MORNING NEWS – September 30, 2025
Market Performance
US indices ended the day higher. The Dow Jones rose 0.15%, the Nasdaq rose 0.48%, the S&P 500 rose 0.26%, and the Russell 2000 rose 0.04%. On the bond side, the 2-year yield fell by 1.84 basis points to 3.6205%, and the 10-year yield fell by 4.26 basis points to 4.1368%. The DXY fell 0.26% to 97.93, and the VIX rose 5.43% to 16.12.
In the commodity market, Brent crude oil fell 3.54% to $66.77, while LBMA gold rose 1.97% to $3,832.93.
Crypto Market Followed a Mixed Course
According to SoSoValue data, the market fluctuated based on sectors. Bitcoin rose 2.39% to exceed $114,000, while Ethereum rose 2.08% to exceed $4,200. The MAG7.ssi index rose 2.02%, while the CeFi sector rose 2.33%; within it, BNB rose 3.03% and Aster rose 8.50%. Layer1 rose 0.91%, with AVAX up 1.56%; PayFi rose 0.90%, with DASH gaining 5.18%. Layer2 rose only 0.12%, but MNT stood out with a 6.72% increase. In contrast, the AI sector experienced a decline of nearly 3%.
U.S. Government Shutdown Risk
Although President Trump met with Democratic and Republican congressional leaders, no agreement was reached. Vice President Vance said the likelihood of a shutdown is high. The administration released its shutdown plan: 11 out of 24 agencies will suspend operations. The shutdown of the Bureau of Labor Statistics could lead to delays in non-farm employment, weekly unemployment claims, and October 15 CPI data.
Trump Threatens Film Industry with Taxes
Trump announced that he is considering imposing a 100% tariff on films produced outside the US. He claimed that California’s film industry is being “stolen” by foreign countries. Details are not yet clear, but this statement indicates that protectionism in the US creative industries could intensify.
Different Tones from Fed Officials
- Williams (New York Fed, moderate): Said employment and inflation risks are more balanced and that tariffs are not adding additional pressure to inflation.
- Musalem (St. Louis Fed, somewhat hawkish): While open to further rate cuts, he noted that the scope is limited and caution is needed in easing policy.
- Harker (Cleveland Fed, hawkish): Opposed cuts, emphasizing that inflation could remain above the 2% target until 2028. He added that the policy stance remains restrictive and easing should only be considered in the event of serious economic weakness.
New Export Control Rule from the US
The Department of Commerce announced a “sharp rule” that will also cover subsidiaries in which blacklisted companies hold more than 50% of the shares. The new regulation will take effect on Tuesday. Under this scope, those who want to do business with publicly traded companies will be required to apply for a license. A 60-day transition period has been granted for compliance.
SEC Halts Trading in QMMM and Smart Digital
According to Bloomberg, the SEC has temporarily halted trading in QMMM Holdings Ltd. and Smart Digital shares. QMMM’s share price had risen 959% in less than three weeks. The SEC stated that purchase recommendations made by unidentified individuals on social media could lead to price manipulation. The trading suspension will remain in effect until midnight on October 10.
New Powers for MASAK in Turkey
According to Bloomberg, Turkey plans to grant MASAK the authority to freeze bank and crypto accounts. The regulation, which will be compliant with FATF criteria, will be submitted to parliament as a bill. The new rules cover the closure of suspicious accounts, transaction limits, suspension of mobile banking, and blacklisting of crypto addresses linked to crime. The aim is to combat illegal betting and fraud, particularly through “account rental.”
BlackRock IBIT Surpasses Deribit
According to
Bloomberg, BlackRock’s IBIT ETF has surpassed Deribit with $38 billion in open interest, becoming the world’s largest Bitcoin options platform. Deribit had previously dominated the options market for years. IBIT currently manages $84 billion in assets and is increasing both its liquidity and appeal thanks to its rapidly growing options business.
Bit Digital Announces $100M Bond Plan
Bit Digital, known for its Ethereum treasury, announced plans to issue $100 million in convertible bonds. The majority of the proceeds will be directed toward Ethereum purchases. Barclays, Cantor, and B. Riley Securities will lead the issuance. Bit Digital has been accumulating and staking ETH since 2022.
Gaming Tokens May Fall Outside Regulation
Immutable President Robbie Ferguson revealed that the US Senate is discussing exempting video game assets from digital commodity regulations. This regulation could pave the way for token issuance by AAA game studios. Additionally, increased use of stablecoins for in-game payments and crypto reward programs is expected.
Bitcoin Staking Begins on Starknet
Starknet has launched the first trustless Bitcoin staking platform. Users can earn rewards without losing control of their assets. The system allows wrapped BTC versions such as WBTC, tBTC, and Liquid Bitcoin to be staked on Starknet. This initiative deepens Bitcoin’s Layer2 integration.
SEC Discusses Crypto with NYSE and ICE
According to Cointelegraph, the SEC’s crypto working group met with the NYSE and Intercontinental Exchange. The meeting addressed crypto derivatives and tokenized stocks. This contact signals that regulations targeting the crypto market in the US may accelerate.
SEC Withdraws Crypto ETF 19b-4 Applications
The U.S. SEC announced it has withdrawn 19b-4 applications for ETFs backed by Solana, XRP, Cardano, Litecoin, Polkadot, Hedera, and ETH. Bloomberg analyst Eric Balchunas noted that due to the new “general listing standard,” only the S-1 form is now valid.
CCCC 2025 Lisbon Conference
The Crypto Content Creator Campus (CCCC) Global Conference, to be held in Lisbon on November 14–16, will focus on the theme of “Monetization for Content Creators in the Web3 Era.” Participants include Bybit CEO Ben Zhou and Maye Musk. The event aims to explore new models for content creators through gamified interactive experiences.
“Bitcoin Rights” Bill from Wisconsin
A bill introduced in the US state of Wisconsin would allow individuals and businesses to engage in their own storage, node operation, mining, staking, and blockchain development activities without a license requirement. This initiative could increase crypto freedoms across the state.
NYDFS Chair Calls for Cooperation with the UK
Adrienne Harris, Chair of the New York Department of Financial Services, stated that a “passport mechanism” for crypto could be established with the UK. Harris emphasized that crypto is a “borderless market” and that compliance with global standards has become critical.
Solana Stablecoin Ecosystem Breaks Record
According to DeFiLlama, Solana’s stablecoin volume increased by $900M over the past week, reaching $13.785B. USDC accounts for 70% of this ($9.656B). Solana maintains its position as the third-largest network in the stablecoin ecosystem, while BSC continues its rapid growth with $13.221B.
USDC Treasury Mints $250M on Solana
According to Whale Alert, the USDC Treasury minted $250M USDC on the Solana blockchain. This move will further increase stablecoin liquidity on the Solana network.
ETF Flows: Strong Inflows in Bitcoin and Ethereum
- Bitcoin ETFs saw a net inflow of $522M on September 29. The highest inflow was $299M in Fidelity FBTC.
Ethereum ETFs recorded a net inflow of $547M after five consecutive days of outflows. The highest inflow was $202M in Fidelity FETH.
