding these figures together would therefore count some liquidations more than once.Bitcoin Reaches a 24-Hour High of $80,930Market data showed that Bitcoin traded between $76,205 and $80,930 over the past 24 hours. The gap between the period’s lowest and highest prices reached $4,725.At the time of writing, Bitcoin stood approximately $211 below its 24-hour high. Its one-hour gain was 0.73%, while its seven-day advance stood at 2.64%. Over the past 30 days, Bitcoin gained 21.44%.The daily gain exceeding the weekly advance highlights how price performance can vary across different time frames. These percentages alone, however, do not establish whether the rally will continue.Short Liquidations Can Accelerate Price MovesShort positions allow traders to profit from falling prices. When prices rise, however, losses grow and the available collateral may no longer be sufficient to keep a position open. The exchange then forcibly closes the trade.Closing short positions can generate buying pressure in derivatives markets. Heavy liquidations can therefore accelerate an existing rally. Liquidation data alone, however, cannot explain what initially triggered Bitcoin’s move.The high share of short positions in total liquidations stood out in the latest figures. With Bitcoin trading above $80,000, the concentration of forced closures over the past four hours highlighted the scale of activity in leveraged markets.
Altcoin Rally Accelerates: ARB, UNI and STRK Surge
The cryptocurrency market extended its gains on Friday, September 18. Arbitrum (ARB), Uniswap (UNI) and Starknet (STRK) stood out with performances that outpaced Bitcoin.At the time of writing, ARB’s 24-hour gain reached 30.9%. UNI climbed 24.8%, while STRK advanced 20.4%.Bitcoin rose approximately 2% over the same period, trading at $78,065. As the largest cryptocurrency recovered, several altcoins recorded double-digit gains. ARB gains more than 30%Arbitrum’s ARB token traded at approximately $0.2133 at the time of the check. Its 24-hour trading volume reached $749.3 million, while its market capitalization stood at roughly $1.45 billion.ARB traded between $0.1617 and $0.2286 over the same period. Although its latest price remained below the top of that range, the token retained strong daily gains.The rally also lifted its weekly performance. Market data showed that ARB gained 51.4% over the past seven days, extending the recovery seen in previous sessions.Among ARB, UNI and STRK, ARB delivered the highest 24-hour return. However, its trading range also showed that substantial price fluctuations continued throughout the period.UNI trading volume exceeds $2 billionUniswap’s UNI token rose to approximately $8.62. Its 24-hour trading volume reached $2.23 billion, while its market capitalization stood at around $5.35 billion.UNI traded between $6.91 and $9.39 over the same period. At the time of writing, it remained below its highest price during that window but still recorded a gain of nearly 25%.These figures placed UNI among the day’s notable altcoins in terms of both price performance and trading activity. Trading volume measures the total value of trades; it does not, on its own, indicate net capital inflows.Starknet’s STRK token also joined the rally. Trading at approximately $0.03374, the token gained 20.4% over the previous 24 hours.STRK’s trading volume reached $75.8 million, while its market capitalization stood at $247.7 million. The token traded within a range of $0.02752 to $0.03635 during the same period.Gains spread across the broader marketAccording to CoinDesk’s September 18 market assessment, the recovery was particularly strong among decentralized finance and layer-2 tokens. The report noted that 98 of the 100 assets in the CoinDesk 100 index were trading higher on the day.The decline in the US 10-year Treasury yield below 5% was among the macroeconomic developments accompanying the recovery. Brent crude’s retreat below $103 also helped ease inflation concerns following the Federal Reserve’s interest rate increase.Altcoins outperform as Bitcoin risesWhile Bitcoin gained approximately 2%, advances exceeding 20% in ARB, UNI and STRK highlighted the stronger moves in these three tokens. Bitcoin’s 24-hour trading volume stood at roughly $29.74 billion.At the time of the check, all three altcoins traded below their respective 24-hour highs. Despite their strong gains, prices had pulled back from the highest levels reached during the period.
