Market Signal Briefing

PARIS--(BUSINESS WIRE)--Regulatory News:

GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today reported its interim financial results for the first half of 2025.

The 2025 half-year financial statements were subject to a limited review by the Company’s statutory auditors and approved by the Board of Directors on September 26, 2025. The full interim financial report is available on the Company’s website in the Investors section.

“We have rigorously maintained financial discipline in the first half of 2025, achieving an 8% reduction in cash outflow compared to the prior year period through optimized cash management. The €3.7 million financing we completed last week has extended our cash runway, providing us with sufficient funds until the expected decision of the ANSM with regard to the French Early Access Program,” noted Jan Eryk Umiastowski, Chief Financial Officer of GenSight Biologics. “While the funds raised position us well for the coming months, we may consider additional capital before year-end, should the evaluation of the dose-ranging study requested by the French authorities extend into the end of Q4 2025.”

2025 Half-Year Financial Results (IFRS)

In million euros

H1 2024

H1 2025

Revenues

1.1

(0.2)

Other income

0.6

0.3

Operating income

1.7

0.1

Research and development expenses

(6.3)

(4.3)

Sales, medical and marketing expenses

(0.3)

(0.2)

General and administrative expenses

(2.6)

(2.3)

Operating profit (loss)

(7.4)

(6.8)

Financial income (loss)

1.6

(0.2)

Net income (loss)

(5.8)

(7.0)

EPS (in € per share)

(0.07)

(0.05)

Net cash flows from operating activities

(7.3)

(2.5)

Net cash flows from investment activities

0.0

0.0

Net cash flows from financing activities

12.1

0.3

Net cash flows

+4.8

(2.2)

Cash and cash equivalents at closing

6.9

0.3

Operating income decreased to €0.04 million from €1.7 million over the period. In the first half of 2025, income mainly reflects the Research Tax Credit (CIR), partly offset by the accounting impact of discounting potential rebate obligations linked to ATUs (GS010/LUMEVOQ®, 2019–2022). These obligations were re-estimated in June 2024, following a revised timeline for the final reimbursement negotiations, which impacted revenue. There was no change in the estimate during the first half of 2025.

The Company has collected the research tax credit (Crédit d’Impôt Recherche), amounting to €0.3 million in the first half of 2025, compared to €0.6 million in the first half of 2024. As of June 30, 2025, the Research Tax Credit (CIR), is lower compared with the same period last year, as eligible expenses are reduced. The Company is expecting to collect an additional €0.2 million in early October 2025.

The main spending was related to preparation of the dose-ranging study requested by the ANSM in the context of assessment of the French Early Access program. The protocol was submitted to the ASNM in mid-August 2025 and is being reviewed under a clear regulatory timeline.

Research and development expenses decreased by 31.8%, or €2.0 million, and amounted to €4.3 million in the first half of 2025 compared to €6.3 million a year earlier. This decrease was essentially driven by a sharp reduction in R&D spending, achieved by focussing mainly on the technology transfer of GS010 manufacturing to our new manufacturing partner, Catalent, Inc., and on essential costs related to preparation of the dose-ranging study.

Sales, medical and marketing expenses decreased by 12.8% in H1 2025 and amounted to €0.2 million in the first half of 2025 compared to €0.3 million a year earlier, reflecting disciplined cost management.

General and administrative expenses fell by 10% in H1 2025, amounting €2.3 million compared to €2.6 million a year earlier, reflecting disciplined cost management. Personnel costs increased following the hiring of a CFO in September 2024, a function that had been outsourced in H1 2024, while professional fees decreased by 38.1%, highlighting the company’s effective monitoring of spending.

Operating loss decreased by 8.3%, or €0.6 million, in the first half of 2025, amounting to €(6.8) million compared to €(7.4) million over the same period in 2024. This decrease reflects trends in operating income; R&D expenses; sales, medical and marketing expenses; and G&A expenses as discussed above, partially offset by the reduction in the research tax credit.

Financial income in the first half of 2025 amounted to €(0.2) million compared to €1.6 million over the same period in 2024. In 2024, the financial income is essentially explained by the renegotiation of our financial obligations and the change in derivative financial instrument fair value.

Net loss for the first half of 2025 increased to €(7.0) million compared to €(5.8) million in the first half of 2024. The loss per share (based on the weighted average number of shares outstanding over the period) amounted to €(0.05) and €(0.07) for the first half of 2025 and 2024, respectively.

Net cash flows from operating activities in the first half of 2025 and in 2024 were €(2.5) million and €(7.3) million, respectively. The sharp decrease in 2025 is driven mainly by the decrease in operating expenses. The decrease in income also contributed.

Net cash flows from investment activities amounted to €0.0 million in the first half of 2025 and in 2024, driven mainly by the activity of the Company’s liquidity contract.

Net cash flows from financing activities amounted to €0.3 million in the first half of 2025, compared to €12.1 million in the same period of 2025. This reflects capital increases of €0.8 million in 2025 versus €9.3 million in 2024, in line with the company’s financing needs and the timing of fundraising activities.

Cash and cash equivalents amounted to €0.3 million as of June 30, 2025, compared to €2.1 million twelve months earlier.

Other Financial Updates

Cash runway

By the end of September 2025, the Company anticipates having cash on hand amounting to a minimum of €3.0 million, taking into account:

The financing completed on July 1 and July 18, 2025, which raised approximately €4.5 million gross

The financing secured on September 25, 2025, totaling €3.7 million through equity with 100% warrant coverage from existing investors; the delivery of shares and payments are scheduled for September 30, 2025

The September Heights Capital Scheduled Installment Payment paid in cash for €0.7 million

Based on current operations, plans, and assumptions, the September funding is expected to extend the Company's operational runway into late Q4 2025. If the French Early Access Program launches as expected, the resulting revenue would further extend the cash runway to the end of May 2026. However, should the regulatory decision for the requested dose-ranging study be delayed until the end of Q4 2025, the Company may require additional financing before year-end.

In June 2025, the Company reached an agreement with the ANSM (the French medicines agency) to expeditiously consider the French Early Access Program following approval of a dose-ranging study. The study protocol was submitted in August 2025, with the regulatory decision expected by the Company between October and November 2025, based on well-defined regulatory timelines. In case of a positive decision, this should enable the launch of revenue-generating programs by year-end.

The Company is actively pursuing opportunities to out-license GS010 in markets outside the USA and Europe, while exploring paid Early Access Programs worldwide. These EAPs and out-license opportunities will allow non-dilutive revenue to be generated, which will partially self-fund subsequent development phases and reduce reliance on equity financing.

Management’s Plans and Financing Strategy

Revenue-Driven Runway Extension:

If the ANSM provides a green light to open the French Early Access Program in Q4 2025, it is expected to generate enough revenue to extend operations until end of May of 2026. This will significantly improve the company's liquidity position and provide additional time to secure long-term funding. In the event of an opening in late 2025 or prolonged assessment, the company may require additional financing before the end of the year.

