Key Points Trueo is relocating its prediction-market infrastructure from Base network to Ethereum’s mainnet. Current Base-hosted markets will remain operational throughout the migration, with fresh markets set to expire post-January 31, 2027 being routed to Ethereum. TRUE token owners will receive unlimited time to complete migration, with upcoming staking benefits and liquidity incentives shifting to Ethereum. According to Trueo, Ethereum provides superior liquidity depth, extensive integration possibilities, and stronger infrastructure for its planned oracle upgrade. Vitalik Buterin, Ethereum’s co-founder, publicly endorsed the initiative’s emphasis on decentralization and prediction market architecture. The prediction-market protocol Trueo is gearing up for a strategic relocation from Base, Coinbase’s Layer 2 solution, to Ethereum’s primary network as it pursues enhanced liquidity pools and expanded integration possibilities. According to the development team, Base served as an ideal launching platform for 2025, but Ethereum aligns more closely with the protocol’s extended roadmap.
Glad to see that Ethereum L1 will have a new strong prediction market contender that is dedicated to decentralization, and being ethical and not corposlop, and to actually trying to do interesting and meaningful things with this class of economic primitive.…
— vitalik.eth (@VitalikButerin) September 21, 2026
The migration process is still underway, with Trueo’s smart contracts currently operational on Base. Active markets will maintain full functionality for trading, settlement, and withdrawal operations while the Ethereum infrastructure is being finalized.
Strategic Relocation to Ethereum Mainnet Trueo debuted on Base during March 2025, utilizing blockchain-based binary prediction markets. The system employs a specialized Uniswap v4 hook mechanism, with TYD serving as the designated payment token for market positions and oracle security deposits.
According to the development team, Base markets scheduled to conclude throughout 2026 remain available for creation. Conversely, participants intending to establish markets extending beyond January 31, 2027 are advised to await the Ethereum launch.
The platform identified Ethereum’s superior integration capabilities, extensive liquidity resources, and mature decentralized finance infrastructure as primary motivators. Additionally, the team highlighted that reduced transaction expenses have rendered Ethereum mainnet increasingly viable compared to Trueo’s initial deployment phase.
Base was initially selected due to elevated Ethereum network fees and the experimental nature of certain protocol features. Trueo now emphasizes its strategic vision of achieving widespread adoption, operating without permissions, maintaining immutability, and supporting comprehensive integrations.
Token Migration and Staking Transition The TRUE governance and oracle utility token will undergo parallel migration to Ethereum. The project has deliberately avoided imposing migration deadlines, characterizing the transition period as indefinite.
Upcoming staking programs and liquidity mining campaigns will operate exclusively on Ethereum following the mainnet deployment. Throughout this transitional phase, Base-hosted markets will continue functioning under existing settlement protocols.
Publicly available deployment records continue showing Trueo’s primary smart contracts on Base, encompassing the TruthMarketManager, OracleCouncil, and OracleBonds contracts. Ethereum mainnet contract locations have not been disclosed at this time.
Data from DefiLlama referenced in coverage indicated approximately $796,000 in total value locked within Trueo, with complete tracked TVL concentrated on Base. The platform maintains a modest footprint relative to leading blockchain prediction market platforms.
Buterin’s Public Endorsement Vitalik Buterin, Ethereum’s co-founder, openly expressed support for Trueo’s mainnet migration. He commended the protocol’s commitment to decentralization and suggested prediction markets possess potential for substantial applications extending beyond speculative trading.
Buterin’s statement contained no indication of Ethereum Foundation funding, grant allocation, or official collaboration. His response consisted solely of public recognition for the project’s methodology and intended Ethereum deployment.
Trueo is simultaneously engineering an advanced oracle mechanism for adjudicating contested prediction market results. The existing framework enables participants to submit outcome proposals, initiating a 12-hour dispute window and multiple escalation tiers for challenged resolutions.
The protocol ensures market parameters, resolution criteria, and documentation are permanently recorded on-chain during market initialization. This approach prevents retroactive modification of contractual conditions following deployment.
Trueo has not disclosed a specific timeline for its Ethereum mainnet release. In the interim, Base continues hosting the active protocol while migration development and next-generation oracle engineering progress.
PANews, September 22 — ETHShanghai 2026, co-hosted by ETHPanda, PANews and The Excited Few, officially kicked off today in Shanghai. Dr. Xiao Feng, Vice Chairman of Wanxiang Holdings and Chairman of Wanxiang Blockchain, said that his original support for Ethereum was not merely an investment judgment, but stemmed from agreement with its idea of using blockchain as a new type of ledger system to support third parties in developing various applications. He believes Ethereum's original intention was to build application-oriented infrastructure, and although there are still aspects worth reflecting on in its development, its long-term value remains worth watching. Ethereum does not need a renaissance, he said; as a blockchain infrastructure with a relatively high market share, Ethereum still has an important application foundation. The ultimate fate of all infrastructure is to be forgotten. The deeper infrastructure goes into the underlying layer, the less users and application developers need to directly perceive its existence.
On the development of the Ethereum Foundation, Xiao Feng believes the Foundation's idealistic character is commendable, but its ultimate goal should be to gradually decentralize its own role, until the Foundation is no longer needed. He pointed out that this year more organizations independent of the Foundation have emerged in the Ethereum ecosystem, which is an important sign of Ethereum's maturation. One of Ethereum's important future growth opportunities lies in further expanding into key markets such as the United States and China.
On Hong Kong's role in this crypto cycle, Xiao Feng believes Hong Kong has the advantages of a common law system and its status as an international financial center. For the mainland, it serves a certain role as a testing ground, allowing exploration of practices in areas such as digital assets, stablecoins and blockchain, and accumulating experience for future policy research. But for Hong Kong itself, developing related industries is not merely an experiment; it is an important part of maintaining and enhancing its status as an international financial center. He also emphasized that the degree of regulatory prudence in Hong Kong is related to the size of its financial market and its risk tolerance. Compared with the United States, markets such as Hong Kong, Singapore and the EU are usually more cautious when facing financial innovation, because if a single project encounters risk, it could have a more pronounced impact on a smaller local financial system.
On the fusion of crypto and AI, Xiao Feng believes the two are two sides of the same thing and will further integrate in the future. He pointed out that the payment tools for AI applications will involve digital currencies such as stablecoins, especially digital twin currencies that are tokenized based on real-world currencies. With the development of AI applications and intelligent agents, tokenized currencies are expected to become important tools for their transactions and payments. At the same time, the AI industry chain faces risks such as fluctuations in chip, electricity and computing power prices, and therefore needs corresponding financial instruments to manage them. The Chicago Mercantile Exchange plans to launch computing power index futures in October this year. As the AI industry develops, price risk management for basic resources such as computing power will become an important application direction for the financial derivatives market, including tokenized perpetual contracts.
Xiao Feng finally pointed out that AI infrastructure construction still requires enormous financing, and may involve trillions of dollars or even larger capital needs in the future. Relying solely on the existing capital market architecture may not be sufficient to meet this demand. Therefore, the United States is exploring ways to further connect global capital, investors and liquidity through the tokenization of financial assets and round-the-clock trading. He believes that if a more globalized capital market supporting 7×24 trading can be built, it will help meet the enormous financing needs required for AI infrastructure construction.
Ethereum (ETH) climbed past $2,700 on Tuesday, recovering from recent losses sparked by legislative setbacks in the US and a Federal Reserve rate hike that weighed on risk assets. The latest rally began when buyers stepped in near a key on-chain price level, suggesting renewed interest in the world’s second-largest cryptocurrency by market capitalization.
Buyers move in near realized price supportLast week, Ethereum’s price slipped below $2,400 following the failure of the Clarity Act to progress in the US Senate. The additional uncertainty from a Fed rate increase pressured crypto markets further, pushing ETH closer to its realized price, currently near $2,310. Although ETH did not fall as low as this threshold, its proximity appeared to attract buyer interest.
The realized price reflects the average cost basis of on-chain holders, offering analysts insight into collective investor sentiment and key support zones where holders may defend their positions.
Mini dictionary: Realized price, the average price at which all coins currently held were last moved on-chain, is used to estimate the market’s aggregated cost basis and to identify major support or resistance levels.
After the drop, ETH quickly rebounded above $2,700. Analysts noted that this swift recovery indicates traders viewed the pullback as a buying opportunity despite broader market concerns. However, sustaining this momentum will likely depend on ETH holding above its realized price and attracting continued demand at higher levels, as some investors may look to take profits after the bounce.
ETF inflows strengthen, exchange deposits riseUS spot Ether exchange-traded funds (ETFs) added $143.8 million in net inflows on Friday and $147 million on Monday, breaking a run of outflows and reflecting renewed demand for regulated ETH investment products. This inflow highlights investment appetite despite recent volatility.
By contrast, data from blockchain analytics firm CryptoQuant pointed to increased deposits of ETH onto centralized exchanges in recent days, exceeding withdrawals. Investors often transfer assets to exchanges when they intend to trade or sell, suggesting possible selling pressure in the near term.
Perpetual futures trading also presented mixed signals. Over the weekend, Ethereum’s Taker Buy Sell Ratio—a measure of aggressive buying versus selling—rose as buyers became more active. This metric’s seven-day moving average turned positive, but by Monday sellers had regained control, hinting at waning confidence after the price surge.
Spot Ether ETFs saw a combined $290.8 million in inflows across Friday and Monday, reflecting a renewed appetite for ETH exposure through regulated channels even as prices recovered from their recent decline.
Liquidations, technical structure, and key resistanceThe recent rally triggered major liquidations in derivatives markets. CoinGlass data showed that $181.02 million in ETH futures positions were liquidated in the past 24 hours, of which $143.20 million belonged to short trades. Short liquidations often accelerate upward moves as forced buybacks amplify price momentum, but they offer limited indication regarding sustainability once this temporary pressure subsides.
On the technical front, Ethereum maintains a bullish chart pattern, trading above the 20-, 50-, 100-, and 200-day exponential moving averages (EMAs). The 20-day EMA, situated near $2,537, provides immediate support. The current Relative Strength Index (RSI) stands at 67, suggesting the market has not reached overbought territory but could be close to a short-term peak.
Traders are watching $2,786 as the next significant resistance. A break above this threshold could bring $2,894 into play, with $3,177 identified as a higher target if bullish momentum continues.
Resistance levelSupport levelEMA (Exponential Moving Average)$2,786$2,62620-day ($2,537)$2,894$2,54450-day ($2,356)$3,177$2,431100/200-day (near $2,172)On the downside, initial support levels are found at $2,626, $2,544, and the 20-day EMA. If selling intensifies, the 50-day EMA at $2,356 and a previous support zone around $2,172 could come into play.
Futures data signaled reduced confidence after the rebound, while rising exchange inflows may point to increasing selling pressure as ETH approaches local resistance.
Bitcoin spot ETFs traded in the US saw a net inflow of $999 million on September 21. According to SoSoValue data, this marked the third consecutive day of net inflows into Bitcoin ETFs.
BlackRock’s IBIT fund saw the highest daily net inflow. IBIT received $381 million, bringing its total net inflow since its inception to $64.506 billion. Second place went to ARKB, issued by Ark Invest and 21Shares. ARKB experienced a net inflow of $289 million in a single day, raising its cumulative net inflow to $1.370 billion.
According to the data, the total net asset value of Bitcoin spot ETFs was recorded at $110.135 billion. The ratio of total ETF assets to Bitcoin’s total market capitalization is 6.3%, while the total net inflow since the products’ inception has reached $56.160 billion.
Ethereum spot ETFs also saw strong capital movement. On September 21, a total net inflow of $270 million was recorded into Ethereum spot ETFs.
BlackRock’s ETHA fund saw the highest daily inflow among Ethereum ETFs. ETHA experienced a net inflow of $110 million, bringing its historical total net inflow to $13.067 billion. Fidelity’s FETH fund came in second with a net inflow of $72.958 million, bringing its total net inflow to $2.320 billion.
Ethereum spot ETFs recorded a total net asset value of $17.817 billion, representing 5.24% of the total market capitalization, and a cumulative net inflow of $13.520 billion.
*This is not investment advice.
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miami, united states, September 22nd, 2026, Chainwire
SwapToZEC.com, a cryptocurrency exchange platform, provides cryptocurrency-to-cryptocurrency conversion services across supported digital assets, including an Ethereum (ETH) to Monero (XMR) exchange route.
The ETH-to-XMR route enables users to convert Ethereum into Monero without requiring a separate fiat-currency conversion. Availability, exchange rates, network requirements, transaction limits, and applicable fees are determined by the platform’s current operating conditions.
Ethereum and Monero operate on separate blockchain networks and have different technical characteristics. Ethereum’s network supports smart contracts and decentralized applications, while Monero incorporates protocol-level privacy features designed to limit the visibility of transaction information on its blockchain.
ETH-to-XMR Conversion
An ETH-to-XMR transaction involves sending Ethereum through an exchange service that supports the conversion and receiving Monero at a designated XMR wallet address.
The process generally requires users to select ETH as the sending asset and XMR as the receiving asset, enter the amount to be exchanged, provide a compatible Monero wallet address, and follow the platform’s deposit instructions.
Before initiating a transaction, users are advised to review the quoted exchange rate, applicable charges, minimum or maximum transaction requirements, supported networks, and wallet information. Cryptocurrency transactions can be irreversible, and sending assets through an unsupported network or to an incorrect address can result in the loss of funds.
The final amount of XMR received may vary according to the applicable exchange rate, liquidity, network conditions, and fees. Processing times may also vary depending on blockchain confirmations and exchange processing requirements.
Multi-Cryptocurrency Exchange Services
Despite its Zcash-related name, SwapToZEC.com states that its services extend beyond Zcash and include conversion routes involving multiple supported digital assets.
The platform provides cryptocurrency-to-cryptocurrency exchange functionality for available asset pairs. Supported cryptocurrencies, networks, exchange rates, and transaction conditions may change over time and should be confirmed through the platform before a transaction is initiated.
The ETH-to-XMR route forms part of this broader exchange functionality, allowing users to convert between two separate cryptocurrency ecosystems through a single exchange interface.
Monero Privacy Considerations
Monero incorporates privacy technologies intended to obscure certain transaction details recorded on its blockchain. However, exchanging Ethereum for Monero does not by itself guarantee anonymity.
Exchange providers may maintain transaction records or collect information in accordance with their applicable procedures and requirements. Ethereum transactions conducted before a conversion also remain recorded on the Ethereum blockchain.
Users considering an ETH-to-XMR transaction should therefore distinguish between Monero’s protocol-level privacy characteristics and the information that may be associated with an exchange transaction.
About SwapToZEC.com
SwapToZEC.com is a cryptocurrency exchange platform designed to facilitate conversions between supported digital assets.
