TL;DR

Coinbase takes Deribit; $1B liquidations as BTC, ETH drop; Ether ETFs hit record inflows.

Highlights

• Coinbase finalized its $2.9B acquisition of Deribit, now controlling 87% of BTC and 94% of ETH options markets; Deribit to add USDC -settled linear options 1.
• Over $1B in crypto liquidations as BTC dropped near $119K and ETH to $4,640 after hotter-than-expected U.S. PPI data; altcoins fell 3–5% 8.
• Ether ETFs saw record $1B daily inflow, outpacing Bitcoin ETFs by 3.3:1; ETH ETF AUM now $23.4B 6.
• Ethereum exit queue reached a record $3.3B in ETH awaiting unstaking, with wait times at 12 days 11.
• Tether minted $1B USDT on Ethereum ; combined USDT and USDC supply up $9.5B in a month 5.
• Solana surpassed Ethereum in 24h perps volume and revenue; Solana stablecoin supply above $12B, dApp revenue up 25% MoM 13.
• Hyperliquid posted a $29B daily volume record in decentralized derivatives; HYPE token outperformed broader market 12.
• Chainlink ’s TVS hit $93.5B (+90% YTD), leading oracles; Ethereum TVL recovered to $95B 15.
• Google acquired an 8% stake in Bitcoin miner TeraWulf as part of a $3.7B AI hosting deal 17.
• SEC launched “Project Crypto” to implement new digital-asset rules, signaling lighter-touch regulation and expanded retail access 3.
• Fed ended “Novel Activities” crypto oversight, reverting to standard bank supervision 9.
• GENIUS Act spurred U.S. banks (Citi, Bank of America) to explore dollar-backed stablecoins; regulatory details pending 19.
• BtcTurk suspended transfers after a $49M hot-wallet hack 4.
• U.S. blacklisted Russian exchanges Garantex and Grinex, escalating crypto crime enforcement 10.
• SEC delayed decisions on spot Solana ETFs to October 14.
• Ronin Network is migrating to an Ethereum -aligned Layer 2 20.

Commentary

Market structure is shifting as Coinbase ’s acquisition of Deribit consolidates crypto options trading under one roof, giving Coinbase near-total control of BTC and ETH options 1. This move, along with Deribit’s planned USDC -settled options, will likely impact liquidity and hedging dynamics across both centralized and on-chain derivatives markets. Meanwhile, decentralized venues like Hyperliquid are seeing record volumes, highlighting continued demand for on-chain trading alternatives 12.

Macro volatility remains a key driver, with over $1B in liquidations triggered by higher-than-expected U.S. PPI data. BTC and ETH both saw sharp drops, and altcoins followed with 3–5% declines 8. Despite the pullback, Ether ETFs attracted record inflows, pushing ETH ETF AUM to $23.4B and signaling persistent institutional demand for Ethereum exposure 6. The Ethereum exit queue has grown to $3.3B, extending unstaking wait times and raising the risk of further spot volatility if large amounts of ETH are redeployed or sold 11.

Liquidity conditions remain robust, as evidenced by a $9.5B surge in combined USDT and USDC supply and strong stablecoin inflows into both Solana and Ethereum ecosystems 513. Solana ’s outperformance in perpetuals volume and dApp revenue, coupled with rising stablecoin balances, underscores its growing role in DeFi and trading activity 13. Chainlink ’s TVS and cross-chain integrations further support DeFi infrastructure growth, while Ethereum TVL continues to recover 15.

On the regulatory front, the SEC’s “Project Crypto” and the Fed’s rollback of special crypto oversight signal a more standardized approach to digital asset regulation 39. The GENIUS Act is prompting major U.S. banks to explore stablecoin issuance, though operational impacts will depend on forthcoming rules 19. Security and compliance risks remain in focus, with the BtcTurk hack and U.S. sanctions on Russian exchanges serving as reminders of ongoing vulnerabilities 410.

Traders should monitor: regulatory developments (especially ETF approvals and stablecoin rules), ETH unstaking flows, stablecoin supply trends, and the evolving competition between centralized and decentralized derivatives platforms. Macro data releases continue to be major volatility catalysts.