Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | September 21 - September 27, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Market Structure & Regulation

• Zhao declares 'Perp DEX Era' as Aster surges to $115B volume
• SEC and FINRA investigate corporate crypto treasuries amid poor proxy performance and ETF threats
• Tether plans $15-20 billion funding round as Citi forecasts stablecoin surge to $4 trillion by 2030
• Strive to acquire Semler Scientific in all-stock deal, boosting Bitcoin holdings to 10,900 BTC

Corporate Treasury & Institutional Adoption

• Metaplanet acquires $632M in Bitcoin, aiming for 30,000 BTC by year-end
• BlackRock files for iShares Bitcoin Premium ETF while acquiring $79M in BTC
• Vanguard to introduce access to third-party crypto ETFs amid growing demand

Exchanges & Platforms

• Kraken raises $500M to fuel IPO plans and global growth, achieves $15B valuation
• AgriFORCE One rebrands to AVAX One, targets $550M for AVAX token acquisition under Scaramucci's leadership
• Plasma launches stablecoin neobank, Plasma One, with 4% cashback and 10% yield following Mainnet Beta
• Jiuzi Holdings launches $1B crypto treasury under new COO, focusing on BTC, ETH, and BNB

Crypto Weekly Recap

Total crypto market cap: 3.73T

Crypto Fear & Greed Index: 33 (Fear)

BTC.D: 58.52%

Bitcoin:

• Weekly performance: -5.36%
• US Spot BTC ETFs: -$902.5M
• BTC closed the week with falling from ~$115.2K to ~$109.3K, with a high at $115.8K and a low at $108.7K.
• US spot BTC ETFs recorded -$902.5M net outflows, led by heavy redemptions Thu/Fri that erased Wed’s +$241M inflow.
• US PCE inflation (Sep 26) came in at +0.3% m/m and 2.7% y/y (core 2.9%), in line with expectations, briefly lifting equities but failing to boost BTC.
• Gold rallied to new ATH of $3,790/oz, outperforming BTC as investors rotated toward defensive hedges.
• $1.0-$1.7B liquidations hit Mon-Thu, with BTC ~$200-265M, driving the flush to $108.7K. Bitcoin saw the most fear since $83K with Fear and Greed Index hitting a 5-month low.
• Stablecoin cap rose +1.5% w/w to ~$297B, signaling sidelined liquidity waiting for entry.
• Deutsche Bank says bitcoin could appear on central bank balance sheets by 2030, coexisting with gold as a complementary hedge asset.
• Analysts noted inflation is sticky but not escalating, supporting one more cut, while consumer resilience was highlighted.
• Key price levels to watch include support at $109K and potential retest around $101K if breakdown occurs.

Ethereum:

• Weekly performance: -10.17%
• US Spot ETH ETFs: -$795.56M
• ETH slid from its weekly high of $4,440, with a sharp low at $3,820 (Sep 25) after cascading liquidations.
• Selling was front-loaded early week; Thursday’s $3.8K flush was the capitulation point, followed by Friday stabilization on macro relief.
• U.S. Spot ETH ETFs saw four straight outflow days, capped by -$251.2M on Thu and -$248.3M on Fri, reinforcing spot selling pressure.
• Derivatives amplified stress: $1.5-$1.7B in 24h liquidations plus negative funding led to forced unwinds into thin liquidity.
• Macro tone weighed in: Powell (Sep 23) signaled no urgency to cut, cooling risk, while Aug PCE (Sep 26) release contributed to easing yields and letting ETH reclaim $4K.
• Fed’s September 25 bps cut removed some carry for stablecoin issuers, trimming passive inflows into crypto but not directly triggering the ETH dump.
• Flow-of-funds shows ETF redemptions + perp liquidations, not macro alone, as the key drivers of ETH’s slide.
• The market now watches if ETF outflows persist at $200M+ daily; without that bleed, the bulk of forced selling may be behind ETH.
• While Ethereum is seeing a downside in its social sentiment, the crypto community mainly focused on perp DEXs and stablecoins this week.

