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BlackRock Outlines a New Scenario for Bitcoin and Stablecoins: The AI Economy
BlackRock said artificial intelligence agents could become a new source of demand for digital assets. According to the firm, stablecoins could take the lead in automated payments, while Bitcoin could serve as a long-term store of value.“The Machine-Native Economy” report, shared in BlackRock’s October 5 website article, examines the economic relationship between AI and blockchain. The firm highlights how software performing increasingly independent tasks could require programmable payment infrastructure.Stablecoins could lead AI paymentsAI agents are systems capable of completing multiple tasks toward a specific goal with limited human intervention. As these systems purchase data, access software services and rent computing power, they also need ways to make payments.According to BlackRock, blockchain networks could provide suitable infrastructure for very small transactions repeated throughout the day. Stablecoins’ price stability could make it easier to price services and plan payments.Figures cited by the firm show that stablecoins’ total circulating market capitalization exceeded $300 billion as of September 2026. Adjusted transaction volume surpassed $11 trillion in 2025.BlackRock sees this scale as an existing foundation for the AI economy. It also notes that traditional payment systems will remain important in agents’ interactions with businesses and consumers.A store-of-value scenario for BitcoinThe report’s Bitcoin discussion draws on research conducted by the Bitcoin Policy Institute. In controlled simulations, AI models preferred stablecoins for everyday payments and Bitcoin for long-term value preservation.BlackRock explicitly states that the findings reflect simulated model responses rather than observed real-world transactions. The research therefore does not show that agents are currently accumulating Bitcoin.The firm views these findings as preliminary evidence pointing toward a possible monetary structure in which stablecoins function as a means of payment and Bitcoin serves as a store of value.Automated payments could increase blockchain usageThe report also highlights Coinbase’s x402 protocol. This infrastructure enables software to initiate payments for data or services and access the requested resource once payment has been verified.According to BlackRock, increased activity on permissionless blockchain networks could generate demand for network capacity and validator services. However, the extent to which a network’s native cryptoasset benefits will depend on design features such as transaction fees and staking.Computing power could become a digital asset marketBlackRock also identifies the computing capacity required by AI as a potential market for digital assets. Standardized capacity contracts could allow rights to computing resources to be traded and used in financing arrangements.In such a market, agents could compare resources by price and performance before purchasing what they need. However, the firm emphasizes that agent-driven payments and liquidity in computing capacity markets remain limited.
4 Crypto Treasury Companies Announce New Purchases as Bitcoin and Ethereum Reserves Grow
Publicly traded companies accumulating cryptocurrencies shared new reserve updates on October 5. Strategy announced the purchase of 334 Bitcoin, Strive added 2,000 Bitcoin, and Bitmine acquired 15,112 Ethereum. Metaplanet also increased its reserves by a net 1,000 BTC during the third quarter after selling 10,000 BTC and purchasing 11,000 BTC.The announcements cover different trading periods. Strategy’s and Strive’s latest purchases span late September and early October, while Metaplanet’s sales and repurchases cover the third quarter.Strategy’s Bitcoin reserves reach 848,000 BTCStrategy disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it purchased 334 BTC between October 1 and 4. The company spent approximately $28.7 million, paying an average of $85,838.80 per Bitcoin.The filing divided the weekly activity into two periods to account for the quarter-end. Strategy made no Bitcoin purchases between September 28 and 30, acquiring all 334 BTC during the first four days of October.The latest purchases increased the company’s total Bitcoin holdings to 848,000 BTC. The aggregate acquisition cost reached approximately $63.97 billion, with an average cost of $75,440.70 per Bitcoin.Strategy funded $15.7 million of the purchase using net proceeds from MSTR share sales. It covered the remaining $13 million with cash; the reported acquisition costs include fees and expenses.Metaplanet sells 10,000 Bitcoin and buys 11,000 BTCMetaplanet’s third-quarter transactions revealed a different approach to reserve management. The Japanese company sold 10,000 BTC and subsequently purchased 11,000 BTC, bringing its total holdings to 44,000 BTC as of September 30.According to the company’s official announcement, the transactions aimed to demonstrate its ability to convert Bitcoin reserves into cash when needed. Metaplanet intends to strengthen confidence in its creditworthiness and broaden access to financing options such as bonds and preferred shares.The company received approximately ¥124.7 billion from the sales and allocated roughly ¥149.9 billion to purchases. The average sale price was ¥12.47 million per Bitcoin, compared with an average purchase price of ¥13.63 million.Metaplanet also stated that it did not repay its existing debt as part of these transactions. After repurchasing Bitcoin, the company ended the quarter with a net increase of 1,000 BTC; the gross purchase of 11,000 BTC therefore does not represent an equivalent increase in reserves.Strive purchases approximately $169 million in BitcoinAccording to Strive CEO Matt Cole’s October 5 announcement, the company purchased 2,000 BTC for approximately $169 million. The average purchase price was $84,422 per Bitcoin, bringing total reserves to 29,462 BTC.Cole said 61.5% of the capital raised came through SATA, while warrants generated $56.7 million. He also noted that the company’s 8-K filing submitted that day included key financial metrics for the third quarter.Strive’s latest Bitcoin purchase was approximately six times the size of Strategy’s in BTC terms. Combined, the two companies announced purchases totaling 2,334 BTC, with spending of approximately $197.7 million.At the time of writing, Bitcoin is trading at $86,060.24. Bitmine adds 15,112 ETH to its Ethereum reservesOn the Ethereum side, Bitmine announced that it purchased 15,112 ETH over the past week. According to the company’s October 5 release, its total Ethereum holdings reached 6,016,414 ETH as of October 4.Bitmine said these holdings represent 4.9% of the total supply of approximately 122.1 million ETH. The company continues to pursue its goal of accumulating 5% of Ethereum’s supply.Chairman Tom Lee said the company has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. Bitmine has 5,067,309 ETH staked, representing approximately 84% of its total ETH reserves.The company reported a combined value of $17.4 billion for its crypto assets, cash, marketable securities, and other specified investments. It used a reference price of $2,726 per Ethereum for this calculation.At the time of writing, Ethereum is trading at around $2,716.62.
Crypto This Week: 30 Events in Focus as Fed Minutes Take Center Stage
Crypto this week began with Bitcoin trading at around $85,500 and Ether near $2,700. The Federal Reserve’s September meeting minutes, the Reserve Bank of India’s interest-rate decision and oil prices above $100 form the core of the macroeconomic agenda.The crypto calendar features approximately $337.5 million in scheduled HYPE unlocks and $40.9 million in ENA unlocks. Binance, Bybit and Robinhood will discontinue several products, while three validator-dependent XRP Ledger upgrades could take effect.Fed minutes will shape expectations for OctoberThe Fed raised its target rate by 25 basis points to 3.75%–4% on September 16. All members supported the decision, which marked the US central bank’s first rate increase since 2023.Minutes from the meeting will be published on Wednesday, October 7, at 9:00 p.m. Türkiye time. Investors will examine how policymakers assessed energy-driven inflation risks and whether they disagreed over the timing of the next increase.US nonfarm payrolls rose by only 29,000 in September. The result fell well below the Reuters poll forecast of around 90,000 and reduced the market-implied probability of an October rate increase to approximately 18%–20%.The US services outlook will come into focus with the ISM services PMI on Monday, October 5, at 5:00 p.m. Türkiye time. The index is expected to ease to 55 from 55.4 in August, with a reading above 50 indicating continued expansion.The University of Michigan’s preliminary October consumer sentiment index will follow on Friday, October 9, at 5:00 p.m. Türkiye time. The consensus forecast points to a decline from approximately 48.2 in September to 47.7.India is expected to raise interest ratesThe Reserve Bank of India’s Monetary Policy Committee