The platform offers multiple cryptocurrency conversion routes, including an Ethereum-to-Monero exchange option. Available assets, trading pairs, networks, rates, transaction limits, and other conditions are subject to the platform’s current offerings.
More information about the ETH-to-XMR conversion route is available through the platform’s Ethereum-to-Monero exchange page.
Circle has launched Digital Asset-Backed Borrowing for eligible Circle Mint institutions, allowing customers to deposit Bitcoin, mint cirBTC and borrow USDC through third-party lending markets on Arc or Ethereum.
Summary
Circle has launched Bitcoin-backed USDC borrowing for eligible institutional Circle Mint customers on two networks. Morpho is the first supported lending protocol, with Aave expected to join Circle’s service later. cirBTC reserves currently exceed token supply, with Circle publishing backing data directly for public verification. New York customers remain excluded, while borrowing terms and liquidations depend on third-party markets entirely. Arc’s cirBTC Morpho market shows $18.86 million borrowed with an 86% liquidation loan-to-value threshold. Circle said on Sept. 21 that the service combines the steps needed to turn native BTC into onchain collateral and return borrowed USDC to a customer’s Circle Mint balance. Morpho is the first supported lending protocol, while Circle says Aave and other platforms are expected to follow.
Digital Asset-Backed Borrowing is now available in Circle Mint for eligible Circle Mint LLC customers.
Deposit BTC. Mint cirBTC. Borrow USDC.
Through one coordinated workflow, customers can use BTC-backed cirBTC as collateral through supported third-party lending markets on Arc…
— Circle (@circle) September 21, 2026 Customers retain exposure to the BTC supporting their cirBTC position instead of selling the asset to obtain dollar liquidity. The borrowing position remains overcollateralized, with interest rates, collateral limits, liquidation thresholds and available liquidity set by the selected lending market instead of Circle.
Circle Mint routes BTC through third-party lending markets Using the new workflow, an eligible institution deposits BTC and mints Circle Wrapped Bitcoin, or cirBTC. The customer then transfers cirBTC into a user-controlled Smart Wallet, posts the token as collateral with a supported protocol and borrows USDC. Borrowed funds move from the Smart Wallet into the customer’s Circle Mint balance automatically.
Repayment works through the same interface. A customer can send USDC from Circle Mint into the Smart Wallet and repay part or all of the outstanding debt. Collateral becomes available as debt is repaid, subject to the rules of the lending protocol controlling the position.
Circle does not provide the underlying credit. Its legal terms state that Circle Technology Services supplies the interface and Smart Wallet technology, while lending, collateral management and liquidations occur through third-party DeFi protocols and their smart contracts. Assets moved into the Smart Wallet are no longer held within the regulated Circle Mint environment.
Circle Mint remains an institutional service. Individual retail users cannot open standard Mint accounts, while Digital Asset-Backed Borrowing carries further jurisdiction and eligibility requirements. Circle says New York customers are excluded from the borrowing product.
Morpho starts with live cirBTC-USDC markets on Arc Morpho provides the first lending infrastructure supported by the Circle Mint borrowing workflow. On Arc, the protocol currently operates a USDC market using cirBTC as collateral with an 86% liquidation loan-to-value threshold.
Live Morpho data viewed Sept. 22 showed $18.86 million in outstanding borrowing against $157.85 million of available liquidity. The market held $176.71 million in total size with utilization at 10.67%. No realized or unrealized bad debt was displayed at the time of verification.
Those figures can change as users supply liquidity, borrow, repay or withdraw funds. Circle’s terms make clear that displayed rates and protocol parameters come from third parties and can move without Circle controlling them. Automatic liquidation can occur if collateral values, oracle readings, interest charges or protocol settings push a position beyond the applicable limit.
Morpho had moved onto Arc when Circle’s Layer 1 went public on Sept. 16. As previously reported, the Arc mainnet launched with USDC as its native gas asset, while Morpho and Aave supplied lending infrastructure alongside applications for trading and tokenized assets.
Morpho said before the DABB release that institutional Circle Mint customers would gain access to its Arc credit markets directly through Circle’s interface. The protocol has separately proposed a $50,000 monthly incentive budget for Arc borrowing activity under its governance process.
cirBTC reserves remain above outstanding token supply cirBTC provides the collateral connecting native Bitcoin with the Ethereum and Arc smart-contract environments. Circle first introduced the asset on Ethereum in June before bringing it to Arc on Sept. 21.
As previously reported, Circle’s cirBTC launch on Ethereum introduced 1:1 Bitcoin backing alongside Chainlink Proof of Reserve. The structure lets market participants inspect reserve information while native Bitcoin remains held separately from the circulating wrapped tokens.
Current Circle data showed 948.7508 cirBTC outstanding against 951.2586 BTC in reserves at the time of verification. Arc accounted for 396.9919 cirBTC, while Ethereum carried 551.7590 cirBTC. The displayed reserve value stood at roughly $77.19 million.
Circle says the underlying Bitcoin is held through its Bermuda affiliate and safeguarded by Circle National Trust in segregated accounts for cirBTC holders. Circle National Trust received final approval from the Office of the Comptroller of the Currency in July to operate as a federally chartered national trust bank.
The OCC charter permits the trust bank to provide regulated digital asset custody services. Circle National Trust does not accept deposits or make loans, and digital assets held there are not FDIC insured.
Circle states that cirBTC reserves are not lent, pledged or rehypothecated. Chainlink Proof of Reserve publishes reserve information onchain, while Circle lists Bitcoin reserve addresses so counterparties can compare native BTC holdings with circulating cirBTC supply.
Circle keeps DeFi credit outside regulated Mint custody Circle’s legal documentation draws a line between the Circle Mint account and the DeFi borrowing position. Once collateral leaves Circle Mint for the Smart Wallet, Circle Internet Financial no longer holds those assets under the controls applying to balances kept inside Mint.
Customers control the Smart Wallet through a two-of-two multiparty computation key-management system. Circle says it cannot independently initiate, reverse or cancel blockchain transactions from the wallet. Borrowers remain responsible for monitoring their positions, maintaining collateral and reviewing protocol risks.
Liquidations are controlled by the selected lending protocol. Circle warns that falling collateral values, changing rates, oracle movements or revised market parameters can trigger an automatic liquidation without prior notice, potentially resulting in penalties or collateral losses.
Circle’s institutional USDC network has been expanding through other regulated financial channels. In related coverage, BNY began providing USDC minting, redemption, custody and transfers for institutional clients in June, while Standard Chartered introduced bank-led access to USDC minting and redemption in July.
Circle says Morpho is the first supported protocol for Digital Asset-Backed Borrowing and “support for additional protocols, including Aave, will follow as the product develops.” No timetable has been announced for Aave integration or additional blockchain deployments.
Arc support arrived five days after the network’s Sept. 16 public mainnet launch. The Arc release says cirBTC can now be used within credit, trading, lending, settlement and treasury applications built on the network, with native BTC remaining in custody while cirBTC circulates through smart contracts.
21Shares is extending its single-asset lineup into two different niches: DeFi through ETHFI and privacy-focused crypto through ZEC. Both products charge 2.50% annually, creating a considerably higher cost hurdle than the issuer’s core Bitcoin and Ethereum products. Zcash now has exchange-traded investment vehicles in Europe and the U.S., while ETHFI tests demand for listed exposure to individual DeFi protocols. 21Shares is pushing its European crypto lineup further beyond Bitcoin and Ethereum with exchange-traded products tied to ether.fi’s ETHFI token and Zcash.
The 21Shares ether.fi ETP, ticker ETHFI, and 21Shares Zcash ETP, ticker ZCASH, began trading on Euronext Paris and Euronext Amsterdam on September 22. Both are physically backed, meaning the products hold the underlying cryptoassets rather than using derivatives to replicate their performance. Each charges a 2.50% annual product fee.
That fee is a meaningful part of the investment case. By comparison, 21Shares’ Ethereum Staking ETP charges 1.49%, while its Core Bitcoin and Core Ethereum products currently carry a 0.10% fee under an extended waiver through June 2027. The new ETPs therefore sit at the more expensive end of the issuer’s range, consistent with the economics of narrower single-asset products.
For an investor comparing the ETP with a hypothetical fee-free direct holding, a 2.50% annual charge creates a 2.5-percentage-point performance drag before trading costs and other factors. The wrapper removes private-key management, but that convenience comes at a material price.
ETHFI Brings a DeFi Protocol Token Into a Brokerage Account The ether.fi product packages exposure to a token whose investment case has been changing alongside the protocol itself.
ether.fi began as a liquid-restaking platform but has expanded into a broader set of onchain financial services spanning staking, lending, swaps, payments and spending products. 21Shares argues that the protocol’s revenue mix is increasingly shifting beyond staking, giving ETHFI exposure to a wider financial ecosystem rather than a single DeFi activity.
The ETP changes the route investors use to obtain that exposure. Instead of opening a crypto account, acquiring ETHFI and managing a wallet, investors can hold the security through the same type of brokerage account used for conventional investments.
21Shares’ product page currently reports approximately $11 million in assets under management and a 2.50% product fee. It also reports a variable staking yield that accrues daily to the ETP’s net asset value. The yield is not fixed and should not be treated as a guaranteed offset to the management fee.
The underlying risk remains tied to ETHFI. Easier custody does not remove token volatility, protocol-specific risks or ether.fi’s dependence on maintaining activity across its expanding suite of products.
Zcash Gets a European Exchange-Traded Wrapper The ZCASH product targets a very different thesis.
Zcash is built around optional transaction privacy, allowing users to use shielded transactions that can limit the information publicly exposed onchain. ZEC also has a maximum supply of 21 million coins, giving the asset a scarcity structure that resembles Bitcoin at the issuance level while serving a different use case.
The launch is particularly timely because regulated investment access to ZEC has expanded rapidly.
Grayscale launched its U.S.-listed Zcash product on NYSE Arca in August, giving American investors a regulated route to spot ZEC exposure. 21Shares is now extending exchange-traded access in Europe through Euronext Paris and Amsterdam. The products operate under different regulatory structures, but together they give Zcash listed investment vehicles on both sides of the Atlantic.
That is notable for a privacy-focused cryptocurrency, a category that has historically faced more friction with centralized exchanges and regulated financial intermediaries than Bitcoin or Ethereum.
The question is whether easier brokerage access creates persistent demand or simply captures interest generated by ZEC’s recent market performance.
The Same ETP Wrapper Covers Two Different Bets Launching ETHFI and ZCASH together should not obscure how different the underlying exposures are.
ETHFI is primarily a protocol bet. Its investment case increasingly depends on whether ether.fi can turn its staking base into sustained activity across lending, payments, swaps and other financial services.
ZEC is primarily a privacy and monetary-asset bet. Demand depends more heavily on the value investors place on transaction privacy, cryptographic development and a capped token supply.
Both shift custody away from the investor. Buyers avoid managing wallets and private keys, but instead rely on the ETP issuer, institutional custodians and securities-market infrastructure.
Neither wrapper removes crypto volatility. The ETP simplifies access to the underlying asset; it does not transform its economic risk into that of a conventional equity or bond.
That makes future flows useful for different reasons. ETHFI can test whether investors want exchange-traded exposure to individual DeFi protocols. ZCASH can provide evidence of whether demand for privacy-focused assets extends into conventional investment accounts.
A 2.50% Fee Sets a Higher Performance Hurdle The fee deserves particular attention because crypto ETP competition has pushed costs sharply lower at the largest end of the market.
21Shares’ Core Bitcoin and Core Ethereum products currently charge just 0.10% under a temporary fee waiver, while its Ethereum Staking ETP carries a 1.49% fee. Several of the issuer’s more specialized products have historically charged 2.50%.
That creates a clear divide in the product lineup.
Bitcoin and Ethereum have enough scale and issuer competition to support increasingly aggressive pricing. A niche token ETP must spread custody, administration, market-making and other product costs across a potentially much smaller asset base.
For ETHFI, staking income could partly offset the product fee when yields are positive, although both staking returns and token prices can change. ZCASH does not have the same staking mechanism, leaving the management charge as a more direct drag on exposure.
The 2.50% price therefore raises the bar for both products: convenience and regulated brokerage access need to be valuable enough for investors to accept a substantially higher recurring cost than they would pay for mainstream crypto ETPs.
Crypto ETP Competition Is Moving Down the Asset Curve European crypto ETPs have already expanded well beyond Bitcoin and Ethereum. 21Shares’ own catalogue includes single-asset exposure across numerous networks and tokens, and company filings show that a 2.50% fee is already used across several specialized products.
The harder question is whether simply making an asset available through an ETP is enough to build a durable market around it.
ETHFI and ZEC provide an interesting test because their investment cases have little in common. One derives much of its relevance from activity inside an evolving DeFi ecosystem. The other is built around privacy technology and monetary scarcity.
For ETHFI, assets under management, secondary-market liquidity and the contribution of staking income to NAV will show whether investors are willing to pay for packaged DeFi exposure.
For ZCASH, net flows and trading liquidity will offer a cleaner measure of whether renewed interest in privacy assets is translating into longer-term investment demand.
Bitcoin and Ethereum proved that crypto can support large exchange-traded investment markets. ETHFI and ZCASH will test something harder: how far down the crypto asset curve that model can travel before higher fees and narrower demand begin to limit its scale.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
Tencent Music is beta testing MusicBuddy: users can modify audio tracks with a single sentence and release their finished works directly.
Exclusive report from Dujia, via Beating AI Express: Tencent Music is currently in internal testing of its AI music creation tool MusicBuddy, which integrates AI dialogue directly into a multi-track arrangement workstation. Users can modify lyrics, switch instruments, adjust volume and reverb using natural language, eliminating the need to manually operate complex arrangement software. MusicBuddy also provides creation suggestions based on musicians’ existing works, fan preferences and trending topics, and supports selecting different generation models, vocals and reference music. Once a song is completed, it can directly enter the distribution process, and can also generate music videos (MVs) and promotional posters. Tencent Music has previously launched the Qin Yun and Qin Le large music models, and rolled out capabilities such as AI song creation, vocal synthesis and audio editing. MusicBuddy further integrates these capabilities into a single workstation covering creation, editing and distribution. Overseas, Suno Studio 2.0 is following a similar path, already supporting multi-track editing, MIDI and modifying projects directly via chat commands.
8 minutes ago
Binance Wallet Releases Distribution Schedule for 4Stock Alpha User Holding Rewards
According to official announcements, Binance Alpha has released the following arrangements for distributing rewards related to 4Stock holdings: For Binance Wallet holding users, rewards will be automatically sent to users’ on-chain Binance Wallet addresses in BNC4 form by Four Meme, in line with its distribution rules. For Alpha 2.0 holding users (CEX), since Four Meme’s rewards will be uniformly distributed to the Binance Alpha Treasury Contract Address, Binance Alpha will calculate token holdings via daily random snapshots and disburse rewards monthly. Eligible users will receive rewards corresponding to last month at the start of the next month, credited to their spot accounts. A user’s valid daily 4Stock holdings only count if they exceed 10,000 units that day; monthly valid holdings are the sum of each day’s valid holdings within the month. Monthly rewards are allocated proportionally based on each eligible user’s valid holdings of the token relative to the total valid holdings of all qualified users. 4Stock rewards will be issued in BNCB form. For reward calculation purposes, 1 BNCB is considered equivalent to 1 BNC4.
