Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | September 28 - October 4, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Major Regulatory and Market Initiatives

• SEC explores framework for trading tokenized stocks on crypto exchanges
• Coinbase launched $12K crypto aid program and partnered with Samsung for Galaxy integration
• Tether sought $200 million with Antalpha to launch tokenized gold treasury company
• REX, Osprey, and Defiance filed 27 altcoin ETFs amid SEC delays

Taxation and Legal Decisions

• IRS exempted unrealized Bitcoin gains from corporate tax, boosting Strategy Inc. and crypto adoption
• UK debated returning $7.24B seized Bitcoin to fraud victims or keeping profits

Corporate and Retail Expansion

• Walmart’s OnePay app to launch Bitcoin and Ethereum trading by late 2025
• Trump family’s WLFI aimed to tokenize $1.2B real estate portfolio and launch crypto debit card amid controversy

Institutional and Treasury Moves

• Avalanche Treasury Co. announced $675M SPAC merger, targeting $1B in assets and Nasdaq listing

Country-Specific Developments

• Thailand SEC expanded crypto ETFs to include Ethereum and Solana, targeting early 2026 launch

Crypto Weekly Recap

Total crypto market cap: 4.12T

Crypto Fear & Greed Index: 71 (Greed)

BTC.D: 59.11%

Bitcoin:

• Weekly performance: +11.54%
• US Spot BTC ETFs: +$3.24B
• Bitcoin price rose from $112,175 (Sep 28) to $122,407 (Oct 4), with a weekly low of $109,214 and a high of $123,890 on Oct 3.
• Spot ETF demand drove the breakout, including $676M (Oct 1), $627M (Oct 2), and a record $985M (Oct 3), marking the second-strongest ETF week ever.
• Fed cut expectations surged, with CME FedWatch showing ~96% odds of a 25bps cut at the Oct 29 FOMC, reinforced by BofA moving its forecasted cut forward to October.
• U.S. government shutdown delayed economic data, leaving the labor market outlook to ADP estimates, which increased conviction for immediate easing and amplified ETF-driven BTC demand.
• Macro risk assets rallied together: the S&P 500 and Dow hit record highs on Oct 3, while gold hovered near $3,890/oz, showing both risk and hedge assets bid in the same easing narrative.
• BTC price structure was healthier after the Sep 22 flush, when $1.8B of crypto leveraged positions were liquidated; this cleared perps, allowing ETF-led spot demand to dominate this week.
• Stablecoin supply crossed $300B by Oct 3, expanding dry powder for risk allocation, but most flows remained sidelined rather than rotating into BTC, leaving upside potential.
• Sentiment flipped bullish as the “Uptober” narrative gained traction; desks framed this rally as “clean leverage, real inflows”, with whales buying into strength.

Ethereum:

• Weekly performance: +11.90%
• US Spot ETH ETFs: +$1.30B
• Ethereum is trading near $4,500 after bouncing from a low of $3,980 and topping at $4,589, with the breakout triggered late in the week.
• The ETF surge fueled ETH’s rally, as dip-buyers re-entered with confidence in institutional demand after September’s weakness.
• Macro backdrop stayed supportive: government shutdown, weak ADP payrolls, sparking risk-on sentiment.
• Derivatives added fuel: $330-$400M shorts liquidated on Oct 2, with ETH reclaiming $4.3-$4.5K, forcing bears to cover and extending momentum.
• ETH’s late-week surge aligned: macro rate-cut bets -> ETF inflows -> short squeezes -> higher stablecoin base -> momentum into weekly close.
• The rally remains flow-driven, so next week hinges on ETF prints; a sharp inflow slowdown or hawkish Fed rhetoric could break momentum.

