Market Signal Briefing

Economist Peter Schiff warned Thursday of a severe bear market for Michael Saylor-led Strategy Inc. (NASDAQ: MSTR) and companies mimicking its Bitcoin (CRYPTO: BTC) treasury play.

Schiff Questions Saylor’s ‘Strategy’In an X post, Schiff questioned the viability of companies with large Bitcoin reserves.

“While so many companies have been busy copying Saylor’s harebrained business strategy, few have noticed that MSTR is down 45% from its Nov. 2024 high,” Schiff said.

He predicted a “brutal” bear market for Bitcoin treasury companies, doubting that any, including Strategy, would survive.

See Also: Wall Street, Bitcoin Drop As Dollar, Treasury Yields Rebound: What’s Moving Markets Thursday?

Schiff’s argument comes amid a sharp pullback in Bitcoin’s price, which has dragged down shares of Strategy and other BTC hoarding companies, such as Riot Platforms Inc. (NASDAQ: RIOT) and MARA Holdings Inc. (NASDAQ: MARA).

MSTR has indeed fallen 45% from its November 2024 high of $543, but on a year-over-year basis, Saylor's company still delivered an impressive return of 81%, and so did Riot Platforms.

AssetWeekly Gains +/-Yearly Gains +/-Gains +/- since ATHPrice (Recorded at 2:50 a.m. ET)Bitcoin-6.22%+71.92%-12.01%$109,544.46Strategy Inc.-13.40%+81.17%-45%$300.70MARA Holdings-13.42%-8.28%-93%$16.07Riot Platforms-6.72%+115.44%-99.53%$16.74What Is Saylor’s Argument?Schiff’s prediction contradicts Saylor’s earlier assertions. During the company’s second-quarter earnings call, Saylor had expressed confidence in the company’s viability, asserting that it could endure an 80% BTC drawdown and remain resilient in a bear market.

His confidence stemmed from the company's pivot to a "robust" perpetual preferred stock strategy, which has no maturity date and retains the initial capital invested.

Earlier this month, Saylor said that Bitcoin treasury companies are at the forefront of a financial rebuild, leveraging “digital capital” and “digital intelligence.” He urged everyone to ignore the “critics and the whiners.”

Strategy has spearheaded Bitcoin’s corporate adoption, building its reserve with proceeds from common stock, preferred stock, and convertible bond issuances. The firm held a stash of 639,835 BTC, worth over $70 billion as of this writing, according to bitcointreasuries.net

Price Action:  At the time of writing, BTC was trading at $109,544.46, down 1.87% in the last 24 hours, according to data from Benzinga Pro. 

Shares of MSTR dipped 0.23% in after-hours trading after closing 7% lower at $300.70 during Thursday's regular trading session.

MSTR demonstrated a high momentum score—a measure of the stock's relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To find out how the stock compares against other cryptocurrency treasury companies, visit Benzinga Edge Stock Rankings.

Read Next: 

Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Strategy | Photo courtesy: PJ McDonnell / Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Aster has reimbursed traders who suffered losses following an abnormal price spike in its XPL perpetual contract.

The wallet is built on the open-source Cashu protocol, which implements Chaumian ecash technology. It makes peer-to-peer Bitcoin transactions as seamless as sending a text message.

TL;DR Market plunge: Bitcoin tumbled from $114K to below $109K in a sharp $3,000 drop within a single day, shaking investor confidence and sparking debate about whether the correction signals a deeper downturn or a temporary pullback.

XRP price has continued its downward trend, slipping further down to $2.74 within a few hours after reaching a peak of $2.92. The token has lost around $18 billion in market cap since its slipped below $3.

Summary

XRP extends losses below $2.80 as bearish momentum strengthens across the crypto market after Trump announces new tariffs.
Selling pressure and risk-off sentiment weigh heavily on the token’s short-term outlook as it falls further below the 30-day moving average.

XRP price has fallen lower, hinging at $2.74 as it slips further down. After taking a hit following the crypto mass liquidations, the token has failed to recover back to the $3 level. It appeared to have a short-rebound period, but fell short of expectations of reaching beyond $2.99.

At the moment, the entire crypto market is under intense selling pressure. On Sept. 26, the total crypto market cap dropped over 2% in the past 24 hours to $3.85 trillion. Most of the major tokens have fallen off the green zone, with XRP (XRP) taking a harder hit than most by plummeting 2.9%.

On the same day, President Donald Trump announced new tariffs that would come into effect on October 1st. Trump said that the U.S. would impose tariffs on any branded or patented pharmaceutical products that are not manufactured in the U.S. Fears of tariffs seemed to put more pressure on crypto markets, as seen in historical patterns throughout this year.

While Bitcoin (BTC) and Ethereum (ETH) managed to stabilize somewhere below the previous threshold, XRP price broke below key support levels and failed to hold previous resistance-turned-support zones. That shift in technical structure allows bears to dominate in the short-term until stronger bids emerge.

Despite recent approval of the first U.S. XRP exchange-traded fund by the SEC, it has been dampened by broader macroeconomic headwinds. While ETF approval would usually spark optimism and attract institutional inflows, but the positive effect has been overshadowed by concerns in traditional markets.

Federal Reserve Chair Jerome Powell recently cautioned that financial markets may be overheating, pointing to stretched valuations in certain asset classes. His comments have made investors more risk-averse, with many pulling back capital from risk assets like cryptocurrencies.

According to data from CoinGlass, as much as $18 billion was wiped out from the XRP market cap in the past seven days ever since the token slipped below $3.

How will XRP fare in the short-term run?

XRP price analysis
XRP price has broken below its 30-day moving average at $2.7625. This decline confirms short-term bearish momentum as sellers gain control, pushing the token to new lows. The moving average is now trending downward, signaling a continuation of selling pressure unless a quick recovery occurs.

The Relative Strength Index has dropped sharply to 24.43, placing XRP price firmly in oversold territory. While this indicates that selling may be overextended in the immediate term, it also reflects strong bearish momentum dominating the market right now. In many cases, an RSI this low can trigger a technical rebound, but the intensity of the current decline suggests caution before assuming buyers will step in.

XRP price chart has continued on its downward trend | Source: TradingView
In terms of downside risk, the immediate support lies around $2.745 to $2.740, which XRP price is now testing. A decisive break below could expose the token to deeper losses, with the next support likely forming near $2.725. If bearish sentiment across the crypto market persists, XRP price could struggle to defend these levels and fall further down the line.

For a rebound to happen, XRP price would need to reclaim $2.760 and then challenge the $2.770 resistance zone. A recovery above the 30-period MA would be an early sign of stabilization, however a move above $2.770 could pave the way for a retest of $2.790.

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An expert has projected a significant upside for the HYPE token, despite its recent dip in the market. This comes as Bitwise filed for a spot Hyperliquid ETF with the U.S. SEC. The move could open the door for Wall Street investors to gain direct exposure to the token.

Expert Maintains Bullish HYPE Outlook
Despite the recent downturn in the HYPE price, Crypto analyst Ardi highlighted that every time the token has reached a new all-time high, it has followed with a 20% pullback before rallying higher. 

Source: X
According to him, the token’s current consolidation is no different, suggesting another breakout may be imminent. He dismissed the “Aster is killing Hyperliquid” narrative as reactive commentary. Ardi then pointed to recurring bullish patterns in HYPE’s trading history instead.

This disclaimer from Ardi comes after  BNB Chain-based Aster saw explosive growth, with its token surging 2,200% in just one week. During the same period, the token dropped 25%, raising concerns over whether the platform can maintain its dominance. Notably, prominent trader James Wynn predicted “slow death” for Hyperliquid.