8 minutes ago
Analyst: The '1011' incident, where risk contagion began with USDe’s depegging, theoretically will not repeat.
Crypto analyst Chen Mo noted in a post that Binance’s USDe briefly depegged abnormally to $0.92 today. The last USDe-related incident occurred on October 11 (1011), though its on-chain price remained normal throughout. USDe has a thin order book on centralized exchanges (CEXs) and is accepted as collateral for position opening; the risk spillover from the October 11 incident stemmed from this mechanism. Since then, Binance has added USDe’s actual redemption price to its price index, no longer relying solely on order book quotes. In theory, the October 11 event will not repeat.
8 minutes ago
BNY Mellon: Projects one more interest rate hike from the Federal Reserve in December, though the outlook for 2027 remains uncertain.
BNY Mellon Americas macro strategist John Velis stated in a report that he expects the Federal Reserve to deliver one more interest rate hike in December, but is uncertain whether the Fed will implement as many rate increases in 2027 as currently priced by markets. "The outcome hinges on how effective policy tightening will be amid the current inflation shock," he said. He noted that this largely depends on the situation in the Middle East, where visibility remains low. "A de-escalation of tensions and the resulting drop in oil prices could shift the considerations of both markets and the Fed," he added, cautioning that tying policy outlooks to a situation that may first deteriorate before improving is not a sustainable long-term approach.
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After a 7-hour flight delay, Muse helped a user secure a $250 compensation payout in just 5 minutes.
Beating AI Express: AI podcast *Limitless* host Ejaaz Ahamadeen shared that after his Delta flight was delayed for around seven hours, he delegated follow-up processing to Meta’s personal AI agent Muse. Muse automatically filled out the complaint form, only requesting his SkyMiles number and mailing address from him. About five minutes later, he received a $250 account credit in his Delta account. Muse then helped him search for alternative flights and rebook a trip. Some questioned whether Muse simply submitted applications based on pre-set rules, to which Ejaaz responded that Muse also continued to communicate with Delta customer service via email. Delta has no fixed rule of “$250 compensation for seven-hour delays”; this payment was a case-specific compensation. This is not an isolated case: recently, three other users shared similar experiences: Muse helped one person get $200 in flight delay compensation, submitted a $189.37 Alaska Airlines flight cancellation claim for another, and helped a third person obtain about $1000 in account credit due to a United Airlines ticket price drop. Business Insider also reported today on Meta’s promoted #MuseMoneyChallenge, noting that many of the current successful cases come from Meta employees, so community-shared wins should not be taken as general results.
8 minutes ago
South Korea's KOSPI index closes up 0.15%
According to Bitget's market data, South Korea's KOSPI index closed up 10.19 points, a 0.15% gain, at 7,017.91 points on Tuesday, September 22.
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Balancer plans to "relaunch" via a new protocol fork, betting on on-chain trading of tokenized stocks.
The Balancer community has proposed a "Fork and Reincarnate" plan, designed to continue Balancer’s technology and ecosystem via an official fork in the event the original protocol faces potential shutdown, with the new protocol positioned as a tokenized stock trading platform. The proposal suggests MAXYZ lead the establishment of a new official fork entity, migrating part of Balancer’s liquidity, team members, partners, users, and intellectual property to the new protocol, while extending the suspension deadline for existing pools and the Balancer Vault to Q2 2027. For funding, the plan allocates Balancer’s remaining ~6 million uncirculated BAL tokens as seed capital for the new project, valued at roughly $690,000 at current prices. In exchange, if the new protocol conducts a future token issuance or other liquidity exit events, the Balancer Treasury will receive 10% of the new protocol’s token’s fully diluted valuation (FDV) upfront. The new protocol will leverage Balancer’s core technologies—including multi-asset pools, dynamic weights, dynamic fees, LVR capture, and permissioned pools—focusing on tokenized stocks and other traditional financial assets on-chain. Using the U.S. stock market’s average daily trading volume of $750 billion as a benchmark, the proposal estimates that if 10% of that volume moves on-chain, with a 1 basis point fee and 1% market share, theoretical annual revenue would reach approximately $27.4 million. Additionally, the proposal intends to grant the new fork a permanent, irrevocable, non-exclusive license for Balancer-related intellectual property; if the original Balancer entity is dissolved, this license will be upgraded to an exclusive assignment of the held intellectual property.
10 minutes ago
OpenAI has produced so many mathematical research findings that it cannot publish them all in a timely manner, and has enlisted three Fields Medalists to vet the work.
Exclusive: Beating AI News Flash OpenAI has established a "Mathematics and Artificial Intelligence Advisory Group" hosted by Princeton’s Institute for Advanced Study (IAS). The company stated that an internal research model has solved over 100 long-standing open problems spanning multiple mathematical fields, including the previously announced research on the Navier-Stokes Millennium Prize Problem. Most of these findings remain unpublished. The advisory group will assess the significance of these results, their publication approach, and compliance with academic standards. Its first nine members include three Fields Medal winners: Timothy Gowers, Martin Hairer, and Edward Witten. Members will not receive compensation from OpenAI, may publicly criticize the company, and can independently release recommendations. However, the group holds no decision-making power and will not determine the pace of OpenAI’s internal mathematical research. This move is OpenAI’s direct response to recent dissatisfaction from the mathematics community. Earlier, 25 Fields Medal winners including Terence Tao, Yufei Zhao, and Peter Scholze released a joint statement accusing AI companies of framing the solving of major math problems as a benchmark, which has begun to harm mathematical research. The statement acknowledged that large models have advanced rapidly in recent months and can solve several important open problems across fields, but emphasized that mathematics prioritizes the new concepts, methods, and understanding generated from such solutions.
10 minutes ago
A crypto whale liquidated their entire CRV position after holding it for 3 years, incurring a loss of $4.1 million.
According to EmberCN’s monitoring, a crypto whale or institutional entity has recently liquidated its holdings of 31.4 million CRV tokens held for roughly three years, incurring a total loss of around $4.1 million, equivalent to a 27% loss rate. The address in question withdrew and accumulated the 31.4 million CRV from Binance between 2023 and 2024, with a total investment of approximately $15.13 million, translating to an average cost of $0.48 per token. Over the past two weeks, the address has transferred these CRV to OKX for sale, fetching an average selling price of roughly $0.35 per token.
10 minutes ago
Tom Lee's Bitmine Withdraws 12,500 ETH ($34.55M) From Kraken
Tom Lee (@fundstrat)'s #Bitmine keeps buying $ETH, withdrawing another 12,500 $ETH($34.55M) from #Kraken today.
Beating AI News Insight: Alibaba CEO Wu Yongming unveiled the company’s next-phase AI roadmap at the Yunqi Conference. The Qwen team plans to train a new model with 5 trillion to 10 trillion parameters; Pingtouge released the Zhenwu V900; and Alibaba Cloud aims to expand its global data center capacity to over 20GW by 2032. Qwen is exploring Recursive Self-Improvement (RSI), which enables the model to identify its own shortcomings based on real task feedback, design experiments, construct data, and continue training. The new generation of models will focus on enhancing capabilities for complex long-horizon tasks, while advancing multimodal models that integrate understanding and generation. Wu Yongming estimates that the total thinking capacity generated by machines today is less than 3% of humans, and could exceed human levels by 1,000 times in the future. He noted that current AI coding is still similar to the "electric light in 1882"—it mainly replaces existing work, while new products truly belonging to the machine intelligence era have not yet emerged. In the future, complex tasks may be split into tens of millions of subtasks, assigned to millions of Agents for continuous execution. To support this scale of computing demand, Alibaba is also strengthening its chip and cloud infrastructure. The Zhenwu V900 delivers 3 times the performance of the M890, with a single cluster scalable to up to 500,000 cards. Wu Yongming stated that medium- and long-term demand for AI currently exceeds supply, and Alibaba Cloud plans to operate over 20GW of global data centers by 2032.
10 minutes ago
AMD's market capitalization surpasses $1 trillion, as AI agents reignite market attention on demand for CPU computing power.
Beating AI Express (from Dongcha) – AMD’s stock closed up nearly 10% on September 21 to $615.52, hitting an all-time high. The chipmaker’s market capitalization crossed $1 trillion for the first time, making it the fourth U.S. semiconductor firm to reach this valuation, following NVIDIA, Broadcom, and Micron. AMD has rallied roughly 24% over the past five trading days, with its year-to-date gain exceeding 180%. One direct catalyst for the recent surge is the market’s re-evaluation of AI agents’ demand for CPU computing power. Meta’s newly launched personal AI agent Muse quickly gained traction: it amassed 730,000 downloads in just five days and topped the U.S. Apple App Store’s free app chart on September 18. Market participants note that as AI agents become more widespread, server CPUs will see increased workloads in inference, task orchestration, and infrastructure operations. AMD’s second-quarter revenue rose 50% year-over-year to $11.54 billion, with its data center business generating $6.7 billion in revenue, up 107% YoY. Meta currently accounts for around 5.5% of AMD’s total revenue, ranking as the chipmaker’s second-largest customer. As AI applications expand beyond model training to agent deployment, market focus on AI infrastructure is shifting from GPUs to CPUs and other general computing resources.
Ethereum is trading up above the key $2,700 mark, stirring a major resurgence in its derivatives market on the world's largest cryptocurrency exchange, Binance.
Per recent data from crypto analytics platform CryptoQuant, Ethereum futures activity on Binance is back on fire, surging to its highest level in nine months.
Ethereum OI reaches $6.58 billionWhile the prolonged market volatility seen in the previous months has caused Ethereum futures activity to slow significantly across major exchanges, the market has witnessed a sharp reversal.
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According to the data, the resurgence in Ethereum futures activity began in late August, when Ethereum's open interest on the exchange stood at about $4.8 billion.
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As of September 21, the Ethereum open interest on Binance has surged to $6.58 billion from the level it was at late last month, marking a substantial increase of about 37% in less than a month.
This means that the leading cryptocurrency has added about $1.78 billion to the amount of outstanding Ethereum futures contracts over the period.
Ethereum gains momentum While open interest represents the total value of active futures and derivatives positions opened on a specified exchange, the 37% increase seen on Binance shows that nearly $2 billion worth of new positions are being opened in the ETH derivatives market on Binance.
This reflects growing participation in the Ethereum ecosystem as sentiment on the asset continues to turn bullish, driving a major price breakout for ETH.
With the open interest surge coinciding with a rapid price increase for Ethereum, analysts predict that the asset might be on track to hitting $3,000 once again.
The company is on track to reach its goal of owning 5% of ETH's supply.
BitMine Immersion Technologies (BMNR) bought 27,562 Ethereum (ETH) over the week to September 20 and reported combined crypto, cash, and moonshot holdings of $17.1 billion in a press release and 8-K filed September 21.
Total holdings rose $1.3 billion from the $15.8 billion BitMine reported a week earlier, when it added 27,180 ETH. The company marked its Ether at $2,688 per token, per Coinbase, up from $2,513 a week earlier. That mark puts the week’s purchases at roughly $74 million, with the treasury at 5,983,940 ETH.
Staked Total Flat Since Late August BitMine Chairman Thomas “Tom” Lee stated the company “has bought ETH each and every week since the inception of its ETH Treasury Strategy on June 30, 2025,” a track record he called “unmatched by any public company in the world.” The pace has swung this year; one July purchase fell to 7,430 ETH, down from more than 30,500, a slowdown Lee tied to share buybacks.
Holdings equal 4.9% of the 122.1 million ETH in supply, and BitMine puts itself 98% of the way to its target of owning 5% of all ETH, the plan it calls the Alchemy of 5%, 15 months after the strategy began.
BitMine stakes 5,067,309 ETH, worth $13.6 billion at its mark and 85% of the treasury, through MAVAN, its Made in America Validator Network. The staked count has held there for five consecutive weekly updates, even as the token total kept climbing.
Lee put projected annualized staking revenue at $357 million, up from $334 million a week earlier, rising to $421 million once the ether is fully staked, on a 2.62% seven-day yield.
Lee Sees Stronger Fourth Quarter “We believe a crypto bull market is underway, having started in late June,” Lee said, citing “the rotation from AI back to crypto.”
He put Ether’s quarter-to-date lead over the S&P 500 at 6,519 basis points, called the run “a prelude to a potentially stronger up move in the 4th quarter of 2026,” and said the company expects institutions “to substantially increase their exposure in the final 3 months of 2026.”
You may also like: Vitalik Buterin Has a Different Take on AI Hackers and the Future of Cybersecurity BitMine Adds 27,180 Ethereum in Latest Purchase, Pushing Stash to 5.96 Million ETH Ethereum Targets October 6 for Glamsterdam Sepolia Fork Cash and marketable securities rose to $714 million from $549 million a week earlier. The release gave no reason for the increase. Alongside the ether, BitMine held 212 Bitcoin (BTC), a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings (ORBS), up from $98 million.
BMNR traded $1.2 billion in average daily dollar volume over the five days to September 18, ranking 100th of 5,704 US-listed stocks, according to Fundstrat, Lee’s research firm. The release ranks BitMine first among ether treasuries and second among crypto treasuries overall, behind Strategy (MSTR), which the release said owns 845,080 Bitcoin worth about $75 billion.
Traders betting against Bitcoin are getting wrecked to start the week, with nearly $1 billion in leveraged bets wiped out as BTC’s price punches through $86,000.
In the last 24 hours, $930.04 million in leveraged crypto bets have been liquidated, says CoinGlass.
Most of that is shorts. Bitcoin shorts alone come to $454.95 million. Bitcoin longs are $52.96 million.
Ethereum followed with $172.68 million in shorts and $28.61 million in longs.
More than 131,000 traders were forced out. The largest single close was an $11.29 million Bitcoin position on Binance.
Bitcoin is trading at $86,038 at time of publishing, up 5.5% in the last 24 hours.
Ethereum rises back above $2,700 with two big buyers leading the way. In five days, two whales have engaged about $106.4 million in ETH. The largest sold 1,107 BTC before buying 34,422 ETH and staking the entire amount. The move comes as Ethereum ETFs recorded about $140 million in outflows for the week ending September 18. In the crypto market, large wallets appear much more aggressive than funds this week.
