TL;DR

Bitcoin plunges on $580M liquidations; Ethereum ETFs see record inflows; SEC delays major ETF decisions.

Highlights

• Bitcoin fell below $113,000 after $580M in liquidations, with Ethereum longs seeing the largest losses 1.
• Ethereum spot ETFs posted a record $2.9B weekly inflow, but saw $196M in outflows as volatility spiked 2.
• SEC delayed decisions on Truth Social’s Bitcoin -Ethereum ETF and seven other crypto funds, pushing most reviews to October 3.
• Wyoming launched FRNT, the first U.S. state-issued, over-collateralized stablecoin, live on seven blockchains 4.
• U.S. Treasury opened public comment on GENIUS Act stablecoin rules, aiming to clarify federal oversight 5.
• Circle minted $1.25B USDC on Solana in a week; USDC in circulation up 90% YoY to $61B 6.
• MicroStrategy added 430 BTC ($51M), now holding 629,376 BTC ; BitMine Immersion raised its ether holdings to $6.6B 78.
• Dormant Ethereum ICO wallets and whales moved over $100M in ETH , contributing to increased volatility 10.
• Ethereum ’s unstaking queue reached a record 910,000 ETH ($3.9B), led by Lido , EtherFi , and Coinbase 11.
• Chainlink ($LINK) jumped 12% past $26; futures open interest hit $1.75B amid rising institutional adoption 12.
• MetaMask to add native TRON support, expanding access to TRON ’s $82B USDT supply 13.
• SoFi to launch Bitcoin Lightning-powered cross-border payments, embedding Lightning rails into consumer remittances 14.
• Bullish raised $1.15B in the first U.S. IPO settled entirely in stablecoins, mainly via Solana and XRP Ledger 15.
• Solana hit 107,664 TPS on mainnet, generated $35M in dApp revenue in a week, and leads in fee stability 19.

Commentary

Crypto markets entered a sharp deleveraging phase as Bitcoin dropped below $113,000 and $580M in leveraged positions were liquidated, with Ethereum longs taking the largest hit 1. This volatility was compounded by significant ETH whale and dormant ICO wallet activity 10, as well as a record 910,000 ETH queued for unstaking—factors that are likely to keep price action choppy and open interest subdued until risk appetite rebuilds 11.

Despite the turbulence, institutional flows remain a key driver. Ethereum spot ETFs saw a record $2.9B in net inflows last week, though momentum reversed with $196M in outflows as volatility returned 2. Meanwhile, MicroStrategy and BitMine Immersion continued their accumulation strategies, adding to corporate BTC and ETH treasuries, respectively 78. Chainlink ’s strong price move and record futures open interest highlight ongoing institutional participation in DeFi infrastructure tokens 12.

Regulation is in focus. The SEC delayed decisions on several spot crypto ETFs, including those for Bitcoin , Ether , XRP , and Dogecoin , with most reviews now set for October 3. The U.S. Treasury’s public consultation on the GENIUS Act stablecoin rules 5, and Wyoming’s launch of the FRNT state stablecoin 4, underscore the sector’s regulatory evolution. Circle ’s $1.25B USDC mint on Solana 6 and Tether ’s U.S. strategy push 9 signal stablecoin issuers are preparing for new compliance standards and market opportunities.

On-chain and infrastructure developments remain robust. Solana ’s record throughput and dApp revenue 19, Circle ’s USDC growth 6, and Bullish’s IPO settled entirely in stablecoins 15 all reinforce the trend toward tokenized finance and blockchain-based settlement. MetaMask’s TRON integration and SoFi ’s Lightning-powered remittances 14 further broaden user access and utility across networks 13.

Traders should closely monitor ETF flows, regulatory headlines, and on-chain staking/unstaking data for signals on market direction and liquidity risks. Layer 1 competition, real-world asset tokenization, and stablecoin market structure remain key themes.