The token is currently trading at $42, down 24% over the past week. However, its daily trading volume remains up by 18%, indicating high volatility.

Source: TradingView; HYPE Price Daily Chart
Bitwise Pushes Hyperliquid ETF Filing

Against this backdrop, Bitwise submitted a Form S-1 with the SEC for the Bitwise Hyperliquid ETF. The fund is designed to hold the token directly. By doing this, conventional investors would be able to access opportunities without having to deal with wallets or on-chain transactions.

Uniquely, the ETF allows for in-kind creations and redemptions, meaning shares can be swapped for HYPE tokens instead of cash. This structure is designed to reduce costs and enhance efficiency.

The review process could last up to 240 days under the new SEC generic listing standards. The filing itself is seen as a milestone for the altcoin’s adoption in mainstream finance. Bitwise is not alone in pushing for the ETF product.

Reports suggest VanEck is preparing its own Hyperliquid ETF with a staking feature. They are also launching a parallel exchange-traded product in Europe. Executives at the firm believe such listings could set the stage for the coin to be added to major exchanges like Coinbase.

In other developments, Hyperliquid’s ecosystem is growing. Its stablecoin USDH went live on HyperCore, with more than $15 million minted within 24 hours. The stablecoin launch comes as Aster briefly overtook the platform in daily revenue. This shows the growing competition in the DEX sector.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Journalist

Posted: September 26, 2025

Key takeaways
Why is Ethereum seeing record accumulation right now?
Because LTHs and possibly ETF-linked entities added over 1.2 million ETH recently and nearly 400K ETH on the 25th of September.

How does the Open Interest reset impact ETH’s outlook?
With over $5 billion in leverage wiped out, ETH may now have room for a more stable and sustainable recovery.

Ethereum’s [ETH] market is sending mixed but fascinating signals.

On one hand, long-term holders (LTHs) are scooping up ETH at a pace not seen before. On the other, Open Interest (OI) has taken a steep dive, with billions in leverage flushed out in just days.

Can this clean slate help with a healthier, more sustainable moves ahead?

Accumulators step in
Data from CryptoQuant showed that on the 18th of September, inflows into accumulator addresses surged to a record-breaking 1.2 million ETH.

This is the highest level in the network’s history.

Source: CryptoQuant

On the 25th of September, another 400,000 ETH were added in a single day. These wallets, which only buy and never sell, are showing conviction, much like long-term investors or institutions.

The timing is notable, too: with ETH ETFs attracting fresh demand, it’s possible that some of these large inflows are by entities preparing for sustained exposure rather than short-term speculation.

Open Interest takes a big hit
What’s next for ETH?
With leverage flushed out and LTHs stepping in, ETH now sits at an important point. After sliding sharply below $4,000, the price has shown its first green candle in days, hovering around $3,925 at press time.

Source: TradingView

Technical indicators suggest the market may be cooling off.

The Relative Strength Index (RSI) has dropped to 33, signaling oversold conditions. Meanwhile, the MACD remains in negative territory but is beginning to flatten, hinting at a potential shift in momentum.

If buying pressure builds, ETH could regain stability above the $4,000 mark.  As it stands, the setup points to a possible healthy reset, provided key metrics continue to align.

According to a recent report from the Financial Times, Circle is exploring whether transactions involving USDC could be made reversible under certain conditions. The concept has raised eyebrows across the crypto community.

Summary

Bitcoin is consolidating near $109k, with volatility compressed, according to Bitcoin price prediction analysts.
Bollinger Bands and ATR are at lows, while the action continues rangebound between $108k and $113k.
Bitcoin price forecast: A breakout above $113k might target $120k-$125k due to ETF inflows and whale demand.
Downside expectation: if the price falls below $108k, liquidations may occur; target $103k-$100k or the mid-$90k.
The neutral yet coiled structure predicts a potential swing of ~$15k once volatility resumes.

Bitcoin is trading near $109k on September 26, 2025, following a brief period of volatile trading that fluctuated between short-lived gains and fast retracements.

The tight price action has resulted in compressed technical readings across intraday charts, and market participants are keeping an eye on both traditional macro triggers (Fed/PCE data and rate discussions) and crypto-specific catalysts, such as ETF flows and a significant options expiry this week. 

This makes the current Bitcoin price prediction environment particularly important as traders prepare for the next large move.

Current Bitcoin price prediction scenario
BTC 1d chart, Source: crypto.news
Over the last few days, BTC has oscillated within a relatively narrow band, with intra-day prints and data feeds clustering broadly around the $108k and $113k ranges; exchanges and price aggregators show prices at around $109k at the time of writing.  

The compression is seen across various timeframes: intraday Bollinger Bands have contracted, and Average True Range (ATR) readings have fallen from the August volatility highs, indicating decreased realized volatility even as macroeconomic uncertainty lingers. This range-bound market has reduced directional activity, reduced leveraged posture, and concentrated liquidity at a few key levels, which can accentuate moves when support or resistance breaks. Analysts note that the BTC price forecast remains closely tied to how long this compression can sustain before breaking.

Upside outlook for Bitcoin price
If Bitcoin (BTC) can clear and sustain above the mid-$113k level, there is a clear technical path to the $120k-$125k range, fueled by liquidity gaps and prior supply clusters.  

Spot ETF inflows and renewed institutional appetite remain the primary bullish arguments: several recent near-term reports and order flow metrics indicate net inflows into ETFs and some renewed accumulation among large holders, which would add a structural bid beneath price and shorten the path to higher targets.  

Momentum above broken resistance may increase short covering and stimulate new buying from systematic techniques that use breakouts as entry signals.

However, any positive continuation will have to overcome the strong options positions and profit-taking that preceded the August gain. In this scenario, the Bitcoin outlook tilts constructive, as higher projections toward $125k align with structural inflows and market positioning.

Downside risks to BTC price
A significant breach below the lower edge of the recent range, around $108k, risks cascade liquidations, with technical stops and futures funding pressure pushing prices down $103k-$100k in a quick drop. 

On-chain data and derivatives indicators suggest strong open interest and a large options expiry grouped around this window, which can amplify moves while also creating asymmetrical risk: if volatility jumps to the downside, forced deleveraging could drive price through several support layers. 

Furthermore, macro headlines (sovereign balance-sheet movements, unexpected economic data, or hawkish central bank comments) have the potential to abruptly shift mood, and September has traditionally been a month of extreme volatility for risk assets – a seasonal feature traders should keep in mind. The expectation among some bearish analysts is for a deeper correction into the $95k area if key supports crack.

Bitcoin price prediction based on current levels
Bitcoin support and resistance levels, Source: Tradingview
With the current band centered between $108k and $113k, the immediate path is clear: a breakout above $113k likely opens the path to $120k-$125k, whereas a breakdown below $108k increases the likelihood of a move toward $100k or slightly lower as liquidity absorbs forced selling.  

Given current derivatives positioning and upcoming expiries, a move of approximately $10k-$15k from current levels is possible once volatility returns; the direction will be determined by the flow (ETF and institutional buys vs macro-driven risk-off) and whether the major options expiry resolves in a way that squeezes one side of the market.  

In other words, while the market is neutral-to-slightly bullish structurally, short-term risk is elevated due to concentrated derivatives exposure and compressed volatility.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

PYUSD market cap has surpassed the milestone of $1.8 billion.
PayPay USD stablecoin now ranks 53rd across the list of global cryptocurrencies.
Tether USDT continues to dominate the segment of stablecoins.