Medium-term Funding Strategy (Beyond May 2026):

The Company has strategically sequenced its operational milestones to create multiple value inflection points and diversified funding opportunities:

Non-dilutive Sources:

Early Access Program (EAP) reimbursements worldwide

Licensing and partnership agreements, with enhanced attractiveness as manufacturing and early market access capabilities are demonstrated

Dilutive Sources:

Additional equity raises, timed to align with operational milestones that reduce execution risk

Strategic partnerships or merger and acquisition opportunities

This phased approach ensures that each operational success enhances the Company’s ability to secure funding for subsequent development phases while progressively reducing dependence on equity markets through revenue generation.

Going Concern Assessment

Key Assumptions

Based on current operations and plans, the Board has prepared the financial statements on a going concern basis based on the following critical assumptions:

Anticipated opening of the French Early Access program in Q4 2025, generating revenue to help extend operations to end of May 2026. The company may need small complementary financing before the end of the year, should the expected authorization of the requested dose ranging study extend until the end of Q4 2025.

Securing additional long-term funding (both non-dilutive and dilutive) before mid-2026 to sustain operations through Phase III clinical development and regulatory submission phases

The respect of payment agreements with suppliers

The settlement of Height’s redemption installments (€0.7M per quarter) in shares rather than cash, which the company is entitled to enforce, provided that the company’s share price remains above the contractual floor limit

Material Uncertainty

While the Company believes in its ability to raise additional funds or realize M&A opportunities, no assurance can be given that these objectives will be achieved or that sufficient funds will be secured at acceptable terms. Failure to secure adequate funding could require the Company to severely modify its operating plans, impair its ability to realize its assets and pay its liabilities in the normal course of business, or be forced to enter into insolvency proceedings or cease its operations in whole or in part. Therefore, substantial doubt exists regarding the Company's ability to continue as a going concern.

About GenSight Biologics

GenSight Biologics S.A. is a clinical-stage biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. GenSight Biologics’ pipeline leverages two core technology platforms, the Mitochondrial Targeting Sequence (MTS) and optogenetics, to help preserve or restore vision in patients suffering from blinding retinal diseases. GenSight Biologics’ lead product candidate, GS010 (lenadogene nolparvovec) is in Phase III in Leber Hereditary Optic Neuropathy (LHON), a rare mitochondrial disease that leads to irreversible blindness in teens and young adults. GS010 is currently in clinical development, has not to date been granted marketing authorization in France or any other jurisdiction, and is therefore not available commercially. Using its gene therapy-based approach, GenSight Biologics’ product candidates are designed to be administered in a single treatment to each eye by intravitreal injection to offer patients a sustainable functional visual recovery.

Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the completion expected proceeds and anticipated use of proceeds of the Fundraising; the anticipated cash runway of the Company; and future expectations, plans and prospects of the Company. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed Fundraising and the terms thereof are subject to numerous factors, many of which are beyond the control of the Company, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the filings the Company makes with the AMF from time to time. The Company expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law.

Randy Smallwood, CEO of Wheaton Precious Metals, joins CNBC's Closing Bell Overtime to discuss how the company is capitalizing on rising gold prices, the advantages of its streaming model versus traditional mining, why Wheaton sees long-term value in precious metals, and more.

September 29, 2025 17:05 ET

 | Source:

Sutro Biopharma, Inc.

– Extends cash runway into at least mid-2027 –

SOUTH SAN FRANCISCO, Calif., Sept. 29, 2025 (GLOBE NEWSWIRE) -- Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), an oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), today announced an organizational restructuring to prioritize the advancement of its three ADC programs and research and development collaborations. The restructuring, along with certain expected near-term milestone payments, is expected to extend the Company’s runway into at least mid-2027, after the planned announcement of initial clinical data from STRO-004, its next-generation Tissue Factor-targeting exatecan ADC, and the initiation of clinical studies for at least one of Sutro’s additional ADC programs. This restructuring will result in a planned workforce reduction of approximately one-third of employees.

“After continued review of our business and pipeline priorities, we have identified and are implementing further operational efficiencies to focus our resources where they will have the greatest impact—advancing Sutro’s ADC portfolio to deliver transformative therapies for patients with cancer. We remain on track to advance STRO-004 into the clinic this year, with initial data expected in 2026,” said Jane Chung, Sutro’s Chief Executive Officer. “Importantly, these changes extend our expected financial runway through critical milestones and strengthen our ability to create value for both patients and shareholders. We are deeply grateful to the dedicated employees who have contributed to Sutro’s progress, and their work will remain foundational to our mission moving forward.”

About Sutro Biopharma  
Sutro Biopharma, Inc. is advancing a next-generation antibody-drug conjugate (ADC) platform designed to deliver single- and dual-payload ADCs that enable meaningful breakthroughs for patients with cancer. By fully optimizing the antibody, linker, and payload, Sutro’s cell-free platform produces ADCs that are engineered to improve drug exposure, reduce side effects, and expand the range of treatable tumor types. With unique capabilities in dual-payload ADCs, Sutro aims to overcome treatment resistance and redefine what’s possible in cancer therapy. The Company’s pipeline of single- and dual-payload ADCs targets large oncology markets with limited treatment options and significant need for improved therapies.

For more information, follow Sutro on social media @Sutrobio or visit www.sutrobio.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities; timing of announcements of IND submissions, clinical results, trial initiation, and other regulatory filings; outcome of discussions with regulatory authorities; potential benefits of the Company’s product candidates and platform; potential business development and partnering transactions; potential market opportunities for the Company’s product candidates; the timing and receipt of anticipated future milestone payments; the Company’s expected cash runway; and the expected costs and cost reductions associated with the restructuring. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the Company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the Company’s ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the market size for the Company’s product candidates to be smaller than anticipated, clinical trial sites, supply chain and manufacturing facilities, the Company’s ability to obtain, maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, the Company’s ability to fund development activities and achieve development goals, the Company’s ability to protect intellectual property, and the Company’s commercial collaborations with third parties and other risks and uncertainties described under the heading “Risk Factors” in documents the Company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Data

Investor Contact
Emily White
Sutro Biopharma
(650) 823-7681
Media Contact
Amy Bonanno
Lyra Strategic Advisory

NEW YORK, Sept. 29, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Quanex Building Products Corporation (NYSE: NX) between December 12, 2024 and September 5, 2025, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025.

SO WHAT: If you purchased Quanex securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Quanex class action, go to https://rosenlegal.com/submit-form/?case_id=45157 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Quanex’s procedures and policies regarding tooling and equipment maintenance in its Tyman Mexico facility were significantly “underinvested”; (2) as a result, Quanex’s tooling and equipment conditions had significantly degraded to near “catastrophic” levels; (3) as a result of the foregoing, Quanex was likely to incur significant costs, “pushing out the timing” of expected benefits from the Tyman integration; (4) Quanex had previously identified the foregoing issues; and (5) as a result of the foregoing, defendants’ positive statements about Quanex’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Quanex class action, go to https://rosenlegal.com/submit-form/?case_id=45157 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

Options growth on IBIT highlights shifting institutional strategies as traditional finance deepens its presence in digital asset markets.