will meet from October 5 to 7. Its interest-rate decision will be announced on Wednesday, October 7, at 7:30 a.m. Türkiye time.Thirty-five of the 61 economists surveyed by Reuters expect the RBI to raise its repo rate by 25 basis points to 5.50%. Such a decision would mark the central bank’s first increase in nearly four years.High oil prices, broader inflationary pressure and weakness in the rupee support expectations for tighter policy. The decision could influence emerging-market currencies and global risk appetite.The European Central Bank will publish the account of its September 9–10 meeting on Thursday, October 8, at 2:30 p.m. Türkiye time. Investors will look for discussions about energy prices, growth risks and the direction of upcoming rate decisions.Canada’s September employment report will arrive on Friday, October 9, at 3:30 p.m. Türkiye time. Statistics Canada says the report will reflect labour-market conditions during the week of September 13–19.Oil remains above $100Brent crude started the week at around $101.60 per barrel, while US West Texas Intermediate traded near $90.10. The G7’s decision to release 100 million barrels of oil and fuel from emergency reserves has limited prices, although attacks around the Strait of Hormuz continue to support a geopolitical risk premium.Middle Eastern crude exports exceeded pre-war levels on several days, even as authorities recorded at least seven new attacks on vessels in the region. Persistently high energy costs could encourage central banks to maintain tighter monetary policy for longer.Oil-driven inflation can affect Bitcoin through interest rates and government bond yields. Markets will monitor the speed of the G7 reserve release and the security of Gulf shipping routes.Russia’s crypto registration rules take effectThe Bank of Russia’s new registration regulations for the cryptocurrency market take effect on October 5. Crypto exchanges, digital depositories and operators of systems used to issue digital financial rights will need to join the relevant official registers.The rules establish qualification requirements for executives, the necessary application documents and the central bank’s registration process. Existing market participants will also have access to a simplified application route.In the US, the investment adviser and fund custody proposal announced last week does not have a new effective date within the coming seven days. The comment period for the SEC’s broader Regulation Crypto Assets proposal will remain open until October 20.Binance, Bybit and Robinhood will discontinue tradingBinance will automatically settle and delist the PROMPTUSDT, PUMPBTCUSDT and 1000000BOBUSDT perpetual contracts on Monday, October 5, at noon Türkiye time. The exchange will prevent users from opening new positions in these contracts from 11:30 a.m.Bybit will close deposits for SCOR and AGI on October 7 at 11:00 a.m. Türkiye time. Trading in the SCOR/USDT and AGI/USDT spot pairs, along with Convert support, will end on October 8 at 11:00 a.m.Robinhood Europe will disable sales of BERA, EOS, PAXG and TIA on Friday, October 9, at 10:00 p.m. Türkiye time. The platform will automatically sell remaining BERA and TIA balances at market prices because withdrawals are unavailable for these assets.EOS and PAXG withdrawals will remain available until October 14, placing the next stage of their delisting process outside this weekly calendar. No major new spot listing or high-profile token launch had been confirmed at the time of preparation.Three XRP Ledger upgrades could activateThe XRP Ledger’s PermissionDelegationV1_1 amendment could activate on Friday, October 9, at approximately 12:25 a.m. Türkiye time, provided validator support remains above the required threshold. The feature will let accounts delegate limited permissions without sharing the private keys controlling their funds.The projected activation time for fixBatchV1_2 is 5:12 p.m. on the same day. Servers that fail to upgrade to the security-focused xrpld 3.4.1 release could become amendment-blocked and lose synchronisation with the network.BatchV1_1 is expected to activate at around 5:46 p.m. Türkiye time. The feature will allow users to bundle and submit up to eight transactions together, enabling use cases such as atomic swaps.All three dates depend on validator support remaining above 80% for the full required period. If support falls to or below the threshold, the 14-day countdown will restart and the activation dates will change.HYPE and ENA supply will expandCurrent Tokenomist data show that HYPE and ENA account for most