The market cap of PYUSD, a stablecoin backed by PayPal, has surpassed the mark of $1.8 billion. It now ranks 53rd on the list of global cryptocurrencies, just behind Cosmos (ATOM). Tether USDT continues to dominate the stablecoin market and is closely followed by USDC. PayPal USD has achieved the milestone at a time when crypto prices have been in turmoil for the last couple of days.

PayPal USD, PYUSD, Market Cap Breaches $1.8B
The market cap of PYUSD has crossed a major milestone of $1.8 billion. It was hovering below $1.5 billion as of September 24, 2025. The current jump is precisely what makes the highlight exciting. The market cap of PayPal USD, a stablecoin, surged by 3.95% over the last 7 days. PYUSD now ranks 53rd on the list of global cryptocurrencies.

PayPal USD is just behind USDT1, a stablecoin backed by World Liberty Financial USD. The market cap of USDT1 is $2.6 billion at the moment. In comparison to all the cryptocurrencies, PYUSD is behind Cosmos ATOM whose market cap is 1.9 billion. The difference is rather marginal enough to create a possibility for PYUSD to rise another rank.

Dominance of Tether USDT
USDT, a stablecoin by Tether, continues to dominate the list of global stablecoins. Its market cap is $173.53 billion when the article is being drafted. A stablecoin that comes closest to Tether is USDC, with a market cap of $73.9 billion. It is ranked 7th on the list of global cryptos.

Ethena USDe is the third-ranked stablecoin with a market cap of $14 billion. It is followed by DAI with a market cap of $5.3 billion. More such tokens on the list of top cryptocurrencies are FDUSD, RLUSD, and TUSD. Needless to say, they are all backed by the US Dollar.

Global Cryptocurrencies in Turmoil
PayPal USD, or PYUSD, is seeing a rise in its market cap at a time when cryptocurrencies across the globe are feeling sluggish pressure. BTC, the flagship cryptocurrency, is down by 2.22% over 24 hours, trading at $109,329.15. ETH is also down by 2.09% during the same time window to a value of $3,944.57. Their market cap stands at $2.1 trillion and $476 billion, respectively, right now.

BNB saw the highest loss of 5.44%, followed by SOL’s decline of 4.46%, and XRP’s by 3.31%. The crypto market is making bearish moves despite last week’s announcement of a 25 bps rate cut by the US Federal Reserve.

It is important to note that the contents of this article are neither recommendations nor advice for crypto trading and investment. Do research and risk assessment.

Highlighted Crypto News Today:

Solana Hits Oversold Territory After 20% Drop – Time to Buy the Dip?

Curious by nature, Ankur's core topic is Web3, but he's a versatile writer who can cover many more subjects. If you catch up with him in his free time, you'll find discussions often center around different movies and TV series. He's an easy person to talk to—you can literally chat with him about anything.

The perpetual DEXs trend is shifting to Solana, with Pacifica emerging as an up-and-coming market. The DEX, launched by former FTX executives, is now growing its trading volumes. 

On Solana, perpetual DEXs activity mostly relied on the Jupiter and Drift protocols. However, a new star is emerging, one that may be linked to the bankrupt FTX centralized exchange. 

Pacifica has been making the rounds on social media a few months after launching. The perpetual futures DEX uses the Solana stack, and has been gaining on the general hype around Hyperliquid and Aster. 

But what pushed Pacifica to the forefront was a recent post from Sam Bankman-Fried’s X account. As Cryptopolitan reported earlier, the SBF account posted a short message, sending the FTT token on another rally. The reawakened profile also pointed attention to former FTX and Alameda Research alumni, who walked free and are now at the helm of their own projects. 

Solana DEX gain support from former FTX, Alameda hires
Just days before Pacifica gained attention, Armani Ferrente, an early Alameda Research hire, defended on-chain perpetual DEXs for being safer than the FTX centralized model. Ferrente is already promoting his own Backpack exchange, achieving over $10B in weekly volumes. 

On-chain and transparent trading is seen as a clear defense against the non-transparent asset movements between FTX and Alameda Research. 

However, there is still an ongoing discussion if a DEX can have some control of user funds for the sake of trading. 

At this stage, Pacifica also emerged as a safer version, offering an advanced trading venue without the risk of FTX. The bankruptcy has not stopped influencers from taking up Pacifica and even promoting it for its connection to FTX. 

Pacifica boasts of connection to FTX
The Pacifica perpetual futures DEX is still a relatively small newcomer to the recent perp DEX hype. The exchange only accrued $16.6M in value locked in the first 10 days of activity. 

Influencers are already on the task, with some of them focusing on the link to FTX. Pacifica has been launched by Constance Wang, former COO at FTX until November 2022.  

The Pacifica perp DEX claims to have gathered 10K users, with another 6K flowing in for the past week. 

1/ gm

As of now, Pacifica has now reached:

$8,000,000,000+ Total Volume 💹💹

(up 50% since last week)

10,000+ Active Users 🐳🐳🐳

(+6,000 since last week)

600m+ 24h volume 📈https://t.co/wt4vESPDDchttps://t.co/4RDJnAbkJF

We don’t stop. 💪

— Pacifica (@pacifica_fi) September 26, 2025

The DEX reports over $34M in open interest, and posts daily records in deposits and new users. For now, the market has around 4,120 daily active users, a far cry from the success of FTX or even smaller perpetual DEXs. 

Pacifica reports record inflows of users and deposits, as it rides the general perp DEX hype. | Source: Dune Analytics.
Some of the influencers are leaning into the rumor that Pacifica will also gain input from Google talent and other former FTX employees, including input from Bankman-Fried. 

In the short term, Pacifica is attractive for its early-stage point farming season. The DEX arrived relatively late, and is currently in Season 1, while other markets are already well into their second stage. The opportunity for airdrops is driving traffic to all markets, and all new perp DEXs are yet to prove the current hype is sustainable.

Join Bybit now and claim a $50 bonus in minutes

XRP continues to reign supreme on South Korean soil with the $2.70 to $2.80 zone emerging as the level to watch.

TL;DR

Whales added 30,000 BTC during a price drop, pushing holdings to their highest in months.
Exchange outflows and rising on-chain activity signal strategic accumulation by large BTC holders.
Short-term holders near loss; key support levels tested as traders watch for a reversal.

Whales Accumulate as Bitcoin Price Falls
Over the past seven days, wallets holding between 100 and 1,000 BTC have added around 30,000 bitcoins, according to data shared by analyst Ali Martinez. Holdings by this group increased from roughly 4.97 million BTC to more than 5.04 million BTC, now sitting at their highest level in recent months.

30,000 Bitcoin $BTC bought by whales in the past week! pic.twitter.com/pdJsr5IOvX

— Ali (@ali_charts) September 25, 2025

Meanwhile, this activity came during a week when Bitcoin’s price dropped from around $117,000 to $109,000. While retail sentiment showed uncertainty, larger holders continued buying. The move suggests that these mid-sized wallets are building positions while prices remain under pressure.

On-Chain and Exchange Data Support Accumulation
Blockchain data between September 19 and 26 shows that total Bitcoin transferred on-chain rose from about 440,000 to over 770,000 BTC. This increase in transfer volume took place as the asset declined. Movement at this scale often reflects repositioning by larger participants, especially when the price and transfer activity move in opposite directions.

Source: CryptoQuant
At the same time, exchange netflows were mostly negative from August 26 through September 26. Multiple days saw withdrawals exceeding 10,000 BTC, including August 28, September 1, 15, 21, and 23. When Bitcoin is withdrawn from exchanges in large amounts, it often suggests holders are choosing to store assets in wallets rather than preparing to sell. This trend aligns with the accumulation seen in mid-sized wallets.

