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Bitcoin is currently holding above a key confluence of support, the rising trendline on the daily chart and the 50-day moving average, with price action bouncing cleanly off the May high near $112,000. This level remains critical in the near term. A decisive break and close below it could open the door to further downside toward $106,000, with a possible extension to $101,000. On Deribit, BTC and ETH options risk reversals are now tilting bearish through the October expiry, reflecting growing demand for downside protection.
Solana is starting to feel pressure from Base, which has now overtaken it in total token launches, largely due to the viral adoption of social applications like Zora and Farcaster that auto-mint posts as ERC-20 tokens. While Solana remains dominant in memecoin trading volumes, Base’s rapid growth is shifting the innovation narrative, especially in social-token experimentation.
The crypto ETF complex continues to show signs of weakness. BTC spot ETFs recorded their fourth straight day of outflows, while ETH broke a two-day losing streak with $73.3 million in inflows yesterday. Combined, BTC and ETH spot products have seen a net outflow of $922 million since Monday, a signal of fading institutional risk appetite.
Last week’s disappointing jobs report has increased the probability of rate cuts, with SOFR-linked options now pricing in the potential for 75bps in easing across the final three Fed meetings of 2025. While rate cuts typically support risk assets, markets remain divided, and for now, traders appear to be selling into the weakness. Momentum has shifted defensively amid uncertainty about whether a weaker macro backdrop offsets the benefit of easier policy.
In other news, Japan’s SBI Holdings, the country’s largest bank, has announced plans to launch a dual-asset crypto ETF tied to both BTC and XRP, a potential signal of growing institutional demand in Asia despite the recent softness in broader markets.
The News Room
SEC liquid staking guidance clears last hurdle for staking in spot crypto ETFs
The SEC has provided clarity that liquid staking tokens qualify as receipts rather than unregistered securities—effectively removing the final regulatory barrier to including staking in spot crypto ETFs. This guidance paves the way for ETFs to offer exposure to staking yields, opening a new product feature set for issuers and potentially broadening investor access to liquid staking strategies within regulated fund wrappers.
Public Bitcoin treasuries step in with $552M buys amid $1.25B ETF outflows
As spot Bitcoin ETFs suffered $1.25 billion in net outflows, publicly traded companies with Bitcoin on their balance sheets stepped up their purchasing, collectively acquiring approximately $552 million worth of BTC. These treasury-level holdings helped cushion price swings and underscored growing corporate confidence in Bitcoin as a treasury asset amid ETF volatility.
Tether’s USDT captures 40% of all on-chain fees across 9 major blockchain networks
Tether’s USDT now accounts for nearly 40% of total on-chain transaction fees across nine leading blockchains—a striking measure of its dominance in usage, particularly on Ethereum and Tron. The high fee share highlights USDT's role as a transactional medium across DeFi, trading, and payments, reinforcing its position as the most widely used stablecoin in crypto financial infrastructure.
Crypto Charts
ETF Flow
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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