of the week’s major one-time token unlocks. All dollar values are approximate because they were calculated using spot prices available during preparation.Ethena will release approximately 172.7 million ENA to core contributors on October 5. At an ENA price of around $0.237, the unlock is worth approximately $40.9 million and represents about 1.88% of the reported supply measure.Hyperliquid’s scheduled HYPE unlock for core contributors on October 6 is worth approximately $337.5 million. A spot price near $90 puts the scheduled amount at around 3.75 million HYPE.Tokenomist displays a mismatch between the scheduled unlock and the broader committed vesting figure for the same event. This calendar uses the narrower $337.5 million scheduled value, while the amount that becomes claimable or moves on-chain could differ.Aerodrome will release approximately $3.53 million in AERO on October 8. Aptos’s roughly $9.13 million APT unlock on October 11 will be joined by approximately $4.29 million in PEAQ and $2.7 million in IO.The PEAQ unlock stands out with a reported ratio of 3.73%. The io.net schedule shows that approximately 15.88 million IO will become available on October 11.Applied Digital will report earningsApplied Digital, which has shifted from blockchain workloads toward artificial intelligence and high-performance data-centre infrastructure, will report its fiscal first-quarter results on October 7. The conference call will begin at midnight on Thursday, October 8, in Türkiye because of the time difference.The report covers the fiscal quarter that ended on August 31. Investors will monitor data-centre rental income, energy expenses, newly operational capacity and the company’s capital requirements.TOKEN2049 begins in SingaporeTOKEN2049 Singapore will take place at Marina Bay Sands on October 7–8. The programme will focus on crypto infrastructure, stablecoins, institutional capital, tokenisation and regulatory developments across Asia.The broader TOKEN2049 Week programme runs from October 5 to 11. CoinFerenceX will take place on October 5–6, Solana Summit Singapore on October 6 and RWA Summit Singapore on October 9.ETH Lagos will hold its conference and parallel hackathon from October 8 to 10. The event will bring together Ethereum developers and Web3 projects from across Africa.No separate binding, high-impact DAO vote with a confirmed deadline during the week was identified. Gitcoin’s proposal to lower the participation threshold for Snapshot votes from 2.5 million GTC to 1.5 million GTC remains at the forum discussion stage.This week’s 30-event crypto calendarAll times are Türkiye time, UTC+3.October 5: Russia’s registration rules for crypto-market entities take effect.October 5: Approximately $40.9 million in ENA unlocks.October 5, noon: Binance delists three perpetual contracts.October 5, 5:00 p.m.: US ISM services PMI.October 5–6: CoinFerenceX Singapore.October 6: Approximately $337.5 million in scheduled HYPE unlocks.October 6: Solana Summit Singapore.October 6, noon: Euro-area retail sales for August.October 6, 3:30 p.m.: US trade balance for August.October 7, 1:00 a.m.: Dallas Fed President Lorie Logan speaks.October 7, 7:30 a.m.: Reserve Bank of India interest-rate decision.October 7, 11:00 a.m.: Bybit closes SCOR and AGI deposits.October 7–8: TOKEN2049 Singapore.October 7, 9:00 p.m.: Minutes from the Fed’s September FOMC meeting.October 8, midnight: Applied Digital earnings conference call.October 8: Approximately $3.53 million in AERO unlocks.October 8, 11:00 a.m.: Bybit ends SCOR and AGI spot trading.October 8, 2:30 p.m.: ECB minutes from its September meeting.October 8, 3:30 p.m.: US initial jobless claims.October 8–10: ETH Lagos conference and hackathon.October 9, approximately 12:25 a.m.: XRP Ledger PermissionDelegationV1_1 activation.October 9, 3:30 p.m.: Canada’s September employment report.October 9, 5:00 p.m.: Preliminary University of Michigan consumer sentiment.October 9, approximately 5:12 p.m.: XRP Ledger fixBatchV1_2 activation.October 9, approximately 5:46 p.m.: XRP Ledger BatchV1_1 activation.October 9, 10:00 p.m.: Robinhood disables sales of BERA, EOS, PAXG and TIA.October 9: RWA Summit Singapore.October 11: Approximately $9.13 million in APT unlocks.October 11: Approximately $4.29 million in PEAQ unlocks.October 11: Approximately $2.7 million in IO unlocks.The scheduled HYPE release represents the week’s largest crypto-specific supply risk by dollar value. Fed minutes, the RBI’s decision, services-sector data and oil prices above $100 could have a greater influence on the direction of the wider market.