Source: CryptoQuant
Short-Term Holders Near Loss Territory
Data from Checkonchain shows short-term holders are now close to breakeven levels. These wallets, which typically represent recent buyers, tend to react quickly to price changes. Each time this group entered net loss territory in 2025, Bitcoin found a local low soon after.

Analyst Cas Abbé said,

Short-term Bitcoin holders are reaching their break-even levels.

If their holdings go into loss, that would be a nice bottom formation.

I think $BTC could revisit September lows, before a reversal and a new ATH. pic.twitter.com/FcIJidqVvI

— Cas Abbé (@cas_abbe) September 25, 2025

He added that Bitcoin might revisit the September low near $107,000 before making a move higher. The chart pattern appears consistent with previous cycles this year.

Bitcoin Tests 21-Week EMA as Support
Bitcoin is currently sitting at the 21-week EMA, a trend-based level watched closely by traders. Analyst Rekt Capital shared a chart showing BTC retesting this support zone near $109,572. Earlier this year, the same level marked a turnaround point in April.

Source: Rekt Capital/X
Below this area, there is a support range between $104,000 and $100,000. If that fails, the 200-week EMA near $93,395 could come into play. Michaël van de Poppe commented, “We’ll likely sweep the low sub $107K before we’ll reverse,” while also noting that “90% of the correction is over.”

Key NotesBitcoin ETFs saw $258M outflows on Sept.25, with only BlackRock’s IBIT recording inflows.BTC dropped to a four-week low of $108,700, now hovering near $109K support.On-chain data shows extreme profit-taking and short-term holders nearing liquidation stress.
US spot Bitcoin

BTC
$109 613

24h volatility:
1.9%

Market cap:
$2.18 T

Vol. 24h:
$72.14 B

ETFs faced another day of significant outflows on Sept. 25, recording a combined net withdrawal of $258 million, data shows.

BlackRock’s IBIT stood as the sole fund to register inflows, while its rivals saw heavy redemptions. Ethereum

ETH
$3 916

24h volatility:
2.9%

Market cap:
$472.72 B

Vol. 24h:
$57.00 B

ETFs were also weak, bleeding $251 million and marking their fourth straight day of outflows.

On September 25 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $258 million, with BlackRock’s IBIT being the only fund to see net inflows. Spot Ethereum ETFs posted a total net outflow of $251 million, marking the fourth consecutive day of outflows.… pic.twitter.com/nmszjJ2I6W

— Wu Blockchain (@WuBlockchain) September 26, 2025

The losses came as Bitcoin slipped to a four-week low of $108,700 late Thursday, with market participants wondering whether the $109K support will hold.

An Exhausted Market
According to Glassnode, long-term Bitcoin holders have realized over 3.4 million BTC in profits this cycle, approaching levels typically associated with market tops.

Analysts say this has created an “exhaustion” effect just as the Federal Reserve’s recent rate cut had stoked expectations for renewed flows.

From Rally to Correction#Bitcoin shows exhaustion post-FOMC as LTHs realized 3.4M BTC in profit and ETF inflows slowed. With spot and futures weak, $111k STH cost basis is key support or risk downside.

Discover more in the latest Week On-Chain below👇https://t.co/aTb4ndEqfK pic.twitter.com/Aq9lemd72y

— glassnode (@glassnode) September 25, 2025

Markus Thielen of 10x Research warned that the market is now at risk of a deeper correction, with stop-loss selling likely to trigger if Bitcoin revisits its early September low of $107,500.

“Many are positioned for a Q4 rally — making the bigger surprise not a surge higher, but a correction instead,” Thielen noted.

Binance Data Suggests Controlled Correction
Despite the selling pressure, data from Binance, the exchange with the deepest Bitcoin liquidity, suggests the decline is still within the range of a natural correction.

Bitcoin has dropped around 10%–11% from its all-time highs of $122K–$124K, deeper than the immediate post-ATH pullbacks of past cycles but relatively shallow compared to historic crashes.

CryptoQuant analysts stated that unless Bitcoin decisively breaks below $109K–$110K support with a drawdown exceeding 15%, the base case remains consolidation above support followed by a retest of $118K–$122K.

Binance: Bitcoin cycle drawdown | Source: CryptoQuant

This cycle is less like the retail-driven 2017 boom or the volatile 2021 run, and more of a hybrid, fueled by institutional inflows and cooled by liquidations.

According to Glassnode, the Spent Output Profit Ratio (SOPR) sits narrowly above 1 at 1.01 which means that some holders are selling at a loss.

Meanwhile, the Short-Term Holder NUPL indicator is hovering near zero, warning of forced liquidations as newer investors cut losses.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Bitcoin ETF News, Cryptocurrency News, News

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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Could this be a signal that more pain is on the way or that the market is just in a corrective phase preceding a massive rally?

Iris Coleman
Sep 26, 2025 08:30

Bitcoin shows signs of exhaustion post-FOMC rally with long-term holders realizing significant profits. ETF inflows slow, indicating potential market cooling.

Bitcoin (BTC) is experiencing signs of exhaustion following a rally driven by the Federal Open Market Committee (FOMC) meeting, according to Glassnode Insights. Long-term holders have realized profits amounting to 3.4 million BTC, while inflows to exchange-traded funds (ETFs) have slowed, suggesting a potential cooling phase for the market.

Market Dynamics and Long-Term Holder Activity
The recent rally saw Bitcoin's price peak near $117,000, transitioning into a corrective phase marked by a "buy the rumour, sell the news" dynamic. Despite this, the on-chain drawdown remains mild at 8%, a stark contrast to the more significant declines seen in previous cycles. Notably, the realized cap inflows have reached $678 billion, highlighting substantial capital rotation and distribution.

Long-term holders have played a significant role in this market phase, realizing 3.4 million BTC in profits. This heavy distribution aligns with historical patterns where long-term holder activity often marks market tops. The current cycle's realized profits have already surpassed those of previous cycles, indicating a mature rally.

ETF Inflows and Market Fragility
ETF inflows, which once absorbed much of the supply, have sharply decreased around the FOMC meeting. This reduction in institutional demand, coupled with increased long-term holder distribution, has created a fragile market balance. The short-term holder cost basis at $111,000 is identified as a critical level to maintain to prevent further market cooling.

Spot and Futures Market Stress
Spot market volumes spiked during the recent sell-off, driven by forced liquidations and thin liquidity. This situation exacerbated the decline, forming a temporary foundation just above the short-term holder cost basis. Concurrently, futures markets saw a sharp deleveraging as Bitcoin's price fell below $113,000, reducing open interest from $44.8 billion to $42.7 billion. This deleveraging event, while destabilizing, helped clear excess leverage from the market.

Options Market Volatility
The options market also reacted to these shifts, with implied volatility climbing in response to hedging demand. The market saw a significant repricing of skew post-FOMC, with increased demand for puts indicating defensive positioning. The put/call volume ratio trended lower as traders locked in profits on in-the-money puts, creating opportunities for those with a constructive view towards year-end.

Overall, the market exhibits signs of exhaustion, with liquidity-driven swings dominating the current landscape. Unless institutional demand aligns with holder sentiment, the risk of deeper cooling remains high, pointing towards a macro structure increasingly resembling market fatigue.

For more detailed analysis, visit the full report on Glassnode.