Photo: Jeenah Moon

Key Takeaways

BlackRock's IBIT ETF is now the largest global Bitcoin options trading venue, overtaking Deribit.
IBIT holds about $84.6 billion in assets, making it the leading Bitcoin ETF by capital.

BlackRock’s spot Bitcoin ETF, IBIT, has overtaken Deribit as the world’s largest Bitcoin options trading venue, Bloomberg reported today.

The milestone reflects Wall Street’s growing dominance in crypto derivatives markets. IBIT holds approximately $84.6 billion in assets, making it the largest Bitcoin ETF by capital.

Deribit, a crypto derivatives exchange, previously led global Bitcoin options trading volume before being displaced by BlackRock’s ETF product.

Options tied to IBIT have been surging, contributing to ETF-led price discovery and capturing a growing share of total crypto options volume. The development comes as BlackRock filed for a premium income ETF that would generate yield by selling covered calls on IBIT holdings.

BlackRock has been expanding its Bitcoin exposure across multiple products. The asset manager increased its Bitcoin allocation by 38% in its $17.1 billion Global Allocation Fund, holding over 1 million IBIT shares valued at $66.4 million as of July 2025.

Disclaimer

Analysts reviewing on-chain data suggest Bitcoin remains below euphoric highs, tracking scenarios toward $157k–$300k. The market has shown smaller drawdowns since 2023, with comparisons to gold and support near $100k–$105k shaping the current spot-driven cycle.

Solana price prediction has firmed after Firedancer's SIMD-0370 has proposed validator-driven capacity and Alpenglow has targeted 100ms finality. Debate has persisted over centralization risks as price has tested the $200 level with paths toward $255 and $330 if support has held.

On today's episode of CNBC Crypto World, eToro introduces staking for U.S. customers, who can now earn rewards for crypto assets, including Cardano's ADA token, ether, and Solana's SOL token. Plus, the Blockchain Association sends a letter to lawmakers reaffirming the support of the digital assets industry for the GENIUS Act, which is now law in the United States.

HYPE price prediction has accelerated after Cathie Wood has compared Hyperliquid to early Solana. TVL has risen from ~$154M to >$2.2B, stablecoins have expanded, and an NFT debut has posted high volumes, while price action has tested Fibonacci levels with targets near $52–$53 if support holds.

Historic transformation for BTC, ETH in Q4: ETF inflows and regulatory harmony point to a new market reality Gino Matos · 17 seconds ago · 4 min read

The market movements are not suggesting just another cyclical rally, but a structural shift that may be permanently changing how digital assets integrate with traditional finance.

Sep. 29, 2025 at 8:42 pm UTC

4 min read

Updated: Sep. 29, 2025 at 8:42 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The fourth quarter of 2025 is poised to be a watershed moment for crypto markets, driven by institutional capital flows through Bitcoin ETFs and the most significant regulatory coordination effort in US crypto history.

The market movements are not suggesting just another cyclical rally, but a structural shift that may be permanently changing how digital assets integrate with traditional finance.

The numbers tell a compelling story of institutional appetite returning with force after Bitcoin ETFs experienced net outflows through August, resulting in cumulative flows dropping from $54.9 billion to $54.2 billion by month’s end.

September delivered a reversal. Farside Investors’ data highlighted that Bitcoin ETFs attracted $2.56 billion in September alone, bringing the total cumulative flows to nearly $56.8 billion by Sept. 26, completely erasing August’s weakness.

This monthly surge represents more than just recovered momentum, signaling how investors are confident to include Bitcoin in their portfolios.

Capital rotates but Ethereum holds steadyMeanwhile, Ethereum (ETH) ETFs experienced the opposite trajectory after a liquidity rotation to these products.

Farside Investors’ data showed that Ethereum ETF flows increased from $9.65 billion to $13.54 billion in August, driven by Ethereum’s impressive 19% monthly gain and a new all-time high of $4,957.41.

Yet, flows reversed course in September, declining to $13.155 billion as of Sept. 26. This $389 million outflow stresses how capital is rotating back to Bitcoin as the primary institutional crypto play.

Despite the ETF outflow headwinds, Ethereum’s price action reveals structural strength that may be more significant than the headline numbers suggest.

Trading at $4,147.97 as of press time, ETH has demonstrated resilience, particularly during the sharp 6.7% correction on Sept. 25, which briefly pushed the asset below $4,000.

As a result, the swift recovery indicates that demand remains robust even as institutional flows favor Bitcoin this month.

Additionally, Coinglass data indicated that exchange balances for Ethereum reached a one-year low of 13.03 million ETH on Sept. 29, representing a significant decline from 15.48 million ETH at the beginning of August.

This 2.45 million ETH reduction in exchange supply suggests that investors are withdrawing Ethereum for custody rather than selling into weakness, painting an optimistic long-term outlook.

This supply dynamic creates a potential setup for Ethereum’s upward move once institutional attention returns, characterized by a reduced liquid supply and continued demand growth.

Regulatory revolution: the end of US crypto gridlockPerhaps even more transformative than the ETF flows is the unprecedented level of regulatory coordination emerging between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

After years of jurisdictional uncertainty and conflicting guidance, both agencies are now pursuing collaborative frameworks that could finally provide the clarity the industry has demanded.

A pivotal moment arrived on Sept. 17 when the SEC approved generic listing standards for commodity-based trust shares across Nasdaq, Cboe, and the New York Stock Exchange. This streamlined approval process marks a dramatic shift from the lengthy reviews that previously plagued crypto ETF applications.

By reducing regulatory delays, the SEC has effectively opened new pathways for broader crypto investment products, with several altcoin ETF applications awaiting final decisions in October.

The regulatory momentum began earlier in February when CFTC Acting Chairman Caroline Pham launched a pilot program exploring the use of tokenized collateral, including stablecoins, in regulated derivatives markets.

By March, both agencies had restarted staff-level conversations, with SEC Commissioner Hester Peirce confirming renewed cooperation efforts. This early coordination set the stage for more ambitious initiatives.

July marked a turning point with SEC Chairman Paul Atkins announcing “Project Crypto,” a commission-wide initiative designed to modernize securities rules for blockchain activity and help shift US markets “on-chain.”

The project aimed to establish clear token classification guidance, create purpose-built exemptions for ICOs and airdrops, and enable SEC-regulated venues to offer comprehensive crypto services under unified licensing.

The regulatory momentum accelerated through September with a series of coordinated announcements. On Sept. 2, both agencies issued a joint staff statement affirming that registered exchanges can offer spot crypto asset products, signaling that regulatory barriers are being systematically removed.

This was followed by Sept. 23 announcements of the CFTC’s tokenized collateral initiative and Atkins’ commitment to implement an “innovation exemption” by year-end.

The Sept. 29 joint roundtable represents the culmination of these efforts, focusing on extended trading hours, portfolio margining frameworks, and DeFi safe harbors.

