I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

The US Federal Reserve's first 2025 rate cut and robust Q2 GDP growth signal mixed liquidity prospects for crypto. The SEC's approval of multi-asset crypto ETFs, including XRP and Solana, marks a regulatory milestone for institutional access. Nine major European banks plan a MiCA-compliant euro stablecoin, challenging US dollar stablecoin dominance in cross-border payments.
2.

Crypto Market

The crypto market is broadly lower over the past 12 hours, with Bitcoin down 1.24% to $111,706 and Ethereum falling 3.68% to $4,016.74, pressured by weak spot demand and ETF outflows. Zcash (ZEC) outperformed, surging 7.25%, while OKB and Kaia rose 2.98% and 2.66% respectively, driven by ecosystem news and token burns. Most altcoins declined, with Solana down 4.53%.
3.

Today's Outlook

Key events today include the Federal Reserve's September Summary of Economic Projections and the final US Q2 GDP reading, both likely to influence risk sentiment. Additionally, Plasma XPL will conduct a $74 million airdrop, potentially impacting liquidity and trading activity in related tokens.
Fear and Greed Index
62.00% Annual Percentile
39 Fear
Total Crypto Market Cap
$3.80T
2.42%
Total Market Trading Volume
$196.38B
20.94%
Altcoin Season Index
25.00%
Quarterly Percentile
70 / 100
Total Futures Market Open Interest
3.98B
0.50%
Futures
1.04T
3.31%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

The US Federal Reserve cut interest rates by 25 basis points for the first time in 2025, shifting focus to labor market weakness. This move is expected to support risk assets, but ongoing quantitative tightening limits liquidity inflows to crypto markets.

2.

The Swiss National Bank held its policy rate at 0%, citing US tariffs as a downside risk to economic growth. The decision maintains the Swiss franc's stability, but limited monetary easing may restrict capital flows into digital assets.

3.

US Q2 GDP was revised up to 3.8% annualized, exceeding expectations and signaling robust economic activity. Stronger growth and resilient consumer spending could bolster investor confidence in crypto, but also delay further monetary easing.

4.

All six GCC central banks lowered interest rates by 25 basis points following the Fed's move, improving credit conditions in the region. Lower borrowing costs may enhance DeFi liquidity and crypto adoption in Gulf economies.

5.

South Africa's CPI inflation fell to 3.3%, raising expectations for a potential rate cut at the upcoming SARB meeting. Easing policy could increase ZAR liquidity and stimulate local crypto market activity.

Cryptocurrency Regulatory Trends

1.

The SEC has approved the expansion of Hashdex's Nasdaq Crypto Index ETF to include XRP, Solana, and other assets, signaling a major shift in U.S. crypto ETF regulation and broadening institutional access beyond Bitcoin and Ethereum.

2.

Nine major European banks have formed a consortium to launch a MiCA-compliant euro stablecoin in 2026, aiming to provide 24/7 low-cost cross-border payments and challenge the dominance of U.S. dollar stablecoins in the region.

3.

Australia has released draft legislation requiring crypto exchanges and custodians to obtain financial services licenses, with strict compliance standards and penalties up to AUD 16.5 million, aiming to enhance consumer protection and regulatory clarity.

4.

South Korea's ruling party has established a Digital Asset Task Force to fast-track stablecoin and virtual asset legislation by year-end, focusing on a Korean won-based stablecoin policy to strengthen monetary sovereignty and foster innovation.

5.

The U.S. Senate has scheduled an October 1 hearing on cryptocurrency taxation, with industry leaders set to testify on tax reporting and compliance, potentially shaping future digital asset tax policy and investor obligations.

Trending Tokens

1.

Zcash (ZEC): ZEC surged 7.3% in 24h to $58.25, with trading volume up 20% to $154.7M, driven by increased privacy coin demand and strong market activity.

2.

OKB (OKB): OKB rose 3% in 24h to $185.49, supported by a 73% jump in daily volume and ongoing token burns, enhancing scarcity and investor interest.

3.

KAIA (KAIA): KAIA gained 2.7% in 24h to $0.155, with volume up 173% to $98.8M, fueled by the merger of Klaytn and Finschia and ecosystem expansion.

Smart Money Movements

1.

On-chain asset management AUM surged 118% to $35 billion in 2025, with whales and dolphins contributing 70-99% of capital, highlighting institutional adoption.

2.

A crypto whale withdrew 1,524 BTC worth $171 million from exchanges in three days, signaling a shift to long-term holding strategies.

3.

DDC Enterprise increased its Bitcoin holdings by 50 BTC, bringing its total to 1,058 BTC, as part of its ongoing treasury accumulation strategy.

4.

Institutional investors accumulated 295,861 ETH valued at $1.19 billion from major platforms, reflecting renewed confidence in Ethereum.

5.

A crypto whale earned $40.6 million in staking rewards from the Plasma (XPL) network after staking 50 million USDC and 2.7 million USDT since June.

Events to Watch

Sep 25 (Thu)

Federal Reserve releases its September Summary of Economic Projections; US Q2 GDP final reading expected to confirm 3.3% annualized growth; Plasma XPL conducts $74M airdrop.

Sep 26 (Fri)

US PCE inflation and price index for August to be released, key for USD and crypto markets; Unlock of 1.8M USUAL tokens ($95,018) and 68,398 ELX tokens ($7,826) scheduled.

Oct 1 (Wed)

TOKEN2049 Singapore kicks off, with major DeFi, liquidity, and institutional risk management discussions; Cryndex (CRYX) IDO token sale begins, targeting $300,000 fundraising.

III. Phemex Market Focus

Phemex Promotions

1.

Stake ETH: Earn Rewards + Airdrops

Stake your ETH to earn rewards and receive airdrops. Maximize your crypto earnings with our staking program.
2.

Major Upgrade to Futures Bonus Rules

Explore the new futures bonus rules and take advantage of enhanced trading benefits. Stay ahead with our latest updates.
3.

Trade to Share 15,000 ASTER!

Participate in trading to share a pool of 15,000 ASTER tokens. Don't miss out on this trading reward opportunity.
4.

Fiat Fee Promo

Enjoy 0% fees to start and only 0.5% when you size up. Take advantage of our fiat deposit promotion.