Image source: Shutterstock

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cryptocurrency
market analysis

TLDR

Chainlink (LINK) is currently trading around $21.77, challenging the $22.00 resistance level
Analyst Ali Martinez identified a triangle pattern suggesting a potential $100 price target
A drop to $16 support level could create a buying opportunity according to Martinez
LINK faces a long-term diagonal resistance that has blocked upward movement since 2021
Strong trading volume of $839 million indicates active market interest despite recent price decline

The price of Chainlink (LINK) has been experiencing turbulence in recent days, with the cryptocurrency currently hovering around $21.77 after dropping more than 17% over the past week. Technical analysts are watching a triangle pattern formation that could signal a major price movement in the coming months.

Cryptocurrency analyst Ali Martinez recently highlighted a triangle setup forming in Chainlink’s weekly price chart. This pattern shows the asset trading between two converging trendlines, with the upper line acting as resistance and the lower one as support.

A dip to $16 on Chainlink $LINK would be a gift. This triangle breakout setup targets $100! pic.twitter.com/s69oqbMniB

— Ali (@ali_charts) September 25, 2025

Martinez noted that LINK tested the upper boundary earlier this year but found rejection. Despite the current downward movement, the analyst views a potential dip to $16 as a buying opportunity rather than a cause for concern.

“A dip to $16 on Chainlink $LINK would be a gift,” Martinez stated, pointing to this level as the 0.5 Fibonacci retracement mark.

The triangle pattern identified by Martinez doesn’t fit neatly into the typical categories of ascending, descending, or symmetrical triangles. Instead, it lies somewhere between a symmetrical and an ascending triangle, with an upward angle but not fully matching either classification.

Key Support and Resistance Levels
If Chainlink rebounds from the $16 support level, Martinez suggests the price could break out of the triangle formation. This breakout might set a target at the 1.272 Fibonacci extension level, which corresponds to nearly $100 in price terms.

Another analyst known as Crypto Monkey focuses on more immediate price action, noting the crucial $22.00 resistance level. A rejection at this mark could trigger a move down toward $20.00, while a breakout above $22.00 might open a path toward $26.00.

The $21.30-$21.40 range now serves as immediate support for Chainlink. Holding above this zone is essential for bulls to maintain momentum and potentially stage a recovery rally.

Chainlink Price on CoinGecko
Long-Term Technical Outlook
On the monthly chart, analyst MarketMaestro reports that LINK has failed to clear a long-term diagonal resistance line that has blocked several upward attempts since the 2021 peak. This trendline continues to act as a strong technical barrier.

Key support levels identified by MarketMaestro include $14, $17, $21, and $25. These areas could serve as demand zones if selling pressure persists. Chainlink needs consistent buying interest to stabilize and make another attempt to break through the diagonal resistance.

Despite recent setbacks, the $31 zone remains a major target if bullish conditions return to the market. A decisive monthly close above the red diagonal resistance could shift market sentiment and trigger a new upward movement.

The 24-hour chart reveals that Chainlink opened near $21.60 and briefly moved above $21.80 before experiencing selling pressure. This pushed the price down to $21.37 by the end of the session, resulting in a 1.35% daily loss.

Trading volume for Chainlink remains robust at approximately $839 million, indicating strong market participation rather than thin liquidity. With a market capitalization of around $14.48 billion and a circulating supply of nearly 678 million tokens, Chainlink currently holds the 13th position among major cryptocurrencies.

For the short term, reclaiming the $21.80 level would be important to re-establish upward momentum. In the longer term, the broader market will be watching for a breakout above the diagonal resistance that has capped Chainlink’s price since 2021.

The outcome at current price levels could determine the next directional move for LINK. A confirmed breakout above resistance could attract fresh buying interest, while a rejection might lead to testing lower support levels.

Chainlink’s price movements reflect technical factors that many traders and investors monitor to make decisions. The triangle pattern identified by Martinez suggests significant upside potential if the right conditions develop.

TLDR

Bitwise has filed an S-1 for a Hyperliquid (HYPE) ETF, potentially increasing institutional exposure
HYPE is currently trading at $42, with analysts suggesting a potential rise to $55
Hyperion DeFi expanded its treasury with a $10M HYPE purchase (1.7M tokens)
Competition is increasing as Aster’s trading volume has surged past Hyperliquid
HYPE’s open interest stands at $2.2 billion while the price has fallen 3.5% to $42.5

The cryptocurrency market is witnessing a new development with Bitwise filing for a Hyperliquid ETF, drawing attention to the HYPE token’s potential future performance. Trading at approximately $42, HYPE has become the center of market discussion following this institutional move.

Bitwise submitted an S-1 filing to launch an exchange-traded fund that would directly hold and track the HYPE token. The proposed Bitwise Hyperliquid ETF would offer investors direct exposure to HYPE, similar to the Bitcoin and Ethereum ETFs launched last year. The filing does not yet specify which exchange would list the ETF, its ticker symbol, or fee structure.

The ETF would feature in-kind creation and redemption, allowing investors to exchange shares in the fund for actual HYPE tokens rather than cash. This approach, approved by the SEC in July, is considered more cost-effective and efficient for crypto products.

This filing represents the first step in the approval process. While the ETF will need a Form 19b-4 to begin SEC review, which could take up to 240 days, the agency has recently approved generic listing standards to accelerate crypto ETF approvals. However, Bitwise noted in its filing that “there are currently no Hyperliquid futures contracts registered with the CFTC.”

Market Analysis and Price Projections
Market analyst Ali Charts has identified HYPE as sitting in a “golden zone” that could support a price rebound. The current price of $42 aligns with earlier projections, with the analyst suggesting potential movement toward $55 if support levels hold.

Technical indicators show HYPE has tested critical Fibonacci retracement levels multiple times, establishing a solid technical foundation. The token’s market structure shows consolidation within a stable channel despite earlier price volatility.

Another projection from CoinGape suggested a potential $72 target for HYPE, which complements the overall bullish outlook for the asset. Long-term price predictions emphasize mid-term expansion potential toward $55, reinforcing positive market sentiment.

Institutional Developments
The institutional interest in HYPE extends beyond the ETF filing. Hyperion DeFi announced a $10 million treasury expansion, increasing its holdings to over 1.7 million HYPE tokens. This treasury expansion, coupled with the ETF momentum, has strengthened market confidence in HYPE’s outlook.

These institutional moves suggest HYPE is well-positioned to maintain support while targeting higher price levels. The combination of regulatory filing and treasury expansion indicates growing conviction in the asset’s growth potential.

However, HYPE faces increasing competition in the perpetual futures DEX market. Aster, a perpetual futures DEX on BNB Chain, has seen a recent surge in trading volume and open interest that surpasses Hyperliquid’s metrics.

According to DefiLlama, Aster’s 24-hour trading volume exceeded $35.8 billion, more than triple Hyperliquid’s $10 billion. CoinGlass data shows Aster’s token open interest reached $1.15 billion on Thursday, up from under $143 million just days earlier.

Meanwhile, open interest on the HYPE token decreased 1.85% over the past day to $2.2 billion, with the token’s price falling 3.5% to $42.5.

Hyperliquid Price on CoinGecko
The surge in DEX trading volumes, which hit an all-time high of $70 billion on Thursday, indicates growing activity in decentralized perpetual futures markets. Hyperliquid, which has long held the top position for on-chain futures trading, now faces serious competition from Aster following its token launch earlier this month.

Bitwise’s filing comes at a time of intensifying competition between perpetual futures DEXs, potentially positioning HYPE for increased institutional attention despite market challenges.

The HYPE token currently sits at a critical juncture with strong institutional signals emerging. Investors may view this as a strategic moment for positioning ahead of the potential ETF approval.