This level of inter-agency coordination is unprecedented in crypto regulation, signaling a fundamental shift from obstruction to facilitation.

The death of crypto’s 4-year cycleTraditional crypto market analysis has long relied on Bitcoin’s four-year halving cycle to predict major price movements, but institutional participation is fundamentally altering these dynamics.

Bitwise CIO Matthew Hougan argued in July that the cycle’s influence is waning as supply shocks from halvings lose their potency in an increasingly mature market.

The macro environment has also shifted dramatically. Interest rates no longer create the same downward pressure on crypto assets, while clearer regulatory frameworks are reducing the extreme volatility and collapse risks that once defined crypto bear markets.

Instead of boom-bust cycles driven by retail speculation and regulatory crackdowns, the market is witnessing more sustained institutional accumulation.

This structural change is evident in current market behavior, where corporate treasury accumulation and institutional portfolio construction replace whales selling into retail euphoria.

New era of crypto-traditional finance integrationWhat makes the fourth quarter potentially transformative isn’t just the individual developments in ETFs or regulation, but how these forces are converging to blur the lines between crypto and traditional finance.

ETF flows are now amplifying the impact of Federal Reserve policy decisions on crypto markets, while regulatory harmonization is enabling institutional products that were previously impossible.

The extended bull structure in play differs fundamentally from previous cycles. Rather than retail-driven speculation followed by inevitable crashes, institutional participation is fostering more consistent and long-term growth patterns.

This is highlighted by Bitcoin’s fall to historical lows in realized volatility, according to a report by Bybit on Sept. 24.

The regulatory clarity emerging from the coordination between the SEC and CFTC is equally significant. For the first time, US institutions have a clear pathway to offer comprehensive crypto services without navigating conflicting regulatory interpretations.

Amid growing market maturity, the fourth quarter represents a fundamental inflection point. The combination of institutional flows, unprecedented regulatory coordination, and structural market changes suggests Bitcoin and Ethereum are turning from a speculative asset class to an integrated component of the global financial system.

Whether this proves to be crypto’s most transformative moment may depend on how effectively the industry capitalizes on this unprecedented regulatory and institutional momentum.

Mentioned in this articleLatest US StoriesLatest Bitcoin Stories

Yearn Finance, a leading DeFi yield aggregator protocol, is in the early stages of a major governance overhaul proposal, YIP-XX. The proposal was introduced by pseudonymous contributor 0xPickles on September 28, 2025, in a bid to align stakeholders and encourage growth. 

YFI does not enjoy the same clout it used back in its heyday when it was one of the biggest DeFi protocols with an all-time high of just under $7 billion in deposits as of December 2021. 

However, this three-part initiative is expected to help the protocol find its way back to that greatness. It is touted not just as a way to make profitability a priority but also to promote accountability, and directly reward token holders who have stayed through declining participation and a TVL that’s down more than 90% from its all-time high.

Yearn Finance votes on a new proposal 
Among the proposed changes, the most notable change is that a majority of all the revenue the protocol generates could soon go directly to those with skin in the game, as they have kept their YFI tokens locked despite the dwindling performance.

“This proposal creates a new deal,” 0xPickles wrote. “90% of future revenue goes to stYFI holders, empowering them.”

That is not a huge amount of money right now, considering Yearn’s monthly revenue from August turned in under $200,000 in profit, per DefiLlama data.

Still, the focus on profitability and increasing accountability is expected to put the protocol on a sustainable growth path that will, over time, increase revenues and make the YFI token more valuable.

The proposal comes as DeFi is enjoying a wave of new liquidity, which has pushed deposits to record heights this year.

For Yearn, which was once one of the biggest DeFi protocols with an all-time high of just under $7 billion in deposits in December 2021, the liquidity provides an opportunity to reclaim the success of the past.

Of course, this is assuming things unfold in the best-case scenario, but that is not certain because it is not the first time Yearn has attempted an overhaul in recent years.

In October 2023, a new vote introduced an escrow token model, like those used by protocols such as Curve Finance, Balancer, and Velodrome, however, even though there was support from YFI token holders, the new model wasn’t widely adopted.

“Only 3.8% of the YFI supply is locked, a figure that is in decline,” 0xPickles pointed out. “This demonstrates a fundamental lack of interest in the model.”

The new simpler model suggested by 0xPickles
0xPickles’ proposal will scrap the vote escrow model in favour of a simpler staking model.

Under the new model, YFI holders will be able to lock up their tokens via staking, which would qualify them to receive a portion of the protocol’s revenue.

Another proposal suggests restructuring the DAO to make it more profit-oriented while mandating on-chain financial reporting to justify budget requests from contributors.

As for what is prompting these changes, the proposal’s author cited organizational misalignment and coordination inefficiency as two cogent reasons.

There is also a final proposal to formalize a plan to distribute 1,700 YFI tokens through strategic contributor incentives, establish a capped performance bonus program, and create a long-term contributor retention pool.

The three proposals are currently being discussed on the Yearn governance forum ahead of a vote. It is being touted as an “all-or-nothing” package because the proposals form a single initiative, which means that for it to take effect, it has to pass in full via a DAO vote.

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The altcoin market is navigating a period of volatility and uncertainty, with traders closely watching Bitcoin and Ethereum as they attempt to reclaim key levels. For many investors, the long-awaited altseason—a period where alternative cryptocurrencies outperform BTC—remains more of a hopeful narrative than a present reality. With BTC and ETH dominating market sentiment, smaller assets are caught in a tug-of-war between fading confidence and renewed optimism.

Despite the uncertainty, key data points suggest altcoins are heating up beneath the surface. Futures volumes have started to climb again, and liquidity is showing signs of shifting away from major coins into higher-risk plays. Historically, this kind of behavior often precedes strong rotations within the crypto market, where capital flows into mid- and low-cap tokens once confidence in BTC and ETH stabilizes.

For now, investors remain cautious, with many awaiting confirmation that bullish momentum will return before committing more aggressively. The coming weeks will be critical: if Bitcoin and Ethereum manage to hold above support and reestablish an upward trend, altcoins could be positioned for explosive growth. Until then, volatility will likely define trading conditions, leaving investors balancing both risk and opportunity.

Altcoin Futures Volume Signaling A Move
The altcoin market is drawing increased attention after 24H futures trading volume surpassed that of Bitcoin and Ethereum, according to the latest market data. This shift highlights a surge in speculative activity, with investors pouring liquidity into higher-risk assets. Analyst Ted Pillows explains that despite last week’s sharp flush-out, which cleared overleveraged positions across multiple altcoins, retail traders have quickly returned to the market, embracing what he calls a “full degen mode” approach.

Altcoin 24H volume surpasses BTC and ETH | Source: Ted Pillows
This dynamic raises both opportunities and risks. Elevated trading activity in altcoin derivatives reflects renewed appetite for risk-taking, signaling that investor sentiment has not been entirely derailed by recent volatility.

