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Standard Chartered’s 2030 Price Targets for 4 Altcoins
Geoffrey Kendrick, Standard Chartered’s head of digital assets research, discussed four projects that could benefit from traditional finance moving onto blockchain networks. Speaking on Milk Road’s October 1 episode, Kendrick identified Uniswap, Aave, Morpho and Arbitrum as projects well positioned for this shift.The 2030 price targets discussed in the interview were $100 for UNI, $3,500 for AAVE, $60 for MORPHO and $10 for ARB. Kendrick outlined the reasoning behind his previously published forecasts and the conditions needed to reach those targets.Tokenization could bring new demand to DeFi protocolsKendrick’s outlook centers on tokenization, which allows financial assets to be represented on a blockchain. According to the analyst, institutional adoption could increase the value of assets held onchain while expanding the use of decentralized finance applications.This approach places greater importance on fee revenue and cash flows when assessing projects. Kendrick focuses on protocols that can capture a share of financial institutions’ onchain activity, defend their competitive advantages and pass the economic value they generate through to their tokens.Standard Chartered previously projected that the stablecoin market would reach $2 trillion by the end of 2028. The bank also forecasts $2 trillion in tokenized real-world assets, excluding stablecoins, by the same date; together, the two categories would represent a $4 trillion market.Uniswap’s $100 target may be too lowKendrick believes his previously established 2030 target for Uniswap could prove too conservative. The platform’s deep liquidity and token-burning mechanism are central to that view.According to the analyst, a platform with strong liquidity has an advantage in attracting new users and trading activity. As trading volumes for tokenized assets grow, Uniswap’s ability to serve that demand becomes increasingly important for UNI.Kendrick also notes that buybacks and burns linked to trading fees can translate platform growth into value for the token. However, he did not replace the $100 target with a new forecast during the interview; he pointed to potential upside beyond his existing projection.Aave and Morpho address different financial needsThe 2030 target for AAVE stands at $3,500. Kendrick compares Aave to an onchain banking business, while describing Morpho as a platform serving asset managers.This distinction shows that he does not view the two projects’ growth as mutually exclusive. In his assessment, lending services and asset management infrastructure can meet different needs within the same ecosystem.Standard Chartered initiated coverage of Morpho on July 1 with a $60 price target for the end of 2030. Alongside Morpho’s lending market, the bank sees its vault infrastructure as an important part of the growth outlook.These vaults allow asset managers to offer different strategies onchain. The bank’s long-term expectations depend particularly on capital flowing into this infrastructure from traditional financial institutions.Arbitrum’s revenue growth must translate into token valueThe $10 target for ARB by the end of 2030 rests on the opportunity to provide blockchain infrastructure to financial institutions. In its September analysis, Standard Chartered highlighted Robinhood Chain as a key example supporting this growth outlook.During the Milk Road interview, Kendrick explained that Arbitrum could benefit from the expansion of tokenized equities. However, how the network’s economic success would translate into value for ARB holders remained an unresolved issue.Kendrick noted that revenue currently does not flow directly into token buybacks and burns. He said he would welcome the introduction of such a mechanism in the future; the $10 target therefore reflects expectations for both revenue growth and the transfer of value to the token.
Crypto This Week: 30 Events in Focus as Fed Minutes Take Center Stage
Crypto this week began with Bitcoin trading at around $85,500 and Ether near $2,700. The Federal Reserve’s September meeting minutes, the Reserve Bank of India’s interest-rate decision and oil prices above $100 form the core of the macroeconomic agenda.The crypto calendar features approximately $337.5 million in scheduled HYPE unlocks and $40.9 million in ENA unlocks. Binance, Bybit and Robinhood will discontinue several products, while three validator-dependent XRP Ledger upgrades could take effect.Fed minutes will shape expectations for OctoberThe Fed raised its target rate by 25 basis points to 3.75%–4% on September 16. All members supported the decision, which marked the US central bank’s first rate increase since 2023.Minutes from the meeting will be published on Wednesday, October 7, at 9:00 p.m. Türkiye time. Investors will examine how policymakers assessed energy-driven inflation risks and whether they disagreed over the timing of the next increase.US nonfarm payrolls rose by only 29,000 in September. The result fell well below the Reuters poll forecast of around 90,000 and reduced the market-implied probability of an October rate increase to approximately 18%–20%.The US services outlook will come into focus with the ISM services PMI on Monday, October 5, at 5:00 p.m. Türkiye time. The index is expected to ease to 55 from 55.4 in August, with a reading above 50 indicating continued expansion.The University of Michigan’s preliminary October consumer sentiment index will follow on Friday, October 9, at 5:00 p.m. Türkiye time. The consensus forecast points to a decline from approximately 48.2 in September to 47.7.India is expected to raise interest ratesThe Reserve Bank of India’s Monetary Policy Committee will meet from October 5 to 7. Its interest-rate decision will be announced on Wednesday, October 7, at 7:30 a.m. Türkiye time.Thirty-five of the 61 economists surveyed by Reuters expect the RBI to raise its repo rate by 25 basis points to 5.50%. Such a decision would mark the central bank’s first increase in nearly four years.High oil prices, broader inflationary pressure and weakness in the rupee support expectations for tighter policy. The decision could influence emerging-market currencies and global risk appetite.The European Central Bank will publish the account of its September 9–10 meeting on Thursday, October 8, at 2:30 p.m. Türkiye time. Investors will look for discussions about energy prices, growth risks and the direction of upcoming rate decisions.Canada’s September employment report will arrive on Friday, October 9, at 3:30 p.m. Türkiye time. Statistics Canada says the report will reflect labour-market conditions during the week of September 13–19.Oil remains above $100Brent crude started the week at around $101.60 per barrel, while US West Texas Intermediate traded near $90.10. The G7’s decision to release 100 million barrels of oil and fuel from emergency reserves has limited prices, although attacks around the Strait of Hormuz continue to support a geopolitical risk premium.Middle Eastern crude exports exceeded pre-war levels on several days, even as authorities recorded at least seven new attacks on vessels in the region. Persistently high energy costs could encourage central banks to maintain tighter monetary policy for longer.Oil-driven inflation can affect Bitcoin through interest rates and government bond yields. Markets will monitor the speed of the G7 reserve release and the security of Gulf shipping routes.Russia’s crypto registration rules take effectThe Bank of Russia’s new registration regulations for the cryptocurrency market take effect on October 5. Crypto exchanges, digital depositories and operators of systems used to issue digital financial rights will need to join the relevant official registers.The rules establish qualification requirements for executives, the necessary application documents and the central bank’s registration process. Existing market participants will also have access to a simplified application route.In the US, the investment adviser and fund custody proposal announced last week does not have a new effective date within the coming seven days. The comment period for the SEC’s broader Regulation Crypto Assets proposal will remain open until October 20.Binance, Bybit and Robinhood will discontinue tradingBinance will automatically settle and delist the PROMPTUSDT, PUMPBTCUSDT and 1000000BOBUSDT perpetual contracts on Monday, October 5, at noon Türkiye time. The exchange will prevent users from opening new positions in these contracts from 11:30 a.m.Bybit will close deposits for SCOR and AGI on October 7 at 11:00 a.m. Türkiye time. Trading in the SCOR/USDT and AGI/USDT spot pairs, along with Convert support, will end on October 8 at 11:00 a.m.Robinhood Europe will disable sales of BERA, EOS, PAXG and TIA on Friday, October 9, at 10:00 p.m. Türkiye time. The platform will automatically sell remaining BERA and TIA balances at market prices because withdrawals are unavailable for these assets.EOS and PAXG withdrawals will remain available until October 