Zcash Surges 63% as Bitcoin, Ethereum Rally on ETF Inflows and Regulatory Clarity

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US government shutdown delays key economic data, increasing Fed policy uncertainty and fueling crypto volatility. The US Treasury clarified no tax on unrealized Bitcoin gains, boosting corporate crypto adoption. The Bank of England signaled stricter stablecoin oversight, highlighting global regulatory tightening.

Crypto Market

The crypto market rallied in the past 12 hours, led by Bitcoin up 2.1% to $119,677 and Ethereum up 2.4% to $4,410, driven by strong ETF inflows and risk-on sentiment. Zcash soared 63.4%, DEXE gained 33.5%, and Litecoin rose 6.9%, with privacy and DeFi tokens outperforming. Meme coins and some DeFi names saw mixed moves.

Today's Outlook

TOKEN2049 Singapore 2025 continues, drawing global industry leaders and spotlighting institutional adoption trends. SK Planet's MOCA Coin purchase and Citadel's SuiBall hardware wallet launch at SuiFest highlight enterprise and infrastructure innovation. No major token unlocks are scheduled for today.

Fear and Greed Index

96.00% Annual Percentile

42 Neutral

Total Crypto Market Cap

$4.10T

2.54%

Total Market Trading Volume

$188.30B

1.35%

Altcoin Season Index

9.09%

Quarterly Percentile

61 / 100

Total Futures Market Open Interest

3.13B

10.52%

Futures

1.16T

7.60%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. government shutdown has delayed key economic data releases, including non-farm payrolls and CPI, increasing uncertainty for the Federal Reserve's monetary policy decisions and fueling volatility in crypto markets such as BTC and DeFi liquidity.

A weak ADP jobs report has heightened expectations for a Federal Reserve rate cut, driving risk-on sentiment and supporting rallies in major cryptocurrencies and altcoins as investors anticipate looser monetary conditions.

Fitch and S&P report that the U.S. government shutdown is expected to have only a marginal impact on GDP growth, but prolonged uncertainty could dampen consumer spending and indirectly affect crypto market flows and sentiment.

Swiss inflation data for September showed continued deflationary pressures, reinforcing expectations that the Swiss National Bank will maintain or lower rates, which may influence capital flows into crypto as investors seek higher yields.

Pakistan's CPI inflation surged to 5.6% in September, well above forecasts, highlighting emerging market currency risks and potentially increasing local demand for crypto assets as a hedge against fiat devaluation.

Cryptocurrency Regulatory Trends

The US Treasury and IRS clarified that corporations are not taxed on unrealized Bitcoin gains under the Corporate Alternative Minimum Tax, boosting corporate crypto adoption and market confidence.

The US government shutdown has frozen SEC reviews and approvals for new crypto ETFs, delaying the launch of altcoin-based funds and increasing short-term regulatory uncertainty.

The SEC granted no-action relief allowing investment advisers to use state-chartered trust companies for crypto custody, supporting institutional adoption and expanding the $7.7 billion crypto custody market.

Stripe launched an open issuance platform enabling businesses to create and manage stablecoins, reflecting growing regulatory clarity and accelerating stablecoin integration into mainstream finance.

The Bank of England reiterated that widely-used stablecoins must be regulated like money, signaling stricter oversight and potential access to central bank facilities for stablecoin issuers.

Zcash (ZEC): ZEC surged 62% in 24h to $147.8 with $1.22B volume, driven by a major short squeeze and renewed privacy coin interest amid regulatory debates.

DeXe (DEXE): DEXE jumped 33% in 24h to $12.2, with $74.6M volume, fueled by DeFi sector momentum and increased DAO governance participation.

SPX6900 (SPX): SPX6900 rose 12% in 24h to $1.22, reaching $1.13B market cap, as hype around meme coins and new all-time high capitalization attracted traders.

Smart Money Movements

Bitcoin spot ETFs recorded $675.21 million in net inflows on October 2, with BlackRock leading at $412.87 million, raising its holdings to 773,461 BTC valued at $92.54 billion.

Fidelity and Bitwise collectively purchased $238.7 million in Bitcoin on October 2, as BTC traded near $119,000, highlighting strong institutional accumulation.

Fitell Corporation acquired 216.8 million PUMP tokens on Solana for $1.5 million on October 1, marking its first direct purchase for its digital asset treasury.

Japanese lender MBK invested $2.04 million to purchase 17.6 BTC at an average price of $115,529 per Bitcoin, aiming to use BTC for real estate settlement services.