On the other hand, history shows that when altcoin futures volumes climb disproportionately compared to BTC and ETH, the market often faces heightened liquidation risk. Leveraged bets amplify price swings, and even small corrections can cascade into massive liquidations, dragging prices lower across the board.

Whether it materializes as a breakout to new highs or another round of forced liquidations depends largely on Bitcoin’s ability to stabilize and broader macroeconomic conditions. For now, the message is clear: retail enthusiasm has returned, volumes are rising, and altcoins are once again the focal point of speculative trading. While this sets the stage for explosive price action, it also reinforces the need for caution as the risk of another major liquidation event looms.

Altcoin Market Consolidates
The chart of the total crypto market cap excluding the top 10 coins shows that altcoins continue to trade in a decisive zone around $303B. After several months of consolidation, the market cap has formed a base above the $250B region, a level that acted as resistance in 2023 and now serves as support. This structural shift suggests that altcoins are maintaining strength despite recent volatility in Bitcoin and Ethereum.

Crypto Total Market Cap excluding Top 10 | Source: OTHERS chart on TradingView
The moving averages highlight the trend more clearly: the 50-week SMA remains above the 200-week SMA, keeping a long-term bullish bias intact. However, the market has struggled to reclaim the $400B mark, a key resistance area tested multiple times since early 2024. Each rejection at this level has led to sharp retracements, signaling the importance of $400B as a breakout threshold for the next altseason.

Current price action shows tightening around the 50- and 100-week SMAs, reflecting indecision but also the potential for a strong move once momentum returns. A sustained close above $320B could signal renewed bullish momentum, while a breakdown below $280B may confirm deeper corrections.

Featured image from Dall-E, chart from TradingView

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Solana is once again at a pivotal crossroads, with its price hovering around the 50-day EMA —a level that could dictate its next major move. A decisive break above $220 could ignite fresh bullish momentum, while failure to hold could open the door for a slide back toward $175.

SOL Tests 50-Day EMA As Market Watches Closely
Lark Davis, a widely followed crypto analyst on X, recently noted that Solana has returned to test its 50-day EMA. This moving average has historically provided both support and resistance for SOL, making the latest retest a key moment for traders watching the coin’s short-term direction.

In addition, Davis highlighted signs of improving momentum on the indicators. The MACD histograms are curving upward, hinting at a potential shift in momentum from bearish to bullish, while the RSI is slowly rising, suggesting that buying pressure may be building. These developments signal that Solana is preparing for a recovery phase if buyers step in with stronger conviction.

Source: Chart from Lark Davis on X
Despite these encouraging signals, Davis noted that trading volumes remain muted. Low volume often raises concerns about the strength behind a move, as rallies without significant participation can fade quickly. 

What To Watch For As Solana Builds Strength
Analyzing the potential outlook for Solana, Lark Davis highlighted two distinct, high-stakes scenarios based on how the asset interacts with the 50-day Exponential Moving Average (EMA). This EMA acts as a pivotal line, and the price’s reaction here will determine the direction of the short-term trend.

The first potential outcome is that if the price is decisively rejected at the 50-day EMA, known as a bearish retest, it would signal weakness and likely lead to a move downward. In this case, the analyst targets the $175 support level as the expected floor. While he qualifies shorting as “nasty business,” he suggests it could be done in this specific situation.

The second outcome, which is a bullish scenario, requires a strong display of conviction from buyers. This involves a successful and robust reclaim of the 50-day EMA, specifically confirmed by today’s daily candle closing above $210. To further solidify this bullish case, the price ideally needs to push beyond the subsequent resistance at the 20-day EMA, which sits near $220.

Given the immediate threat and the potential for a swift upside move, the analyst suggests a high-risk, high-reward play. Initiating a long position from the current price, near $209, with a tight stop-loss might be a sensible strategy to catch the bullish scenario and capitalize on the quick momentum if the price successfully reclaims the 50-day EMA.

SOL trading at $208 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com

The U.S. Securities and Exchange Commission (SEC) has requested that issuers of exchange-traded funds related to XRP, Litecoin (LTC), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) withdraw pending 19b-4 filings.

Journalist Eleanor Terrett reported the change, stating that the recent approval of generic listing standards by the regulator eliminates the need for individual filings, thereby clearing the path to approval.

🚨SCOOP: The @SECGov has asked issuers of $LTC, $XRP, $SOL, $ADA, and $DOGE ETFs to withdraw their 19b-4 filings following the approval of the generic listing standards, which replace the need for those filings. Am told withdrawals could start happening as soon as this week.

— Eleanor Terrett (@EleanorTerrett) September 29, 2025

These standards are a replacement for the old case-by-case review under Section 19(b) of the Securities Exchange Act. Instead of waiting up to 240 days for a decision, issuers can now rely on predetermined requirements. Exchanges that meet these criteria can proceed directly to the listing process, significantly reducing the overall process. Terrett stressed that this development is a sign that the new framework is working as it is supposed to.

Faster approvals and simplified procedures
Under the new rules, commodity-based ETFs, including those that are linked to cryptocurrencies, can be listed provided they meet eligibility criteria such as having futures contracts under the jurisdiction of the Commodity Futures Trading Commission (CFTC). With this model, the SEC effectively minimizes delays associated with filing reviews and with withdrawal notices. 

The final SEC deadlines for some crypto ETF decisions under the 19b-4 process start this month, including for XRP, SOL, and Dogecoin. Crypto issuers such as Fidelity and Franklin Templeton are now modifying their applications accordingly. Additionally, the Issuers are expected to start taking their older submissions back within days.

According to market analysts, the generic listing framework will spur a wave of new spot cryptocurrency ETFs. Unlike earlier filings, which required scrutiny by an individual, the new process brings efficiency while ensuring compliance protection.

Political risks cloud the timeline
Even with the streamlined system, there is uncertainty. Bloomberg analyst James Seyffart cited the impending government shutdown in the US as a possible roadblock. This rule’s effective date falls within the window of time during which the SEC may begin accepting applications for the rule’s waivers, raising questions about staffing and decision-making capacity.

Seyffart’s colleague Eric Balchunas added that it’s not clear yet when these ETFs will launch. With prospectuses being filed months ahead of time, the timing of approval now hinges on the Division of Corporation Finance of the SEC, not statutory deadlines.

To add to further uncertainty in the near term, Polymarket’s prediction market signals a 69% likelihood of a shutdown by October 1. The budget negotiations have already held up the discussion of the CLARITY Act, another crypto-related bill.

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Strategy expands Bitcoin holdings to record 649,031 BTC despite MSTR stock slump Oluwapelumi Adejumo · 22 seconds ago · 2 min read

Despite incremental BTC purchases, MSTR stock dips as volatility raises investor apprehension.

Sep. 29, 2025 at 7:28 pm UTC

2 min read

Updated: Sep. 29, 2025 at 7:28 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Strategy (formerly MicroStrategy) expanded its Bitcoin holdings by purchasing of 196 BTC for $22.1 million at an average price of $113,048 per coin, according to a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29.

According to the firm’s dashboard, this acquisition marks its third-smallest buy this year, following its 130 BTC in March and 154.64 BTC in August.