Others:

• Ronin Treasury announced a multimillion RON buyback starting next week.
• Toyota, BYD, and Yamaha dealerships in Bolivia accepted crypto as inflation hit 40-year highs.
• MetaMask's mUSD stablecoin reached $65M supply one week after launch.
• A Florida cannabis firm rebranded as 0G Crypto Treasury with $401M in funding.
• China ordered brokers to halt real-world asset business in Hong Kong.
• South Korea prepared for its first public Solana treasury purchase with Fragmetric & DFDV.
• UAE signed a deal for automatic exchange of crypto tax data.
• Stable integrated PayPal’s PYUSD in a new funding round.
• Transak added USDG, the first MiCA-compliant stablecoin from Paxos.
• Coinbase listed its first AUD and SGD stablecoins in a global rollout.
• Fitell launched a $100M Solana treasury.
• USDH stablecoin went live on Hyperliquid with $2.2M in early trading.
• CZ and YZi Labs denied opening a $10B investment firm to outside investors.
• SBF returned to X, sending FTT soaring.
• Franklin Templeton’s Benji platform expanded to BNB Chain.
• DeFi Dev Corp expanded its buyback program to $100M.
• Binance froze funds after Seedify suffered a major bridge exploit.
• USDH stablecoin went live on Hyperliquid with $2.2M in early trading.
• CZ and YZi Labs denied opening a $10B investment firm to outside investors.
• SBF returned to X, sending FTT soaring.
• Franklin Templeton’s Benji platform expanded to BNB Chain.
• DeFi Dev Corp expanded its buyback program to $100M.
• Binance froze funds after Seedify suffered a major bridge exploit.

Zhao Declares 'Perp DEX Era' as Aster Surges to $115B Volume

Changpeng Zhao heralded the "perp DEX era," emphasizing perpetual decentralized exchanges as the future growth driver for digital assets. Aster achieved an astounding $115B in 30-day volume, with $46.98B in a single day, while Plasma's XPL token launch attracted $2.5B in deposits. However, Hyperliquid's TVL plunged from $2.8B to $2B due to Aster’s rise and a $3.6M rug pull incident. SunPerp disrupted the market with the lowest trading fees, intensifying competition. The perpetual DEX landscape now looks promising yet precarious, reflecting explosive adoption amidst significant technological and security challenges.

SEC and FINRA Investigate Corporate Crypto Treasuries Amid Poor Proxy Performance and ETF Threats

The SEC and FINRA are investigating unusual trading patterns linked to corporate digital-asset treasury announcements, contacting over 200 companies. Despite Bitcoin's price surge above $123,000, corporate proxies like Strategy and Metaplanet have sharply underperformed, with losses of 45% and 78%, respectively. PIPE financings pose additional risks as stock prices drop post-lockup. Analysts warn of ETF competition diminishing DAT model viability, with calls for investors to prefer ETFs or direct assets. This environment indicates a significant shift, revealing growing risks amid regulatory scrutiny and market volatility for corporate treasuries.

Tether Plans $15-20 Billion Funding Round as Citi Forecasts Stablecoin Surge to $4 Trillion by 2030

Tether is planning a $15-20 billion funding round, aiming for a $500 billion valuation, with discussions involving SoftBank and ARK. In Q2 2025, Tether reported a net income of $4.9 billion, driven by U.S. Treasury holdings. Citi estimates stablecoin issuance could reach $1.9 trillion in a base case and $4 trillion in a bull case by 2030, potentially facilitating $100-200 trillion in annual transactions. Tether's market influence and diversification into energy and media underscore its strategic expansion, while institutional adoption remains cautious, reflected in a low maturity score of 0.5 out of 10 from Citi.

Strive to Acquire Semler Scientific in All-Stock Deal, Boosting Bitcoin Holdings to 10,900 BTC

Strive has agreed to acquire Semler Scientific in an all-stock transaction, creating a combined entity with over 10,900 BTC, making it one of the largest corporate Bitcoin holders. The deal, which implies a 210% premium for Semler, reflects a market trend toward consolidation as premiums compress. Strive also disclosed purchasing 5,816 Bitcoin for $675 million, increasing its holdings to 5,886 BTC. The merger arrives amidst a shift in the digital asset treasury landscape from capital raising to consolidation, with firms seeking strategies to boost bitcoin-per-share value. Market reaction saw Strive's shares fall while Semler's stock surged, as investors closely monitor the combined firm's impact on the crypto market.

Metaplanet Acquires $632M in Bitcoin, Aiming for 30,000 BTC by Year-End

Metaplanet, a Tokyo-based investment firm, recently acquired 5,419 BTC for $632.53 million, raising its total holdings to 25,555 BTC, valued at approximately $2.91 billion. This purchase achieves 85.2% of its 2025 target of 30,000 BTC and is part of a broader strategy under its "555 Million Plan" to acquire 210,000 BTC by 2027. The firm’s Bitcoin strategy has shown strong performance with yield metrics of 95.6% and 129.4% in Q1 and Q2 2025, respectively. In contrast, competitor Strategy increased its holdings by 850 BTC, emphasizing Metaplanet's aggressive accumulation approach amidst volatility in the Bitcoin market.

