Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | September 14 - September 20, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Policy and Regulation

• Lawmakers and Crypto Leaders Discuss Strategic Bitcoin Reserve and Regulatory Reforms
• SEC Streamlines Crypto ETF Approval Process, Reducing Timelines to 75 Days

Market and ETFs

• XRP and Dogecoin ETFs Launch with $55M Combined Volume on Strong Debut
• Grayscale Launches US’s First Multi-Crypto Spot ETF (GDLC) While Moving to Convert Dogecoin Trust Into ETF (GDOG)

Exchange and Platform Developments

• Coinbase Contemplates Base Token Launch as MetaMask Unveils Imminent MASK Token
• PayPal Expands P2P Payments with Direct Crypto Transfers and New PayPal Links Feature
• Google Launches AI Payments Protocol with Stablecoin Support, Collaborating with Coinbase

Corporate and Treasury Moves

• Forward Industries Launches $4 Billion Equity Offering to Boost Solana Holdings

Blockchain and Network Upgrades

• Ethereum Fusaka Upgrade Set for December 3 Mainnet Launch, Enhancing Scalability and Security

Crypto Weekly Recap

Total crypto market cap: 3.97T

Crypto Fear & Greed Index: 48 (Neutral)

BTC.D: 58.05%

Bitcoin:

• Weekly performance: +0.03%
• US Spot BTC ETFs: +$886.65M
• Bitcoin is holding above $115K despite a volatile range between $114,412 (Sep 15 low) and $117,910 (Sep 18 high).
• That resilience was backed by U.S. spot ETF inflows, with steady demand early in the week (+$260M Mon, +$292.3M Tue), offset briefly by a -$51.3M outflow on the Fed decision day (Sep 17) before rebounding strongly.
• The flows mirrored macro conditions, as the Fed delivered a 25 bps cut, with two more cuts expected to come this year (Sep 17) — the first since December 2024, while dissenting voices like Governor Miran argued for a deeper 50 bps move.
• Markets immediately priced faster easing than the Fed’s forecasts, sparking BTC’s push to $117,900 on Sep 18, but a modest rise in the dollar index (+0.35% on week) capped further upside.
• Liquidation clusters near $114K and $117K kept BTC pinned, with ETF inflows absorbing downside while macro caution limited breakouts.
• Still, BTC, alongside gold and the S&P500, is near a historical high. This week, both gold and the S&P500 got their new all-time highs of $3,700 and 6,670, respectively.
• The consensus among several institutions is: this simultaneous high in equities + gold + BTC reflects strong market conviction around Fed easing, but also means assets are priced for perfection. Any negative surprise (e.g. inflation sticking, Fed resisting cuts, or a weaker macro print) could trigger sharp re-rating.

Ethereum:

• Weekly performance: -5.42%
• US Spot ETH ETFs: +$556.92M
• ETH was trading between a $4,694 high and $4,427 low this week.
• On Sep 17 FOMC day, ETH spiked +4.3% intraday ($4,427 to $4,619) before fading under $4.6K resistance.
• ETH initially tracked equities during the Fed decision, but later decoupled lower, underperforming both stocks and gold.
• Liquidity signals turned supportive, with Ethereum-based stablecoin supply reaching ~$166B mid-Sep, a record that highlighted dry powder waiting on the sidelines.
• Citi set a year-end ETH target of $4,300, citing adoption tailwinds but warning prices may be ahead of activity.
• Analysts flagged the SEC’s new ETF listing standards as a “floodgates” moment, supporting medium-term crypto ETP growth.
• Key ranges now are $4,420-4,450 support vs. $4,620-4,700 supply zone; breakouts decide ETF-driven upside or liquidation risk.
• Ethereum’s major Fusaka upgrade is set to launch on mainnet on Dec 3.
• With futures pricing more 2025 Fed cuts, ETF demand and stablecoin inflows should keep ETH supported, but upside likely needs new usage or product catalysts.
• Altcoins outshone ETH this week: BNB hit $1,000 ATH, SOL surged strongly, while FTT pumped 50% in a day after SBF’s X account reactivated and CZ’s handle update removed the “old @binance” tag with “@binance.”