These incremental additions have increased Strategy’s total Bitcoin reserve to 649,031 BTC, representing 3% of the total BTC supply and making it the largest corporate BTC holder.

Meanwhile, the firm has spent roughly $47.35 billion on its position at an average cost of $73,983 per coin. With Bitcoin trading higher at more than $110,000, that stash is now worth $72.67 billion, translating into an unrealized profit margin of 53.47%.

The company disclosed that the purchases were financed through proceeds from at-the-market offerings of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD.

Strategy confirmed it had raised $128 million through these equity sales, providing liquidity for continued accumulation.

MSTR stock fallsWhile the company continues to expand its Bitcoin position, its MSTR stock has been under pressure lately.

MSTR has fallen to its lowest level in six months, according to CryptoQuant analyst JA Maartun, who flagged the decline on Sept. 29. He noted that the sharp drop to near $300 reflects both heightened volatility and investor concerns.

Strategy MSTR Price Drawdown From ATH (Source: CryptoQuant)Google Finance data shows that MSTR rallied to $455.90 in mid-July but has since retraced to approximately $309.06 by Sept. 26, resulting in a 32.5% loss over the past month. The decline contrasts with Bitcoin’s performance, which is up 22% year-to-date, compared to MSTR’s 11%.

The weaker stock performance has pushed Strategy’s market-adjusted net asset value (mNAV) down to 1.39x, the lowest level recorded in 2025.

Strategy mNAV Since Sept. 2024 Till Date. (Source: Strategy Tracker)Still, Strive Chief Risk Officer Jeff Walton argued that MSTR’s long-term returns remain resilient. He pointed out that even if mNAV fell to parity, MSTR would have outperformed Bitcoin more than 2x since the company adopted its Bitcoin-focused approach.

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Shiba Inu (SHIB) is witnessing a significant shift on centralized exchanges, as fresh on-chain data reveals that the meme coin’s reserves have plunged below the $1 billion mark following a massive withdrawal spree. While this decline may seem concerning at first glance, historical trends suggest that such large-scale withdrawals often indicate a shift from selling to accumulation in the long term. 

Shiba Inu Exchange Reserves Plunge To New Lows
According to data from CryptoQuant, Shiba Inu’s exchange reserves have experienced a steep drop in recent months. As of September 28, 2024, SHIB’s supply across exchanges was approximately 143.62 trillion tokens, equivalent to over $1.5 billion at the time. However, by Monday, September 29 2025, reserves have thinned down significantly to 84.55 trillion tokens, valued at just under $998 million at current market rates. 

Based on this timeline, the supply of Shiba Inu on exchanges has decreased by a whopping 59.1 trillion tokens in just one year. This marks the lowest level of SHIB held on exchanges since 2023, highlighting a shift in investor sentiment as withdrawals flood the market. 

Notably, the sharpest decline in Shiba Inu’s exchange reserves this year was recorded on January 7. At the time, holdings across these centralized platforms fell to 107.84 trillion SHIB, marking a drop of more than 33 trillion tokens from January 6, when reserves stood at roughly 140.79 trillion coins.

Source: Chart from CryptoQuant on X
Since then, SHIB’s exchange balances have continued to shrink, decreasing week by week. The decline in available supply suggests that investors may be moving their tokens into self-custody or staking options, thereby reducing risks from widespread selling pressure. Historically, when exchange reserves plummet, assets become scarcer for trading, creating conditions in which price pressure can develop if demand increases. 

At the same time, SHIB’s price has faced turbulence in recent months. The token is currently trading at around $0.000011, down from its local highs earlier this year. However, analysts like ’SHIB KNIGHT’ on X social media believe that the current dip represents a buying opportunity, pointing out that the meme coin has entered a key accumulation zone. He argues that long-term holders are capitalizing on lower valuations, slowly adding to each dip. 

Technical Signals Hint At SHIB Price Breakout
While Shiba Inu’s exchange supply declines, technical charts suggest that the meme coin may be preparing for its next price breakout. According to market expert ‘SHIB Mortal,’ Shiba Inu is showing signs of setting up for an “Uptober” rally. His chart analysis highlights a descending resistance trendline that the coin has repeatedly tested, paired with strong support around the $0.000010 zone.

SHIB Mortal’s chart illustrates a potential reversal pattern forming, where the meme coin could bounce off current support, reclaim the trendline, and ignite a possible rally to $0.000019 by October. This move would mark a surge of over 70% from current levels around $0.000011. 

SHIB trading at $0.000011 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

Plasma (XPL), a new blockchain built for lightning-fast stablecoin transfers, is exploding in popularity, fueling bullish Plasma price predictions.After launching its mainnet and hitting major exchanges, XPL surged to $1.68 — a jaw-dropping 3,260% return for those who entered at the presale price of $0.05.

Both agencies are moving forward "in lockstep" on similar efforts to open the policy gates to crypto businesses, which Atkins told reporters is the "top priority." Sep 29, 2025, 6:39 p.m.

WASHINGTON, D.C. — U.S. Securities and Exchange Commission Chairman Paul Atkins said that "crypto is job one" as his agency hosted a Monday roundtable focused on harmonizing policy work with its sister regulator, the Commodity Futures Trading Commission.

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Both agencies are set to have central roles in overseeing the digital assets markets in the U.S., with the SEC overseeing crypto securities and the CFTC — especially after it's expected to be given more authority by Congress — supervising the bulk of digital assets transactions. But leaders of both have said they want the borders between securities and commodities to be seamless, allowing single firms or even apps to traverse both without difficulty.

"Our two agencies must work in lockstep," Atkins told a crowd of financial compliance lawyers and industry representatives at the SEC headquarters in Washington. "What matters is building a framework where our agencies coordinate seamlessly."

Read More: SEC, CFTC Chiefs Say Crypto Turf Wars Over as Agencies Move Ahead on Joint Work

The CFTC Acting Chairman Caroline Pham added, "It's a new day, and the turf war is over."

Though it's an unusually powerful sentiment from these agencies, which have often been at odds with each other, the CFTC side is still absent a permanent leader to assure its strategic decisions won't be shifted under new management. But Pham spent some of her time at the microphone assuring the crowd that her agency is moving at a rapid pace under her leadership.

"The CFTC is alive and well, and there needs to be no more FUD about what's going on," she said, evoking the common crypto-world acronym for "fear, uncertainty and doubt."

Atkins commented on the CFTC leadership under Pham, with whom he's been working together on crypto initiatives, as "full-speed ahead."

On the sidelines of the roundtable event, the SEC chairman told reporters that "obviously, top priority right now is crypto."

He said in response to a question from CoinDesk that President Donald Trump "kind of laid down the gauntlet" and wants to sign a market structure bill by the end of the year. "We'll see how that goes."

Asset tokenization will be one particular area of SEC focus, he said, though he said it may take "a year or two" to erect regulatory guardrails around the activity.

"The potential is pretty much endless," he said.

Atkins also dismissed speculation about the SEC and CFTC merging, calling it "fanciful."

