US Macro Data
- Initial jobless claims were 218,000 for the week ending September 20, compared to expectations of 235,000.
- Second quarter final GDP growth was confirmed at 3.8% (previously 3.3%).
- The core PCE price index came in at 2.6%, in line with expectations.
Fed’s Milan Calls for a 50-Basis-Point Rapid Rate Cut
Fed Governor Milan said the current interest rate range (4–4.25%) is overly restrictive and leaves the economy vulnerable to downside shocks. Therefore, he stated that a 50-basis-point rapid interest rate cut may be appropriate. Milan emphasized that policy could be adjusted more cautiously after reaching its target.
New Names for CFTC Chairmanship
The White House is considering Jill Sommers and Kyle Hauptman for the CFTC chairmanship. Sommers is a close friend of SEC Chairman Paul Atkins and served at Patomak Global Partners for 10 years. Hauptman currently serves as NCUA Chairman and previously worked in the Treasury & Futures division at Jefferies. Both are favorable toward crypto. Also in the candidate pool are Mike Selig (SEC), Tyler Williams (Treasury), and Josh Sterling (Milbank attorney).
Ethereum Moves from SharpLink and ETHZilla
Ethereum treasury SharpLink Gaming announced it will issue SBET tokenized shares on Ethereum. This step aims to expand on-chain capital markets in collaboration with Superstate. Furthermore, listed company ETHZilla announced it will deposit approximately 10,600 ETH (~$47M) worth of assets into the Puffer liquidity staking protocol to increase returns.
New ETF Approval from the SEC
The SEC has approved the Hashdex Nasdaq Crypto Index US ETF. This ETF can hold not only Bitcoin and Ethereum, but also other crypto assets such as XRP, SOL, and XLM. The new joint standard has opened up a wider field for crypto index funds.
Melanion’s €50M Bitcoin Initiative
French investment firm Melanion Capital announced that it will invest in Bitcoin by raising €50 million under its specially structured Bitcoin Reserve Operation Model (BTOC). The company stated that its private status allows it to manage volatility more flexibly and that it aims to make this model an example for private companies.
Metaplanet’s New Partner: Capital Group
Simon Gerovich, CEO of Japanese Bitcoin treasury Metaplanet, announced that Capital Group has become its largest partner with an 11.45% stake. This stake is valued at approximately $500 million.
$44M Loss on Hyperliquid
A Hyperliquid user lost $35.8M in an ETH long position, followed by $7.5M in a BTC short position, resulting in a total loss of $44M. The user transferred the remaining $450,000 to Crypto.com, signaling an exit from the market.
SharpLink Reports $500M in Profit
SharpLink announced it has generated $500M in unrealized profit since its Ethereum strategy. The company currently holds 838,728 ETH on its balance sheet. This accumulation makes it one of the largest institutional Ethereum treasuries.
RedotPay Becomes a Unicorn with $47M in Funding
Stablecoin payment startup RedotPay raised $47M in funding led by Coinbase Ventures, valuing the company at over $1 billion. The company has reached 5M users and $10B in transaction volume. Its services enable direct transfers of crypto to banks and e-wallets, particularly in developing regions like Latin America.
M2 Capital Invests $20M in ENA
UAE-based M2 Capital invested $20 million in Ethena’s ENA governance token. Ethena’s stablecoin products, USDe and sUSDe, have surpassed $14 billion in TVL. M2 plans to integrate Ethena into its asset management services to open new revenue channels for its institutional investors.
