Bitcoin and Ethereum See Sharp Declines
According to Darkex data, BTC fell below $112,000, trading at $111,933 with a 1.25% decline. ETH fell below the $4,000 level, losing 4.12% of its value and trading at $3,994.
This picture shows that short-term selling pressure continues in the crypto market.
Ethical Investigation into Trump’s Team
According to the New York Times, Senators Elizabeth Warren and Elissa Slotkin have requested an investigation into whether Trump administration officials had a conflict of interest in multi-billion dollar chip and crypto deals with the UAE. Allegedly, the family of Trump’s advisor Steve Witkoff received $2 billion in investments from the UAE. During the same period, Witkoff was promoting AI chip exports to the UAE. Additionally, the World Liberty Financial (WLFI) company, co-founded by the Witkoff and Trump families, holds 3.75 billion WLFI tokens (~$800 million).
Different Tones from Fed Officials
Chicago Fed President Austan Goolsbee said the labor market remains strong and caution is needed regarding aggressive interest rate cuts. He emphasized that expectations of a rapid decline in inflation may not be realistic, and therefore the Fed should evaluate cuts gradually. San Francisco Fed President Mary Daly, however, noted that price pressures are largely limited to tariffs and said that rate cuts could help bring inflation down to target while protecting the labor market.
US 5-Year Treasury Auction
The yield on the US Treasury’s $70 billion 5-year bond auction came in at 3.710%, above expectations. Demand was strong, with indirect demand, mainly from foreign investors, accounting for 59.4%. Domestic demand remained slightly lower than in the previous auction.
China’s WTO Status Move
Chinese Premier Li Qiang announced that his country will no longer seek special treatment granted to developing countries in the World Trade Organization. This decision removes a significant point of contention with the US and paves the way for global trade reforms. The Chinese Ministry of Commerce noted that the country remains the world’s largest developing economy.
US-China Talks
On Thursday in Washington, US and Chinese officials will hold technical trade talks at the US Treasury Department. The talks will focus more on the technical details of trade issues, but the TikTok deal will not be on the table. At the same time, Chinese Commerce Minister Wang Wentao called for diversification and cooperation by holding a roundtable meeting with Chinese companies in the US.
China-EU Contacts
Chinese Premier Li Qiang met with European Commission President Ursula von der Leyen. Li called on the EU to keep markets open and not politicize trade. Von der Leyen stated that they want to implement the EU-China summit agreement and are determined to resolve differences through dialogue.
SEC and CFTC Cooperation Strengthens
US SEC Chairman Paul S. Atkins announced that they are conducting joint legislative work and roundtable meetings with the CFTC to resolve regulatory uncertainties. While emphasizing the importance of a clear regulatory framework for the crypto asset market, he said that innovative exemptions are needed to support the development of on-chain capital markets. In addition, the SEC plans to review IPO reporting requirements to facilitate retail investors’ access to private markets.
Crypto Tax Hearing in the Senate
The U.S. Senate Banking Committee will hold a hearing on crypto taxation on October 1. Witnesses will include representatives from Coin Center, Coinbase, ASKramer Law, and the American Institute of CPAs. The hearing will discuss current gaps in the taxation of crypto assets and new regulatory proposals.
Circle Ventures Invests in Crossmint
Crypto development platform Crossmint has received strategic investment from Circle Ventures. With this partnership, USDC-centric wallet, API, fund transfer, and AI-powered payment solutions will be developed.
Tether Mints 1 Billion USDT
According to Whale Alert data, Tether Treasury minted 1 billion USDT on the Ethereum network. This represents a significant addition to market liquidity.
Hyperliquid Launchpad Sees Record Interest
Hyperliquid’s first Launchpad sale saw 110x demand and raised a total of $73 million. The $UPHL token will be listed on HyperCore on September 26. Users can claim their tokens via the airdrop window or lock them to earn additional rewards.
ETF Flows: Inflows in Bitcoin, Outflows in Ethereum
- Bitcoin spot ETFs saw a net inflow of $241M on September 23. BlackRock IBIT ($129M) made the largest contribution, followed by ARKB ($37.7M). Total assets stand at $149.7B, with a market share of 6.62%.
- Ethereum spot ETFs experienced $79.36M in outflows. This marks the third consecutive day of outflows. The largest outflows were in the Fidelity FETH ($33.2M) and BlackRock ETHA ($26.4M) funds. Total assets stand at $27.4B, with a market share of 5.45%.
Ethereum Everywhere and the Fusaka Upgrade
The Ethereum Foundation has launched a new initiative called Ethereum Everywhere to support global communities. This program will support community events, developer workshops, and innovation hubs. Ethereum founder Vitalik Buterin stated that the upcoming Fusaka upgrade will support L1 and L2 scaling. Specifically, the PeerDAS mechanism will enable block data to be verified without a single node. Vitalik emphasized that security is a priority and that the number of blobs will be increased gradually.