14, placing the next stage of their delisting process outside this weekly calendar. No major new spot listing or high-profile token launch had been confirmed at the time of preparation.Three XRP Ledger upgrades could activateThe XRP Ledger’s PermissionDelegationV1_1 amendment could activate on Friday, October 9, at approximately 12:25 a.m. Türkiye time, provided validator support remains above the required threshold. The feature will let accounts delegate limited permissions without sharing the private keys controlling their funds.The projected activation time for fixBatchV1_2 is 5:12 p.m. on the same day. Servers that fail to upgrade to the security-focused xrpld 3.4.1 release could become amendment-blocked and lose synchronisation with the network.BatchV1_1 is expected to activate at around 5:46 p.m. Türkiye time. The feature will allow users to bundle and submit up to eight transactions together, enabling use cases such as atomic swaps.All three dates depend on validator support remaining above 80% for the full required period. If support falls to or below the threshold, the 14-day countdown will restart and the activation dates will change.HYPE and ENA supply will expandCurrent Tokenomist data show that HYPE and ENA account for most of the week’s major one-time token unlocks. All dollar values are approximate because they were calculated using spot prices available during preparation.Ethena will release approximately 172.7 million ENA to core contributors on October 5. At an ENA price of around $0.237, the unlock is worth approximately $40.9 million and represents about 1.88% of the reported supply measure.Hyperliquid’s scheduled HYPE unlock for core contributors on October 6 is worth approximately $337.5 million. A spot price near $90 puts the scheduled amount at around 3.75 million HYPE.Tokenomist displays a mismatch between the scheduled unlock and the broader committed vesting figure for the same event. This calendar uses the narrower $337.5 million scheduled value, while the amount that becomes claimable or moves on-chain could differ.Aerodrome will release approximately $3.53 million in AERO on October 8. Aptos’s roughly $9.13 million APT unlock on October 11 will be joined by approximately $4.29 million in PEAQ and $2.7 million in IO.The PEAQ unlock stands out with a reported ratio of 3.73%. The io.net schedule shows that approximately 15.88 million IO will become available on October 11.Applied Digital will report earningsApplied Digital, which has shifted from blockchain workloads toward artificial intelligence and high-performance data-centre infrastructure, will report its fiscal first-quarter results on October 7. The conference call will begin at midnight on Thursday, October 8, in Türkiye because of the time difference.The report covers the fiscal quarter that ended on August 31. Investors will monitor data-centre rental income, energy expenses, newly operational capacity and the company’s capital requirements.TOKEN2049 begins in SingaporeTOKEN2049 Singapore will take place at Marina Bay Sands on October 7–8. The programme will focus on crypto infrastructure, stablecoins, institutional capital, tokenisation and regulatory developments across Asia.The broader TOKEN2049 Week programme runs from October 5 to 11. CoinFerenceX will take place on October 5–6, Solana Summit Singapore on October 6 and RWA Summit Singapore on October 9.ETH Lagos will hold its conference and parallel hackathon from October 8 to 10. The event will bring together Ethereum developers and Web3 projects from across Africa.No separate binding, high-impact DAO vote with a confirmed deadline during the week was identified. Gitcoin’s proposal to lower the participation threshold for Snapshot votes from 2.5 million GTC to 1.5 million GTC remains at the forum discussion stage.This week’s 30-event crypto calendarAll times are Türkiye time, UTC+3.October 5: Russia’s registration rules for crypto-market entities take effect.October 5: Approximately $40.9 million in ENA unlocks.October 5, noon: Binance delists three perpetual contracts.October 5, 5:00 p.m.: US ISM services PMI.October 5–6: CoinFerenceX Singapore.October 6: Approximately $337.5 million in scheduled HYPE unlocks.October 6: Solana Summit Singapore.October 6, noon: Euro-area retail sales for August.October 6, 3:30 p.m.: US trade balance for August.October 7, 1:00 a.m.: Dallas Fed President Lorie Logan speaks.October 7, 7:30 a.m.: Reserve Bank of India interest-rate decision.October 7, 11:00 a.m.: Bybit closes SCOR and AGI deposits.October 7–8: TOKEN2049 Singapore.October 7, 9:00 p.m.: Minutes from the Fed’s September FOMC meeting.October 8, midnight: Applied Digital earnings conference call.October 8: Approximately $3.53 million in AERO unlocks.October 8, 11:00 a.m.: Bybit ends SCOR and AGI spot trading.October 8, 2:30 p.m.: ECB minutes from its September meeting.October 8, 3:30 p.m.: US initial jobless claims.October 8–10: ETH Lagos conference and hackathon.October 9, approximately 12:25 a.m.: XRP Ledger PermissionDelegationV1_1 activation.October 9, 3:30 p.m.: Canada’s September employment report.October 9, 5:00 p.m.: Preliminary University of Michigan consumer sentiment.October 9, approximately 5:12 p.m.: XRP Ledger fixBatchV1_2 activation.October 9, approximately 5:46 p.m.: XRP Ledger BatchV1_1 activation.October 9, 10:00 p.m.: Robinhood disables sales of BERA, EOS, PAXG and TIA.October 9: RWA Summit Singapore.October 11: Approximately $9.13 million in APT unlocks.October 11: Approximately $4.29 million in PEAQ unlocks.October 11: Approximately $2.7 million in IO unlocks.The scheduled HYPE release represents the week’s largest crypto-specific supply risk by dollar value. Fed minutes, the RBI’s decision, services-sector data and oil prices above $100 could have a greater influence on the direction of the wider market.
Bullish Bitcoin Bets Build as Dominance Nears 60%
Risk appetite strengthened across the crypto market as Bitcoin reached $86,500. Bitcoin’s share of total cryptocurrency market capitalization approached 60%, while growing derivatives positions highlighted traders’ bullish expectations. However, the recovery in leverage also brought potential losses from a price reversal into focus.Bitcoin open interest rises by $2.3 billionAccording to CoinGlass data, Bitcoin open interest increased from approximately 626,000 BTC to 653,000 BTC starting September 30. That represents an additional 27,000 BTC, worth roughly $2.3 billion, in outstanding positions.The increase of approximately 4.3% brought total open interest to $56.2 billion. Over the same period, Bitcoin’s price climbed from around $83,500 to $86,500.Open interest measures the total number of outstanding futures contracts that have not yet been closed or settled. An increase alongside rising prices suggests new positions are accompanying the rally; it does not, on its own, mean all those positions are bullish.Funding rates reflect bullish expectationsRising funding rates in perpetual futures also indicate that buyers are taking on more risk. When funding is positive, traders holding long positions pay those holding short positions.Higher funding may suggest that traders are willing to bear greater costs to maintain their bullish positions. However, the recovery in open interest followed levels seen in late September that were close to a one-year low.The starting point therefore matters when assessing the recent increase. More expensive long positions can leave leveraged traders more vulnerable to a sudden price decline.Bitcoin’s market share approaches 60%Bitcoin’s dominance also stood out in the spot market. The largest cryptocurrency’s share of total market capitalization approached 60%, while the share held by dollar-pegged USDT slipped to approximately 6.3%. This pattern may suggest that investors are becoming more comfortable taking risks. However, a decline in USDT’s market share does not, by itself, show how much money has left stablecoins; rising valuations elsewhere in the crypto market can also push the ratio lower.Several altcoins joined Bitcoin’s advance. Ethereum, XRP, Solana and BNB rose, while SKY, AAVE and APT stood out among the 100 largest cryptocurrencies by market capitalization, gaining between 7% and 10%.The picture shows that rising altcoin prices and increasing Bitcoin dominance can occur simultaneously. Because dominance measures relative market capitalization, faster growth in Bitcoin’s value can increase its share even as other assets post gains.U.S. employment data falls short of expectationsThe market activity began before the release of the U.S. employment report on October 2. The subsequent figures showed that nonfarm payrolls increased by 29,000 in September, below expectations of 90,000.The unemployment rate rose from 4.1% to 4.2%. August’s payroll gain was also revised down from 162,000 to 133,000.The weaker employment picture was viewed as potentially giving the Federal Reserve room to hold interest rates steady despite elevated inflation. Alongside strengthening crypto demand, the direction of monetary policy therefore remained in focus for investors.