Bullish Bitcoin Bets Build as Dominance Nears 60%
Risk appetite strengthened across the crypto market as Bitcoin reached $86,500. Bitcoin’s share of total cryptocurrency market capitalization approached 60%, while growing derivatives positions highlighted traders’ bullish expectations. However, the recovery in leverage also brought potential losses from a price reversal into focus.Bitcoin open interest rises by $2.3 billionAccording to CoinGlass data, Bitcoin open interest increased from approximately 626,000 BTC to 653,000 BTC starting September 30. That represents an additional 27,000 BTC, worth roughly $2.3 billion, in outstanding positions.The increase of approximately 4.3% brought total open interest to $56.2 billion. Over the same period, Bitcoin’s price climbed from around $83,500 to $86,500.Open interest measures the total number of outstanding futures contracts that have not yet been closed or settled. An increase alongside rising prices suggests new positions are accompanying the rally; it does not, on its own, mean all those positions are bullish.Funding rates reflect bullish expectationsRising funding rates in perpetual futures also indicate that buyers are taking on more risk. When funding is positive, traders holding long positions pay those holding short positions.Higher funding may suggest that traders are willing to bear greater costs to maintain their bullish positions. However, the recovery in open interest followed levels seen in late September that were close to a one-year low.The starting point therefore matters when assessing the recent increase. More expensive long positions can leave leveraged traders more vulnerable to a sudden price decline.Bitcoin’s market share approaches 60%Bitcoin’s dominance also stood out in the spot market. The largest cryptocurrency’s share of total market capitalization approached 60%, while the share held by dollar-pegged USDT slipped to approximately 6.3%. This pattern may suggest that investors are becoming more comfortable taking risks. However, a decline in USDT’s market share does not, by itself, show how much money has left stablecoins; rising valuations elsewhere in the crypto market can also push the ratio lower.Several altcoins joined Bitcoin’s advance. Ethereum, XRP, Solana and BNB rose, while SKY, AAVE and APT stood out among the 100 largest cryptocurrencies by market capitalization, gaining between 7% and 10%.The picture shows that rising altcoin prices and increasing Bitcoin dominance can occur simultaneously. Because dominance measures relative market capitalization, faster growth in Bitcoin’s value can increase its share even as other assets post gains.U.S. employment data falls short of expectationsThe market activity began before the release of the U.S. employment report on October 2. The subsequent figures showed that nonfarm payrolls increased by 29,000 in September, below expectations of 90,000.The unemployment rate rose from 4.1% to 4.2%. August’s payroll gain was also revised down from 162,000 to 133,000.The weaker employment picture was viewed as potentially giving the Federal Reserve room to hold interest rates steady despite elevated inflation. Alongside strengthening crypto demand, the direction of monetary policy therefore remained in focus for investors.