Others:

• Strategy bought 525 BTC for $60M, lifting its treasury to 638,985 BTC.
• Monero saw its largest reorg, wiping 36 minutes of transactions.
• Polkadot capped DOT supply at 2.1B to tighten tokenomics.
• LSEG launched a blockchain platform for tokenized private funds.
• Robinhood pursued a fund letting US investors buy pre-IPO companies.
• Strive added industry veterans to its board and rolled out $950M initiatives.
• MetaMask launched mUSD stablecoin as dollar-pegged tokens expanded.
• Bitwise filed an S-1 to list an Avalanche ETF.
• Standard Chartered’s VC unit planned a $250M digital asset fund.
• Binance negotiated with DOJ to drop its compliance monitor.
• Circle launched native USDC on Hyperliquid.
• CME Group set plans to launch Solana and XRP options next month.
• South Korea’s first KRW-pegged stablecoin, KRW1, launched on Avalanche.
• DBS Bank partnered with Franklin Templeton and Ripple on tokenized funds.

Lawmakers and Crypto Leaders Discuss Strategic Bitcoin Reserve and Regulatory Reforms

Lawmakers and crypto executives gathered in Washington for discussions on advancing the Strategic Bitcoin Reserve and U.S. digital asset regulation. The proposed BITCOIN Act aims to establish a national reserve of up to 1 million Bitcoin, building on a prior executive order. Key participants included Senator Bernie Moreno and Coinbase CEO Brian Armstrong. The reserve is deemed essential for Bitcoin's long-term viability in America’s financial system. Despite support from Republican lawmakers, broader bipartisan backing remains limited. The Senate’s Responsible Financial Innovation Act is expected to face committee votes soon, amidst ongoing deliberations about crypto regulatory oversight and enforcement.

SEC Streamlines Crypto ETF Approval Process, Reducing Timelines to 75 Days

The SEC's recent approval of streamlined generic listing standards for spot crypto ETFs marks a significant shift in the market. Introduced between September 17-18, 2025, this decision reduces approval timelines from up to 240 days to as few as 75 days. Exchanges can now bypass individual Rule 19b-4 filings for qualifying products, which can include assets traded on regulated markets or existing ETFs. This change could lead to a surge in new offerings, such as those for Solana and XRP. However, concerns about investor protections remain, as noted by Commissioner Caroline Crenshaw, amidst enthusiasm from industry leaders.

XRP and Dogecoin ETFs Launch with $55M Combined Volume on Strong Debut

XRP and Dogecoin ETFs debuted strongly, generating a combined $55 million in volume on their first trading day. The REX-Osprey XRP ETF (ticker XRPR) led with $37.7 million, marking the largest day-one volume among 710 ETF launches in 2025, while the REX-Osprey DOGE ETF (ticker DOJE) achieved $17 million. Bloomberg analyst Eric Balchunas hailed the performance, predicting over 100 more crypto ETFs within the year due to new SEC listing standards. Despite robust ETF activity, XRP fell 1.10% to $3.01 and Dogecoin declined 3.52% to $0.266, illustrating the disconnect between ETF enthusiasm and crypto price fluctuations.

Coinbase Contemplates Base Token Launch as MetaMask Unveils Imminent MASK Token

Coinbase is considering launching a native token for its Base Layer 2 network in 2025, following significant adoption metrics with daily transactions exceeding 2 million and over $2 billion total value locked. Potential governance models may mirror those of Optimism and Arbitrum. Meanwhile, on September 19, 2025, Consensys CEO Joseph Lubin announced that the long-awaited MASK token for MetaMask is imminent, emphasizing community ownership and governance. The introduction of MASK follows earlier token distributions by Consensys, underscoring a commitment to decentralization. These developments highlight a pivotal moment for governance and regulatory compliance in the crypto sector.