Bitcoin Returns to $87,000 as U.S. Jobs Growth Misses Expectations
Bitcoin climbed back to $87,000 after U.S. employment data fell short of expectations. Nonfarm payrolls increased by 29,000 in September, while the unemployment rate stood at 4.2%.The figures, released on Friday, October 2, at 8:30 a.m. ET, weakened expectations for another Fed rate hike in October. Bitcoin extended its earlier gains in the first few minutes after the release. U.S. job growth reaches roughly one-third of expectationsThe U.S. economy added 29,000 nonfarm jobs in September. The figure fell 60,000 short of the 89,000 forecast listed on the economic calendar followed for this report.Job growth therefore amounted to roughly one-third of expectations. The figures showed that hiring continued, although at a considerably slower pace than anticipated.The unemployment rate also exceeded the 4.1% forecast, reaching 4.2%. Together with slower hiring, this reinforced the labor market’s importance in monetary policy assessments.Previous figures also saw a downward revision. According to the Financial Times, August’s payroll gain was revised from the initially reported 162,000 to 133,000.The report therefore brought more than a disappointing September figure. The August revision also showed that the previous month’s hiring performance was weaker than initially reported.Bitcoin reaches $87,000 after the releaseBitcoin was trading above $86,000 before the jobs report. At that point, its gain over the previous 24 hours was approximately 2%.According to the first price update after the release, Bitcoin returned to $87,000 at 8:32 a.m. ET. The rally that began before the report continued immediately afterward.This distinction matters when assessing the price movement. Bitcoin’s entire daily gain did not occur after the jobs report; the cryptocurrency was already rising ahead of the release.The $87,000 level reflects the initial reaction to the data. Subsequent buying and selling will determine whether the price can hold that level.Expectations for an October Fed rate hike weakenU.S. short-term interest rate futures rose after the weaker-than-expected employment figures. Traders reduced positions anticipating an additional Fed rate hike in October.For the crypto market, the key connection was the employment outlook’s effect on interest rate expectations. Weaker hiring brings renewed attention to the potential economic consequences of further monetary tightening.A lower probability of rate hikes could ease pressure on risk assets. Bitcoin’s initial reaction suggests that investors may have interpreted the report along those lines.However, reduced expectations for a rate hike do not automatically translate into expectations for a rate cut. Markets could also place greater weight on a scenario in which the Fed holds rates steady.A single employment report does not determine the Fed’s decision. Inflation trends, wage developments and economic activity remain relevant to its policy assessment.Crypto markets watch for further gainsThe initial price movement showed Bitcoin’s continued sensitivity to macroeconomic data. Subsequent trading will reveal how strongly the shift in interest rate expectations translates into demand for crypto assets.
Upbit and Bithumb Announce Listing and Delisting Decisions for 4 Altcoins
South Korean cryptocurrency exchanges Upbit and Bithumb announced decisions affecting four altcoins on October 2. Upbit announced plans to list Dolphin (POD) across three trading markets, while Bithumb said it would discontinue trading support for D and HOOK.The trading caution designation on The Sandbox’s SAND token was also lifted that day. While POD gained new trading pairs, the reviews of SAND and the assessments of D and HOOK produced different outcomes.Upbit announces three trading pairs for PODUpbit announced that it would list Dolphin’s POD token in its South Korean won, Bitcoin and Tether markets. The announcement scheduled the launch of POD/KRW, POD/BTC and POD/USDT trading for October 2 at 4:00 p.m. Korean Standard Time, or 7:00 a.m. UTC.According to the listing details, the exchange supports POD deposits and withdrawals through the Base network. Deposit and withdrawal services were scheduled to open within two hours of the announcement. Users therefore need to check the supported network when transferring tokens.Dolphin is a DePIN project that aims to distribute AI inference tasks by bringing together unused GPU resources. The network groups nodes running the same AI model into pools and directs user requests to available resources.The project’s user-facing products include a web chat service and Telegram bots. POD serves staking and bonding functions within the network. Upbit’s listing also provides direct access to POD trading against the Korean won.Trading caution designation lifted for SANDThe October 2 development concerning SAND was the removal of its existing trading caution designation. In its official announcement, Bithumb said it had concluded that the reasons behind the designation had been resolved.The exchange said the decision would take effect on October 2. It also scheduled the resumption of SAND deposits and withdrawals for 4:00 p.m. Korean Standard Time that day, or 7:00 a.m. UTC.Bithumb had placed SAND under trading caution on August 24 following a security incident. Its announcement at the time cited security issues affecting the relevant wallet or distributed ledger infrastructure whose causes remained unexplained or unresolved.The latest decision therefore followed the review process that began in August. Bithumb had previously said it planned to announce its next assessment between September 28 and October 2.Upbit also lifted its trading caution designation for SAND. The exchange reviewed documents submitted by the project team on the security incident and its subsequent response, concluding that the reasons for the designation had been resolved. The decision covers the SAND/KRW and SAND/BTC markets.Bithumb to end D and HOOK trading on November 2Bithumb announced that it would delist D and Hooked Protocol (HOOK). The exchange said the explanations submitted by the project teams were insufficient to resolve the issues that had prompted the earlier trading caution designation.According to the announcement, Bithumb assessed the projects’ disclosures, token utility and business performance together. It concluded that neither asset met the criteria required to maintain trading support.The exchange had placed D and HOOK under trading caution on September 18. Its initial assessment highlighted shortcomings in token utility and the projects’ business performance. Bithumb also announced at the time that it would suspend deposits.Under the new schedule, trading will end on November 2, 2026, at 3:00 p.m. Korean Standard Time, or 6:00 a.m. UTC. Withdrawal support will end at the same time on December 2, 2026. HOOK and D were both trading lower at the time of writing. Bithumb will also disable API trading and cancel outstanding orders when trading support ends. The exchange asked users planning to transfer their assets to another platform or a personal wallet to complete address registration in advance, adding that the announced schedule could change.
