Jupiter Token Unlock and Zcash Rally Lead Crypto Market Moves

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US GENIUS Act establishes a federal stablecoin framework, boosting dollar-backed crypto adoption. The 30-year US Treasury yield hits a 17-year high, increasing stablecoin issuers' influence on crypto liquidity. SEC approval of new crypto ETF standards accelerates institutional access and market depth.

Crypto Market

The crypto market is mixed, with BTC at $109,691 (+0.31%) and ETH at $4,022.91 (+0.05%), as ETF outflows and risk-off sentiment weigh on majors. ZEC outperformed, up 8.66% to $58.86, driven by privacy coin demand. JUP surged 12% on token unlock anticipation, while ATH rose 3.75% on AI sector strength. Meme and DeFi tokens lagged, with ASTER down 13.29%.

Today's Outlook

Today's highlights include Jupiter's 53.47M token unlock at 2 PM UTC and ASTER's Tokenomics 3.0 proposal vote, both likely to impact liquidity and volatility. Lido DAO's buyback vote and Ronin Treasury's market buybacks may influence DeFi and gaming token flows.

Fear and Greed Index

86.00% Annual Percentile

34 Fear

Total Crypto Market Cap

$3.77T

0.08%

Total Market Trading Volume

$92.18B

31.87%

Altcoin Season Index

9.09%

Quarterly Percentile

63 / 100

Total Futures Market Open Interest

3.23B

2.11%

Futures

998.99B

7.55%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Reserve Bank of Australia is expected to keep its cash rate at 3.6% on September 30, as recent inflation data and strong economic growth reduce the likelihood of a rate cut. This policy stability supports AUD-denominated crypto trading and DeFi liquidity.

The Reserve Bank of India will likely maintain its current policy stance at the September 29–October 1 MPC meeting, with a low probability of a rate cut. Continued monetary stability in India underpins INR-based crypto market activity and cross-border flows.

U.S. President Trump has enacted the GENIUS Act, establishing a federal framework for stablecoins backed 1:1 by U.S. dollars and Treasuries. This move is expected to boost stablecoin adoption, enhance DeFi liquidity, and reinforce the U.S. dollar’s dominance in global crypto markets.

The 30-year U.S. Treasury yield reached 4.75%, a 17-year high, as foreign demand for U.S. bonds declines. This shift increases stablecoin issuers’ role as major Treasury holders, directly impacting stablecoin supply and liquidity in crypto markets.

BRICS nations’ GDP in PPP terms has risen to 40% of global output as of September 28, 2025, reflecting a shift in global economic power. This trend may drive increased crypto adoption in emerging markets and affect BTC and stablecoin demand.

Cryptocurrency Regulatory Trends

The US SEC has approved new listing standards for crypto ETFs, enabling faster launches for products tied to Solana, XRP, and other assets, which is expected to boost institutional participation and market liquidity.

Arizona's new regulation to combat crypto ATM scams takes effect this week, imposing lower daily transaction limits and requiring operators to refund fraud victims, enhancing consumer protection and regulatory oversight.

The SEC has officially approved the Hashdex Nasdaq Cryptocurrency ETF, expanding regulated investment options to include Bitcoin, Ethereum, XRP, Solana, and Stellar, likely increasing mainstream adoption and investor confidence.

SEC Commissioner Hester Peirce signaled a more accommodative regulatory stance, with the agency shifting from strict enforcement to facilitating industry growth, which may accelerate approval of innovative crypto products.

XRP has received Shariah compliance approval in Bahrain, opening the door for adoption in Islamic finance and strengthening Ripple’s position in cross-border payments, potentially driving institutional demand in new markets.

Zcash (ZEC): ZEC surged 8.3% in 24h to $58.91 with $105M volume, driven by renewed privacy coin interest and strong market cap growth to $956M.

Story (STORY): STORY jumped 4.1% in 24h to $8.55 on $169M volume, fueled by community engagement and increased activity on its charity storytelling platform.

Aethir (ATH): ATH rose 3.7% in 24h to $0.062 with $46M volume, boosted by demand for decentralized GPU cloud infrastructure for AI and gaming sectors.

Smart Money Movements

Bitmine Immersion acquired over $1 billion in Ethereum within 48 hours, including a $953.1 million purchase, now controlling over 2% of total ETH supply.

Chainlink whales accumulated 800,000 LINK as the token surged 90%, while Grayscale filed for a spot ETF, signaling strong institutional interest.

Avalanche received a $550 million buy plan from AVAX One and a $1 billion treasury initiative, driving institutional accumulation and ecosystem growth.

A whale purchased 20 million Plasma (XPL) tokens pre-launch, netting $80.15 million in profits as XPL's market cap climbed to $3.3 billion.

A $PEPE whale invested $1.07 million in 561,923 EIGEN and $121,000 in 4.26 million LINEA, holding $12.31 million in PEPE and $11.29 million in ENA.

Events to Watch

Sep 29 (Mon)

Spain will release its latest inflation data; Fuel Network will unlock 8.15M FUEL tokens, worth about $40,512.

Sep 30 (Tue)

Switzerland will publish FX intervention data; UK will release Q2 GDP figures; $224M altcoin unlock wave for SUI, EIGEN, ENA.

Oct 1 (Wed)

Eurozone CPI and region-wide inflation data released; US Federal Reserve meeting may bring rate cut; India central bank policy decision; ASTER 704M token withdrawal unlock; U.S. Senate hearing on crypto taxation.

Oct 2 (Thu)

US September non-farm payrolls and unemployment data; ENA token unlock; Turkey to report September inflation; Web3 Infra Breakfast by Optimism, Google Cloud, Conduit in Singapore.

Oct 3 (Fri)

US Non-Farm Payrolls data for September will be released at 19:30 WIB.

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