PayPal Expands P2P Payments with Direct Crypto Transfers and New PayPal Links Feature

On September 15, 2025, PayPal expanded its peer-to-peer payment system by introducing direct cryptocurrency transfers and the PayPal Links feature, allowing users to send Bitcoin, Ethereum, and PYUSD stablecoin between PayPal, Venmo, and external wallets. This expansion follows a 10% year-over-year increase in consumer payment volume, with Venmo achieving its highest growth in three years. Personal payment transactions will not trigger 1099-K tax reporting. The rollout begins in the U.S., with plans for a global expansion. PYUSD, backed by U.S. dollar assets, is central to this initiative, reinforcing PayPal's commitment to simplify digital money transfers.

Google Launches AI Payments Protocol with Stablecoin Support, Collaborating with Coinbase

On September 16, 2025, Google launched an open-source payments protocol enabling AI agents to conduct transactions using U.S. dollar-pegged stablecoins, collaborating with Coinbase and over 60 firms like Salesforce and American Express. This innovation enhances Google's earlier Agent-to-Agent (A2A) specification by incorporating payment capabilities. The protocol allows software agents to autonomously authenticate transactions across both traditional card networks and blockchain, promoting verified interactions. This initiative aligns with Google's advancements in financial-grade blockchain infrastructure, aiming to bridge conventional finance and cryptocurrency for machine-to-machine commerce, while the Ethereum Foundation also develops its decentralized AI initiative.

Forward Industries Launches $4 Billion Equity Offering to Boost Solana Holdings

Forward Industries, a Nasdaq-listed design firm, has initiated a $4 billion at-the-market equity offering to expand its Solana accumulation strategy, having recently invested approximately $1.6 billion to acquire SOL. The company's SEC filing follows a $1.65 billion private investment in public equity led by Galaxy Digital, Jump Crypto, and Multicoin Capital. Forward purchased 6.82 million SOL at an average price of $232. This move highlights a trend among companies building digital asset treasuries, with Solana treasuries currently holding about $3.2 billion in assets as of September 17, 2025, positioning Forward as a significant player in the crypto market.

Ethereum Fusaka Upgrade Set for December 3 Mainnet Launch, Enhancing Scalability and Security

The Ethereum Fusaka upgrade is scheduled for mainnet launch on December 3, 2025, following testnet activations on Holesky (Oct. 1), Sepolia (Oct. 14), and Hoodi (Oct. 28). This major upgrade aims to enhance scalability while ensuring decentralization and security. Key features include Peer Data Availability Sampling, doubling blob capacity post-upgrade, increasing the block gas limit from 30 million to 150 million units, and implementing Verkle Trees for optimized data storage. A four-week audit contest with $2 million in rewards has been launched to identify bugs before the hard fork, setting the stage for future enhancements like Glamsterdam in 2026.

Grayscale Launches US’s First Multi-Crypto Spot ETF (GDLC) While Moving to Convert Dogecoin Trust Into ETF (GDOG)

On September 19, 2025, Grayscale officially launched its first multi-asset spot crypto ETP/ETF, the Grayscale CoinDesk Crypto 5 ETF (ticker GDLC), which tracks the CoinDesk 5 Index and offers exposure to the five largest and most liquid cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. GDLC will trade on NYSE Arca, with an expense ratio of 0.59%, rebalanced quarterly. On the same day, Grayscale submitted a revised S-1 registration with the SEC to convert its closed-end Dogecoin Trust into an ETF to be listed as GDOG, naming Coinbase as prime broker/custodian. Also, NYSE Arca proposed modifying the listing terms of its Ethereum Trust and “mini” version to align with the SEC’s newly approved generic/universal listing standards, which include looser regulatory scrutiny.