In brief Two whales bought about $106.4 million of ETH in five days. A single address exchanged 1,107 BTC for 34,422 ETH and then staked all tokens. Ethereum surpassed $2,700 for the first time since January 31. A whale converts $86.7 million of Bitcoin into ETH crypto The biggest move comes from Hyperliquid. In five days, a whale sold 1,107 BTC, about $86.76 million, then bought 34,422 ETH for nearly $86.5 million. The ETH was not sent back to a platform to be resold: they were all staked.
The move is worth comparing with another recent figure. ETH reserves on crypto platforms fell to 14.88 million tokens, a multi-year low, while staking reached 43.1 million ETH in early September.
The same whale had already started moving a few days earlier. On September 18, eleven new wallets probably linked to the same actor sold 602 BTC against 18,780 ETH. Since then, about 505 additional BTC have been sold and 15,642 ETH added.
This is not the only recent rotation from Bitcoin to ETH crypto. Another wallet exchanged 866 BTC for 26,924 ETH a few hours before the vote on the CLARITY Act on September 15. In both cases, these are observable on-chain movements. The exact identities and motivations of the owners remain unknown.
A second buyer returns with $32.17 million in USDC The second wallet, identified by the start of its address 0x4cee, already has a rather eventful history with Ethereum. On July 21, it sent 20 million USDC to Binance before withdrawing 10,501 ETH, bought around $1,904. One month later, it resold about 10,500 ETH at $2,252, making an estimated profit of $3.66 million.
It returned in September, at a higher price. Three real transfers to Binance appear on the blockchain: 2 million USDC, then 18 million, and finally 12.17 million. Total: $32.17 million. The wallet then withdrew 7,567 ETH worth about $19.93 million.
So there would remain nearly $12 million of the deposit without any identifiable on-chain ETH purchase. This sum could still be on Binance. There is currently no evidence that it will be fully used to purchase ETH crypto.
These purchases also come after several weeks of accumulation elsewhere in the ecosystem. BitMine, for example, recently added 27,180 ETH for about $68 million, bringing its reserves to nearly 6 million ETH. The amounts are no longer negligible.
Ethereum surpasses $2,700, crypto ETFs move in the opposite direction ETH was trading around $2,738 at the time of data release, up about 6% over 24 hours and 11% over thirty days. Ethereum had not passed $2,700 since January 31.
The contrast with ETFs is quite clear. Spot Ethereum ETFs recorded about $140 million in net outflows during the week ending September 18. The two whales studied meanwhile engaged just over $106 million. This does not mean their purchases alone explain the price increase. Bitcoin was also rising toward $85,000 and the overall crypto market was advancing.
Ethereum was already building momentum. A few days earlier, ETH had gained 7.46% to reach $2,619 after the publication of U.S. inflation figures. Cointribune had followed this initial rebound of Ethereum above $2,600 Large wallets now add another data point: 34,422 ETH staked by one whale. 7,567 ETH withdrawn from Binance by another. A total of $106.4 million engaged. And meanwhile, listed funds are recording outflows.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Ethereum has recorded a sharp rebound in its derivatives market activity, as open interest on Binance climbed to $6.58 billion, reaching its highest level in over nine months.
Recent analysis from CryptoQuant shows that Ethereum’s open interest on Binance began accelerating in late August. At that time, the open interest amounted to approximately $4.8 billion. Since then, the figure has surged by roughly $1.78 billion, representing an increase of about 37% over less than a month.
Open interest refers to the total value of outstanding futures and derivatives positions on a particular exchange. This notable increase points to a significant influx of new positions in the Ethereum derivatives market on Binance, with traders responding to renewed optimism around ETH’s performance.
Analysts cited the uptrend in both Ethereum’s spot price and derivatives as a sign of strengthening sentiment, with many viewing the boost in open interest as a precursor to further upward movement for the asset.
Analysts forecast possible return to $3,000Ethereum’s price has climbed above the $2,700 threshold, sparking speculation among analysts that the cryptocurrency could be on track to revisit the $3,000 mark. Market participants have attributed this bullish momentum to the rising participation in derivatives trading, as more investors seek exposure to Ethereum’s potential gains.
Market watchers emphasized that the sharp increase in open interest may reflect not only speculation but also traders hedging positions or preparing for further market volatility. Despite persistent fluctuations in recent months, Ethereum has managed to recapture investor attention.
The 37% surge in Ethereum open interest on Binance in under a month spotlights renewed confidence in the asset, as over $1.7 billion in new futures positions point toward increasing involvement by market participants.
Rising market activity beyond derivativesThis renewed activity in Ethereum’s derivatives market coincides with broader trends in the cryptocurrency space, where both established assets and newer digital tokens have seen heightened trading volumes and price swings. As Ethereum’s volatility attracts traders, similar dynamics can be observed in the fast-moving meme token sector.
Within the meme token market specifically, rapid surges of interest often stem from internet trends, resulting in large gains for some investors. For example, data from Fomo App highlighted a recent trade involving the token “Niu Lai,” where an initial investment of $99 turned into about $370,000 in a matter of days. Such cases illustrate the speed at which capital can flow into viral projects and reinforce the importance of monitoring both investor actions and token market timing. Fomo App provides integrated tools for token discovery, social tracking, investor rankings, and trade notifications, helping users stay up-to-date with the evolving landscape of meme assets.
Overall, as interest in Ethereum and other cryptocurrencies accelerates, technical indicators and social trends are becoming vital for both short-term decision-making and longer-term strategy.
Crypto markets delivered a sharp reminder on September 21 of what happens when too many traders lean the same way at the wrong time. A broad price surge across digital assets wiped out $928.8 million in leveraged positions over 24 hours, catching short sellers badly offside, according to data from @coinglass_com.
Shorts Take the Brunt Of the total liquidated, $767.3 million came from short positions, more than four times the $161.4 million that hit longs. In all, 130,256 traders were forced out of their positions. The scale of short-side losses reflects a market that had been leaning heavily bearish heading into the move, leaving bears exposed when prices turned.
Bitcoin led the damage. $BTC positions accounted for $503.2 million of liquidations, with $ETH close behind at $201.7 million. The figures are consistent with the broader pattern seen throughout 2026, where sharp upside moves have repeatedly flushed out over-leveraged short sellers.
The mechanics here are well understood. When that process hits short sellers en masse,
Context Within a Volatile Year The September 21 event sits within a year marked by several large liquidation episodes. More recently, a rally in August sent Bitcoin toward $85,000 and produced back-to-back sessions of billion-dollar-plus liquidations.
It is worth noting that
Sources:
CoinGlass Liquidation Data
CoinDesk: Bitcoin tops $75,000 as shorts wiped out
Crypto Times: Crypto Liquidations Hit $795M as Bitcoin Surges
Ethereum price rose 4.80% to $2,752.53 within 24 hours, strengthening expectations of a move toward $3,000 this week.
The wider cryptocurrency market gained 5.23%, reaching $2.91 trillion as risk appetite improved sharply.
Bitcoin’s climb beyond $84,000 provided further support for major altcoins. Institutional accumulation, stronger derivatives activity, and liquidations now reinforce Ethereum’s near-term bullish outlook for traders.
Broader Crypto Market Rally Supports Ethereum Price Bitcoin briefly touched $86,000, reaching an eight-month high and extending its three-month gain to 49%.
The recovery added roughly $568 billion to Bitcoin’s market value and strengthened confidence across the altcoin sector.
Ethereum price gained almost 7% during the past week before extending its advance above the important $2,700 threshold.
The Crypto Fear and Greed Index recovered to 79, indicating neutral conditions after February’s period of deep pessimism.
CMF data Continued improvement could encourage sidelined capital to return, helping Ethereum challenge resistance near the $3,000 level.
BitMine’s Continued ETH Purchases Strengthen Institutional Demand BitMine added another 27,562 ETH last week, continuing a regular accumulation strategy maintained since June 30, 2025.
This company currently owns 5,983,940 ETH, which is approximately 5% of the supply of Ethereum.
🚨BITMINE JUST ADDED ANOTHER 27,562 ETH!
Bitmine bought 27,562 ethereum:native last week and now holds 5,983,940 ethereum:native, about 4.9% of supply.
Combined holdings hit $17.1 billion, with 5,067,309 ethereum:native staked.
Another week of buying, every week since June 30,… pic.twitter.com/PfdeogH1IE
— Crypto Banter (@crypto_banter) September 21, 2026
Its consolidated assets are estimated at about $17.1 billion and 5,067,309 ETH are staked in the activities at the moment.
Such recurrent acquisitions decrease the supply in the market and represent a long-term institutional belief in the future of Ethereum.
But United States spot Ethereum ETFs registered 140 million weekly outflows, terminating four weeks of straight inflows.
That is one of the main pitfalls, but the accumulation of BitMine can partially offset the recent drop in the ETFs demand.
Rising Open Interest and Short Liquidations Could Fuel Ethereum’s Rally Ether derivatives have been on the increase with the spot prices and have been more actively traded when the market is at large.
Trading volume increased 78.93% to $74.55 billion, while open interest rose 6.48% to $36.69 billion.
Options volume climbed 79.13% to $2.14 billion, and options open interest advanced 2.16% to $8.50 billion.
Source: Coinglass data Meanwhile, roughly $648 million in bearish crypto positions were liquidated as Bitcoin’s rally triggered a major short squeeze.
Further Ethereum gains could force additional short closures, creating momentum toward $3,000 if broader market conditions remain supportive.
Will Ethereum Price Hit $3k This Week? The ETH price surged to $2,751 after gaining 8.85% within a rising four-hour channel.
Ethereum briefly reached $2,766.84 as increasing volume supported the latest upward move. The token is now close to resistance at around 2800.
The Relative Strength Index was however at 76.58, meaning Ethereum is overbought. This reading augurs well with the likelihood of short-term pullback
The Chaikin Money Flow is still positive at 0.40, indicating high capital inflows. That power implies that the rally continues to be supported by the demand in the market.
Source: ETH/USDT 4-hour chart: TradingView The nearest support is almost at$ 2,700 and then the channel base at $2,600. The loss of $2,600 will slow the pace and reveal $2,300.
The future ETH price outlook is still optimistic, and the price is still above the rising channel. A confirmed breakout above $2,800 would reinforce the argument of the $3,000.
Ethereum (CRYPTO: ETH) climbed above $2,700, its highest level since January, as whale activity accelerated and one large holder rotated a significant amount of Bitcoin (CRYPTO: BTC) into ETH.
On-chain tracker Lookonchain reported that a mysterious whale sold 1,107 BTC worth $86.76 million on Hyperliquid before buying 34,422 ETH worth $86.5 million and staking the entire position.
The transactions occurred over the past five days, according to data reported on Sept. 21.
Another swing trader is also buying back into Ethereum at higher prices.
Trader 0x4cee, who sold 10,500 ETH for $23.64 million at an average price of $2,252 a month ago, bought back 7,567 ETH worth $19.93 million. The earlier sale generated a $3.66 million profit.
On Chain Activity Shows StrengthSantiment Intelligence data shows whale transactions are climbing as Ethereum breaks higher, suggesting large holders are becoming increasingly active.
Ethereum’s holder base has also expanded to a record 207.17 million non-empty wallets.
More than 40 million ETH is currently staked, while the Ethereum network secures roughly $50 billion in decentralized finance total value locked, supported by stablecoins, lending, decentralized exchanges and liquid staking.
Can ETH Break $3,000?Crypto analyst Ali Martinez said Ethereum confirmed a breakout after clearing $2,560 and successfully retesting the level as support.
Martinez sees $2,760 as the next major target.
Trader CrediBULL Crypto, meanwhile, said ETH has cleared previously untapped highs and is approaching a key $2,800-$3,000 resistance zone.
He sees that area as a logical point for a rejection and potentially a deeper pullback toward equal lows. However, a decisive break above the zone could reduce the likelihood of that downside move.
Image: Shutterstock
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The cryptocurrency market continues its strong upward momentum, with Bitcoin (BTC) surpassing $87,000 and Ethereum (ETH) exceeding $2,800. According to OKX data, Bitcoin’s price rose to $87,010, gaining 7.41% in the last 24 hours, while Ethereum reached $2,800.26, extending its daily gain to 5.98%.
Weekly chart showing the recent rise in BTC price. There are multiple factors behind the market rally. Chief among them is the renewed strong inflow of capital into US spot Bitcoin ETFs. According to data reported by Bloomberg, US spot Bitcoin ETFs recorded net inflows of approximately $593 million over Thursday and Friday. This offset a significant portion of the outflows seen earlier in the week, increasing expectations of renewed institutional demand.
Weekly chart showing the recent rise in ETH price. Regulatory developments also supported market sentiment. The U.S. Securities and Exchange Commission (SEC) granted a five-year regulatory exemption to certain platforms for trading tokenized shares on the blockchain. This move is seen as a potential step towards integrating blockchain-based financial products into traditional markets in the U.S.
On the macroeconomic front, the recovery in risk appetite was another factor supporting cryptocurrencies. The fall in the US 10-year Treasury yield below 5%, the drop in oil prices, and the Nasdaq’s rise to a record high led by technology stocks made it easier for investors to turn to riskier assets. Bitcoin also gained over 6% in value during the same period.
However, one of the strongest short-term drivers of the rally was the short squeeze in the futures market. According to CoinGlass data, a total of $926 million worth of leveraged positions were liquidated in the cryptocurrency market in the last 24 hours. Approximately $785 million of these liquidations consisted of short positions, indicating that investors who had taken short positions as the price rose were forced to close their positions. The amount of liquidations in long positions remained at approximately $142 million.
A total of $509 million worth of Bitcoin positions and approximately $198 million worth of Ethereum positions were liquidated. The largest single liquidation occurred on the BTC/USDT trading pair on Binance, with a position size of approximately $11.3 million.
*This is not investment advice.
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Ethereum climbed above $2,650 on renewed bullish momentum, with ETH trading at approximately $2,667 at last check, up 3.37% over the past 24 hours. The latest rally follows a breakout from short-term consolidation and has put new resistance levels into focus for traders.
Bullish Flag Breakout and Upside ProjectionsAfter consolidating beneath resistance near $2,550 to $2,600, Ethereum broke above a short-term bullish flag. The move came after a sharp prior rally, with buyers able to push ETH through the upper range of the pattern. Technical analyst Celal Kucuker identified this breakout as a possible continuation signal, projecting a further 37.06% advance toward a target of about $3,520.
By using the height of the preceding rally, chart projections suggest a move toward $3,520.79, as long as Ethereum holds above the pattern’s upper boundary.
The continuation of the breakout scenario depends on ETH maintaining its position above the former flag resistance. Dropping back inside the pattern could weaken momentum. While the structure has improved, Ethereum must still overcome a series of resistance levels before reaching its projected target.
Key Support at $2,631: Point of ControlEthereum’s breakout has pushed the price above an important volume-profile level. The Point of Control (POC) for the recent price action sits at approximately $2,631—a region where significant trading activity has occurred in the measured range. Crypto analyst CW8900 highlighted this area as a crucial support level, especially after Ethereum’s latest recovery. With ETH near $2,667, the POC now lies just beneath the current price and could become a focal point in the event of any short-term pullback.
