Crypto Market Dips as BTC, ETH Slide; US PCE and FOMC in Focus

I. Crypto Market Overview

Key Takeaways

Macro Environment

Persistent US inflation and strong GDP growth have reduced expectations for imminent Fed rate cuts, keeping crypto liquidity tight. The SEC's approval of multi-asset crypto ETFs, including BTC, ETH, XRP, SOL, and XLM, boosts institutional access and market legitimacy. China’s launch of a digital yuan hub in Shanghai signals accelerating global CBDC adoption and potential shifts in cross-border payment flows.

Crypto Market

The crypto market declined over the past 12 hours, with BTC down 2.16% to $109,240 and ETH down 1.90% to $3,940, pressured by weak risk sentiment and ETF outflows. Most altcoins fell, led by AVAX (-9.46%), NEAR (-7.76%), and IMX (-9.15%), while Aethir (ATH) gained 4.88%, Mantle (MNT) rose 3.99%, and Hyperliquid (HYPE) added 2.15%, driven by ecosystem growth and high trading activity. Meme and DeFi sectors underperformed amid broad risk-off flows.

Today's Outlook

Key US macro releases today include the PCE Price Index, Personal Income & Outlays, and the FOMC press release, all of which may drive volatility in crypto markets by shaping rate cut expectations and risk appetite.

Fear and Greed Index

74.00% Annual Percentile

41 Neutral

Total Crypto Market Cap

$3.76T

0.92%

Total Market Trading Volume

$223.31B

13.70%

Altcoin Season Index

16.67%

Quarterly Percentile

70 / 100

Total Futures Market Open Interest

3.02B

23.47%

Futures

1.09T

6.31%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. Core PCE Price Index rose 2.9% year-on-year in August, signaling persistent inflation. This reduces the likelihood of aggressive Fed rate cuts, keeping crypto market liquidity tight and risk appetite subdued.

The University of Michigan's Consumer Sentiment Index dropped to 55.1 in September, with 44% of respondents citing high prices as a major concern. Weak consumer confidence may dampen retail crypto investment and DeFi participation.

China launched a digital yuan operations center in Shanghai, focusing on cross-border payments and blockchain integration. This move could accelerate global CBDC adoption and challenge USD dominance, impacting stablecoin and DeFi flows.

The U.S. Dollar Index (DXY) fell sharply to 98.33, reflecting shifting investor sentiment. A weaker dollar can boost BTC and altcoin prices by increasing non-USD demand and supporting global crypto inflows.

Strong U.S. Q2 GDP growth of 3.8% has tempered expectations for imminent Fed rate cuts, contributing to recent crypto market volatility and a risk-off environment for digital assets.

Cryptocurrency Regulatory Trends

The U.S. SEC has approved the Hashdex Nasdaq Cryptocurrency ETF, allowing exposure to BTC, ETH, XRP, SOL, and XLM. This regulatory move broadens institutional and retail access, boosting market legitimacy and investor confidence.

Nine major European banks have formed a consortium to launch a MiCAR-compliant euro stablecoin by 2026, aiming to provide a regulated alternative to USD stablecoins and strengthen Europe's digital payments autonomy.

Ohio has officially approved cryptocurrency payments for state fees, with a third-party processor converting crypto to USD. This signals growing U.S. state-level acceptance and could drive broader government adoption of digital assets.

The SEC's new generic listing standards for crypto ETFs have shortened approval times to as little as 75 days, paving the way for a surge in multi-asset and altcoin ETFs, which may increase market liquidity and volatility.

Tether is launching new blockchain networks, Plasma and STABLE, to reclaim DeFi transaction fees and expand its role beyond stablecoin issuance, potentially intensifying competition and regulatory focus in the global payments sector.

Aethir (ATH): ATH surged 5.2% in 24h with $113.6M volume, driven by strong demand for its decentralized GPU cloud infrastructure for AI and gaming, and recent ecosystem expansion.

Mantle (MNT): MNT rose 4.5% in 24h, trading $547.8M, as BitDAO completed a 1:1 migration to Mantle and the project leveraged its multi-billion-dollar treasury to support DeFi growth.

Hyperliquid (HYPE): HYPE gained 2.1% in 24h with $682.6M volume, fueled by high perpetual trading activity and the platform’s zero gas fee model, maintaining strong user engagement.

Smart Money Movements

A dormant Ethereum whale moved 200,000 ETH worth $785 million to new addresses after eight years of inactivity, with total holdings now at approximately $2.89 billion across eight wallets.

A newly created Bitcoin wallet withdrew 2,261 BTC, valued at $247 million, from exchanges over four days, signaling continued accumulation by large holders during the market downturn.

A significant Bitcoin transaction of 7,625 BTC, worth $898 million, was transferred from Coinbase to an unknown wallet, raising market attention due to the size and anonymity of the recipient.

An OTC whale purchased 60,333 ETH for $238.7 million over the past week, but is currently facing an unrealized loss exceeding $16 million due to market fluctuations.

Empery Digital executed a $50 million master repurchase agreement, repurchasing 4,446,844 shares at an average price of $7.48 to increase Bitcoins per share and enhance shareholder value.

Events to Watch

Sep 26 (Fri)

US PCE Price Index, Personal Income & Outlays, and FOMC press release to be published; MoonBull whitelist registration closes.

Sep 29 (Mon)

Sonic Summit 2025, CoinFerenceX, and Accelerate Frankfurt convene in Singapore and Germany, gathering global crypto leaders and innovators.

Sep 30 (Tue)

End of quarter economic data release; Michael Saylor premieres 'The Bitcoin Treasury Endgame'; Real World Adoption Day and Origins Hackathon held as Token2049 side events.

Oct 1 (Wed)

TOKEN2049 Singapore, the world's largest crypto event, opens; Euro area HICP flash estimate and bank interest rate statistics released; ETH Venice conference begins.

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