BlackRock Files for iShares Bitcoin Premium ETF While Acquiring $79M in BTC

BlackRock has filed for the iShares Bitcoin Premium ETF, aiming to generate yield through covered call strategies, thus catering to income-focused investors. This new product is viewed as a sequel to the iShares Bitcoin Trust (IBIT), which achieved a record $80 billion in assets under management within 374 days. Concurrently, BlackRock purchased 703.7 BTC for approximately $79 million, showcasing confidence in Bitcoin despite a bearish market atmosphere, as evidenced by a put-to-call ratio of 0.75. This strategic accumulation indicates BlackRock's commitment to Bitcoin over Ethereum, following recent trends favoring BTC investments.

Vanguard to Introduce Access to Third-Party Crypto ETFs Amid Growing Demand

Vanguard plans to allow access to third-party crypto ETFs on its brokerage platform due to strong client demand and a favorable regulatory landscape, marking a shift from its previously conservative stance. Led by CEO Salim Ramji, Vanguard is not launching its own products but is responding to industry trends, influenced by BlackRock's successful Bitcoin ETF, IBIT, which gained $79 million in inflows amid outflows for other firms. The broader crypto ETF market has seen over $70 billion in inflows recently, with Bitcoin and Ethereum ETFs collectively maintaining confidence despite market corrections, showcasing a growing institutional interest in digital assets.

Kraken Raises $500M to Fuel IPO Plans and Global Growth, Achieves $15B Valuation

Kraken has secured $500 million in its largest funding round to date, achieving a $15 billion valuation ahead of its planned IPO in 2026. This self-led round attracted participation from VCs and Tribe Capital, with co-CEO Arjun Sethi contributing personally. The exchange reported $411 million in Q2 2025 revenue and $80 million in post-EBITDA earnings, bolstering investor confidence. Leadership restructuring has prepared Kraken for public offerings, focusing on product expansion. With a 68% market share in fiat-to-crypto conversions, Kraken aims to enhance its infrastructure and global presence while competing effectively in the evolving crypto market.

AgriFORCE One Rebrands to AVAX One, Targets $550M for AVAX Token Acquisition Under Scaramucci's Leadership

AgriFORCE One has rebranded as AVAX One, aiming for $550 million to acquire AVAX tokens. Under the leadership of Anthony Scaramucci as advisory head and Matt Zhang as board chair, the strategy focuses on large-scale AVAX purchases and fintech acquisitions. It features a two-phase capital raise of $300 million in PIPE and $250 million in equity-linked offerings, backed by major firms like ParaFi and Galaxy Digital. The rebranding drove a 132% surge in AgriFORCE shares, while AVAX saw a 13.97% increase. The move positions AVAX One as a bridge between traditional finance and blockchain assets.

Plasma Launches Stablecoin Neobank, Plasma One, with 4% Cashback and 10% Yield Following Mainnet Beta

Plasma is launching a neobank, Plasma One, following the mainnet beta of its stablecoin-optimized layer-1 blockchain on September 25, 2025. Users will be able to load a prepaid card with stablecoins like USDT, offering 4% cashback and over 10% yield on deposits with no lockup period. The card will have international coverage in over 150 countries and promise zero fees on USDT transfers. Plasma has raised $24 million in funding and aims to address financial exclusion by providing permissionless access to essential banking functions. Users can sign up for a waitlist on the Plasma website.

Jiuzi Holdings Launches $1B Crypto Treasury Under New COO, Focusing on BTC, ETH, and BNB

Jiuzi Holdings has approved a $1 billion Crypto Asset Investment Policy focusing on Bitcoin (BTC), Ethereum (ETH), and BNB under the new leadership of COO Dr. Doug Buerger, a crypto expert. CEO Tao Li emphasized that this initiative aims to enhance long-term shareholder value, with a cautious strategy and oversight from a newly formed Crypto Asset Risk Committee led by CFO Huijie Gao. Jiuzi will use external custodians for security, avoiding self-custody. With a market cap of approximately $89 million and a beta rating of 1.63, the company seeks to strategically balance innovation with investor safety amidst market volatility.