Mini dictionary: Point of Control (POC), the price level with the highest trading volume in a given range, often viewed as a key support or resistance area.
If Ethereum holds above $2,631, analysts see this as evidence that buyers are defending a significant high-volume area. Losing this level could push the price down to the $2,600–$2,550 support region. The current volume profile supports a positive outlook, but an upcoming retest will clarify whether ETH’s rally can continue.
Support/Resistance LevelSignificance$2,631Point of Control, major support$2,600–$2,550Previous high-volume support$2,700–$2,800Next resistance zone$3,000Psychological resistance$3,520Bullish flag projection targetMarket Sentiment and Buy-the-Dip InterestThe rising structure for Ethereum continues to attract buying during brief retracements. Analyst Scient noted persistent demand and suggested that even a deeper move toward $2,150 could present accumulation opportunities in the coming weeks.
Analysis points to ongoing investor confidence, with shallow corrections frequently met by new buying interest as long as Ethereum stays above the key support range.
Recent price action reveals Ethereum bouncing back from previous downtrends and reclaiming an important historical trading region. The broader outlook remains constructive, provided the $2,631 level and other supports are not breached. A significant move down to $2,150 would indicate a deeper correction, not the immediate scenario foreseen by most analysts.
Price Momentum and Quarterly PerformanceEthereum’s breakout has bolstered its short-term prospects, with immediate focus on the $2,631 support. Sustaining above this threshold could enable an advance toward $2,700–$2,800 and eventually the $3,000 psychological level.
In the broader context, analyst BitBull calculated that Ethereum has gained about 67.57% so far in the third quarter of 2026, marginally ahead of the 66.55% quarter gain from 2025. Should this trend continue through the end of the quarter, this would mark Ethereum’s strongest third-quarter performance in recent years.
As long as momentum persists, the bullish flag target near $3,520 remains a possibility. However, dropping below $2,631 exposes the downside toward previous support zones and increases the risk of re-entering consolidation.
At time of reporting, Ethereum’s price was close to $2,748, up 4.41% over the last 24 hours. Markets will be watching the next retest to determine if ETH can extend its gains or if it needs to consolidate further before another advance.
BitMine Immersion Technologies (NYSE: BMNR), the Ethereum treasury company chaired by Tom Lee, disclosed Monday that it acquired 27,562 ETH over the prior week, lifting its holdings to 5,983,940 tokens — about 4.9% of the total supply — and pushing its crypto and cash reserves past $17 billion, according to a company release. The disclosure cements BitMine’s standing as the largest public holder of ether.
Treasury Nears the 5% Milestone As of September 20, BitMine held 5,983,940 ETH priced at $2,688 per token, alongside 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million stake in Eightco Holdings (NASDAQ: ORBS). The company put its combined crypto, cash and equity holdings at $17.1 billion and said the ETH position alone equals 4.9% of a 122.1 million-token supply. It labels the Beast Industries and Eightco positions as “moonshots” alongside its staking and cash businesses.
“Over the past week, we acquired 27,562 ETH,” Lee said in the release. “BitMine has bought ETH each and every week since the inception of its ETH Treasury Strategy on June 30, 2025.”
Staking Turns the Treasury Into Income The bulk of the position now earns yield. BitMine said 5,067,309 ETH — worth $13.6 billion, or 85% of its holdings — is staked, generating a 7-day yield of 2.62% annualized. “Bitmine has staked more ETH than other entities in the world,” Lee said, adding that annualized staking revenue is now projected at roughly $357 million, rising to $421 million once the stack is fully deployed through its MAVAN staking platform. The update follows last week’s disclosure, when BitMine’s holdings crossed 5.96 million ETH.
Largest Ether Treasury Extends Its Weekly Streak The latest purchase keeps intact an unbroken weekly buying streak that began with the strategy’s launch in mid-2025. The Norwalk, Connecticut-based company funds the program through its bitcoin mining operations and the proceeds of capital raises, and it has stepped up buying as institutional interest in ether grows. With 4.9% of the supply already in hand, it is closing in on the 5% share it has flagged as a milestone — a goal its materials call the “alchemy of 5%”.
AUTHOR
A freelance writer with a passion for crypto, delivering insightful and accurate content on blockchain and fintech. With a knack for translating complex concepts into accessible content, Eric produces well-researched articles, blog posts, and thought leadership pieces that cover the latest trends and developments in the digital finance space. His writing is aimed at educating and engaging both newcomers and industry experts, offering fresh insights into the world of cryptocurrencies, decentralized finance (DeFi), and blockchain innovations. Eric’s dedication to quality and accuracy makes him a trusted voice in the fintech and crypto communities
Bitcoin rallied to an almost eight-month high as institutional interest surged, while crude oil prices fell below $100 and Treasury yields slipped below 5%.
Notable Statistics:
Coinglass data shows 130,362 traders were liquidated in the past 24 hours for $928.11 million. SoSoValue data shows net inflows of $433 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $143.8 million. In the past 24 hours, top gainers include Bitway, Pepe and Dogecoin. Notable Developments:
Strategy Buys 950 Bitcoin For $76M as MSTR Surges 8%: What’s Going On?Top 6 Crypto Stocks Climbing with Bitcoin Right NowBitmine Buys 27,562 ETH as Tom Lee Says Crypto’s Bull Market Is ‘Underway’Is Solana’s Next ‘Token Supercycle’ Taking Shape? Expert Identifies Three Key IndicatorsBitcoin Hits 7-Month High as Coinbase CEO Sees $400,000, Says Crypto Won’t Wait for CongressMichael Saylor Says ‘Welcome Back’ as Bitcoin Bear Admits: ‘I Was Wrong’XRP Jumps 8% as Ripple Says Asset Managers Eye XRPL UpgradeTrader Notes:
Heavily followed crypto trader CrediBULL Crypto said Bitcoin is now pushing into higher-timeframe resistance, raising the risk of a short- to medium-term pullback.
He said such a move could still form a higher low above $60,000 before BTC resumes toward $100,000-plus, while consolidation could give altcoins room to rally.
Jelle noted Bitcoin’s higher high signals the start of a new bull market, with a weekly close at $83,000 or above providing further confirmation.
He believes traders now face a choice between buying immediately, waiting for confirmation or hoping for a better entry on a pullback.
Image: Shutterstock
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@circle has launched Digital Asset-Backed Borrowing, a new service that lets institutional clients access dollar liquidity against their Bitcoin holdings without having to sell them. The product went live on September 21 for eligible Circle Mint customers on @arc and @ethereum.
How It Works The mechanics are straightforward.
Early Demand and Broader Context
Sources:
CoinGape: Circle Rolls Out Bitcoin-Backed Loans for Institutions
Crypto Times: Circle Launches Bitcoin-Backed cirBTC on Arc for DeFi Use
CoinCentral: Circle (CRCL) Stock Jumps 6% as Bitcoin-Backed USDC Borrowing Launches
Bitcoin, Ethereum, and altcoins have seen significant price increases in recent days. At this point, treasury companies have also started buying again.
First, Strategy, the world’s largest publicly traded Bitcoin holder, made purchases again after weeks.
According to a statement by Strategy founder Michael Saylor, Strategy purchased an additional 950 Bitcoin. This brings the company’s total Bitcoin holdings to 846,000 BTC. The company also repurchased STRC preferred shares worth $174 million.
Saylor noted that Strategy also holds assets worth $6.09 billion, adding that the company’s dollar-denominated assets could cover current preferred stock dividends and interest payments for approximately 3.8 years.
Ethereum Purchases Continue! Bitmine, the world’s largest holder of Ethereum, also announced last week that it purchased an additional 27,562 ETH, bringing its total holdings to 5,983,940. According to the announcement, this represents 4.9% of the total circulating ETH supply.
The official statement also noted that Bitmine’s total assets, including cryptocurrency, cash, marketable securities, and strategic investment assets, have reached $17.1 billion.
This figure includes 5.98 million ETH, 212 Bitcoin, $714 million in cash and marketable securities, $180 million worth of Beast Industries shares, and $105 million worth of Aitco Holdings shares.
Assuming the ETH price is $2,688, Bitmine’s ETH holdings are estimated to be worth approximately $16.1 billion.
Bitmine Chairman Tom Lee stated, “We believe a crypto bull market is continuing, driven by several factors, including the shift from AI to crypto that began in late June, the strengthening of crypto fundamentals around both tokenization and AI, and finally, the end of the 4-year cycle. In our view, ETH’s tremendous performance in Q3 2026 is seen as a harbinger of potentially even stronger growth in Q4 2026. Given that institutions kept their crypto investments low in early 2026, partly due to the superior performance of AI stocks in early 2026, we expect institutions to significantly increase their crypto investments in the final three months of 2026.”
Solana Procurement Announced Too! Last week, Nasdaq-listed company DeFi Development Corp. announced it had purchased an additional 101,381 Solana tokens, bringing its total SOL holdings to 2.49 million. The company also added that it plans to use its SOL holdings for staking, validator operations, and on-chain financial infrastructure, depending on market conditions and risk management standards.
*This is not investment advice.
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[PRESS RELEASE – Tallinn, Estonia, September 21st, 2026]
NOWPayments today published new empirical data analyzing six months of enterprise payout activity, offering a comparative performance benchmark across TRON, BNB Smart Chain, Solana, Bitcoin, and Ethereum to help businesses select optimal blockchain rails based on speed, transaction volume, and cost efficiency.
The dataset reveals distinct operational advantages depending on transfer priorities: Solana recorded the fastest average payout speed at 1 minute and 45 seconds while accounting for 3.08% of volume and 3.86% of transactions. TRON led in total monetary volume at 43.69%, and BNB Smart Chain handled the largest share of individual payout transactions at 48.23%.
High-Frequency Payouts Put BNB Smart Chain in the Lead
Together, TRON, BNB Smart Chain, Ethereum, Bitcoin, and Solana accounted for 94.04% of payout volume and 77.84% of payout transactions during the period analyzed.
BNB Smart Chain accounted for 48.23% of transactions, compared with 15.73% for TRON. Its share of payout volume was lower at 21.75%.
The network handled far more individual transfers without carrying the largest share of value, a pattern consistent with higher-frequency, lower-value payouts in the NOWPayments dataset.
Higher-Value Payouts Put TRON in the Lead
TRON moved 43.69% of payout volume, more than twice BNB Smart Chain’s 21.75% share, despite accounting for a much smaller share of transactions.
Based on those shares, the average TRON payout was approximately 6.2 times larger than the average BNB Smart Chain payout during the period. The networks served different payout patterns: TRON carried more value, while BNB Smart Chain handled far more individual transfers.
Ethereum ranked third by volume at 18.84% and represented 7.42% of transactions. Bitcoin accounted for 6.68% of volume and 2.60% of transactions, while Solana represented 3.08% of volume and 3.86% of transactions.
The data suggests a practical framework for matching the network to the payout flow:
The data offers a starting point, not a universal network recommendation.
When Speed Matters, Solana Leads
Solana led on speed with an average payout time of 1:45. Bitcoin followed at 2:53, ahead of TRON at 3:08 and BNB Smart Chain at 3:13. Ethereum recorded the longest average at 5:56.
The gap between the fastest and slowest networks was 4 minutes and 11 seconds. Every network in the comparison still averaged less than six minutes, while TRON and BNB Smart Chain were separated by only five seconds.
The fastest network was not the most widely used. That points to a broader principle: crypto infrastructure should be evaluated across the full movement of funds, not by a single headline metric.
Kate Lifshits, Commercial Director at NOWPayments, applies the same data-first approach in Crypto That Works for Business, her Cryptopolitan series on the commercial impact of crypto payments. The first column, the 22% Sales Boost Hiding in Your Crypto Checkout, examined checkout performance; future editions will cover other points where payment infrastructure affects revenue, costs, and growth.
“The useful question is not which network tops a leaderboard. It is what a specific payout flow needs to optimize: value, frequency, speed, or cost,” said Kate Lifshits, Commercial Director at NOWPayments.
When Cost Matters, The Best Route May Not Be a Blockchain Network
When minimizing payout costs is the priority, comparing blockchain networks may be the wrong place to start.
NOWPayments allows businesses to send payouts to ChangeNOW Pro wallets with no network or service fees within the ecosystem. Creator Andy Tries Coding publicly tested the route and reported receiving a fee-free payout in under five seconds.
Recipients are identified by email and confirm the transfer before funds move, so businesses do not need to collect wallet addresses at the beginning of the payout process. An interactive guide walks through the process from payout creation to recipient access.
The takeaway is simple: define the payout flow first, then select the network or route. Value, frequency, speed, and cost will not point every business to the same answer.
About NOWPayments
NOWPayments is a crypto business ecosystem designed to help companies accept payments, automate mass payouts, manage stablecoin treasury, and scale global digital asset operations through a single infrastructure. The platform supports more than 350 cryptocurrencies, over 30 stablecoins, flexible settlement options, and enterprise-grade APIs.
Bitcoin’s recent rebound is starting to lift the wider crypto market, with several major altcoins showing notable gains and signaling renewed risk appetite among traders.
Altcoins gather strength as momentum shiftsLeading cryptocurrencies including Solana, Ethereum, Sui, Avalanche and Dogecoin are posting significant increases, indicating investors are looking beyond Bitcoin and turning towards assets perceived as riskier within the sector. This trend highlights a broader shift, as capital flow begins to diversify outside the market’s largest coin.
Sui has emerged as one of the top performers, gaining momentum ahead of anticipated ecosystem announcements and drawing increased interest from the crypto community. Meanwhile, Solana’s price has climbed above $116 after jumping roughly 7% over the last day. The move places SOL near a fresh technical breakout zone, with the next resistance level approaching at $120.
Key technical levels and price actionAvalanche is seeing sharp acceleration as well, with AVAX rising about 7% in 24 hours and nearly 14% over the past week, supported by a spike in trading activity. Solana mirrors this weekly gain with a 14% increase, crossing through its previously established resistance range.
CoinCurrent Price24h Change7d ChangeKey ResistanceSolana (SOL)$116+7%+14%$120Sui (SUI)Near $1Not specifiedNot specified$1Avalanche (AVAX)Not specified+7%+14%Not specifiedDogecoin (DOGE)$0.088+7%Not specified$0.093–$0.095Ethereum (ETH)Above $2,600Not specifiedNot specified$2,800, $3,000Sui is approaching the crucial $1 level, regarded by traders as a key psychological barrier. A clear move above this figure may reinforce the current breakout, while rejection at this price could send attention back toward recent support zones.
Solana’s advance past resistance puts the token in a critical position, with $120 now in focus as the next challenge for bulls aiming to extend the rally. Market analysts have identified this region as the next important technical milestone.