Others:

• BNB hit a new all-time high of $1,190, sparking fresh interest in BNB Chain tokens.
• Metaplanet became the fourth-largest public Bitcoin holder with a $615M buy, targeting 1% of global supply by 2027.
• Tether moved 8,888 BTC worth $1B into its bitcoin reserve wallet, onchain data showed.
• Bitmine said it held 2.65M ETH, pushing total crypto and cash to $11.6B.
• Flying Tulip secured $200M in private funding backed by Brevan Howard Digital and others.
• Hyperliquid’s token price rose as Hypurr NFTs went live.
• The UK lifted its ban on cryptocurrency ETNs for retail investors.
• Swedish lawmakers proposed creating a national Bitcoin reserve.
• Kazakhstan launched its first crypto reserve fund.
• Ripple partnered with Ondo Finance to tokenize U.S. Treasuries on XRPL.
• Predictive Oncology launched a $344M DePIN treasury focused on Aethir.
• Republic moved to tokenize Animoca Brands equity on Solana to expand investor access.
• Chainlink collaborated with UBS to advance tokenized fund workflows.
• Societe Generale’s crypto arm issued euro and dollar stablecoins on Ethereum for DeFi use.
• Visa launched a stablecoin solution to streamline cross-border business payments.
• ZEC surged after Thorswap support and a Grayscale Trust update.
• Ripple’s CTO David Schwartz stepped back after 13 years, joining the board as XRP saw a mild price uptick.
• Plasma’s XPL token debuted at $2.8B but turned volatile amid insider selling denials and whale manipulation claims.
• BNB Chain’s X account was restored after a hack, with losses limited to $13K.
• A judge dismissed the Yuga Labs lawsuit, ruling that BAYC NFTs are not securities.

SEC Explores Framework for Trading Tokenized Stocks on Crypto Exchanges

The SEC is exploring frameworks for trading blockchain-based stocks on crypto exchanges, with Commissioner Hester Peirce affirming that tokenized securities are still subject to U.S. securities laws. The current market for tokenized assets stands at $31 billion, with projections nearing $2 trillion by 2030, but liquidity remains a concern. Traditional finance firms caution against regulatory arbitrage. Recent regulatory measures include a no-action letter for investment advisers using state trust companies for custody of crypto. Companies like Nasdaq and Coinbase are pursuing changes to integrate tokenized securities, signaling a potential shift in the relationship between traditional and digital asset markets.

Coinbase Launch $12K Crypto Aid Program and Partners with Samsung for Galaxy Integration

Coinbase recently launched a pilot program in New York, distributing $12,000 in USDC to 160 low-income residents through no-strings cash transfers. Concurrently, Coinbase partnered with Samsung to integrate its services into 75 million Galaxy devices, offering zero trading fees and enhanced staking rewards. The initiative aims to bring over a billion users on-chain, facilitating mass-market crypto access. Coinbase forecasts stablecoin growth to a $1.2 trillion market cap by 2028, emphasizing the need for regulatory clarity. These moves position Coinbase as a key player in digital finance, bridging consumer aid and technology.

Tether Seeks $200 Million with Antalpha to Launch Tokenized Gold Treasury Company

Tether is pursuing a $200 million partnership with Antalpha to establish a tokenized gold treasury company that would build reserves of Tether Gold (XAUt). Currently, XAUt leads the gold-backed token market with a $1.5 billion market cap, backed by approximately 7.66 metric tons of physical gold. Tether's broader strategy includes diversifying investments in bitcoin, payments, energy, and AI, while managing $174 billion in USDT supply. The initiative aims to bridge digital assets with real-world commodities, but faces challenges in custody logistics and regulatory clarity. Tether Gold recently surpassed a $1 billion market cap amid rising gold prices.

REX, Osprey, and Defiance File 27 Altcoin ETFs Amid SEC Delays

In October 2025, REX and Osprey filed 21 spot altcoin ETF applications, while Defiance submitted 6 leveraged products, totaling 27 filings. These products feature staking across various tokens and aim for 3× leverage despite existing 2× limits. The SEC's new listing standards reduce barriers, but a government shutdown stalls review processes. With 16 ETF deadlines approaching, analysts anticipate ongoing demand for altcoin ETFs, though they may not match Bitcoin's inflows. Creative structuring may pave the way for approval despite regulatory complexities, highlighting the evolving landscape of crypto financial products in the U.S. market.