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Crypto Adoption in Emerging Markets Poses Risks to Financial Resilience: Moody's

Set 26, 2025

The risks are most acute in areas where crypto's use extends beyond investment into savings and remittances, according to the report.

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Cryptocurrency adoption in emerging markets poses risks to monetary sovereignty and financial resilience, credit ratings giant Moody's said in a new report.Moody's suggests that higher penetration of stablecoins pegged to the U.S. dollar weaken monetary transmission when it leads to pricing and settlement increasingly occurring outside a market's domestic currency.Crypto ownership expanded to an estimated 562 million people by 2024, an increase of 33% from 2023, the report said. Basahin ang buong kwento

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A recent survey found that Ukrainians are focusing on diversifying their investment strategies as their trust in the traditional financial system weakens, turning to Bitcoin (BTC) and other cryptocurrencies for savings and investments.

Ukrainians Turn To Bitcoin For Financial Security
A survey conducted by Ipsos and commissioned by crypto exchange WhiteBIT revealed that Ukrainians no longer perceive traditional financial models as the most reliable option due to the ongoing war, inflation, currency fluctuations, and uncertainty.

The survey, conducted between April and May 2025, included 650 financially active respondents aged 18 to 65 living in cities with populations over 100,000, excluding temporarily occupied territories and active conflict zones.

The surveyed group consisted of 300 financially active adults who earn income, save money, and don’t reject investing in Bitcoin or other cryptocurrencies, as well as 350 respondents who already hold part of their savings in crypto.

According to the study findings, more than half of the respondents are focusing on diversification rather than conservatism, already considering or using alternative investment tools beyond traditional savings scenarios, such as cash and bank deposits.

Therefore, traditional savings tools are being complemented by new ones, the survey highlighted, with cryptocurrencies already among the most popular investment tools, alongside bank accounts and real estate.

Notably, cryptocurrencies like Bitcoin are gradually losing their status as “exotic,” ceasing to be solely a trading tool and becoming one of many financial strategies in the modern Ukrainian investor’s portfolio:

Common use cases include trading (57%), long-term asset storage (52%), protecting savings from inflation (51%), as well as daily financial transactions and transfers of funds (assets).

49% of Ukranians viewed crypto as a source of revenue in 2025. Source: Ipsos
As the chart above shows, 49% of respondents consider digital assets to be an opportunity to earn significant capital, while 47% view crypto as an opportunity to earn additional or passive income. Meanwhile, 31% of the surveyed individuals view digital assets as a means of protecting savings from inflation, and 41% see them as a vehicle to safeguard savings from the war’s impact on the economy.

The survey also found that Ukrainian investors “are ready to take responsibility for their financial future” as they show a desire for financial independence and learning about the sector.

Citing experts, the survey noted that “in times of military instability, people are increasingly seeking tools that allow them to manage finances independently of the state or banking system.”

Similarly, a September report by the European Bank for Reconstruction and Development (EBRD) noted that Ukraine emerged as one of the leading crypto users as several economies in the EBRD regions continue to face high government interest payments as a share of GDP and/or high public debt.

According to the report, “the 2025 growth forecast for Ukraine has been revised down, as the impact of the ongoing Russian aggression has been compounded by weak harvests,” while the external sector has deteriorated.

Nonetheless, Ukraine stands out with one of the highest rates of cryptocurrency exposure, ranking among the top 10 economies globally for crypto adoption between July 2023 and July 2024.

During this period, Ukraine received over $106 billion in crypto inflows, driven mostly by institutional and professional transfers, and has spent $882 million worth of Ukrainian hryvnia on Bitcoin purchases.

Ukraine’s Crypto Landscape
It’s worth noting that Ukraine has received significant aid from the global community through Bitcoin and crypto donations since Russia’s invasion started in February 2022. In March 2022, President Volodymyr Zelenskyy signed the “On Virtual Assets” law, setting in motion a legal framework to regulate the digital asset market in the country.

However, the law has not been implemented yet, as it awaits amendments to the country’s Tax Code. Last year, Deputy Minister of Digital Transformation Oleksandr Bornyakov affirmed that “In times of war, we must use the full range of opportunities and develop new sectors of the economy. Legalization of the crypto sector can have a powerful economic effect, generating a turnover of billions of hryvnias.”

Lawmakers have worked to develop the necessary framework throughout 2025, aiming to offer a practical tool for taxpayers, regulators, lawmakers, and experts that allows “structuring various scenarios of taxation of virtual assets.”

In early September, Ukraine’s Verkhovna Rada passed the first reading of the bill’s draft, which established basic norms for the industry’s regulation, including taxation, and reportedly brings Ukrainian legislation closer to the European MiCA framework.

Lawmakers are expected to review the bill’s text over the next two to three months to prepare it for the second reading, likely to take place at the start of 2026.

Bitcoin trades at $113,785 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com

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Massachusetts has scheduled an October 7 hearing on a state Bitcoin reserve under S.1967, as federal and state efforts have progressed, including the BITCOIN Act and similar measures in Texas, Utah, and Wyoming, with supporters citing diversification and critics noting volatility and oversight.

Key points:

Bitcoin could challenge the $117,500 level if buyers secure a daily close above $114,000.

Altcoins are trying to start a relief rally, but are still expected to face selling at higher levels.

Bitcoin (BTC) extended its recovery above $114,000 on Monday, indicating aggressive buying by the bulls. BTC remains stuck in a range, with analysts divided about the next directional move. Some expect BTC to start a bear phase, while others project a rally to a new all-time high.

Market participants have turned cautious due to BTC’s near-term uncertainty. BTC exchange-traded products (ETPs) recorded $719 in net outflows last week, per CoinShares’ weekly report. The altcoin picture was mixed; Ether (ETH) ETPs witnessed $409 million in outflows, but Solana (SOL) recorded $291 million in inflows.

Crypto market data daily view. Source: Coin360As September comes to a close, BTC traders look positively toward October, which has historically seen an average rise of 21.89% since 2013, according to CoinGlass data. Bitcoin network economist Timothy Peterson said in a post on X that BTC’s bull phase spans from Oct. 11 to June 11, which gives a 50% chance of BTC surging to $200,000 by June 2026.

Could BTC break above its overhead resistance, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price predictionThe S&P 500 Index (SPX) pulled back from 6,699 on Tuesday but found support at the 20-day exponential moving average (6,586) on Thursday. 

SPX daily chart. Source: Cointelegraph/TradingViewThe upsloping moving averages and the relative strength index (RSI) in the positive territory indicate that bulls are in control. If buyers thrust the price above 6,700, the index could resume its uptrend toward the 7,000 level.

Sellers will have to tug the price below the 20-day EMA to weaken the bullish momentum. The index may then plummet to the 50-day simple moving average (6,459). The bulls are expected to defend the 50-day SMA with all their might because a drop below it may trigger a deeper correction to 6,147.

US Dollar Index price predictionBuyers propelled the US Dollar Index (DXY) above the 50-day SMA (98.02) on Thursday, but the bulls are struggling to hold on to the breakout.