Avalanche, a smart contract platform known for its high throughput and low transaction fees, also continues its recovery. The network’s recent rise is accompanied by growing trading volumes as traders reassess risk across the market.
Dogecoin, often seen as a proxy for speculative enthusiasm due to its meme coin status, is trading near $0.088 after climbing approximately 7% in the past 24 hours. The $0.093–$0.095 range is seen as near-term resistance, with the $0.10 mark considered the next psychological goal for DOGE enthusiasts.
Ethereum has stabilized after reclaiming the $2,600 level, showing gradual improvement in fund flows following weeks of underperformance. If this renewed strength continues, analysts will keep $2,800 and $3,000 in their sights as possible upside targets for ETH.
Mini dictionary: Sui is a layer 1 blockchain designed for speed and scalability, developed by Mysten Labs. It utilizes a proof-of-stake mechanism and is focused on enabling high throughput for decentralized applications.
Traders are increasingly moving capital from Bitcoin into Solana, Sui, Avalanche, Ethereum and Dogecoin as these altcoins show signs of renewed momentum and approach critical resistance zones that could define the next phase of the market.
Market outlook: Rotation or relief rally?The simultaneous price increases in these five altcoins are driven by different factors, but the expanding risk appetite in the crypto market is evident. With Bitcoin steady, attention is shifting to see whether the current rally will evolve into a sustained rotation toward large-cap altcoins or represents a short-term relief bounce.
Sui, Solana, Avalanche, Ethereum and Dogecoin each face key technical hurdles in the days ahead. The market’s next direction will likely depend on SUI breaking $1, SOL pushing past $120, ETH approaching $3,000, AVAX sustaining its recovery and DOGE reclaiming $0.10.
21 September 2026 | 19:38 Bitcoin and Ethereum climbed about 6%, yet the strongest 24-hour moves came from altcoins. Softer oil prices and renewed ETF demand supported the market, while short liquidations helped accelerate the advance.
Key Takeaways Bitcoin and Ethereum gained roughly 6%. Displayed altcoin gains ranged from 11% to 27%. Lower oil prices eased inflation concerns and supported wider risk sentiment. Short liquidations accelerated the crypto advance. One session does not establish altseason. The rally widened beyond Bitcoin and Ethereum In the September 21 CoinMarketCap snapshot, Bitcoin traded near $86,000 and Ethereum around $2,760. The CoinMarketCap 20 Index DTF shown alongside them had risen by a similar amount, indicating that the advance extended beyond the two largest cryptocurrencies.
Bitcoin
Near $86,000
Up about 6%
Ethereum
Near $2,760
Up about 6%
CMC20 tracker
Shown in the snapshot
Up about 6%
The three readings establish the breadth of the large-cap move. The faster action was farther down the market: every token displayed in CoinMarketCap’s 13-asset gainers list rose by at least 11%, while PEPE’s 27% increase was more than four times Bitcoin’s gain.
Macro relief and ETF demand supported the move No single project announcement explains the breadth of the move. It coincided with improving conditions across several risk markets. Reuters reported that oil fell about 3% as markets responded to signs of possible diplomatic progress in the Middle East. The retreat helped pull the US 10-year Treasury yield below 5% and supported equity futures.
Lower energy prices can ease near-term inflation concerns, which generally helps sentiment toward risk assets. The timing does not prove that investors bought crypto because oil fell, however, and geopolitical conditions can change quickly.
Crypto also received support through regulated investment products. US spot Bitcoin ETFs attracted approximately $593 million across Thursday and Friday, reversing the outflows recorded earlier in the week, according to Bloomberg. Unlike forced liquidations, positive ETF flows provide evidence of demand through spot-linked investment products.
Bitcoin’s breakout forced bearish trades to close Bitcoin’s break above its May peak gave traders a new reference point and placed bearish positions under pressure. The importance of that level became clear when the Bitcoin price moved through $84,000. As the advance continued, some traders positioned for another rejection were forced to close their shorts or add collateral.
Liquidation data show that the advance was also amplified by forced buying. CoinDesk reported $746.6 million in crypto liquidations over 24 hours, including $647.9 million from short positions. Bitcoin shorts accounted for $277.5 million, while Ether shorts contributed $122.8 million.
How a short squeeze pushes prices higher A short position profits when price falls. If the market rises far enough, an exchange may close the trade and buy back the asset. Those forced purchases can push price higher, trigger additional liquidations and create a feedback loop. The process adds momentum, but it is temporary because the supply of losing shorts eventually declines.
Market-wide open interest still rose by approximately 8% to $156 billion even as shorts were removed, CoinDesk found. New positions were therefore entering while old ones were being liquidated. That can prolong momentum, but it also keeps the market sensitive to a reversal if leveraged traders become too aggressive.
The rally extended well beyond the largest coins The CD100 provides a broader check against relying only on a top-gainers list: CoinDesk reported that 95 of its 100 constituents were positive. The 13 gainers displayed in the CoinMarketCap snapshot also crossed several sectors rather than clustering around one project or narrative.
13 gainers displayed by CoinMarketCap
Rounded 24-hour changes in the September 21 snapshot
PEPE +27%
SEI +22%
SUI +22%
FET +18%
PIEVERSE +15%
ARB +14%
RENDER +14%
PENGU +14%
TAO +14%
DOGE +14%
JUP +14%
RAY +13%
ZRO +11%
The list crossed memecoins, layer-one networks, AI and computing projects, decentralized exchanges, scaling networks and interoperability infrastructure. That breadth argues against one project announcement being responsible for the entire move.
Why smaller tokens can rise faster, and reverse faster Many altcoins trade in thinner markets than Bitcoin. A relatively small imbalance between available buyers and sellers can therefore reprice them sharply, even though a 10% increase in market capitalization does not mean an equivalent amount of new money entered the token. Derivatives can magnify the effect when short positions are forced to close.
That explains how Bitcoin and Ethereum can post unusually strong gains while still trailing the day’s leaders. It does not prove that investors sold Bitcoin to buy altcoins. Demonstrating that kind of rotation would require exchange-flow, fund-flow or wallet data rather than a comparison of price changes.
Wide participation is not automatically altseason A 24-hour leaderboard measures speed over one session, while altseason indicators use a much longer comparison. As explained in why the market had not yet reached altseason report, CoinMarketCap’s index asks how many eligible top-100 cryptocurrencies have outperformed Bitcoin over 90 days and requires the share to reach 75%. Today’s winners would need to preserve their advantage over Bitcoin for weeks, not hours, to change that classification.
What would make the advance more durable? Bitcoin holds above its former May high. Altcoin leaders keep much of their gains during the next pullback. Spot buying remains active as derivatives positions grow. More tokens outperform Bitcoin over longer periods. The next pullback will test the rally’s quality The useful test begins when forced short covering slows. If spot demand remains active and the leading altcoins hold much of their advance during the next pullback, the move will look more like a developing market rotation. A rapid return to the previous ranges would show that leverage, not lasting demand, produced the largest gains.
This article is provided for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices, fund flows and derivatives positioning can change rapidly.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Thousands of identical $5,500 trades on Kalshi’s ether futures market have triggered accusations that the exchange inflates its crypto volume. Kalshi denies wash trading.
Kalshi is a US exchange regulated by the Commodity Futures Trading Commission (CFTC). It runs prediction markets and, since June, futures contracts tied to crypto prices.
Kalshi Wash Trading Claims Center on One Order SizeBeni, a former quantitative trader and co-founder of research firm Stealth Neolab, pulled trade records from Kalshi’s public data feed. One order size dominated the tape.
uh guys
I’ve been made aware that if @Kalshi itself participated in, directed, or knowingly incentivized the kind of activity described in my post below, it could potentially amount to fraud or market manipulation
Congratulations
We did it
(I am still not done tho) https://t.co/SC4OcbLN30
— Beni (@beniduboss) September 21, 2026 He counted roughly $539 million of 24-hour volume in the ether perpetual market against about $3.1 million of open interest. Open interest measures the value of positions still held open.
“On ETH the exact same $5500 trade size keeps appearing over and over again… it literally made up 48%-58% of ALL ETH PERP volume on 4 separate days,” said Beni.
Those numbers cannot be rebuilt exactly after the fact because the trading data changes by the second. Beni said he saved copies before publishing.
Kalshi Says Two Separate Products Were ConfusedKalshi’s head of crypto, who posts as IcoBeast, said Beni had blurred prediction markets with crypto perpetual futures contracts.
“We don’t do rebates for crypto prediction markets… All exchanges run rebate and incentive programs to help provide better liquidity on the exchange for traders. CME does it. So does Hyperliquid and Binance,” they challenged.
He also denied that Kalshi hand-picks the firms allowed to clear their own trades, saying fair access is a regulatory requirement.
Kalshi updated its temporary perpetual rebate program in a filing certified by the CFTC on 16 September. It rebates crypto perp taker fees down to 0.003% of trade value for self-clearing members, and leaves makers netting the same.
The same filing excludes any fees paid on trades that result from, or are under investigation for, self-matching, wash trading or pre-arranged trading. Kalshi’s chief regulatory officer can revoke a firm’s place in the program.
Regulators flagged the wider risk in August. CFTC staff warned that steep volume-based rewards can push participants to trade only to reach targets.
No enforcement action has been announced against Kalshi over the claims. Wash trading, where one party buys and sells with itself to fake activity, already breaks US commodities law.
BeInCrypto reported in June that Kalshi’s bitcoin perpetual market cleared $1 billion in days, a level its prediction markets took 40 months to reach.
Beni said lawyers are reviewing further material before he publishes it.
The crypto market rallied on Monda, with Bitcoin, Ethereum and XRP continuing to rise following reports that U.S. President Donald Trump has backed off plans to launch attacks against Yemen’s Houthis. The announcement brought relief from immediate worries regarding the other U.S. military move in the Middle East. Thereafter, Houthi officials revealed that Washington had contacted the group after its advance toward the Bab el-Mandeb Strait.
Bitcoin, Ethereum, XRP Surge As US Cancels Yemen Attack The overall crypto market surge pushed the total market cap of cryptocurrencies to $2.87 trillion, up by 4.48%, in the last 24 hours, per CoinMarketCap.
Meanwhile, Bitcoin price climbed to $84,468.29, gaining 5.11% over 24 hours and 8.65% over seven days. At press time, BTC boasted a market cap of about $1.68 trillion and 24-hour trading volume of $29.02 billion.
Bitcoin price chart today. Source: TradingView Ethereum price also appreciated, trading at $2,707.70 with a 4.98% increase during the last 24 hours. Further, ETH has risen by 7.68% over the last seven days, and has a market cap of $329.49 billion and a daily volume of $15.92 billion.
Ripple’s XRP was moving even higher on a daily basis. As of writing, the XRP price traded around $1.47, up 6.77% in 24 hours and 6.64% over seven days. The total market valuation of XRP hit $92.73 billion mark. Whilst, the trading volume for XRP reached $3.77 billion.
The crypto market rally came in the wake of reports that Trump temporarily put an end to a planned U.S. strike against Iran-linked Houthi targets in Yemen after Saudi Crown Prince Mohammed bin Salman had urged Washington to act. Reports indicated U.S. military preparations had made some progress before Trump changed tacks.
Houthis Reply After Trump Calls Off Strikes Mohamed al-Bukhaiti, a member of the Houthi political bureau, noted that Washington has reached out to the group after it took control of parts of the Red Sea chokeppoint.
Hence, Yemen’s Houthis promised the U.S. that American ships would not be attacked, the official said. Al-Bukhaiti stated, “We confirmed that we are not targeting the United States, or any other nation, in the strait, with the sole exception of the Saudi enemy,”
Al-Bukhaiti stated that the situation “still the same,” according to Euronews report. He also cautioned that if other countries are to join Saudi Arabia in its campaign, the group will fight on several fronts.
He also predicted that Houthis will continue to attack Saudi Arabia until Riyadh lifts the blockade on Houthis-controlled areas and allows ships to enter Red Sea ports under the control of the group. The comments came after renewed tensions and fighting erupted near the Bab el-Mandeb strait, which provides access to the southern Red Sea port of Aden, a strategic gateway for the Red Sea states.
Though the latest news is a relief to Bitcoin and the crypto market, the tensions in Saudi Arabia could spell trouble later on, per macro experts.
Ethereum‘s price has climbed back above $2,500 after a sharp decline earlier this month. The cryptocurrency briefly touched $2,360 on September 16, then rallied to $2,668 before stabilizing near $2,600. Despite this recovery, ETH remains about 47% below its all-time high of roughly $4,946 recorded in October 2025.
Supply squeezes as exchange balances fallThe recent price recovery is closely linked to developments in ETH’s supply dynamics. Since May 2025, Ethereum exchange balances have dropped from 14.8 million ETH to 25.7 million ETH, representing a decline of 28%. This reduction indicates that fewer coins are readily available for immediate sale, which can have a significant effect on price movements, especially if investor demand rises.
A shrinking supply on exchanges means trading activity is more sensitive to shifts in sentiment and incoming demand, amplifying volatility on both the upside and downside.
Staking and ETF inflows strengthen locked supplyStaking activity has accompanied this outflow. Over the past year, the portion of ETH being staked increased steadily, rising from 29.8% in September 2025 to 35.56% as of September 18, 2026. Most staked ETH is effectively removed from active trading since participants lock their coins to support network operations and secure rewards.
Mini dictionary: Staking, the process of locking up cryptocurrency to help validate transactions and secure a blockchain network, often rewards participants with additional coins but removes those tokens from regular circulation during the staking period.
Funding rates are holding near 0.0046, suggesting that leverage in the market has not surged alongside increased staking. This points to a more stable trading environment compared to periods of high leveraged speculation.
Spot ETH exchange-traded funds (ETFs) in the United States have captured about $13.25 billion in net inflows, with total ETH ETF assets now standing at $16.7 billion. This figure amounts to roughly 5.2% of Ethereum’s market capitalization. Among these, BlackRock’s ETHA fund leads the segment with more than $9 billion in assets under management.
MetricCurrent ValueChange/NotesETH price$2,60047% below Oct 2025 peakExchange balances25.7M ETHDown 28% since May 2025Staked ETH35.56%Up from 29.8% last yearETH ETF assets$16.7B5.2% of market capETF inflows have fluctuated throughout September. More than $400 million flowed out midweek but was partially offset by a $143.8 million inflow on September 18.
Mixed outlook amid technical and network upgradesForecasts for ETH by year-end remain divided. Tom Lee of Fundstrat has suggested that ETH could reach $6,000 if bitcoin rises to $150,000 and the ETH/BTC ratio climbs to 0.04. By contrast, Arthur Hayes, former CEO of BitMEX and a well-known crypto investor, has signaled his optimism by making ETH his largest holding, saying a $10,000 price could be possible by late 2026.