IRS Exempts Unrealized Bitcoin Gains from Corporate Tax, Boosting Strategy Inc. and Crypto Adoption

On October 1, 2025, the U.S. Treasury and IRS announced that unrealized Bitcoin gains are exempt from the Corporate Alternative Minimum Tax (CAMT), easing tax burdens for corporations. This decision benefits firms like Strategy Inc., which holds over 640,000 BTC valued at $74 billion, sparing them from potential $27 billion tax liabilities. CEO Michael Saylor highlights this as a pathway to corporate Bitcoin adoption, projecting a future $1 trillion Bitcoin reserve. Following the news, Strategy's stock rose 5.59%, and the crypto market gained traction, signaling increased institutional interest as several companies rethink their digital asset strategies.

Walmart's OnePay App to Launch Bitcoin and Ethereum Trading by Late 2025

Walmart’s OnePay banking app will introduce Bitcoin and Ethereum trading by late 2025, expanding its services into digital assets via a partnership with ZeroHash. This integration allows users to buy, hold, and convert crypto into spendable cash, directly competing with established fintechs like PayPal and Venmo. OnePay holds a significant advantage with Walmart’s extensive retail network, serving 150 million customers weekly. The app has rapidly gained popularity, ranking fifth on the Apple App Store. With regulatory compliance as a focus, the rollout aims to transform crypto from speculative assets to usable currencies in everyday transactions.

Trump Family's WLFI Aims to Tokenize $1.2B Real Estate Portfolio and Launch Crypto Debit Card Amid Controversy

World Liberty Financial (WLFI), linked to Donald Trump’s family, plans to tokenize Trump’s $1.2 billion real estate portfolio, potentially raising $1 billion through 10-50% asset allocation. Announced at Token 2049, WLFI is developing a crypto debit card to facilitate everyday payments using tokenized investments, with a pilot starting soon. The firm also launched USD1, a stablecoin backed by a $2 billion investment from Abu Dhabi's MGX, but faces scrutiny from lawmakers over potential conflicts of interest. WLFI's strategy aims to democratize access to high-value assets while navigating volatility and regulatory challenges in the blockchain space.

Avalanche Treasury Co. Announces $675M SPAC Merger, Aims for $1B in Assets and Nasdaq Listing 

Avalanche Treasury Co. has announced a $675 million merger with Mountain Lake Acquisition Corp., aiming for a Nasdaq listing under the ticker “AVAT” in Q1 2026. The new entity will manage $460 million in treasury assets, targeting over $1 billion through initiatives like a $200 million discounted AVAX purchase. With strategic endorsements and backing from major institutional investors, the merger emphasizes token utility and market adoption. AVAX saw a 2.3% increase, peaking at $31.32 post-announcement, although analysts expressed concerns about using mNAV metrics to gauge financial strength. Paul Grinberg noted a focus on enhancing transaction flows beyond reserve accumulation.

UK Debates Returning $7.24B Seized Bitcoin to Fraud Victims or Keeping Profits

The UK is debating whether to return the full current value of 61,000 seized Bitcoin, now worth approximately $7.24 billion, to victims of a $6.7 billion Chinese investment fraud or only their original losses of £640 million. The case involves 128,000 defrauded individuals, with potential diplomatic tensions with China over restitution. The Crown Prosecution Service seeks to retain the Bitcoin, pending a High Court decision in January 2026. Critics argue that withholding profits could undermine trust in asset restitution as Bitcoin's value continues to rise, creating broader implications for how governments handle seized crypto assets.

Thailand SEC Expands Crypto ETFs to Include Ethereum and Solana, Targets Early 2026 Launch

Thailand's SEC is expanding its crypto ETF market, planning to introduce multi-asset products by early 2026, which will include Ethereum and Solana alongside Bitcoin. This initiative responds to rising demand from retail and institutional investors, particularly younger demographics seeking diversified portfolios. Following the approval of an Ethereum ETF in September 2025, regulators will enforce stricter oversight for digital asset firms, requiring SEC-approved auditors. The move aims to enhance market competitiveness, improve liquidity, and balance investor protection with innovation, setting the stage for Thailand to become a regional digital asset hub and diversify its financial offerings.