Plume commands 50% of RWA investors by prioritizing yield, DeFi composability, and regulatory transparency across regions.The project’s TVL surged to $577.8M with 144 tokenized assets, showing rapid growth in adoption and market share.Despite strong fundamentals, PLUME trades 60% below ATH, raising questions about whether price reflects real progress.In the Real-World Assets (RWA) market, Plume has quickly attracted more than 50% of investors. This success is not merely a marketing story but reflects a shift in how crypto investors approach RWA.

According to a report from Tiger Research, the number of RWA holders on Plume increased from 167,000 in June to more than 200,000 in September. The market concentration is more notable than the growth rate: Plume accounts for over 50% of all crypto RWA investors, meaning that one out of every two people investing in tokenized real-world assets is doing so through Plume.

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Three Factors Behind Plume’s Success
This dominance has three main reasons. First, unlike traditional financial institutions that often focus on cost efficiency, Plume (PLUME) has chosen a “DeFi-first” approach. According to Tiger Research, the project prioritizes yield and composability within the DeFi ecosystem. Plume’s RWA tokens can be used for lending, liquidity provision, or as collateral.

This convenience and composability quickly attracted the crypto-native community, which is familiar with cycling assets to maximize returns. It is a competitive edge that traditional-style RWA models cannot easily replicate.

Tokenized assets on Plume. Source: Messari
According to another report from Messari, Plume launched with $65.8 million in tokenized assets, which increased to $170 million by September 15, 2025. Data from rwa.xyz shows 144 tokenized assets on the network, distributed across more than 202,000 addresses. Superstate, Nest, and Mercado Bitcoin deploy the most significant holdings by market share.

DeFi activity on Plume has also surged since its mainnet launch in June 2025. As of September 15, the Total Value Locked (TVL) reached $577.8 million and $4.9 billion in PLUME.

Plume’s TVL. Source: MessariSponsored

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Next, according to Tiger Research, the project has proactively engaged with the SEC, US regulators, and authorities across Asia to establish a more transparent framework and minimize unexpected risks. This approach has been described as a “regulatory moat” — a protective shield and a competitive advantage.

Finally, beyond RWA, Plume has also set its sights on the Bitcoin (BTC) market. With an estimated $2.18 trillion in BTC stored but underutilized, the project aims to turn BTC into “programmable capital.”

If successful, this would be a significant breakthrough in unlocking massive capital for DeFi. At the same time, however, it brings technical challenges (smart contract risk, custody) and regulatory hurdles (how authorities classify tokenized Bitcoin products).

The Price of PLUME Being Reflected Accurately?
However, is this success truly being reflected in the price of PLUME? Plume, a Web3 RWA project, prioritizes crypto-native values like yield and accessibility. It creates a new ecosystem while mitigating regulatory risks through proactive policy engagement. Its dual positioning bridges Web3 and traditional finance, driving strong growth potential in the RWA market and BTCFi.

PLUME price performance. Source: BeInCrypto
However, the price of PLUME does not seem to reflect the project’s growth trajectory. At the time of writing, data from BeInCrypto shows PLUME is trading at $0.0969, about 60% below its all-time high.

As BeInCrypto reported, the price of PLUME spiked more than 30% after its launch on Binance a month earlier. However, the price quickly fell below pre-listing levels due to a wave of whale sell-offs and profit-taking. At the time, investor concerns about the token unlock added to the ongoing selling pressure.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Crypto analyst Kevin (Kev Capital TA) told viewers late on September 25 that Bitcoin’s pullback is tracking a familiar seasonal and structural script—and that the market’s next major impulse hinges on a clearly defined support range. “Hold $107k to $98K,” he said, calling the zone the fulcrum for the bull cycle’s next leg. “That’s it. It’s that simple.”

Opening his stream amid a rush of bearish sentiment as BTC price dipped to $108,651, Kevin argued the drawdown should not surprise disciplined traders. He framed the current move in the context of months of caution dating back to early August, when he began highlighting weekly bearish divergences across Bitcoin, Ethereum and the total altcoin market (Total2), into what he described as four-plus-year resistance zones.

“Everyone thinks these symmetrical triangle patterns after a move higher are continuation patterns,” he said, “but in reality, in the crypto market, very, very rarely do these break out to the upside.” He pointed to a progression of smaller impulse highs since late 2023 and reiterated that despite sharp rallies in select altcoins, the majors failed to clear “any major resistance levels.”

Bitcoin Top In Until Proven Otherwise
The anchor of Kevin’s case is confluence on higher time frames. On Bitcoin’s weekly chart, he outlined rising price highs against falling momentum—“simple strength and momentum indicators,” not signals by themselves but context that “has been dwindling for a very long time.”

Total2, he added, registered “a triple top on the weekly” beneath roughly $1.71–$1.74 trillion—“the all-be-all resistance level”—with weekly RSI and MACD rolling over. Stocks of momentum, in his read, are resetting precisely where they should amid historically thin late-summer liquidity. “Q3 is never a good quarter for crypto,” Kevin said. “August, September are terrible months. They always are.”

TOTAL2 market cap analysis | Source: X @Kev_Capital_TA
Against that backdrop, he argued that USDT dominance remains the most reliable inter-market compass. “USDT dominance is the greatest chart ever. There is no better chart,” he said, walking through a macro descending triangle with a flat-bottom support near 3.9–3.7% and repeated rallies to a falling trendline that have mapped crypto cycle lows and highs for two years.

Each approach to the flat bottom, he noted, has carved a W- or inverse-head-and-shoulders-style base in USDT.D while Bitcoin distributed near local tops; each rejection at the downtrend has coincided with crypto inflections. “You literally don’t need any chart in all of crypto,” he said. “All you need is Bitcoin and USDT dominance and you would have played this cycle absolutely perfectly.”

USDT dominance chart | Source: X @Kev_Capital_TA
From a tactical standpoint, Kevin flagged a three-month BTC liquidity “heat map” shelf near $106.8K and the 21-week EMA—the bull-market support band—near $109.2K as natural magnets, with the lower weekly Bollinger Band sitting around $101K.

He stressed he doesn’t want to see “Bitcoin lose 106.8K” if the cycle remains intact, though a wick into that area to “swipe the liquidity” would be consistent with prior resets. He framed $98K as the line that should not break decisively. “There’s a whole lot of support in that range,” he said. “I’d be pretty shocked if Bitcoin wasn’t able to bounce in there somewhere.”

All Eyes On Q4 Seasonality
Kevin tied structural signals to an explicit macro checklist, arguing that lasting cycle tops and bottoms align with fundamental catalysts rather than charts alone. He cited 2021’s inflation spike and the onset of the Fed’s hiking cycle as the driver of that cycle’s 55–60% drawdown, the 2017 CME Bitcoin futures launch as a blow-off top catalyst, and the FTX collapse as the final capitulation in 2022 amid weekly bullish divergence.

“There’s always a macro-related reason that correlates with the charts,” he said. By contrast, he sees no such cycle-ending macro trigger today: inflation gauges have been “very choppy” but contained; the Fed is widely expected to ease into year-end provided labor softens; and seasonality favors Q4.

He underscored the near-term calendar—core PCE, CPI and labor data in the first half of October—as decisive for risk appetite. “Sometime in mid-October… we’ll start to have an idea of where this market is really going to go,” he said. “If we get to mid-October and Bitcoin’s holding key support… and we get good macroeconomic data, we get another rate cut… the probabilities favor that Bitcoin will [go higher]—and then you’re in Q4.”

