Crypto Market Dips as $314M in Longs Liquidated; Mantle and Story Outperform

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve is debating further rate cuts, with markets pricing a high probability for October, while the Bank of England and Bank of Japan maintain steady rates, supporting global currency stability. Regulatory momentum continues as Australia issues its first stablecoin license and the US GENIUS Act accelerates corporate stablecoin adoption. EU ministers advance the digital euro framework, but challenges in MiCA rule consistency may impact crypto business operations across Europe.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 2.05% to $113,280 and Ethereum falling 5.85% to $4,216, pressured by $314M in long liquidations and weak risk sentiment. Altcoins were mixed; Mantle (MNT) surged 7.74% on ecosystem growth, Story (IP) rose 6.53% after a major stock acquisition, while MemeCore (M) dropped 2.02%. Liquidation-driven volatility and sector rotation shaped performance.

Today's Outlook

No major token unlocks or protocol launches are scheduled for today. Market focus remains on macroeconomic signals and positioning ahead of tomorrow’s key Fed Chair Powell speech and upcoming US PMI data, which may drive volatility.

Fear and Greed Index

38.00% Annual Percentile

48 Neutral

Total Crypto Market Cap

$3.90T

3.50%

Total Market Trading Volume

$205.38B

96.97%

Altcoin Season Index

9.09%

Quarterly Percentile

69 / 100

Total Futures Market Open Interest

3.92B

0.46%

Futures

1.06T

23.14%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve is debating further interest rate cuts, with market expectations for a 91.9% chance of a cut in October. Lower rates could boost Bitcoin and DeFi liquidity by reducing borrowing costs and encouraging risk-on sentiment.

The People's Bank of China kept its one-year and five-year Loan Prime Rates unchanged at 3.0% and 3.5%. This policy stability may limit CNY volatility, indirectly supporting crypto market stability in Asia and maintaining cross-border DeFi flows.

Atlanta Fed President Raphael Bostic opposes further rate cuts this year due to persistent inflation above target. Hawkish signals may dampen short-term crypto market rallies, as higher rates constrain liquidity and risk appetite.

Upcoming US economic data releases, including PCE inflation and jobless claims, are in focus this week. Surprises in these indicators could trigger volatility in BTC price and overall crypto market sentiment.

The Bank of England and Bank of Japan both held rates steady, contributing to global currency market stability. This reduces immediate FX-driven volatility in crypto assets, supporting steady DeFi and NFT trading volumes.

Cryptocurrency Regulatory Trends

Australia's ASIC has granted its first financial services license for a stablecoin (AUDM), signaling regulatory readiness for broader digital currency adoption and boosting institutional confidence.

The UK Financial Conduct Authority has accelerated crypto registration approvals, raising the acceptance rate to 45% and reducing processing times, which may enhance market access and investor sentiment.

The U.S. GENIUS Act, enacted in July, is driving a surge in stablecoin adoption among corporates, with 54% of surveyed firms planning to use stablecoins within a year, supporting cross-border payments and market growth.

Grayscale has filed an amended S-1 for a Dogecoin ETF and NYSE Arca is updating Ethereum trust filings, reflecting increased regulatory engagement and potential expansion of crypto ETF offerings in the U.S. market.

EU finance ministers have agreed on a digital euro framework, advancing CBDC regulation but highlighting challenges in consistent MiCA rule application, which could impact crypto business operations across Europe.

Mantle (MNT): MNT surged 7.4% in 24h to $1.69, driven by high $432M trading volume and strong ecosystem growth after BitDAO's 1:1 migration and new DeFi integrations.

Story (IP): IP rose 6.5% in 24h to $13.78, supported by $611M volume and increased investor interest following Story Foundation's $7M stock acquisition and platform rebranding.

MemeCore (M): M climbed 1.8% in 24h to $2.52, with $27.8M volume, as its Layer 1 meme ecosystem and Proof of Meme consensus attract creators and traders seeking viral token launches.

Smart Money Movements

Metaplanet acquired 5,419 BTC for $632 million, increasing its total holdings to 25,555 BTC and becoming the fifth-largest public corporate Bitcoin holder.

MicroStrategy purchased 850 BTC for $99.7 million at an average price of $117,344 per coin, bringing its total Bitcoin holdings to 639,835 BTC.

A whale transferred 135.54 million XRP ($397.03 million) and 141.81 million XRP ($415.62 million) between unknown addresses, totaling over $812.6 million in 24 hours.

Bitmine increased its Ethereum holdings by 264,378 ETH, valued at $110.61 million, raising its total to 2,416,054 ETH worth approximately $10.1 billion.

A crypto whale deposited $3.57 million USDC into HyperLiquid to open 20x leveraged long positions in Bitcoin and Ethereum, signaling aggressive bullish sentiment.

Events to Watch

Sep 23 (Tue)

Fed Chair Jerome Powell will deliver a key speech on economic outlook and monetary policy; U.S. PMI surveys for manufacturing and services sectors will be released.

Sep 24 (Wed)

Nillion (NIL) will unlock 56.8M tokens ($19.1M, 5.68% of supply); DFINITY unveils Internet Identity 2.0; Hedera mainnet upgrade to v0.65.

Sep 25 (Thu)

US Q2 GDP, Initial Jobless Claims, and Durable Goods Orders data will be released; Particle Network unlocks 92.6M PARTI tokens ($16.6M, 9.26% of supply); Plasma launches mainnet and XPL token.

Sep 26 (Fri)

US Core PCE Price Index and August PCE inflation data will be released, key for Fed policy; DeFi App’s Kaito AI Leaderboard Season 2 concludes with 100M HOME tokens distributed.

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