Bitcoin Returns to $87,000 as U.S. Jobs Growth Misses Expectations
Bitcoin climbed back to $87,000 after U.S. employment data fell short of expectations. Nonfarm payrolls increased by 29,000 in September, while the unemployment rate stood at 4.2%.The figures, released on Friday, October 2, at 8:30 a.m. ET, weakened expectations for another Fed rate hike in October. Bitcoin extended its earlier gains in the first few minutes after the release. U.S. job growth reaches roughly one-third of expectationsThe U.S. economy added 29,000 nonfarm jobs in September. The figure fell 60,000 short of the 89,000 forecast listed on the economic calendar followed for this report.Job growth therefore amounted to roughly one-third of expectations. The figures showed that hiring continued, although at a considerably slower pace than anticipated.The unemployment rate also exceeded the 4.1% forecast, reaching 4.2%. Together with slower hiring, this reinforced the labor market’s importance in monetary policy assessments.Previous figures also saw a downward revision. According to the Financial Times, August’s payroll gain was revised from the initially reported 162,000 to 133,000.The report therefore brought more than a disappointing September figure. The August revision also showed that the previous month’s hiring performance was weaker than initially reported.Bitcoin reaches $87,000 after the releaseBitcoin was trading above $86,000 before the jobs report. At that point, its gain over the previous 24 hours was approximately 2%.According to the first price update after the release, Bitcoin returned to $87,000 at 8:32 a.m. ET. The rally that began before the report continued immediately afterward.This distinction matters when assessing the price movement. Bitcoin’s entire daily gain did not occur after the jobs report; the cryptocurrency was already rising ahead of the release.The $87,000 level reflects the initial reaction to the data. Subsequent buying and selling will determine whether the price can hold that level.Expectations for an October Fed rate hike weakenU.S. short-term interest rate futures rose after the weaker-than-expected employment figures. Traders reduced positions anticipating an additional Fed rate hike in October.For the crypto market, the key connection was the employment outlook’s effect on interest rate expectations. Weaker hiring brings renewed attention to the potential economic consequences of further monetary tightening.A lower probability of rate hikes could ease pressure on risk assets. Bitcoin’s initial reaction suggests that investors may have interpreted the report along those lines.However, reduced expectations for a rate hike do not automatically translate into expectations for a rate cut. Markets could also place greater weight on a scenario in which the Fed holds rates steady.A single employment report does not determine the Fed’s decision. Inflation trends, wage developments and economic activity remain relevant to its policy assessment.Crypto markets watch for further gainsThe initial price movement showed Bitcoin’s continued sensitivity to macroeconomic data. Subsequent trading will reveal how strongly the shift in interest rate expectations translates into demand for crypto assets.
Bitcoin ETFs End Nine-Day Inflow Streak With $148.7 Million in Outflows
U.S. spot Bitcoin ETFs closed September’s final trading session with net outflows. Investors withdrew a net $148.7 million from the funds on Wednesday, September 30, ending nine consecutive trading days of inflows.The Bitcoin funds had attracted approximately $3.1 billion during that stretch before demand weakened at month-end. Spot Ethereum ETFs also recorded $59.6 million in outflows on the same day, bringing combined net withdrawals across both groups to $208.3 million.Fidelity Led Bitcoin ETF OutflowsAccording to Farside Investors, Fidelity’s FBTC recorded the largest net outflow of the day at $125.6 million. Bitwise’s BITB lost $13.6 million, while BlackRock’s IBIT saw $9.5 million leave the fund.All other spot Bitcoin funds reported zero net flows. FBTC therefore accounted for approximately 84% of the day’s withdrawals; no fund recorded net inflows to offset those outflows.BlackRock’s IBIT also ended its own nine-day inflow streak. The fund had attracted approximately $1.6 billion over the previous nine trading sessions.IBIT’s outflow remained small compared with the inflows accumulated in preceding sessions. Still, the reversal at a fund that has accounted for a substantial share of Bitcoin ETF demand stood out in the month-end figures.The fund-level breakdown shows that withdrawals were unevenly distributed across products. Fidelity’s outsized contribution is therefore an important factor when assessing the overall figure.Withdrawals Reversed a Small Portion of the Nine-Day InflowsThe recent inflow streak had helped Bitcoin ETFs recover from outflows earlier in 2026. Approximately $3.1 billion in net demand helped push year-to-date flows back into positive territory.The $148.7 million withdrawn on September 30 represents roughly 5% of that nine-day total. Although the streak ended, the withdrawals reversed only a small portion of the preceding inflows.That comparison helps put the daily move into perspective. A single day of outflows is insufficient to establish a lasting decline in investor demand; flows over subsequent trading sessions will be needed to assess whether the shift persists.ETF data alone does not explain why investors withdrew their money. Additional evidence would be needed to attribute the figures directly to profit-taking, institutional investors leaving the market, or a response to a particular macroeconomic development.Ethereum ETF Outflows Extended Into a Second DayEthereum funds recorded a second consecutive trading day of net outflows. Before that reversal, spot Ethereum ETFs had attracted approximately $850 million over seven straight sessions.Fidelity’s FETH accounted for the largest share of the $59.6 million withdrawn on September 30. The fund recorded $26.6 million in net outflows, followed by $25.5 million from Grayscale’s ETH and $7.5 million from its ETHE fund.Both Bitcoin and Ethereum funds therefore ended September with negative daily flows after strong inflow streaks. However, the latest withdrawals in both groups remained below the amounts attracted during those preceding runs.Cumulative net inflows into Ethereum funds since their trading debut stand at approximately $14 billion. The latest two days of withdrawals reduced that total while leaving cumulative flows firmly positive.Whether outflows continue will be one of the developments to watch during October’s opening sessions. In particular, flows into and out of IBIT and FBTC remain major contributors to the daily aggregate for Bitcoin ETFs.At the time of writing Bitcoin is trading at $84,199.71.