Other analysts are more cautious. Geoff Kendrick, head of crypto research at Standard Chartered, maintains a target of $4,000 for ETH by the end of 2026. Citi analysts have even set a one-year target as low as $2,240.
Currently, ETH trades above its 50-day and 200-day moving averages, at $2,272.50 and $2,076.10, respectively. Technical resistance is observed in the $2,655 to $2,672 range; a breakout above could pave the way for a move toward $2,800 or potentially $3,000, while a reversal might bring support back to the $2,400 mark.
Tom Lee projects that if bitcoin reaches $150,000 and the ETH/BTC ratio returns to 0.04, Ethereum could rise to $6,000 by the end of the year. Arthur Hayes, meanwhile, considers Ethereum his primary holding, viewing a $10,000 target as possible by the close of 2026.
Ethereum’s next planned network upgrade, Glamsterdam, is also approaching. The Sepolia testnet is set for October 6, with the mainnet upgrade expected in the fourth quarter of 2026. The update aims to boost transaction throughput, enable parallel execution, and expand blob capacity for increased efficiency.
As of September 20, Ethereum remains near $2,600, and the ETH/BTC ratio is approximately 0.032.
Ethereum’s latest breakout extends a trend that has steadily shifted support higher. The recent pullback at $2,560 and a brief test of lower support at $2,550. Following this, buyers re-entered the market, pushing the price to a new high in the $2,600 to $2,700 range.
The move accelerated between the 20th and the 21st of September as Ethereum [ETH] reached $2,712 before declining slightly, settling around the $2,700 level. Volume also increased during this time, indicating greater participation in the increase.
Source: TradingView Meanwhile, RSI climbed to 68.66, approaching overbought territory. Despite that, it did not cross that threshold, which is above 70. A sustained move above $2,700 would reinforce the breakout and keep higher resistance levels within reach.
The current strength indicates the potential for a short-term cooling after the large gain. However, the structure still appears supportive so long as $2,560 continues to hold.
ETH whale demand strengthens Ethereum’s recent breakout has attracted significant spot demand from larger holders, adding depth to the move above $2,700. Wallet 0x4cee purchased 7567 ETH worth approximately $19.9 million after transferring stablecoins to Binance.
This purchase stood out due to the fact that the same wallet sold 10500 ETH a month ago for an average price of about $2252 per ETH.
The buyer secured $3.66 million in profits on that sale. This indicates that the trader is more convinced of an upside potential than during the earlier sale.
Source: LookOnChain Notably, the recently purchased ETH was transferred from Binance, reducing the supply immediately available for resale. As such, this represents a much stronger positive demand indicator than if the investor had established a leverage position.
If similar accumulation continues, whale buying could reinforce the breakout and help ETH sustain prices above $2,700.
Can ETH hold $2,700? Ethereum’s breakout now faces a derivatives market that supports momentum without showing excessive leverage. Hyperliquid holds roughly $3 billion in ETH Open Interest, yet funding remains slightly positive.
Source: Loris Tool On the other hand, short liquidation volumes reached $170 million as Ethereum forced short-sellers to buy back their positions during the upward breakout through $2,700.
When prices surged past resistance, forced market orders from liquidated short positions acted as secondary buying pressure. As a result, they accelerated the upward momentum toward $2,712.
Source: CoinGlass In turn, buying pressure will increase the upward speed of prices, but it may fade as soon as all shorts are liquidated. As a result, ETH will need to get spot buyers to replace that temporary demand and defend $2,700
Whale accumulation strengthens this setup, while mixed ETF flows leave confirmation incomplete. Holding $2,700 could open $2,760. Consequently, if it loses $2600, it could lead to weakened momentum.
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Bitmine added 27,562 Ethereum to its holdings last week, marking 68 consecutive weeks of weekly increases in its Ethereum positions. As of September 20, 2026, its total Ethereum holdings stood at 5,983,940 units.
Multicoin Capital co-founder Kyle Samani predicts more crypto companies will choose to build on Solana over Ethereum due to its ease of use and greater functionality.
Solana will flip Ether during “this market cycle,” Samani told Cointelegraph during an episode of Trade Secrets, predicting that Ethereum may gradually lose its edge as the default smart contract network choice for crypto companies.
“They’ll all switch their default over to Solana because it’s the most functional network for all of them and it’s just easier to consolidate their operations around Solana to the extent that they can.” Samani and Multicoin amassed a sizable early position in Solana and he has been one of its strongest proponents for years. His prediction would require a five-fold increase in SOL’s $58 billion market capitalization to surpass Ether’s current market cap of $293 billion.
Samani argued that “today, no one really uses Ethereum” and that it only remains a leading blockchain network due to stablecoins, and stablecoins borrowed against Ether as collateral.
SOL and ETH have largely been moving in lockstep in percentage terms during the recent upturn in markets. During the past month, Ether rose 30%, while SOL rose 34%. However, Solana’s rise comes off a smaller base and the token saw a larger decline in the bear market, falling 59% during the past year, in comparison to Ether’s 45% decline, according to TradingView.
Did Samani ragequit crypto?In February, Samani said he was stepping down as managing partner of the crypto investment firm Multicoin Capital after 10 years in the industry, in what he called a “bittersweet moment”.
At the time Samani seemed dispirited about the state of the industry. He reportedly quickly deleted an X post, in which he stated: “I once believed in the web3 vision. dapps. I don’t anymore…Crypto is just fundamentally not as interesting as many crypto enthusiasts wanted. Myself included.”
If it was a crisis of confidence, it was only fleeting. In September, Samani joined the US board of directors at crypto trading platform Backpack.
Source: Evanss6
Ethereum has ‘questionable’ value accrualSamani said he is “bearish” on Ethereum’s ability to accrue value despite being the largest smart contract network.
“It’s a $400 billion to $300 billion asset that has questionable value accrual, if any, and it’s not growing at all.” Samani added that he doesn’t understand why investors would want to own Ether at the current valuation, adding that he sees plenty of other investment opportunities at “more reasonable prices.”
He argued that more crypto companies will be pivoting to Solana, which he called “the most functional network” that makes it easier for firms seeking to consolidate operations.
While SOL accounts for less than one-fifth of Ether’s market capitalization, it has surpassed the Ethereum network in both weekly and monthly fees.
Top blockchain networks by 30-day fees. Source: DefiLlama
Solana generated $23 million in fees over the past 30 days and ranked fourth in monthly fees. Ethereum generated $12.6 million and ranked in sixth place, according to DefiLlama.
Solana became one of Multicoin Capital’s top betsSamani first discovered permissionless finance and smart contracts through Ethereum in 2016 and has said it was his “entry into crypto.” However, he later lost faith in Ethereum after becoming dissatisfied with how Ethereum developers addressed scaling.
He came across Solana shortly after founding Multicoin in May 2017, and the firm went on to lead some of Solana’s earliest investment rounds in 2018.
It turned out to be one of the best ever bets for Multicoin, which reported managing $5.9 billion worth of assets in May 2025, making it one of the most prominent crypto investment firms.
Before joining the crypto industry, Samani co-founded and served as the CEO of healthcare IT company Pristine, which built software for Google Glass used by surgeons.
Magazine: Token buybacks are booming. But are they good for crypto projects?
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TLDR: Bitmine ETH holdings reached 5.98 million tokens, representing 4.9% of Ethereum’s total supply. Bitmine staked 5.07 million ETH, representing about 85% of its total Ethereum holdings. The company reported $17.1 billion in combined crypto, cash and investment assets. Bitmine purchased another 27,562 ETH as it moves closer to its 5% supply target. Bitmine ETH holdings reached 5,983,940 tokens as of September 20, 2026, according to a company announcement. The NYSE-listed company, ticker BMNR, reported combined crypto, cash, and investment holdings of $17.1 billion.
Bitmine now controls 4.9% of the 122.1 million ETH supply. It bought 27,562 ETH last week and has purchased ETH weekly since June 30, 2025. The purchases bring the firm 98% of the way toward its 5% ETH supply target within 15 months.
Bitmine ETH Holdings and Staking Position The company’s crypto holdings include 5,983,940 ETH valued at $2,688 per token, based on Coinbase pricing. Additionally, Bitmine holds 212 BTC, a $180 million stake in Beast Industries, and a $105 million stake in Eightco.
Eightco, listed on NASDAQ as ORBS, offers indirect exposure to OpenAI. Total cash and marketable securities stand at $714 million.
Bitmine has staked 5,067,309 ETH, worth $13.6 billion at the same price. That amount covers 85% of Bitmine ETH holdings. A portion of the stake runs on MAVAN, the Made in America VAlidator Network.
Institutional investors and custodians can also use the platform. According to Chairman Tom Lee, Bitmine has staked more ETH than any other entity.
Projected annualized staking revenue for Bitmine ETH holdings stands at $357 million. If all holdings were staked, projected annual rewards would reach $421 million. The $421 million estimate uses a 7-day annualized yield of 2.62%.
Bitmine ETH holdings remain the largest of any Ethereum treasury worldwide. Its total crypto holdings rank second among global treasuries, behind Strategy.
Furthermore, institutional backers include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Market Standing and Tom Lee’s Outlook Bitmine was added to the Russell 1000 Large-cap index on June 26, 2026. Its Series A Preferred Stock trades on the NYSE under the symbol BMNP.
Meanwhile, BMNR averaged $1.2 billion in daily dollar volume over five days through September 18. That ranked the stock 100th among 5,704 US-listed stocks, per Fundstrat.
Lee said Bitmine believes a crypto bull market began in late June. He cited the rotation from AI back to crypto and stronger fundamentals around tokenization and AI.
He also pointed to the end of the four-year cycle. Management compares the GENIUS Act and SEC Project Crypto to the 1971 action that ended Bretton Woods.
Lee said ETH is the best-performing macro asset of the third quarter so far. ETH has outperformed the S&P 500 by 6,519 basis points. He described the gap as a possible prelude to a stronger move in the fourth quarter.
Lee expects institutions to raise their crypto exposure during the final three months of 2026. He said institutions have underweighted crypto this year, partly due to early AI stock outperformance. Separately, Lee will deliver a keynote at Korea Blockchain Week in Seoul on September 30.
Bitmine chairman Tom Lee has said a crypto bull market is underway and could strengthen in the fourth quarter as the Ethereum treasury company added another 27,562 ETH worth roughly $75 million.
Summary
Tom Lee says the crypto bull market began in late June and expects institutional exposure to increase during the final three months of 2026. Bitmine bought another 27,562 ETH worth roughly $75 million, taking its Ethereum treasury to nearly 5.98 million tokens. Lee said ETH has outperformed other macro assets by 6,519 basis points this quarter and could see a stronger move in Q4. Bitmine now has more than 5.06 million ETH staked, representing roughly 85% of its total Ethereum holdings. According to Bitmine Immersion Technologies, Lee believes the bull market began in late June, supported by capital rotating from artificial intelligence stocks into crypto, stronger fundamentals around tokenization and AI, and what he described as the end of the four year crypto cycle.
“We believe a crypto bull market is underway, having started in late June, driven by a multitude of factors including the rotation from AI back to crypto, strengthening crypto fundamentals centered around both tokenization and AI and lastly, the ending of the 4-year cycle,” Lee said.
His comments accompanied Bitmine’s latest weekly treasury update, which showed its Ethereum holdings had climbed to 5,983,940 ETH. The position was worth around $16.3 billion at current prices, while the company reported $17.1 billion in total crypto, cash, marketable securities and other investments.
Tom Lee expects crypto bull market to strengthen in Q4 Lee pointed to Ethereum’s performance during the third quarter as one reason for expecting further gains during the final three months of 2026.
According to the Bitmine chairman, ETH has outperformed other macro assets by 6,519 basis points quarter to date. He described that performance as a possible precursor to a stronger move during the fourth quarter.
“To us, this massive outperformance of ETH in 3Q26 is viewed as a prelude to a potentially stronger up move in the 4th quarter of 2026,” Lee said.
Institutional positioning could provide another source of demand, according to Lee. He said institutions remained underweight crypto during 2026, partly because AI stocks had performed strongly earlier in the year, but expects that allocation gap to narrow during the remainder of 2026.
“We expect institutions to substantially increase their exposure in the final 3 months of 2026,” Lee said. “We believe this could add meaningful upside to the gains seen since June 30.”
Lee has maintained a bullish view on Ethereum through its recent recovery. In August, Ethereum gained 29% over seven days as Lee argued that a rotation toward ETH had begun, with the token outperforming Bitcoin during the same period.
US spot Ethereum exchange traded funds attracted $365 million during July compared with $205 million for Bitcoin funds, providing another measure of institutional demand during that period.
A month later, crypto.news previously reported that Lee identified the approaching CLARITY Act vote, renewed Korean crypto demand and the four year market cycle as potential market catalysts heading into the final months of the year.
Lee said at the time that the four year cycle was “bottoming within the next few weeks,” while tokenization and agentic AI could support institutional demand for crypto.
Bitmine adds another 27,562 ETH Against that market view, Bitmine continued its Ethereum accumulation during the past week, purchasing another 27,562 ETH since its Sept. 14 update.
The company did not disclose an average purchase price for the acquisition. At current prices, the tokens are worth close to $75 million.
Bitmine held 5,956,378 ETH a week earlier after acquiring 27,180 tokens, meaning its latest purchase pushed the treasury to within roughly 16,000 ETH of the 6 million mark.
The company has continued buying Ethereum every week since beginning its ETH treasury strategy in June 2025. Its holdings stood at 5,901,112 ETH at the end of August after a 53,501 ETH purchase, leaving the treasury up by more than 82,000 ETH over the following three weeks.
Bitmine’s current holdings represent more than 4.9% of Ethereum’s circulating supply of approximately 122.1 million ETH. The company said it has now completed 98% of its “Alchemy of 5%” target, under which it plans to control 5% of the cryptocurrency’s supply.
Lee has previously linked Ethereum’s investment case to the expansion of tokenized financial assets and AI applications. In August, he expected Ethereum to outperform Bitcoin during the current cycle, while Fundstrat data cited by Bitmine showed an 80% correlation between the company’s shares and ETH.
More than 5 million ETH is now staked Bitmine’s accumulation has been accompanied by a large increase in the amount of Ethereum committed to staking.
As of Sept. 20, the company had 5,067,309 ETH staked, worth roughly $13.8 billion and representing around 85% of its total Ethereum holdings.
“Bitmine has staked more ETH than other entities in the world,” Lee said.
Based on the company’s seven day annualized staking yield of 2.62%, Bitmine projects its current position could generate approximately $357 million in annual staking revenue.
If its entire Ethereum treasury is eventually staked through its Made in America Validator Network, known as MAVAN, and other staking partners, Lee said annual rewards could reach $421 million.