NEAR Hit by $3.8 Million Exploit: Transactions Restricted Across 11 Blockchains
Cross-chain trading platform NEAR Intents halted services on Thursday, October 1, following a security exploit that caused approximately $3.8 million in losses. The team said it had patched the smart contract vulnerability and would reimburse all affected funds.According to the initial statement, the exploit stemmed from a bug in how the Omni deposit and withdrawal infrastructure interacted with the NEAR Intents smart contract. Following the incident, the platform temporarily restricted deposits and withdrawals across several blockchains.NEAR Intents pledges to cover all lossesThe NEAR Intents team said it suspended services as a precaution after detecting the security incident. A preliminary investigation estimated total losses at approximately $3.8 million.The team said it had patched the contract-side vulnerability and would fully reimburse affected users. However, its initial statement did not provide details about the repayment timeline or process.Statements about the incident’s scope point to NEAR Intents’ cross-chain infrastructure. The information disclosed does not indicate a security breach of the underlying NEAR Protocol blockchain.This distinction matters when assessing how different services within the same ecosystem were affected. Current findings focus on the interaction between the Omni infrastructure and the trading contract.Deposits and withdrawals affected across 11 blockchainsIn its initial announcement, the platform said it aimed to restore core services on NEAR Intents and Near.com within approximately one hour. However, it anticipated a longer disruption to deposits and withdrawals on certain networks.The statement indicated that these transactions could remain unavailable across 11 blockchains for roughly another 12 hours. That timeframe reflects the team’s initial estimate and does not confirm that services have resumed.The restrictions cover BNB Smart Chain, Polygon, TON, Optimism, Avalanche and Stellar. Monad, X Layer, ADI, Scroll and Plasma are also among the affected networks.Restoring the platform’s core trading services therefore does not mean deposits and withdrawals will resume simultaneously across every network. The team outlined a separate schedule for completing fixes to those channels.ZachXBT reports funds moved to KuCoin and BitcoinBlockchain investigator ZachXBT said he identified irregular outflows from a BNB Chain hot wallet linked to NEAR Intents. Hot wallets remain connected to the internet and support platforms’ transfer needs.According to the investigator, the stolen assets were subsequently sent to cryptocurrency exchange KuCoin and bridged to Bitcoin. These movements form part of the investigation into the funds’ path following the exploit.NEAR Intents said it had reported the incident to law enforcement. The team added that it was working with security companies and blockchain analytics platforms to trace the assets and would publish a detailed incident report in the coming days.NEAR falls as attention turns to service restorationThe NEAR token was trading lower on the day as reports of the security incident emerged. Market data showed the token down approximately 6.7%, trading near $4.94. The exploit occurred two days after Bitwise launched its NEAR exchange-traded fund. Following the arrival of the new investment product, attention shifted to a security issue affecting the ecosystem’s cross-chain infrastructure.NEAR Intents aims to simplify transactions between different blockchains. Users specify the transaction they want, while independent market makers known as “solvers” compete to execute it.According to figures published on its website, NEAR Intents has processed more than $30 billion in total volume across 35 blockchains. The team’s forthcoming incident report is expected to explain how the vulnerability was exploited and what changes have been made to prevent similar attacks.
Standard Chartered Sets $2 Price Target for ENA
Standard Chartered has set a $2 price target for Ethena’s governance token, ENA, by the end of 2028. The bank’s assessment highlights how revenue generated through USDe’s growth could fund ENA buybacks. Its outlook centers on the intended link between the protocol’s business activity and demand for the token.The assessment, prepared by Geoffrey Kendrick, the bank’s head of digital assets research, focuses on Ethena’s efforts to diversify its revenue sources. The bank believes growth in stablecoin adoption, derivatives markets, and asset tokenization could support the project.As of September 30, ENA is trading at around $0.25. USDe Supply Expected to Grow Roughly EightfoldStandard Chartered’s scenario projects USDe supply reaching approximately $40 billion by the end of 2028. Reports covering the research put the starting level at around $4.9 billion. This forecast would require supply to grow roughly eightfold in just over two years.USDe is Ethena’s synthetic dollar product, designed to maintain its value against the US dollar. The protocol aims to hedge against price movements by offsetting its backing assets with derivatives positions. Users who stake USDe can receive a share of the protocol’s yield through sUSDe.USDe and ENA serve different functions within this structure. While USDe’s supply reflects adoption of the product, the proposed ENA buyback mechanism aims to translate revenue into demand for the token. The bank’s bullish outlook depends on these two areas developing together.First USDe Supply Threshold for ENA Buybacks Set at $7.5 BillionEthena’s governance proposal dated August 27 outlines a tiered model linking buybacks to USDe supply. The first threshold is set at $7.5 billion. As supply grows, the share of protocol revenue allocated to the mechanism would also increase.Once the first threshold is reached, the proposal aims to direct 95% of net revenue paid to the Ethena Foundation toward ENA buybacks. The framework covers the USDe savings product, white-label stablecoin services, and the business line referred to as “Ethena [X]” at the time of the announcement.The 95% figure applies to net revenue flowing to the foundation. The size of the buyback budget therefore depends on USDe supply, the revenue generated by the protocol, and the foundation’s share. These conditions are central to assessing the price forecast.Tokenized Equities Could Broaden Revenue SourcesAnother part of Ethena’s growth plan involves generating returns from assets beyond crypto markets. The tokenized equity framework published on the protocol’s governance forum combines spot equity tokens with offsetting derivatives positions.Under this model, the protocol buys a tokenized stock while opening a short position in a perpetual futures contract tied to the same underlying asset. The aim is to offset changes in the stock’s price while collecting funding payments in the derivatives market. This would extend a strategy used in crypto assets into equities.However, this expansion also comes with its own requirements. The framework calls for an assessment of trading platforms, collateral structures, and the characteristics of the tokens representing the underlying assets. Adding new assets therefore introduces different operational risks alongside potential revenue opportunities.Reaching the Price Target Depends on Growth Generating RevenueStandard Chartered’s $2 target reflects a scenario in which USDe adoption expands and buybacks support demand for ENA. The bank expects Ethena’s position across three markets to help drive that process.The structure of the buyback proposal identifies the key indicators to watch: USDe supply, protocol revenue, and the amounts flowing to the foundation. The mechanism suggests that the impact of supply growth on ENA also depends on revenue generation. Reaching the specified thresholds alone would not mean that ENA will reach the target price.
