BTC is currently trading around $63,700 and ETH around $2,600. Notable gainers in the last 24 hours are BONK, TAO, and BEAM. The global crypto market cap is $2.35T, down 4.0% over the last day. DeFi Total Value Locked is ~$89b and BTC dominance is around 57%.
Global equity markets were mixed with heavy dispersion, while crypto prices are down. Weighing on markets was Japan’s ruling Liberal Democrats party choosing Shingeru Ishiba as the next prime minister, as markets believe Ishiba may support increasing interest rates moreso than the frontrunner for the job Sanae Takaichi. The Nikkei 225 fell 5% and the yen strengthened against the dollar in response. Also weighing on markets are escalating tensions in the Middle East as well as Fed Chair Powell’s comments that future rate cuts won’t necessarily be as large as the recent 50 bp cut, though Powell did express confidence around the economy. In addition, there was good news in China as its official manufacturing PMI came in above expectations and caused the CSI 300 Index to rally 8%. Looking ahead, the week features European inflation and the US ISM manufacturing PMI on Tuesday, as well as the US employment report on Friday.
Notable news includes: the Bank of England and Financial Conduct Authority opened applications for a Digital Securities Sandbox to encourage tokenization development; Canada extended its stablecoin compliance deadline for crypto trading platforms to the end of the year; Taiwan approved access of foreign crypto ETFs for professional investors; Japan’s FSA will conduct a review of its current cryptocurrency regulations; Tokyo Stock Exchange-listed Remixpoint purchased $5m of BTC, ETH, SOL, and AVAX; Hong Kong virtual bank ZA Bank received approval from the SFC to engage in crypto trading services; Robinhood stated it has no imminent plans to launch a stablecoin; September NFT sales volume hit its lowest monthly total since 2021; Christie’s will auction its first Bitcoin Ordinal next week; digital asset investment products saw $1.2b of inflows last week, per CoinShares; BlackRock’s spot Ethereum ETF passed $1b in AUM; the FTX restructuring plan is garnering attention, both as cash disbursements to creditors may be reinvested into crypto and as many creditors object to the plan’s cash payouts that value assets as of the November 2022 bankruptcy petition date; South Korean crypto exchange Bithumb revealed intentions for a Nasdaq IPO in 2H25; Binance’s CZ was released from prison on Friday; Vitalik proposed metrics to measure Ethereum alignment in a new blog post; EigenLayer will unlock users’ EIGEN tokens today; synthetic dollar issuer Ethena Labs revealed it may launch a decentralized exchange; Phantom Wallet integrated with perpetuals exchange dYdX; secure medical data sharing app GenoBank accused fellow DeSci app GenoBank of infringing on its patents; and, Trump’s World Liberty Financial opened its whitelist to US accredited investors and those outside the US.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