Staking has become a significant source of revenue for the company as its treasury has expanded. During the three months ended May 31, Ethereum staking generated $45.7 million of Bitmine’s $46.5 million in quarterly revenue.
Bitmine remains the largest Ethereum treasury holder Bitmine remains the largest public Ethereum treasury company, followed by SharpLink and The Ether Machine, which hold approximately 888,938 ETH and 496,712 ETH, respectively, according to Strategic ETH Reserve data cited in the update.
Its nearly 5.98 million ETH treasury makes Bitmine the second largest public crypto treasury company by the value of its principal digital asset holdings.
Strategy remains the largest after its latest weekly purchase increased its Bitcoin holdings to 846,000 BTC, worth approximately $71.9 billion at current prices. The position represents more than 4% of Bitcoin’s fixed 21 million supply cap.
Ethereum treasury firm Bitmine has made another Ethereum purchase as it approaches its goal of holding 5% of the total ETH supply. This comes amid the broader crypto market rally, with Ethereum climbing above $2,700 while the BMNR stock is up over 5%.
Bitmine Announces 27,562 ETH Purchase as Ethereum Rallies In a press release, the Ethereum treasury company announced that it acquired 27,562 ETH over the past week. This extends the company’s track record of buying ETH every week since it launched the treasury strategy last year.
This also follows Bitmine’s purchase of 27,180 ETH two weeks ago, just as Tom Lee highlighted the CLARITY Act vote as a positive catalyst for a year-end crypto rally. Although the cloture vote failed, the crypto market has still rallied to new local highs, with Ethereum breaking above the psychological $2,700 level.
Meanwhile, Bitmine now holds 5,983,940 ETH following its latest, representing 4.9% of the total Ethereum supply. The company’s total staked ETH stands at 5,067,309, worth around $13.6 billion.
Despite the latest Ethereum rally, the Ethereum treasury firm still sits on an unrealized loss of just over $3.5 billion, according to DropsTab data. The company’s average purchase price stands at around $3,329.
Source: DropsTab
BMNR Stock Climbs Over 5% The Bitmine stock has rallied over 5%, reaching $27, according to TradingView data. The crypto stock is now up over 165 in the last month, rallying alongside ETH and the broader crypto market. The Ethereum price is notably up over 8% in the last month.
Source: TradingView Tom Lee stated that they believe a crypto bull run is underway, having started in late June. He highlighted several factors driving this bull run, including the rotation from AI back to crypto. He also noted the strengthening crypto fundamentals centered around both tokenization and AI.
Lastly, the Bitmine Chairman cited the ending of the 4-year cycle as another factor driving this bull run. With only little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen. Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets,” Tom Lee said.
For more on crypto trading, check out Best Crypto Copy Trading Platforms
BitMine Immersion Technologies just dropped another $75 million on Ethereum, purchasing 27,562 ETH in the week ending September 20, 2026. The NYSE-listed company (ticker: BMNR) now holds a total of 5,983,940 ETH.
That’s approximately 4.9% of Ethereum’s entire circulating supply of 122.1 million tokens. Valued at roughly $16.1 billion, BitMine’s Ethereum position makes it the largest corporate holder of ETH in the market.
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The MicroStrategy playbook, but for Ethereum BitMine launched its Ethereum treasury strategy on June 30, 2025, and has been executing weekly purchases ever since, primarily utilizing over-the-counter channels such as Kraken and FalconX.
Chairman Thomas “Tom” Lee noted that the company is now 98% of the way toward its stated goal of owning 5% of all circulating ETH.
The purchase price works out to roughly $2,727 per ETH. BitMine’s total asset base, including Bitcoin holdings and cash reserves, now stands at $17.1 billion.
What separates BitMine’s approach from a simple buy-and-hold strategy is the staking component. Approximately 85% of its Ethereum holdings, around 5 million ETH, are actively staked on the network. That generates a projected annual revenue of approximately $357 million at current yield rates.
Institutional appetite and the Q4 thesis Lee has been vocal about what he sees as a structural underweight in institutional crypto exposure. Even after Ethereum posted notable gains in Q3 2026, he argues that most large portfolios still haven’t meaningfully allocated to digital assets. His forecast calls for a surge in institutional investment during the closing months of 2026, as regulatory frameworks in the US continue to take shape.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The crypto market is witnessing a sudden recovery today, with Bitcoin rebounding 4% in just two hours to hit a 9-month high of $85,299. This follows the liquidation of nearly $270 million in short positions across BTC, ETH, SOL, XRP, DOGE, ZEC, HYPE, and other top altcoins in just an hour.
The global crypto market cap surged more than 2.25% to $2.87 trillion in the last 24 hours. The Crypto Market Fear & Greed Index has also improved to 70 (greed) from a neutral sentiment a week ago.
Crypto Market Recovery amid Massive Bitcoin, ETH, XRP Liquidations The crypto market saw another short liquidation-driven recovery. According to CoinGlass data, the broader market saw nearly $450 million in liquidations across BTC, Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), Hyperliquid (HYPE) and SUI in the past 4 hours.
In the last 24 hours, $750 million in total crypto assets were liquidated. Almost $650 million were short liquidations, triggering bullish sentiment and recovery in the broader crypto market.
Bitcoin alone saw almost $300 million liquidated in the last 4 hours. On the other hand, ETH recorded $72 million in short liquidations, significantly lower than BTC.
BTC price has surged nearly 6% in the past 24 hours to hit a 9-month high of $85,299 today. The price is currently trading at $84,537, with a 58% increase in trading volume over the last 24 hours.
Crypto Market Short Liquidations Trigger Recovery. Source: CoinGlass
Why Are Bitcoin and Altcoins Rising Suddenly Today? As already priced-in Fed rate hike sentiment faded, hopes of an end to the US-Iran war triggered inflows into spot Bitcoin and Ethereum ETFs. Oil prices also extended their fall for the fourth straight day. Crude oil prices dropped almost 3% to $97 on Monday.
This drove BTC to close above its 50-week moving average (WMA) for the first higher high since November 2025. On-chain platform Santiment noted that this signals a bear market bottom, with rising social volume, large transactions, and derivatives open interest.
$BTC closed the week above the weekly 50 MA for the first time since the bear market began.
And now it’s working on a higher high.
A close at these levels and bear market argument is dead.
Some would say this move has already killed it.
$82,814 is broken. pic.twitter.com/f4XiymJZNZ
— The Wolf Of All Streets (@scottmelker) September 21, 2026
Galaxy Research’s Alex Thorn also flagged a bear market bottom. He claimed the 50-WMA has historically been a strong confirmation that a bear market bottom is in. BTC price rally to drive a massive recovery in the crypto market.
In addition, Bitcoin’s hashrate is rising again after ending a recent downtrend, indicating renewed miner activity. As CoinGape reported earlier, miner MARA Holdings acquired BTC for the first time in months.
Bitcoin Network True Hashrate. Source: CryptoQuant Crypto Market Recovery Sentiment Sustained The crypto market recovery began last week itself when the crypto market saw $300 million in liquidations over four hours. BTC surpassed $81,000 as US regulators SEC and CFTC advanced crypto regulatory developments.
The SEC issued its innovation exemption to grant a five-year exemption to facilitate the trading of tokenized stocks in a major move for crypto. Meanwhile, the CFTC sent crypto rules to White House for regulatory clarity as the CLARITY Act stalled in the Senate.
Veteran trader Peter Brandt also predicted a crypto market recovery and massive rally in the coming years. He also posted his BTC prediction for the first time in more than a month.
“A bear trap immediately followed by a spring board. This is not something to be taken casually. This can be powerful,” he said.
Bitcoin Price in Daily Timeframe. Source: Peter Brandt The crypto market recovery has sparked “Uptober” buzz. PlanB says this could be the last time BTC is under $100K. On-chain data remained bullish for weeks ahead. Notably, CryptoQuant’s Bull-Bear Market Cycle Indicator, used by long-term whales, showed that the broader cycle signal is bullish.
Bitcoin Bull-Bear Market Cycle Indicator. Source: CryptoQuant Also Check: Best Crypto Tools for Research and Analysis
Per official announcements, Circle has launched the Digital Asset Backed Borrowing (DABB) service for eligible Circle Mint LLC clients, with support for the Arc and Ethereum mainnets. The service allows clients to deposit BTC, mint Circle Wrapped Bitcoin (cirBTC), then borrow USDC using cirBTC as collateral via supported third-party lending markets. Borrowed funds are deposited directly into Circle Mint accounts, enabling clients to access liquidity without selling their BTC. DABB integrates BTC deposits, cirBTC minting, collateralized borrowing, and USDC settlement into a unified workflow, letting clients manage their collateral independently and add collateral or repay loans as needed. The service currently supports Morpho-related markets, with plans to expand to additional lending markets and third-party platforms going forward. Parameters including borrowing interest rates, collateral requirements, liquidation thresholds, and liquidity are set by the selected market and subject to change.
Key Highlights Bitcoin sustained levels above $81,000 following a continued recovery throughout Asian market hours. NEAR Protocol rallied approximately 23% driven by increasing Zcash swap volume through NEAR Intents platform. U.S. spot Bitcoin ETFs posted $6.2 million in net positive flows for the week following a robust $433 million surge on Friday. Fidelity’s Bitcoin ETF captured $310.7 million of Friday’s total inflow volume. Ether ETFs experienced $140 million in weekly outflows, breaking a four-week positive flow trend. Bitcoin maintained its position above $81,000 on Monday as digital asset markets extended their recovery while Asian equity indices posted gains.
Bitcoin (BTC) Price The leading cryptocurrency registered a modest increase of under 1% across the 24-hour period, building on momentum that emerged following U.S. regulatory approval for certain onchain tokenized stock trading activities.
Market analysts also highlighted short position liquidations as a contributing element to Bitcoin’s weekend price movement.
Bitcoin Sustains $81,000 Support Level Bitcoin maintained trading levels just above $81,000 during Asian market sessions as market participants responded to improved risk appetite throughout global financial markets.
Asian stock markets rallied following statements from U.S. officials characterizing trade negotiations with China as constructive, prior to a scheduled summit between President Donald Trump and President Xi Jinping.
U.S. equity futures also demonstrated upward momentum, with Nasdaq 100 futures showing stronger performance relative to S&P 500 contracts.
Brent crude declined approximately 2% to settle just above $101 per barrel, representing its fourth straight session of losses.
The pullback in oil prices provided some relief regarding inflation pressures, while Treasury futures similarly advanced.
BTSE Chief Operating Officer Jeff Mei attributed Bitcoin’s weekend rally to the SEC’s regulatory decision on tokenized securities and forced liquidation of short positions.
Market focus is now shifting toward upcoming commentary from Federal Reserve officials in advance of the central bank’s policy meeting scheduled for late October.
NEAR Protocol Rallies on Zcash Integration Momentum NEAR Protocol emerged as one of the top-performing major digital assets, climbing approximately 23% to reach levels just above $4.
The significant price appreciation came alongside elevated activity on NEAR Intents, a cross-chain service enabling users to exchange assets across multiple blockchain networks without requiring manual fund transfers between platforms.
Several wallet providers, including ZODL and Vizor, have incorporated the service to facilitate Zcash trading functionality.
Daily Zcash transaction volume processed through NEAR Intents expanded roughly six times over the previous week.
Zcash itself appreciated around 3% to trade above $1,500.
BNB advanced approximately 2% to approach $777, while Ether and Hyperliquid similarly posted gains near 2%.
XRP, Dogecoin, Solana and Tron registered more modest increases of approximately 1% or less.
Bitcoin ETF Investment Flows Rebound on Friday U.S. spot Bitcoin exchange-traded funds concluded the previous week with $6.2 million in cumulative net inflows.
Spot Bitcoin ETFs See $6.21 Million in Weekly Net Inflows, While Spot Ethereum ETFs Post $140 Million in Net Outflows
From September 14 to September 18 (ET), spot Bitcoin ETFs recorded $6.21 million in net inflows, led by BlackRock’s IBIT with $121 million. Spot Ethereum ETFs… pic.twitter.com/Va0TqUYhFY
— Wu Blockchain (@WuBlockchain) September 21, 2026
The weekly figure was salvaged by a substantial $433 million of inflows recorded on Friday, representing the strongest single-day performance since September 3.
Fidelity’s Bitcoin ETF captured $310.7 million of Friday’s aggregate inflows, while BlackRock’s product attracted an additional $108.4 million.
Earlier in the trading week, these investment vehicles had experienced significant redemptions, including $450.3 million on Tuesday and $296 million on Wednesday.
Bitcoin ETFs continue to show approximately $1.45 billion in net outflows for the current year, though cumulative inflows since product launches total $55.16 billion.
Ether ETFs exhibited contrasting flow patterns.
These products registered approximately $140 million in weekly net outflows, terminating a four-week streak of positive flows that had collectively accumulated $1.94 billion.
Bitcoin begins the new trading week maintaining levels above $81,000 as market participants track ETF demand dynamics, Federal Reserve policy signals and whether the strength observed in NEAR and alternative cryptocurrencies persists.
0G, the modular Layer-1 blockchain built for AI workloads, has rolled out its wrapped token across four major networks: Ethereum, Solana, Base, and Robinhood Chain. The expansion lets users trade, bridge, and stake the native 0G token without being tethered to a single chain.
What 0G actually built 0G’s core pitch is providing infrastructure for decentralized AI. Its tech stack covers data availability, storage, compute, and settlement, all running on an EVM-compatible chain called 0G Chain.
The mainnet, dubbed Aristotle, launched on September 21, 2025. The network reports roughly 11,000 transactions per second per shard with sub-second finality.
The wrapped version of the token, called W0G, is what actually lives on the external networks. Each deployment has its own contract address, with the Solana version using the SPL token standard at 9 decimals.
Cross-chain operations are powered by Chainlink’s Cross-Chain Interoperability Protocol, better known as CCIP.
Why Robinhood Chain matters here The inclusion of Robinhood Chain is arguably the most interesting part of this expansion. Robinhood Chain launched on July 1, 2026, and has already shown periods exceeding $1M in fees alongside substantial DEX volume.
Robinhood Chain has positioned itself as a hub for tokenized real-world assets.
Ethereum and Solana are obvious choices for any token looking to maximize reach. Ethereum remains the largest DeFi ecosystem by total value locked, while Solana has become the go-to chain for retail trading activity. Base, Coinbase’s Layer-2, rounds out the selection with its growing user base and tight integration with one of the largest US exchanges.
The bigger 0G roadmap On September 21, 2026, the project announced ComFi, a finance layer specifically designed for AI computation, purpose-built for buying and selling GPU time, model training resources, and inference capacity.
Alongside ComFi, 0G unveiled Ascend, a liquid staking product that eliminates the trade-off between earning staking rewards and maintaining liquidity for 0G holders.
The modular architecture underlying 0G separates data availability, storage, and compute into distinct layers.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