DXY daily chart. Source: Cointelegraph/TradingViewThe flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns down and breaks below the 20-day EMA (97.74), it suggests that the index may consolidate between 99 and 96.21 for a while longer. 

On the contrary, if the price turns up from the 20-day EMA and breaks above the 99 level, it indicates a positive sentiment. The index may then climb to 100.50 and eventually to the 102 level.

Bitcoin price predictionBTC has been oscillating between $107,000 and $124,474, indicating indecision between the bulls and the bears about the next directional move.

BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe BTC/USDT pair will complete a bearish double-top pattern if the price turns down and breaks below $107,000. That suggests the Bitcoin price may have topped out in the near term. The pair could plummet to $100,000 and subsequently to the pattern target of $89,526.

Conversely, if the price rises above the moving averages, it indicates that the selling pressure is reducing. The pair may then climb to $117,500, which is a critical level to watch out for. If buyers overcome the $117,500 barrier, the all-time high is likely to be tested.

Ether price predictionETH started a pullback from $3,815 on Thursday, which is likely to face selling at the 20-day EMA ($4,262).

ETH/USDT daily chart. Source: Cointelegraph/TradingViewIf buyers overcome the resistance at the 20-day EMA, the Ether price could rally to the resistance line. Sellers will again attempt to halt the recovery at the resistance line as a break and close above it could open the doors for a rally to $4,957.

Instead, if the price turns down from the 20-day EMA, it signals a negative sentiment. That increases the possibility of a break below $3,745. If that happens, the ETH/USDT pair may tumble to $3,426. 

XRP price predictionXRP (XRP) continues to trade inside the descending triangle pattern, indicating that the bears have kept up the pressure.

XRP/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down from the moving averages, the bears will attempt to sink the XRP/USDT pair below the $2.69 support. If they manage to do that, the pair will complete the bearish setup. The XRP price may then collapse to $2.20.

Buyers will have to push and maintain the price above the downtrend line to invalidate the negative pattern. That may trap the aggressive bears, pushing the pair to $3.40 and later to $3.66.

BNB price predictionBNB (BNB) bounced back from the 61.8% Fibonacci retracement level of $934 on Friday, indicating demand at lower levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe recovery is expected to face stiff resistance at $1,034 and then at the all-time high of $1,083. If the price turns down from the overhead zone and breaks below $932, it signals that the BNB/USDT pair may have topped out in the near term. The BNB price may then tumble to the 50-day SMA ($901).

Alternatively, a break and close above the $1,083 level indicates the resumption of the uptrend. The pair may then start the next leg of the up move to $1,173.

Solana price predictionSOL started a relief rally from $191 on Friday, which is expected to face selling at the 20-day EMA ($216).

SOL/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down from the moving averages, the bears will try to sink the SOL/USDT pair below $191. If they can pull it off, the Solana price could plummet to $185 and thereafter to $155.

This negative view will be invalidated in the near term if the price turns up and breaks above the 20-day EMA. That clears the path for a retest of the $260 overhead resistance, where the bears are expected to mount a strong defense.

Dogecoin price predictionDogecoin (DOGE) bounced off the uptrend line on Friday, but the recovery is facing resistance at the moving averages.

DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping 20-day EMA ($0.24) and the RSI just below the midpoint signal a minor advantage to the bears. If the price turns down and breaks below the uptrend line, it suggests that the DOGE/USDT pair could extend its stay inside the $0.14 to $0.29 range for some more time.

The first sign of strength will be a break and close above the 20-day EMA. That opens the doors for a retest of the stiff overhead resistance at $0.29.

Cardano price predictionSellers pulled Cardano (ADA) below the $0.78 support on Thursday but could not sustain the lower levels.

ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe price rose back above $0.78 on Friday, and the bulls are trying to extend the relief rally to the moving averages. If the price turns down from the 20-day EMA ($0.83), the bears will again attempt to pull the ADA/USDT pair toward $0.68.

Contrarily, if buyers push the price above the moving averages, the Cardano price may reach the resistance line. A break and close above the resistance line signals that the bulls are back in the game.

Hyperliquid price predictionHYPE turned up sharply from the $40 support on Friday, indicating aggressive buying at lower levels.

HYPE/USDT daily chart. Source: Cointelegraph/TradingViewThe HYPE/USDT pair has reached the moving averages, which is a crucial level to watch out for. If the price turns down from the moving averages, the bears will again try to sink the pair below $40. If they manage to do that, the Hyperliquid price could slump to $35.50.

Instead, if buyers drive the price above the moving averages, it suggests that the corrective phase may be over. The bulls will then attempt to push the pair to the all-time high at $59.41

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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In brief
SWIFT is partnering with Consensys and 30 major financial institutions including Bank of America, Citi, and JP Morgan to develop a blockchain-based prototype for real-time cross-border payments.
The prototype will use a secure ledger with smart contracts to record and validate transactions.
It's still unclear whether it will be built on Ethereum mainnet or the Layer-2 network Linea.
The SWIFT network, which connects more than 11,500 financial institutions globally, is working with Ethereum software giant Consenys and 30 different firms to build a prototype for “real-time 24/7 cross border payments.”

The other firms include Bank of America, Citi, Deutsche Bank, JP Morgan Chase, and Wells Fargo.

“It is envisaged that the ledger—a secure, real-time log of transactions between financial institutions—will record, sequence and validate transactions and enforce rules through smart contracts,” the organization said in a press release.

Neither Consensys nor Swift said whether the prototype is being built on Ethereum mainnet or Layer-2 network Linea—which Consensys incubated. Swift did not respond to a request for comment from Decrypt. Consensys said that it would notdid, but only to say it can’t share more details at this time.

“Swift’s plans to extend its network with blockchain infrastructure is a defining moment for both traditional and decentralized finance,” the company wrote in a blog post. “It reflects a convergence, not a clash.”

The core functionality of SWIFT’s core function is its messaging system, not payment rails. It doesn’t hold customer funds, clear, or settle payments. But the network offers the means by which banks, brokerages, and other financial institutions communicate who is moving money, in what quantities and currency, and the recipients.

The SWIFT network connects 11,500 institutions across more than 200 countries and territories. In 2022, the SWIFT messages corresponded to a daily “net-net” value of around $7.5 trillion, according to a report from Citi.

If the prototype did eventually lead to even a small fraction of the Swift network’s volume being processed onchain, it could be a massive boon. The SWIFT network processes roughly 53 million financial messages, or FINs, per day.

By comparison, the Ethereum mainnet processed 1.4 million transactions yesterday, according to Etherscan. If just 6% of the SWIFT network’s volume were to be processed on Ethereum it would double the network’s volume would double. .

The effect would be more dramatic on Linea, which debutlaunched its mainnet in 2023 and handled 145,000 transactions on Sundayyesterday, according to LineaScan. Using Sunday’s yesterday’s data, it would only take 0.51% of SWIFT’s volume to double the throughput on Linea.

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