Volatility positioning, he added, argues for a sharp directional move once the reset completes. On the weekly Bollinger Band Width, Kevin said BTC has printed record-low readings three times this cycle—each in Q3—and each episode began with a downside break of 18–29% before surging to fresh highs.

“There is a massive move coming for Bitcoin soon. It has not happened yet,” he said, noting spot volumes have declined since November while bands have tightened to historic extremes. A test of the lower weekly band near $101K “is possible,” but not required, in his view; the key is that the broader $107K–$98K corridor functions as a springboard.

Kevin was equally explicit about invalidation and upside triggers. He labeled $125K “a major top for now” and said the market needs weekly and monthly closes above that level to confirm trend continuation.

On dominance, he highlighted 59.0% and 60.28% as near-term resistance that could fuel a BTC-led phase if reclaimed; otherwise, he expects leadership to rotate back to altcoins once Bitcoin bases and USDT dominance prints a lower high. “Stop looking at the altcoins” until those inter-market signals flip, he advised, emphasizing patience, risk management and taking profits into resistance.

His bottom line combines restraint with opportunism. “Hold $107k to 98K,” he repeated. “Go into October. Get through the first couple of weeks of macroeconomic data… Bitcoin will inevitably find a low on the back of that data and then eventually go higher.” But he warned that if macro arrives benign and “Bitcoin is still deteriorating,” traders should be ready to reassess the cycle thesis. Until then, Kevin’s message remains unapologetically unglamorous: respect the seasonal chop, track the inter-market tells, and let the higher-time-frame levels do the talking. “Being right is the best pat on the back you can get,” he said. “Not just saying things that get you a lot of clicks.”

At press time, BTC traded at $109,607.

BTC fell below key support, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

The stock prices of Bitcoin-holding companies that used PIPE programs are falling.This creates a negative feedback loop: low Bitcoin price, falling stock values, and more selling.A sustained Bitcoin rally is the only catalyst that can break this vicious cycle.The stock prices of Digital Asset Treasury (DAT) companies that acquired Bitcoin as a strategic asset are in significant decline, raising the possibility of a new headwind for Bitcoin’s price.

According to a new report from on-chain data platform CryptoQuant, a continued weak performance in Bitcoin’s price could create a negative feedback loop.

What Is a PIPE?
CryptoQuant’s report focuses on Bitcoin holding companies that have raised capital through Private Investment in Public Equity (PIPE) programs. The firm’s analysis of these companies’ stock performance found a significant downtrend.

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A PIPE is a private offering where a public company sells newly issued shares (or convertible securities) to a select group of accredited or institutional investors. This method allows a company to raise capital quickly by selling shares at a discount to the market price.

Many Bitcoin DAT companies raised capital this year. The method’s key disadvantage—that it dilutes existing shareholders and puts downward pressure on the stock price—was largely ignored due to Bitcoin’s strong upward trend at the time. CryptoQuant notes that Bitcoin firms that used PIPE programs have since experienced significant drops in their stock prices.

Vicious Cycle of Decline
For example, Kindly MD (NAKA), a Bitcoin DAT company, saw its share price surge from $1.88 in late April to a high of $34.77 in less than a month—an 18.5x increase. However, the stock has since plummeted by 97% to a low of $1.16 and is currently trading near its PIPE price of $1.12.

NAKA stock price and PIPE price. Source: CryptoQuant
CryptoQuant explained that other Bitcoin trust companies, including Strive (ASST), Cantor Equity Partners (CEP), and Empery Digital (EMPD), have seen their stock prices fall between 42% and 97%. Some stocks still trading above their PIPE issuance prices face a potential for up to an additional 50% decline.

While these DAT companies may have accumulated a large amount of cryptocurrency, their market valuation is falling even faster. This trend is seen in the rapid decline of their Market Value to Net Asset Value (mNAV).

Domino Effect
As Bitcoin’s price remains weak, the stock prices of DAT companies fall. This decline leads to selling by PIPE investors. If continues, companies may lose their primary method of raising additional operating capital, leaving their only option to sell their Bitcoin holdings for cash.

This would put more downward pressure on Bitcoin’s price, creating a vicious cycle in which Bitcoin’s price and DAT company stocks fall in tandem. CryptoQuant argues that a sustained Bitcoin rally is the only catalyst to prevent further decline in these stocks. Without such a move, the firm’s analysts believe many crypto equities will continue to fall toward or below their PIPE prices.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Pi Network founders urged long-term focus, presenting Pi as a crypto, social network, developer platform, and utility-driven ecosystem.Ecosystem initiatives include App Studio, enabling grassroots app creation, and Pi Ventures, a $100 million fund supporting disruptive teams.Despite Pi Coin’s 50% plunge, leaders stress KYC progress, infrastructure scaling, and building real-world adoption beyond short-term volatility.Pi Network founders stepped onto a stage in Seoul to remind the community of their long-game vision.

Their debut came even as the Pi Coin price slid by more than 50% in late September.

Pi Network Founders Highlight Achievements Amid Ecosystem ExpansionSponsored

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Nicolas Kokkalis (NK) and Chengdiao Fan (Cfan), co-founders of Pi Network, addressed Korean pioneers at a local meetup.

They reaffirmed Pi’s mission to prioritize utility, community growth, and ecosystem development over short-term market volatility.

Fan outlined Pi’s multi-layered identity at the event, presenting it as more than crypto. According to the Pi Network executive, it is a developer platform, social network, and utility-driven ecosystem.

He emphasized the scale Pi has already achieved, citing 60 million engaged mobile users, 350,000 testnet nodes ready for mainnet, and over 14 million users who have completed KYC verification.

“Pi is a lot of things…We are a cryptocurrency, a social network, a developer platform, and a utility-focused ecosystem… Our next stage is continuing to expand the community and ecosystem, emphasizing utility and going beyond,” Fan said.

One of Pi’s newest initiatives is App Studio, an AI-powered tool that enables non-technical users to build and deploy apps within the Pi ecosystem.

Thousands of apps have reportedly already been created in its first three months, and the founders see this as a cornerstone of future growth.

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Complementing grassroots creativity, Pi also unveiled Pi Ventures, a $100 million fund designed to back high-potential, disruptive teams aligned with its vision.

Long-Term Vision Over Market Cycles
The founders also urged the community to look past short-term fluctuations. This remark came as they addressed Pi coin’s turbulent token price and widespread speculation about unofficial exchange listings.

In this regard, Kokkalis reflected on Pi’s humble beginnings, when he and Fan struggled to recruit even 54 early adopters in a shopping mall.

“For me, it’s really the community. We started more than seven years ago with just a vision, and despite challenges, we stayed focused on building utility and adoption,” Kokkalis said.

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Fan added that true value creation takes time, warning that crypto’s value extraction culture often overshadows the harder task of building real-world use cases.

“Long-termism really needs to kick in. Value creation is always harder than value extraction,” he said.

Tackling Challenges Like KYC, Infrastructure, and Trust
The founders also addressed key community concerns. They clarified that only Pi listed on officially recognized KYB-approved exchanges should be considered legitimate.

The Pi Network executives warned against scams and unauthorized tokens in this regard.

Fan noted that Pi’s unique approach to KYC, which has already onboarded millions without out-of-pocket fees, is critical for ensuring ownership and compliance in a global network.

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This observation comes barely a week after the ecosystem eased the KYC bottleneck with a new feature. In hindsight, Pi Network KYC was a contentious issue, with users citing transparency, migration delays, and price volatility, among other concerns.

On infrastructure, Kokkalis acknowledged the technical challenges of scaling to tens of millions of daily users, far beyond the capacity of typical blockchain projects.