Bitwise Launches the First U.S. Spot NEAR ETF
Bitwise Asset Management has launched the Bitwise NEAR ETF, which it describes as the first U.S. spot NEAR exchange-traded product. According to the company’s September 29 announcement, the product will trade on NYSE Arca under the ticker NRR.The fund offers investors exposure to NEAR’s price movements while also seeking to capture staking rewards. Bitwise has set the annual management fee at 0.75%.NEAR ETF Also Targets Staking RewardsBitwise plans to stake the fund’s NEAR tokens through its in-house institutional staking team. Citing network data from September 25, the company reported an annualized NEAR staking reward rate of approximately 5%.However, this figure does not represent a guaranteed return for ETF investors. Bitwise notes that rewards may change and that staking income earned by the fund will accrue to shareholders through its net asset value per share.According to the product’s official website, the fund aims to stake all NEAR holdings outside its liquidity reserve. With the reserve set at zero as of September 28, the initial target is to stake approximately 100% of its tokens.The manager reviews the liquidity reserve each month. As a result, the proportion of assets allocated to staking may change depending on the fund’s policies and operational needs.Bitwise Highlights the AI EconomyAt the launch, Bitwise emphasized NEAR’s transaction infrastructure for artificial intelligence applications. Matt Hougan, the company’s chief investment officer, said AI agents making reservations, payments and asset swaps on behalf of users would need fast and reliable settlement systems.The company pointed to NEAR Intents as a leading example of this approach. According to Bitwise’s announcement, the protocol’s cumulative transaction volume has exceeded $32 billion.NEAR Intents aims to simplify transactions across different blockchains for users. The protocol’s official overview describes a system that reduces the need to manage transaction fees and bridging processes separately across networks.This infrastructure serves decentralized finance applications, AI agents and individual users. Developers can also access liquidity across different networks through a single integration.How Does NEAR Intents Execute Transactions?Users specify the outcome they want from a swap. Service providers known as “solvers” then compete by offering quotes to fulfill the request.In NEAR’s example, a user wants to exchange BTC on the Bitcoin network for USDC on Arbitrum. The interface submits the request to the system; connected providers offer quotes, and the transaction proceeds based on the selected offer.This model aims to let users holding assets across different networks manage swaps through a single interface. For AI applications, the same infrastructure provides a mechanism for executing specified transactions on a user’s behalf.Fund Shares Differ From Direct NEAR OwnershipNRR investors will gain indirect exposure to NEAR through fund shares. The product’s official documents emphasize that buying ETF shares is not the same as purchasing NEAR tokens directly.The fund’s value will depend on the market value of the NEAR it holds. Management expenses will also affect the amount of NEAR represented by each share, while staking carries additional risks, including lost rewards and operational disruptions.Although the product uses “ETF” in its name, it is not an investment company registered under the U.S. Investment Company Act of 1940. It therefore does not offer the same protections as traditional investment funds registered under that law.At the time of writing, NEAR was trading at around $4.96.
Binance to Remove Two Spot Trading Pairs: Date Confirmed
Binance has announced that it will remove the AUCTION/USDC and VANA/USDC spot trading pairs from its platform. Trading in both pairs will cease on Friday, October 2, 2026, at 03:00 UTC.According to the September 29 announcement, the decision follows Binance’s regular spot market reviews. Spot Trading Bot services for the affected pairs will also end at the same time. The change does not mean that AUCTION and VANA tokens will be completely delisted from Binance Spot. Users will still be able to buy and sell these assets through other trading pairs available on the platform.AUCTION/USDC and VANA/USDC Trading Ends on October 2Binance’s schedule covers the spot markets for AUCTION and VANA against USDC. Trading in both pairs will end on October 2 at 03:00 UTC, equivalent to 06:00 in Turkey.From that time onward, users will no longer be able to trade through these two pairs. Those wishing to continue trading AUCTION or VANA will need to check the other pairs available on Binance.The exchange emphasized that removing these pairs will not affect the availability of the underlying tokens on its spot market. The decision therefore applies only to the two trading pairs named in the announcement.Other USDC trading pairs on Binance also fall outside the scope of this notice. The announcement sets out the closure schedule exclusively for the AUCTION/USDC and VANA/USDC markets.Binance Cites Regular Market ReviewsBinance said it regularly evaluates its spot trading pairs to protect users and maintain market quality. These reviews can result in the removal of certain pairs.The announcement listed poor liquidity and trading volume among the factors considered during these assessments. However, Binance did not provide individual liquidity or volume figures for AUCTION/USDC and VANA/USDC.The notice therefore does not specify which criteria the two pairs failed to meet or by how much. The exchange stated only that the decision followed its latest reviews.A review at the trading-pair level has different implications from closing every market for a token on the platform. In this case, AUCTION and VANA will remain available through their other existing spot trading pairs.The Same Schedule Applies to Spot Trading BotsBinance will also terminate Spot Trading Bot services linked to the affected pairs on October 2. These services will end at the same time as spot trading.The exchange urged users to update or cancel the relevant bots before the cutoff to avoid potential losses. This warning concerns users running automated strategies on AUCTION/USDC and VANA/USDC.The announcement also has operational implications for investors using trading bots. Once trading ends in the affected market, the bot service linked to that pair will no longer operate.The Decision Does Not Amount to a Full Token DelistingThe announcement does not include a platform-wide delisting of AUCTION or VANA. Binance also provided no schedule for suspending deposits or withdrawals of either asset in this notice.The main change for users is the closure of the two USDC trading pairs and their associated bot services. Trading through other available pairs will continue.Binance also noted that the announcement is a general exchange notice. Access to products and services may vary depending on the user’s region.
Crypto This Week: 29 Events in Focus as PCE and Jobs Data Take Center Stage
Bitcoin started the week of September 28-October 4 at around $82,900. Ether was trading near $2,650 at the time of writing, while rising oil prices and expectations of further rate increases limited risk appetite. The main events of the week will be the US PCE inflation report and Friday’s employment data. On the crypto calendar, votes that could determine Balancer’s future, the Base and Hedera upgrades, Router Protocol’s shutdown and five token unlocks worth approximately $307 million stand out.PCE and jobs data will test Fed expectationsThe US Bureau of Economic Analysis will publish the August personal income and outlays report on Wednesday, September 30, at 3:30 p.m. Türkiye time. The report will also include headline and core PCE inflation, closely watched by the Federal Reserve.Annual core PCE inflation stood at 3.3% in July. The monthly price change in the August report will indicate how far higher oil costs have spread into core goods and services.The third estimate of second-quarter economic growth will also arrive on September 30 at 3:30 p.m. Türkiye time. The BEA will release corporate profit and industry-level growth figures at the same time, meaning the initial market reaction may extend beyond the headline GDP number.The first major employment indicator will be the August JOLTS report on Tuesday, September 29, at 5:00 p.m. Türkiye time. Job openings and the quits rate will provide new signals about labor demand.The ADP private-sector employment report will be published on Wednesday, September 30, at 3:15 p.m. Türkiye time. ADP and the official payroll report use different methodologies, so the two figures may not necessarily move in the same direction.The strongest market reaction of the week could form around the US employment report on Friday, October 2, at 3:30 p.m. Türkiye time. The report will cover September nonfarm payrolls, unemployment and wage growth.A recent Reuters poll forecasts an increase of 100,000 jobs and a rise in the unemployment rate to 4.2%. These figures are market expectations; the official results will be published on Friday.Fed officials will speak after the rate increaseThe Fed raised its target rate by 25 basis points to 3.75%–4.00% on September 16. Futures markets currently assign an