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Crypto Market
|
Crypto |
BTC |
ETH |
|
Weekly High |
$ 113,874 |
$ 4,210 |
|
Weekly Low |
$ 108,964 |
$ 3,864 |
BTC and ETH Market Insight
Last week saw a subdued performance in the cryptocurrency market. BTC spot dropped from over $115,000 to sub $110,000, and ETH spot dropped from $4,455 to $3,815 the lowest. The BTC MVRV (Market Value to Realized Value) ratio dropped from 2.15 to 2.06 last week. A ratio above 1 indicates the market is trading above "fair value," with levels around 2–3 signaling bullish. Although the price is in correction, last week the market still saw corporate treasuries expanding BTC positions. Metaplanet (MTPLF) acquired 5,419 BTC at avg. $116,724/BTC. Jiuzi Holdings (JZXN) announced $1B treasury init. with BTC/ETH/BNB.
Upcoming Macro Calendar - Source: Trading Economics
Options Market
Market sentiment has soured this week, with both BTC and ETH posting negative performances. ETH experienced a significant decline, dropping nearly 10% as of now, with 4,000 acting as a critical support level; failure to hold this could trigger further downside. BTC, however, demonstrated greater resilience. Realized volatility increased for both assets, accompanied by a rise in implied volatility. ETH's 20-point volatility carry tightened to 5 points. BTC's put skew turned positive across the term structure, while ETH's front-end skew also favored puts. Implied funding rates from perpetuals signaled a neutral-to-bearish outlook.
Altcoins and Blockchain News
- Perp DEX ApeX has announced the launch of its APEX token buyback program. The team will kick off the plan with a one-time investment of $12 million from past revenue.
- Bitcoin mining company TeraWulf plans to raise approximately $3 billion to support the development of its data centers.
- Tether is seeking to raise up to $20 billion at a valuation of $500 billion.
- Centrifuge has launched the first S&P 500 index fund licensed on the blockchain, open to on-chain investors. The fund, named Janus Henderson Anemoy S&P 500 Fund, went live on the Base network on Thursday.
- Crypto custody firm BitGo disclosed in its IPO filing that it generated $4.19 billion in revenue in the first half of the year, marking a nearly fourfold year-over-year increase.
- Institutions such as Fidelity and Grayscale have submitted amended S-1 filings for spot SOL ETFs.
- Solana's custom fiber network DoubleZero announced its mainnet will launch on October 2, and it will also deploy its native 2Z token.
- According to Dune Analytics, since Binance announced its 12% APY USDe promotion on September 22, USDe deposits on the platform have surged to 2.54 billion tokens.
- PayPal’s stablecoin PYUSD has expanded to Tron, Avalanche, Sei, and other blockchains through LayerZero.
Macro
The major benchmarks closed slightly lower for the week: the DJIA lost 0.1%, the S&P 500 -0.3%, and the Nasdaq -0.7%. The Chinese finished the week with solid gains: the Shanghai Composite Index added +0.21%, the CSI 300 advanced +1.07% while the Hang Seng index lost 1.57%.
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