Despite market skepticism, the co-founders painted a picture of Pi as a platform positioned for mass adoption, bridging blockchain and AI to deliver practical tools and services.

With grassroots app creation, a major venture fund, and a growing global community, they argue Pi is building a foundation designed to outlast short-term volatility.

“We insist on utility because blockchain networks must produce products that are actually useful and address human needs. That is how real adoption happens,” Fan concluded.

Pi Network (PI) Price Performance. Source: BeInCrypto
As of this writing, Pi Network’s token, Pi Coin, was trading for $0.2616, down by almost 4% in the last 24 hours.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Plasma’s native token XPL has been the talk of the market over the past 24 hours. Despite broader crypto uncertainty, XPL surged to an all-time high of $1.43 before cooling to $1.28, down 2.1% on the day. What makes this move fascinating is that it happened in the middle of a red market, where most altcoins struggled to hold gains. With a market cap now standing at $2.23 billion and 24-hour trading volume exploding by more than 355,000% to $6.77 billion, Plasma is forcing everyone to pay attention.

The token’s sudden rise isn’t just about speculation. It’s backed by one of the strongest viral launches we’ve seen in months, combined with a unique utility: gasless USDT transfers. Let’s break down the factors fueling this run and what’s next for XPL.

XPL’s price journey in the past day has been nothing short of dramatic. The token bottomed out at $0.6923 just 18 hours ago before mooning to $1.43, its ATH, in less than a day. This 100%+ rally in under 24 hours was triggered by a mix of fundamentals and hype.

Source: CoinMarketCapAt the core of Plasma’s appeal is its mainnet beta, which went live on September 25. Within just one hour, the network secured $250 million in locked USDT, proving demand for zero-fee stablecoin transfers. Unlike other blockchains, Plasma’s pitch is simple: send and receive USDT without paying gas fees, something retail traders and whales alike find irresistible.

The viral factor can’t be ignored either. A 10% airdrop of the total supply, now valued at over $1.2 billion, gave early adopters life-changing returns. Every depositor received a flat $10k allocation, with presalers now sitting on 200x+ profits. Add Cobie’s social media backing, exchange listings on KuCoin, OKX, and Gate.io, plus the launch of leveraged futures, and you get the perfect storm of FOMO and liquidity.

Still, after such a vertical move, a short-term pullback was inevitable. The price slipping to $1.28 suggests traders are locking in profits, but strong trading volume shows fresh demand remains. If momentum continues, retesting the $1.43 ATH or even higher isn’t off the table. Conversely, a dip below $1.10 could signal deeper consolidation.

FAQsWhy did XPL price pump so hard?

Because of its viral airdrop, gasless USDT transfers, top exchange listings, and heavy hype.

Is Plasma’s rally sustainable?

Short-term volatility is likely, but strong utility and adoption give it longer-term potential.

What’s the biggest risk for XPL right now?

Profit-taking by early airdrop winners and over-leveraged futures trading could trigger sharp dips.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows Bitcoin inflows this cycle have totaled to $678 billion. Here’s how this figure compares with that of the previous cycles.

Bitcoin Realized Cap Growth Has Been 1.8x Larger Than Last Cycle
In its latest weekly report, on-chain analytics firm Glassnode has discussed about the growth in the Realized Cap of Bitcoin. This capitalization model calculates BTC’s total value by assuming that the value of each token in circulation is equal to the price at which it was last transacted on the blockchain.

The last transaction of any token is likely to correspond to the last time at which it changed hands, so the price at its time could be considered as its current cost basis. As such, the Realized Cap is essentially the sum of the cost basis of the entire BTC circulating supply.

In other words, the model represents the total amount of capital that the investors used to purchase their Bitcoin. This is in contrast to the usual market cap, which is instead the value that holders are carrying in the present.

In the current cycle so far (starting in November 2022), the Realized Cap has jumped in three big waves, suggesting a large amount of capital has flowed into BTC through three phases. Following the latest inflows, the indicator has risen to a record $1.06 trillion, as the below chart shows.

How the metric's value has changed over the course of the asset's history | Source: Glassnode's The Week Onchain - Week 38, 2025
But how much of the capital stored in Bitcoin came in during the latest cycle alone? Another chart shared by Glassnode in the report breaks it down for not just this cycle, but also all past ones.

BTC's cycles stacked up against each other in terms of the Realized Cap trend | Source: Glassnode's The Week Onchain - Week 38, 2025
In total, an unprecedented $678 billion in capital inflows have come into Bitcoin during the latest cycle. This is 1.8 times the $383 billion in Realized Cap growth that the 2018 to 2022 cycle witnessed. The last cycle saw a more exponential jump from the previous ones ($4.2 billion from 2011 to 2015, and $85 billion from 2015 to 2018), but the sheer scale of capital involved in the latest cycle is still quite impressive.

Besides the rise in the Realized Cap, another metric that the current cycle stands out in is the Realized Profit/Loss Ratio. This indicator measures, as its name implies, the ratio between the amount of BTC being shifted at a profit and that at a loss.

The data for the Realized Profit/Loss Ratio over the years | Source: Glassnode's The Week Onchain - Week 38, 2025
As is visible in the above chart, the Bitcoin Profit/Loss Ratio has seen three peaks with extreme values in this cycle, which is unlike the single prolonged waves from the previous cycles. “Having just stepped away from the third such extreme, probabilities favour a cooling phase ahead,” explains the analytics firm.

BTC Price
Bitcoin has seen its drawdown deepen over the past day as its price has dropped to the $109,300 level.

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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In the current market cycle, XRP has been displaying both positive and negative signals. Its most recent trading activity put nearly a billion XRP coins — 925,865,148 XRP in a 24-hour period — into circulation across wallets and exchanges. This significant shift in liquidity has brought XRP into the public eye and sparked speculation about whether the token is preparing for a new bull run or is bucking sell-side pressure.

XRP's market placementJust above the 200-day moving average and close to the 100-day EMA, XRP is presently trading at about $2.74 on the charts. Lower highs have been forming since August, and recent price action has been contained within a descending triangle pattern. The 200 EMA is still a powerful support level, but the break below the short-term trendline suggests waning bullish momentum. If this region is not held, XRP may see further declines, with $2.60 serving as one of the most important support levels.

XRP/USDT Chart by TradingViewThe nearly billion XRP that was exchanged in a single day demonstrates strong usage and liquidity, and on-chain data validates increased network activity. Either major accumulation phases or a redistribution of holdings across exchanges are suggested by large transactions, which are frequently associated with whales and institutional players. Large flows like these usually occur before volatility spikes, which either cause corrections when selling outpaces buying or push XRP higher with renewed demand.

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Exhaustion of bearsWith the Relative Strength Index (RSI) circling between 38 and 40, XRP is getting close to oversold territory without yet reaching extreme levels. If support levels hold, a technical bounce may be possible. Volume trends, however, are still inconsistent. Recent sessions have been dominated by spikes in sell pressure, suggesting that short-term market sentiment is slightly bearish.

Because of its steady transaction volume and usefulness for cross-border settlement, XRP is still relevant in the altcoin market on a larger scale. Even though XRP is still one of the most actively traded digital assets, traders should exercise caution until a clear break above the descending resistance trendline validates a renewed bullish structure, as evidenced by the nearly billion-dollar daily transfer.

Rebuilding momentum toward $3.20-$3.50 is possible if XRP stays above $2.74-$2.80. The Billionaire Club movement might be regarded as the precursor to a subsequent period of correction if not.