approximately 65% probability to another increase at the October meeting.Michael Barr will discuss the economic outlook on Tuesday, September 29, at 7:40 p.m. Türkiye time. Christopher Waller will speak about payment systems at the Sibos conference in Miami at 10:00 p.m. the same day.Philip Jefferson’s speech on Thursday, October 1, at 8:30 p.m. Türkiye time will focus directly on the US economy and monetary policy. The Fed’s official calendar also includes separate appearances by Michelle Bowman and Lisa Cook covering regulation, economic data and central banking.Investors will focus on how officials balance inflation and employment risks. A significant surprise in the PCE or payroll data could increase the market impact of these speeches.Another rate increase is expected in AustraliaThe Reserve Bank of Australia will announce its policy decision on Tuesday, September 29, at 7:30 a.m. Türkiye time. The governor’s press conference will begin at 8:30 a.m.Market pricing indicates an approximately 95% probability that the cash rate will increase by 25 basis points to 4.60%. Core inflation reaching 3.6% and high energy costs underpin expectations for another increase.China’s official September PMI results will arrive on Wednesday, September 30, at 4:30 a.m. Türkiye time. Investors will watch whether the manufacturing index, which stood at 49.8 in August, moves above the 50-point threshold separating expansion from contraction.The Bank of Japan will publish its Tankan corporate survey and a summary of opinions from its September meeting on Thursday, October 1, at 2:50 a.m. Türkiye time. After the BOJ raised its policy rate to 1.25% at its latest meeting, companies’ price and wage expectations will matter for yen-funded trades.The euro area’s flash September inflation report will be released on Friday, October 2, at noon Türkiye time. Final headline inflation stood at 3.2% in August, and another increase could affect expectations for the ECB’s policy path.Oil approaches $107 againBrent crude started the week at around $106–$107 per barrel, while West Texas Intermediate traded in the $93–$94 range. The absence of an agreement in talks between the United States and Iran, together with Middle East shipping risks, continues to support energy prices.Persistently high oil prices could strengthen inflation pressures through transportation, production and food costs. Bitcoin and altcoins could face tighter dollar liquidity if this outlook causes the Fed, RBA and ECB to maintain restrictive monetary policy for longer.Balancer’s future goes to a voteThe Balancer community will vote until September 29 on BIP-928, which proposes an orderly wind-down of the protocol. The plan would end new business development, place eligible pools into withdrawal-only mode on October 30 and distribute the remaining treasury assets to BAL holders.The proposal includes two “yes” options that differ over the share allocated to tetuBAL assets. A separate proposal, BIP-929, presents a restructuring option for the Balancer brand and infrastructure, making the votes more significant than a routine technical parameter change.Horizen’s Special Council election will end on Wednesday, September 30, at 8:00 p.m. Türkiye time. The elected members will take part in the ecosystem’s governance and oversight processes.Hedera and Base prepare network upgradesHedera will upgrade its mainnet to version 0.77.2 on Tuesday, September 29, between 8:00 p.m. and 8:40 p.m. Türkiye time. The project’s status page warns that brief disruptions may occur during the upgrade.Base node operators must move their clients to version 1.4.2 before the Cobalt upgrade on Wednesday, September 30, at 9:00 p.m. Türkiye time. The release includes support for Proofs v2 snapshots and fixes for issues identified in the previous version.Router Protocol will cease operations on the same day and burn 303,333,198 ROUTE. The amount represents approximately 30% of the token’s maximum supply, and the team said its commercialization, licensing and acquisition efforts had failed to produce a viable outcome.Some calendars previously listed the XRPL BatchV1_1 activation for September 29. Its support process was reset, pushing activation back to October 9 at the earliest.Solana has also not confirmed a mainnet date for Alpenglow. Neither development is therefore included among the week’s 29 events.Upbit and Bithumb will end SNX tradingUpbit and Bithumb will terminate trading support for Synthetix on Monday, September 28, at 9:00 a.m. Türkiye time. The exchanges said the information requested from the foundation had failed to resolve their investor-protection concerns.Bitget postponed the delisting of FHE, DRIFT, RVV and DOG, previously scheduled for September 30, following a security incident. The decision is not included in the upcoming calendar because the exchange has not announced a new date.No high-profile spot listing or major token launch has been confirmed on leading exchanges this week. Authorities have also not announced a major crypto law taking effect or a new congressional digital asset vote with a confirmed date.Five token unlocks will add approximately $307 million in supplyThe week’s largest proportional token unlock will take place in 2Z. A total of 1.625 billion tokens will be released on October 2, worth approximately $95.4 million at spot prices at the time of writing.The amount equals approximately 46.4% of the project’s reported market capitalization.Canton Network will make 833.33 million community-allocated CC available on October 1. The unlock is worth approximately $94.7 million.Ethena will unlock 275.02 million ENA on the same day. The tokens, worth approximately $73.7 million, are allocated to the team, private investors, the community and the foundation.Sui’s October 3 unlock will release 23.38 million SUI worth approximately $27.9 million. Falcon Finance will also unlock 112.52 million FF on September 29, valued at around $15.3 million.The five unlocks have a combined estimated value of approximately $307 million. Their dollar values will fluctuate with spot prices and should therefore be treated as approximate figures.Conferences begin in Miami, New York and SeoulThe Bitcoin Treasuries Conference will focus on corporate Bitcoin reserve strategies in New York on September 28. The program begins at 4:00 p.m. Türkiye time and will cover balance-sheet management, custody, financing and investor communications.Sibos will take place in Miami from September 28 to October 1. The event will cover payments, tokenization and artificial intelligence in finance, with Fed Governor Christopher Waller among the speakers.The main Korea Blockchain Week conference will be held in Seoul from September 30 to October 1. The program will focus on real-world asset tokenization, the integration of AI and blockchain, and layer-1 and layer-2 infrastructure.No major earnings release from a publicly traded crypto company has been confirmed for the week. The Bitcoin Treasuries Conference and Sibos will therefore carry more weight for tracking how financial companies approach digital assets.This week’s 29-event crypto calendarAll times are Türkiye time, UTC+3.September 28, 9:00 a.m.: Upbit and Bithumb end trading support for SNX.September 28, 3:15 p.m.: Fed Governor Michelle Bowman speaks about banking regulation.September 28, 4:00 p.m.: Bitcoin Treasuries Conference begins.September 28–October 1: Sibos takes place in Miami.September 29, 7:30 a.m.: Reserve Bank of Australia policy decision; press conference at 8:30 a.m.September 29: Approximately $15.3 million in FF unlocks.September 29, 5:00 p.m.: US JOLTS job openings for August.September 29, 7:40 p.m.: Fed Governor Michael Barr speaks about the economic outlook.September 29, 8:00–8:40 p.m.: Hedera v0.77.2 mainnet upgrade.September 29, 10:00 p.m.: Fed Governor Christopher Waller speaks about payment systems.September 29: Voting ends on Balancer proposals BIP-928 and BIP-929.September 30, 4:30 a.m.: China’s official September PMI data.September 30, 3:15 p.m.: US ADP private-sector employment report.September 30, 3:30 p.m.: US PCE inflation for August.September 30, 3:30 p.m.: Third estimate of US second-quarter GDP and corporate profits.September 30, 8:00 p.m.: Horizen Special Council election ends.September 30, 9:00 p.m.: Final upgrade deadline for Base Cobalt.September 30: Router Protocol ceases operations and burns ROUTE.September 30–October 1: Korea Blockchain Week’s main conference.October 1, 2:50 a.m.: BOJ Tankan survey and summary of opinions from the September meeting.October 1: Approximately $94.7 million in CC unlocks.October 1: Approximately $73.7 million in ENA unlocks.October 1, 3:30 p.m.: US initial jobless claims.October 1, 5:00 p.m.: US ISM manufacturing PMI for September.October 1, 8:30 p.m.: Fed Vice Chair Philip Jefferson speaks about monetary policy.October 2, noon: Euro-area flash inflation for September.October 2, 3:30 p.m.: US September employment, unemployment and wage data.October 2: Approximately $95.4 million in 2Z unlocks.October 3: Approximately $27.9 million in SUI unlocks.The US employment report and PCE inflation could determine the broader direction of the crypto market this week. Oil remaining above $100, the expected RBA rate increase and messages from Fed officials could also increase volatility around Bitcoin’s $83,000 price level.