Citi Raises Bitcoin and Ethereum Targets to $113,000 and $3,028
Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum. The bank increased its Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028.According to Reuters’ October 1 report, the revision stems from the bank’s September 30 research note. Citi cited stronger cryptocurrency market activity, macroeconomic conditions and renewed inflows into exchange-traded funds.Bitcoin target rises nearly 38%The new forecast represents a $31,000 increase from Citi’s previous Bitcoin target. The difference between the two targets amounts to an upward revision of approximately 37.8%.For Ethereum, the revision amounts to $788. This brings the increase in its 12-month price target to approximately 35.2%.These percentages reflect the changes between the bank’s previous and updated forecasts. Calculating potential returns from current market prices requires comparing the targets with prices at the time of trading.Based on the price levels cited in CoinDesk’s report, Citi’s targets implied approximately 35% upside for Bitcoin and 12% for Ethereum. However, the forecasts cover the next 12 months; they are not presented as year-end 2026 targets.Gradual growth expected in ETF demandInvestment advisers’ and brokerages’ allocations to Bitcoin play an important role in Citi’s assessment. The bank expects inflows into cryptocurrency investment products to grow at a slower but steady pace as these firms gradually increase Bitcoin’s share of their portfolios.Projected inflows over the next 12 months stand at $5 billion. This expectation represents one of the demand assumptions supporting the bank’s price targets.The recent performance of U.S. spot Bitcoin ETFs also points to a recovery in demand. According to September 25 data, the funds had attracted approximately $800 million in net inflows since the start of the year.On July 13, those same funds had recorded year-to-date net outflows of $5.8 billion. Capital returning between the summer and late September therefore fully offset the year’s earlier outflows.The six-day inflow streak covered in the September 25 report totaled $2.84 billion. These figures show a substantial recovery in ETF demand ahead of Citi’s forecast revision.Still, cumulative annual inflows remained below the totals for the previous two years. According to the same source, U.S. spot Bitcoin ETFs attracted $35.2 billion in net inflows in 2024 and $21.4 billion in 2025.Treasury yields continue to weigh on prices in the short termAs Citi announced its higher price targets, Bitcoin remained sensitive to macroeconomic data. A rally following softer-than-expected U.S. inflation figures failed to produce sustained gains.Bitcoin briefly climbed above $85,500 the previous day. It subsequently pulled back to trade just above $83,700.The report identified elevated U.S. Treasury yields as one of the factors limiting gains in the cryptocurrency market. The U.S. 10-year Treasury yield hovered around 5.3%, while the 30-year yield remained near its highest levels since 2002. These conditions illustrate how long-term price expectations and daily market movements can move in different directions. While sustained ETF inflows feature prominently in Citi’s forecast, inflation data, interest rate expectations and bond market movements continue to influence short-term prices.
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.