BitMine expanded its Ethereum treasury by acquiring 234,846 ETH worth nearly $1 billion, increasing total holdings to 2.65 million ETH valued at $11 billion.

Events to Watch

Oct 2 (Thu)

TOKEN2049 Singapore 2025 continues; major crypto event with industry leaders including EY’s Paul Brody attending, drawing global attention.

Oct 2 (Thu)

SK Planet to purchase MOCA Coin for enterprise decentralized identity; Citadel launches SuiBall, the first Sui-native hardware wallet at SuiFest.

Oct 3 (Fri)

US Non-Farm Payrolls and Average Hourly Earnings data scheduled; potential delay due to US government shutdown may impact market volatility.

Oct 3 (Fri)

Evaa Protocol will hold its EVAA Token Generation Event, raising $12.5M in DeFi lending/borrowing sector.

Oct 5 (Sun)

Aster (ASTER) will unlock 320M tokens (4% of supply, ~$600M); event may create significant market pressure due to large-scale airdrop.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The U.S. government shutdown has delayed key economic data releases, including non-farm payrolls and CPI, increasing uncertainty for the Federal Reserve's monetary policy decisions and fueling volatility in crypto markets such as BTC and DeFi liquidity.

A weak ADP jobs report has heightened expectations for a Federal Reserve rate cut, driving risk-on sentiment and supporting rallies in major cryptocurrencies and altcoins as investors anticipate looser monetary conditions.

Fitch and S&P report that the U.S. government shutdown is expected to have only a marginal impact on GDP growth, but prolonged uncertainty could dampen consumer spending and indirectly affect crypto market flows and sentiment.

Swiss inflation data for September showed continued deflationary pressures, reinforcing expectations that the Swiss National Bank will maintain or lower rates, which may influence capital flows into crypto as investors seek higher yields.

Pakistan's CPI inflation surged to 5.6% in September, well above forecasts, highlighting emerging market currency risks and potentially increasing local demand for crypto assets as a hedge against fiat devaluation.

Cryptocurrency Regulatory Trends

The US Treasury and IRS clarified that corporations are not taxed on unrealized Bitcoin gains under the Corporate Alternative Minimum Tax, boosting corporate crypto adoption and market confidence.

The US government shutdown has frozen SEC reviews and approvals for new crypto ETFs, delaying the launch of altcoin-based funds and increasing short-term regulatory uncertainty.

The SEC granted no-action relief allowing investment advisers to use state-chartered trust companies for crypto custody, supporting institutional adoption and expanding the $7.7 billion crypto custody market.

Stripe launched an open issuance platform enabling businesses to create and manage stablecoins, reflecting growing regulatory clarity and accelerating stablecoin integration into mainstream finance.

The Bank of England reiterated that widely-used stablecoins must be regulated like money, signaling stricter oversight and potential access to central bank facilities for stablecoin issuers.

Trending Tokens

Zcash (ZEC): ZEC surged 62% in 24h to $147.8 with $1.22B volume, driven by a major short squeeze and renewed privacy coin interest amid regulatory debates.

DeXe (DEXE): DEXE jumped 33% in 24h to $12.2, with $74.6M volume, fueled by DeFi sector momentum and increased DAO governance participation.

SPX6900 (SPX): SPX6900 rose 12% in 24h to $1.22, reaching $1.13B market cap, as hype around meme coins and new all-time high capitalization attracted traders.

Smart Money Movements

Bitcoin spot ETFs recorded $675.21 million in net inflows on October 2, with BlackRock leading at $412.87 million, raising its holdings to 773,461 BTC valued at $92.54 billion.

Fidelity and Bitwise collectively purchased $238.7 million in Bitcoin on October 2, as BTC traded near $119,000, highlighting strong institutional accumulation.

Fitell Corporation acquired 216.8 million PUMP tokens on Solana for $1.5 million on October 1, marking its first direct purchase for its digital asset treasury.

Japanese lender MBK invested $2.04 million to purchase 17.6 BTC at an average price of $115,529 per Bitcoin, aiming to use BTC for real estate settlement services.

BitMine expanded its Ethereum treasury by acquiring 234,846 ETH worth nearly $1 billion, increasing total holdings to 2.65 million ETH valued at $11 billion.

Events to Watch

Oct 2 (Thu)

Oct 2 (Thu)

Oct 3 (Fri)

Oct 3 (Fri)

Oct 5 (Sun)

III. Phemex Market Focus

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