US Sanctions Crypto Exchange Over Hormuz Payments
The US Treasury Department has imposed sanctions on Iranian cryptocurrency exchange BitBank. The department alleged that the platform transferred payments collected for passage through the Strait of Hormuz and facilitated Bitcoin transfers to Iran’s Islamic Revolutionary Guard Corps (IRGC).The decision announced on September 17 also covers BitBank’s software developer and three individuals. US authorities link the exchange to a digital asset network controlled by previously sanctioned Iranian businessman Babak Zanjani.Bitcoin connection to Hormuz paymentsThe Treasury’s Office of Foreign Assets Control (OFAC) alleges that Zanjani used BitBank to facilitate transfers of hundreds of millions of dollars worth of Bitcoin between June and July. The agency says those assets reached the Revolutionary Guards.The statement also identifies Hormuz Safe Marine Services Authority as an organization that has used BitBank since June. According to US authorities, it transferred payments collected from ships to the Iranian government through the exchange.The Hormuz connection dates back to OFAC’s July 29 decision. At the time, the agency added HormuzSafe and Persian Gulf Marine Insurance Company to its sanctions list.The Treasury alleges that the arrangement required commercial vessels to purchase mandatory maritime insurance to pass through the strait. According to the department, the coverage claimed to protect against risks such as vessel seizures, while some payments took place in digital assets.Washington describes the arrangement as a mechanism for Iran to collect revenue from maritime shipping. July’s sanctions focused on the organizations providing insurance services, while the latest decision targets the crypto infrastructure allegedly used to transfer the payments.Software developer and three individuals also targetedOFAC also sanctioned BitBank’s developer, Pishtaz Simorgh Electronic Trade Company. Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari were added to the sanctions list as well.The department links these individuals to Zanjani’s corporate network. The designations rely on Executive Order 13902, which provides sanctions authority covering various sectors of Iran’s economy.Zanjani has faced US sanctions before. According to Reuters, Washington sanctioned him and digital asset companies Zedcex and Zedxion in January.In July, the US targeted nine additional firms, including companies based in Turkey and the United Arab Emirates. Reuters reports that Zanjani, who received a death sentence in Iran in 2016 for embezzlement, had his sentence commuted in 2024 and re-emerged in 2025 as a backer of government-linked economic projects.Which transactions do the sanctions affect?The decision blocks the designated individuals’ and entities’ property in the United States or under the possession or control of US persons. Unless an exemption or OFAC authorization applies, US persons are generally prohibited from conducting transactions involving that property.Entities owned 50% or more, individually or collectively, by blocked persons are also subject to blocking. The department warns that foreign financial institutions facilitating certain transactions could also face sanctions.The BitBank decision forms part of “Operation Economic Outcast,” a campaign launched on August 24. The US administration says the campaign aims to restrict Iran’s revenue sources linked to oil trading, financial intermediaries and international companies.At the campaign’s launch, the department announced plans to increase pressure on foreign actors facilitating Iran-related activities. The inclusion of BitBank’s software developer alongside the exchange shows that companies supporting crypto services also fall within the scope of this approach.
Fed Rate Decision Looms: Three Scenarios for Bitcoin and the Crypto Market
The crypto market is focused on the Fed rate decision due Wednesday, September 16. Investors expect the U.S. central bank to raise interest rates for the first time in nearly three years. The direction of Bitcoin and altcoins will also depend on what the Fed says about the months ahead.At its July meeting, the Fed kept its policy rate at 3.50%–3.75%. Nine members supported the decision, while three favored a 25-basis-point increase. Expectations of a rate hike have strengthened ahead of the September meeting.CME FedWatch data, based on futures prices, shows that markets view a 25-basis-point increase as the most likely outcome. Such a move would lift the policy rate to 3.75%–4.00%. These probabilities can change during trading, so the latest pricing should be checked before the decision.Why does the Fed rate decision matter for crypto?U.S. consumer prices rose 3.4% year over year in August, with a monthly increase of 0.4%. Data from the U.S. Bureau of Labor Statistics shows that inflation remains above the Fed’s 2% target.Higher interest rates can encourage investors to favor assets that offer yields and carry relatively lower risk. This could limit the capital flowing into Bitcoin, which does not generate interest income. Rising Treasury yields and a stronger dollar could also weigh on risk appetite across the crypto market.Still, an expected rate hike does not necessarily mean prices will fall. Markets may have already priced in much of a 25-basis-point increase. Investors would then turn their attention to whether the Fed plans further hikes.What are the scenarios for Bitcoin and altcoins?If the Fed raises rates by 25 basis points but takes a cautious approach to future moves, the initial crypto market reaction could be volatile. The widely expected hike would carry less surprise. Fed Chair Kevin Warsh’s remarks at the press conference could then set the direction.If the Fed signals further tightening to combat inflation, risk assets could come under pressure. Such a message could support Treasury yields and the dollar. Altcoins may move more sharply because they are sensitive to liquidity and investors’ willingness to take risks.Keeping rates unchanged could initially support crypto assets. However, any gains might fade if the Fed describes the decision as a temporary pause. A larger-than-expected rate hike would be a more pronounced negative surprise for the market.According to the official schedule, the decision will be announced at 9:00 p.m. Turkish time. Warsh’s press conference will begin at 9:30 p.m. The Fed will also publish updated economic projections. The projected path for interest rates could matter as much as the decision itself for Bitcoin and altcoins.At the time of writing, Bitcoin is trading around $76,000.
