Weekly Market Commentary - Sept 26, 2025

Crypto markets traded lower this week with #BTC at $109.8K and #ETH at $4K. Stronger U.S. GDP and 2.7% August inflation kept pressure on prices, though the Fed is still expected to cut rates at its two remaining meetings this year. ETF flows turned negative—$479M out of BTC and $547M out of ETH—while major treasury buys continued, including $632M BTC from Metaplanet and $100M from Strategy. Read more in our Market Commentary below.

Major stories:

Cryptocurrency markets traded lower this week with BTC/USD ending at $109,800 and ETH/USD at $4,025. The U.S. reported better than expected Q2 GDP and 2.7% August inflation. The Fed is still anticipated to cut rates at its two remaining meetings this year according to CME FedWatch. The U.S. has not yet passed a funding bill that would prevent a shutdown after next Tuesday.

Trading Update:

Funding rates on perpetual swaps are around 8% annualized. BTC futures are at an annualized basis of 6% on Binance and OKX and 7% on CME. The ETH futures basis is currently 6% on Binance, 5% on OKX and 7% on CME. On Deribit, 3-month options implied volatility is 40% for BTC and 63% for ETH. BTC ETFs had net outflows of $479M and ETH ETFs had net outflows of $547M through Thursday.

Other News:

Kraken has raised $500M at a $15B valuation. Tether is reportedly seeking to raise at least $15B at a $500B valuation. Zerohash raised $104M at a $1B valuation. OranjeBTC will go public as a bitcoin treasury firm in Brazil holding 3,650 BTC. Securitize tokenized fund investors can now swap shares for RLUSD and Securitize has expanded to the SEI blockchain. Hyperliquid launched its own stablecoin USDHL this week. Gate has launched an L2 network Gate Layer based on Optimism. Paypal and Spark have partnered to increase DeFi liquidity for PYUSD. Cloudflare will create a stablecoin for online payments. Metaplanet bought 5,419 BTC for $632M. Strategy purchased 850 BTC for $100M. AgriFORCE will rename itself AVAX One and raise $550M for an AVAX treasury. BitMine will raise $365M for its ETH treasury.

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