TL;DR

Bitcoin drops to $115K on US inflation; $2.85B ETH ETF inflows; $3.8B ETH unstaking queue.

Highlights

• • Bitcoin fell to $115,000, triggering $550M in liquidations as US inflation data dampened Fed rate-cut expectations 1.
• • Over $3.8B in Ethereum queued for unstaking; exchange reserves hit a nine-year low despite ETF inflows and mixed whale activity 2.
• • US spot Ethereum ETFs posted $2.85B in weekly inflows, outpacing Bitcoin ETFs ($548M) and Solana products ($176M) 3.
• • MicroStrategy added 430 BTC, now holding 629,376 BTC (~3% of supply); Norway’s sovereign fund increased indirect BTC exposure to 11,600 BTC 620.
• • BitMine Immersion became the largest corporate Ethereum holder with 1.52M ETH ($6.6B), targeting up to 5% of supply 7.
• • Chainlink’s LINK rose 12% after launching a buyback mechanism and reporting $93B in value secured; whale accumulation noted 10.
• • Solana set a mainnet record of 107,000+ TPS in a stress test; $35M in weekly dApp revenue; strong ETF and stablecoin inflows 163.
• • Circle minted $1.25B USDC on Solana , boosting 2025 total to $24B; Ethereum stablecoin supply also increased 143.
• • US Treasury opened public comment on stablecoin rules under the GENIUS Act; Japan FSA approved JPYC, first yen-backed stablecoin 49.
• • SEC delayed decisions on Truth Social, XRP , Litecoin , Dogecoin , and other spot crypto ETF applications to October 5.
• • Binance listed Plume Network’s PLUME token after a 150M-token airdrop; price jumped 17% on debut 11.
• • Google raised its TeraWulf stake to 14%; Thailand launched a crypto-to-baht pilot for tourists; Volkswagen Singapore now accepts crypto payments 151718.

Commentary

Crypto markets faced significant volatility as Bitcoin ’s drop to $115,000 and over $550M in liquidations followed hotter-than-expected US inflation data, reducing near-term hopes for Fed rate cuts 1. The move triggered widespread forced selling, particularly among leveraged traders, and highlighted the sensitivity of risk assets to macroeconomic signals 112. Despite the correction, Bitcoin ’s 200-day moving average has surpassed $100,000, and it continues to find support above $110,000, suggesting that long-term positioning remains robust 19.

Ethereum ’s landscape is mixed. The record $3.8B unstaking queue and increased exchange deposits point to potential short-term selling pressure, especially as leveraged positions unwind 2. However, the nine-year low in exchange reserves, record ETF inflows, and notable whale accumulation (including BitMine Immersion’s aggressive buying) indicate continued institutional and corporate interest 27. The divergence between derivatives market caution (record CME ETH shorts) and spot inflows will be important to monitor as volatility persists 23.

Altcoin and infrastructure narratives remain active. Solana ’s mainnet stress test set a new throughput record, and the network continues to lead in dApp revenue and ETF inflows 163. Chainlink’s buyback program and whale accumulation have driven LINK outperformance 10. Stablecoin growth is notable, with Circle minting $1.25B USDC on Solana and Japan approving its first yen-backed stablecoin 149. Regulatory developments are also in focus: the US Treasury’s GENIUS Act comment period and the SEC’s ETF delays signal ongoing policy uncertainty, while new adoption pilots in Thailand and Singapore reflect steady progress in real-world crypto use cases 451718.

Traders should closely watch macroeconomic data, ETF flows, and on-chain signals for signs of renewed risk appetite or further deleveraging 13. Near-term volatility is likely, but institutional accumulation, TradFi integration, and regulatory clarity remain key drivers for capital rotation and sentiment.