Bitget Hit by $351.6 Million Hack, Withdrawals Suspended
Crypto exchange Bitget reported losses of approximately $351.6 million following an attack on its wallet infrastructure. The exchange temporarily suspended withdrawals pending a security review while keeping deposits and trading available.Bitget CEO Gracy Chen said the attack affected parts of its hot and warm wallet infrastructure. Chen said cold wallets remained secure and user balances were protected.How did Bitget detect the attack?According to the company, its security systems detected unauthorized transfers from some hot wallets at 18:31 UTC on Thursday, September 24. The security team then activated emergency response procedures.Independent researchers had flagged unusual on-chain activity before the exchange issued its statement. Initial findings pointed to roughly $183 million in asset movements, while the company’s announcement put the incident’s scale at $351.6 million.That created a significant gap between early reports and the loss disclosed by the company. The transactions researchers initially tracked represented only part of the total damage subsequently reported.Attackers manipulated transaction dataAccording to preliminary findings Chen shared on September 25, attackers compromised a critical backend system within the wallet infrastructure. They then manipulated transaction data, causing the exchange’s own authorization process to approve outgoing fund transfers.Chen said investigators had ruled out private key compromise. Her explanation indicates that the investigation is focusing on the mechanisms used to prepare and authorize wallet transactions.The exchange also said it had stopped unauthorized outflows. However, investigators are still examining how the attackers accessed the system; the company plans to publish a comprehensive technical report once its findings are confirmed.Will the protection fund cover the loss?Chen said Bitget’s User Protection Fund held more than $464 million in assets. The company maintains that the fund covers the entire $351.6 million loss.The exchange also said user account balances remained accurate and assets were protected. These assurances come from company management; withdrawals can resume only after the security review is complete.The latest statements provide no specific date or time for withdrawals to reopen. Chen said technical teams were working to repair systems and strengthen security, adding that the exchange would not commit to a timeline it could not guarantee.XRP accounts for the largest share of stolen assetsAccording to Lookonchain data, XRP accounts for the largest share of assets linked to the attack. The tracked assets include 102.93 million XRP worth approximately $157.5 million and 31,890 ETH valued at $85.8 million.USDT, USDC and USDT0 together account for approximately $75.5 million. The list also includes gold-backed XAUt, BNB, AVAX and TRX. The combined value of these assets was approximately $357 million at the time of measurement. Price fluctuations mean the on-chain calculation differs from Bitget’s reported loss of $351.6 million.SlowMist findings cited in the same report show that addresses linked to the attack span multiple networks. The security firm reported that the attackers were converting some assets on EVM-compatible networks into ETH.North Korea connection remains unconfirmedChen also said a North Korea-linked group could be behind the attack. According to comments reported by CryptoNews, that assessment rests on preliminary findings involving VPN connections and similarities to previous attacks.However, investigators have yet to confirm which group carried out the attack. Chen’s assessment reflects the early findings of an ongoing investigation.For users, the most immediate uncertainty is when withdrawals will reopen. Although deposits and trading remain available, transfers out of the platform must wait until security checks are complete.
Bitcoin Falls: $613 Million in Crypto Positions Liquidated
The cryptocurrency market recorded $613.5 million in leveraged position liquidations over the past 24 hours. Short positions, opened in anticipation of falling prices, accounted for $70.6 million. Most liquidations affected long positions held by traders expecting prices to rise.According to liquidation data compiled for this report, long liquidations reached $542.9 million. Long positions therefore accounted for 88.49% of total liquidations, while shorts represented approximately 11.51%. Long liquidations were roughly 7.7 times larger than short liquidations. With Bitcoin trading around $84,000, this distribution shows that leveraged bullish positions took the heavier hit. Meanwhile, short liquidations indicate that price swings against bearish positions also triggered forced closures during the broader decline.Short liquidations reach $70.6 million over 24 hoursAccording to the time windows shown at the top of the data dashboard, $26.7 million in short positions were liquidated over the past 12 hours. Total liquidations reached $186.6 million during that period, including $159.9 million in longs.Over the past four hours, short liquidations stood at approximately $8.9 million. Long liquidations reached $133.2 million, bringing the total to $142.2 million. Long positions consequently accounted for approximately 93.7% of liquidations during that window.In the past hour, total liquidations amounted to $5.3 million. Shorts accounted for approximately $805,000, while longs represented $4.5 million.These time windows overlap, so adding them together would not produce a separate daily total. Each window covers a different period looking backward from the time the data was captured.Binance and OKX stand out for short liquidationsIn the dashboard’s 12-hour exchange table, Binance recorded the highest short liquidation total among the platforms shown. Approximately $13.1 million in short positions were liquidated on the exchange, while total liquidations reached $86.7 million.Short liquidations stood at approximately $6 million on OKX and $1.8 million on Bybit. Hyperliquid recorded approximately $739,000.Although Hyperliquid’s total liquidations reached $46.5 million, long positions accounted for 98.41% of that amount. The long share stood at 84.90% on Binance, 87.93% on Bybit and 64.45% on OKX.This distribution shows that bullish positions accounted for most liquidations across all four platforms displayed. However, the table covers only forced closures within the relevant period; it does not show the distribution of all outstanding positions.Rising Treasury yields continue to pressure BitcoinBitcoin traded at approximately $83,900 during the Asian session. Most of the media agencies said rising U.S. Treasury yields increased pressure on crypto assets.Strong U.S. economic activity data, a rebound in oil prices and weak demand at a five-year Treasury auction contributed to the move. The U.S. 10-year Treasury yield closed at 5.11% on Wednesday.The $70.6 million short liquidation figure does not represent the value of bearish positions still open in the market. It reflects the value of short positions forcibly closed over the past 24 hours after failing to meet margin requirements.Similarly, the $613.5 million liquidation total should not be interpreted as an equivalent cash outflow from the market. The figure measures the value of liquidated leveraged positions; it does not directly show traders’ total posted collateral or spot market fund flows.
US Data Pressures Crypto: Bitcoin Falls Below $84,000
Bitcoin fell below $84,000 on Thursday, September 24, as altcoin losses deepened. Rising Treasury yields following strong US economic data weighed on risk appetite in the crypto market.At the time of writing, Bitcoin was trading at $83,973, down 2.97% over the past 24 hours. Ethereum fell 2.69% to $2,682, while Dogecoin and XRP posted steeper declines.CoinDesk highlighted strong US business activity data, a rebound in oil prices, and weak demand at a five-year Treasury auction as factors behind the sell-off. These developments, alongside rising borrowing costs, added pressure on crypto assets.Strong US Data Shifts Interest Rate ExpectationsS&P Global’s flash US Composite Purchasing Managers’ Index (PMI) rose to 58.4 in September from 56 in August. The indicator, which covers manufacturing and services, reached its highest level since July 2021.According to Reuters, the US 10-year Treasury yield climbed 8.7 basis points to 5.054%. That brought the benchmark yield to its highest level since 2007.Meanwhile, futures markets priced in a 73% probability of a Fed rate hike in October, up from 53%. This figure reflects market expectations; it does not represent a confirmed Fed decision.Stronger economic activity keeps the possibility of tighter monetary policy in focus. With inflationary pressures persisting, robust demand can reinforce expectations that interest rates will remain elevated.Rising Treasury yields can also affect the crypto market through this channel. As interest-bearing assets become more attractive, investors demand higher returns from volatile assets, potentially limiting demand for Bitcoin and altcoins.Dogecoin and XRP Lead LossesMarket data at the time of writing showed Dogecoin falling 7.22% over the past 24 hours to approximately $0.0941. XRP traded at $1.5033, down 6.62%.Zcash’s daily loss reached 6.41%, bringing its price to approximately $1,515.50. Hyperliquid’s HYPE token also declined 5.04% to $92.51. Solana fell 2.96% to $114.91, while BNB dropped 2.32% to $772.50. A substantial portion of the major crypto assets shown in the market snapshot therefore remained in negative territory over the past 24 hours.However, the intensity of the selling varied across assets. Dogecoin and XRP recorded daily percentage losses more than twice Bitcoin’s, while TRON posted a smaller decline of 0.21%.Bitcoin’s trading volume over the past 24 hours reached approximately $44.24 billion. Ethereum recorded $16.47 billion in volume, while XRP registered $6.47 billion.These figures represent total trading activity. Trading volume therefore cannot be interpreted as the amount of money leaving the market.Weekly Gains Remain IntactDespite the daily declines, weekly returns in the same market snapshot remained positive. Bitcoin gained 10.04% over the past seven days, while Ethereum rose 10.16%.Dogecoin’s weekly gain stood at 16.47%, compared with 16.05% for XRP. Solana retained a weekly advance of 15.52%, while HYPE was up 17.41%.This suggests that the latest selling erased part of the gains from previous days. Although daily losses became more pronounced, the assets covered had yet to surrender their entire weekly advances.The latest crypto market moves brought the influence of US interest rate expectations back into focus. With strong economic data, rising Treasury yields, and a rebound in oil prices creating pressure simultaneously, Bitcoin traded below $84,000 while altcoins recorded losses of varying sizes.
