Weekly Market Commentary - Sept 12, 2025

Markets pushed higher this week with #BTC closing at $116K and #ETH at $4.66K, as weaker jobs data outweighed hot CPI numbers. The Fed is now expected to cut rates at each of its next three meetings. ETF inflows stayed strong—$1.6B into BTC and $232M into ETH—while big headlines ranged from Gemini’s IPO and Tether’s new U.S. stablecoin to Galaxy’s $1.65B SOL treasury strategy.

Major stories:

Markets traded higher this week, with BTC/USD ending at $116,000 and ETH at $4,660. The Fed is now expected to cut rates at each of its next three meetings. This is following higher than expected jobless claims and large downward revision in prior year jobs from the BLS, and despite higher than expected August CPI inflation numbers. The S&P 500 Index committee made a discretionary decision to exclude Strategy despite meeting the index's eligibility criteria, though Robinhood was included in the index rebalance.

Trading Update:

Funding rates on perpetual swaps are currently 10% annualized. BTC futures are trading at an annualized basis of 5% on OKX, 6% on Binance and 8% on CME. ETH futures are trading at a basis of 6% on OKX, 7% on Binance and 7% on CME. Through Thursday, BTC ETFs had net inflows of $1.6B and ETH ETFs had net inflows of $232M. On Deribit, 3-month options implied volatility is 38% for BTC and 64% for ETH.

Other News:

Gemini Exchange had their U.S. IPO this week. Christie's has closed their NFT department. Tether has created a U.S. compliant stablecoin USAT, in partnership with Achorage Digital and Cantor Fitzgerald. Grayscale has filed for BCH, HBAR and Chainlink ETFs. The launch of the first DOGE ETF was delayed again, and trading is expected to start next week. Swissborg's SOL Earn wallet was exploited for $41.5M. Coinshares will go public in a $1.2B SPAC deal. CBOE plans to launch U.S. regulated perpetual futures. Binance has listed Ethena's USDe token. CleanCore bought 200M DOGE this week. Solana has risen 18% this week, with Galaxy Digital reportedly acquiring tokens for the newly announced Forward Industries $1.65B SOL treasury strategy. Strategy bought 1,955 BTC for $217M. Eightco Holdings raised $250M for a WLD treasury. BitMine now holds 2.06M ETH, 202k higher than last week.

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