21Shares Lists Zcash and Ether.fi Products in Europe
Crypto investment product provider 21Shares has launched two new exchange-traded products backed by Zcash and Ether.fi in Europe. According to the company’s September 22 announcement, the products trade on Euronext Paris and Euronext Amsterdam.The Zcash product trades under the ticker “ZCASH,” while the Ether.fi product uses “ETHFI.” Both are physically backed by their underlying crypto assets and allow investors to trade through traditional brokerage accounts.The new listings expand access to crypto assets beyond Bitcoin and Ethereum through securities accounts. Investors can gain exposure to ZEC and ETHFI prices while leaving token custody to the institutions supporting the products.Trading in Euros in Paris and Dollars in AmsterdamAccording to the listing details released by 21Shares, both products trade in euros on Euronext Paris. Their trading currency in Amsterdam is the US dollar. Both ETPs carry an annual product fee of 2.5%. The Zcash product’s International Securities Identification Number, or ISIN, is CH1608218801, while the Ether.fi product’s ISIN is CH1608218819.The company says the products are available through European brokerage platforms and financial institutions. However, investors’ providers must offer access to the relevant exchanges and products.Zcash Product Provides Access to a Privacy-Focused Crypto AssetThe 21Shares Zcash ETP aims to bring exposure to ZEC’s price movements into investment accounts. Under its physically backed structure, custodians hold the Zcash assets underlying the product.This model removes the need for investors to open a separate crypto exchange account or manage private keys. Instead, investors hold a security linked to Zcash’s price in their brokerage accounts.Zcash stands out for its optional privacy features. The network’s shielded transactions aim to give users control over the visibility of their transaction details, while its total supply is capped at 21 million coins.21Shares positions the new product as a way to gain exposure to the financial privacy theme. It offers an alternative access route for investors who prefer not to hold ZEC in their own wallets.Ether.fi ETP Tracks the ETHFI TokenThe other product is backed by ETHFI, the governance and utility token of the Ether.fi protocol. The 21Shares announcement highlights the protocol’s evolution from liquid restaking toward broader crypto financial services.Ether.fi’s services include earning yield on assets, borrowing, payments, and spending. The new ETP provides access to the ecosystem’s ETHFI token through an investment account.ETHFI is the product’s underlying asset. Its investment performance therefore differs from direct exposure to Ether’s price or the returns a user might earn by staking through the protocol.The 21Shares product page states that ETHFI assets are held within the product’s structure. Although investors do not need to manage their own wallets, changes in ETHFI’s price continue to affect the value of their investment.ETP Structure and Trading Costs Matter21Shares classifies these instruments as exchange-traded products, or ETPs, in Europe. The company’s product pages explain that ETPs and ETFs have different legal structures.For investors, the trading process resembles buying securities through a brokerage account. However, owning a stake in the product does not provide the same rights and uses as holding the underlying token in a personal wallet.Brokerage commissions and trading costs may apply in addition to the annual 2.5% product fee. Total costs vary depending on the platform and trading frequency.Physical backing does not eliminate crypto asset price volatility. A decline in ZEC or ETHFI can also affect the corresponding ETP; the main change introduced by the listings is broader access to these assets through traditional investment accounts.
BitMEX Halts Trading: How Will Withdrawals Work?
Crypto derivatives exchange BitMEX ended trading operations on Wednesday, September 23, at 04:00 UTC. Users can still access their accounts and withdraw their remaining balances.The closure notice on the exchange’s website confirms that all trading services have ended. BitMEX says it continues to hold remaining user assets in custody, while applying account fees to balances that have not been withdrawn.The next key date for users is September 28. Changes to the withdrawal infrastructure will take effect that day, requiring users who rely on automated systems to process withdrawals through the website.Why Did BitMEX Close?BitMEX first announced its closure on July 23. The board of HDR Global Trading Limited, which owns and operates the platform, decided to wind down operations following a review of the business and the broader crypto industry.In its support statement on the closure, the company says the decision did not stem from legal or regulatory issues. BitMEX also maintains that user assets are secure, attributing the closure to the board’s strategic assessment.The exchange followed a phased shutdown schedule. It stopped accepting new account registrations in July and introduced restrictions preventing new positions from August 26.During that period, users could reduce their existing positions. BitMEX’s announced schedule also provided for the system to forcibly close any positions remaining open at the shutdown time.Withdrawals Will Continue Through the WebsiteBitMEX’s closure does not eliminate access to remaining account balances. Users can log in to view their wallet balances, transaction history, and withdrawal pages.However, support for API withdrawals will end on September 28 at 04:00 UTC. The change also covers withdrawals through institutional integrations such as Fireblocks and Copper.Users relying on these channels will need to disable their automated workflows and submit withdrawal requests through the BitMEX website. September 28 therefore marks a deadline for API access; it does not mean website withdrawals will end that day.Support for withdrawing USDT, USDC, and ETH across multiple networks will also end on the same date. According to BitMEX’s schedule, these three assets will subsequently be held and available for withdrawal only on the Ethereum network.Key Details on Remaining Balances and New TransfersAccording to the exchange, assets left in accounts after the closure will be subject to account fees. Continued withdrawal access therefore does not mean users can keep their balances on the platform free of charge.Users must also avoid sending new transfers to their old deposit addresses. BitMEX’s support page states that deposits sent after the September 23 closure time will not be credited to account balances and will not be recoverable.The platform has also unstaked BMEX tokens. This gives users access to manage those tokens in their accounts and transfer them to external addresses.BitMEX Warns Against Fake Withdrawal ServicesBitMEX also highlighted potential scams targeting users during the shutdown. The company said it does not offer priority or expedited withdrawal services.It noted that additional reviews and blockchain network capacity could delay withdrawal requests. Bitcoin block confirmation times, in particular, can affect how quickly transfers are completed.According to the company, requests marked “Processing” remain in the queue. BitMEX urges users to monitor withdrawal status through their official accounts and remain alert to fraudulent links exploiting the closure announcement.
