Bitcoin retreated after rising above $87,000, falling below $84,000 in the market overview, while Ethereum dropped below $2,700, XRP lost more than 7% and SOL declined by about 3%. Estimates of total crypto-market capitalization differed: approximately $2.85 trillion according to CoinMarketCap and about $2.96 trillion in another review. A separate market report put Bitcoin near $84,500 after a 2.7% daily decline, while XRP was down 6.5% on that measure. Bitcoin nevertheless retained a weekly gain of more than 10%.
The pressure coincided with the 10-year U.S. Treasury yield rising 15 basis points, from 4.96% to 5.11%, and the S&P Global PMI reaching 58.4, its highest level since July 2021. Some publications connected the move to expectations of a Federal Reserve rate increase. Glassnode reported approximately $5.1 billion in net realized profit over seven days, while spot Bitcoin ETFs received $347 million. The macro backdrop, profit-taking and continuing institutional demand therefore shaped the day’s reversal. BTC-ECHO
ETF demand and near-term volatility
Approximately $15 billion in Bitcoin options were due to expire on September 25, representing more than one-third of total open interest on Deribit. The put-to-call ratio stood at 0.70, and the largest call volumes were concentrated at $85,000, $90,000 and $100,000 strikes. Bitcoin traded around $84,258, while the calculated max-pain level was $76,000. The concentration of positions near major strikes could increase short-term volatility. Bitcoin Magazine
BlackRock’s IBIT attracted $1.19 billion in net inflows over seven days, ETHA received $320.45 million from the previous Thursday, and ETHB gained $15.64 million. SoSoValue data cited in the source put the combined flow at approximately $1.5104 billion and the assets of the three ETFs at $78.14 billion. The same source reported $2.653 billion for U.S. Bitcoin ETFs and $680.72 million for Ethereum ETFs, but explicitly noted that the calculation periods differed; the combined BlackRock figure is therefore an aggregate estimate rather than one identical five-day period. Finbold
According to Arkham data reported by U.Today, Morgan Stanley’s Bitcoin ETF received $32.4 million on September 23, extending a three-day buying sequence worth $193.1 million. The fund reportedly recorded no outflows across the previous 20 trading sessions and held approximately 9,218 BTC valued at $775.75 million as of September 24. U.Today
Bitwise surveyed allocators at 15 large institutions representing endowments, pension funds, sovereign funds, family offices and public companies. None reported reducing crypto allocations between October 2025 and April 2026, a period in which cryptocurrencies lost roughly half their value. Every respondent that held crypto said it owned Bitcoin, and for most Bitcoin was the largest and longest-term crypto position. Bitwise’s five-year holding-horizon conclusion is the company’s forecast, not a finding directly established by the survey. Cointelegraph
The institutional picture was not uniformly strong. DWF Labs found that only four of 20 large crypto-treasury companies traded above the value of their assets, linking the discounts to difficulties financing token purchases through equity issuance. Strategy’s latest disclosure indicated that it could continue buying Bitcoin with its available cash. Cointelegraph
Mining activity also drew attention. On September 21, mining pools transferred 19,866 BTC to Binance, the largest such inflow since the more-than-25,000-BTC flow recorded on August 25. Bitcoin was holding near $85,400 when observed, with no immediate price collapse. CryptoQuant analysts interpreted the transfers as possible operational funding needs rather than a confirmed wave of selling. U.Today
Bitget reports a $351.6 million security incident
Bitget CEO Gracy Chen said the exchange had detected unauthorized transfers totaling $351.6 million from some hot wallets. The company stated that only certain levels of hot and warm wallets had been affected, while cold wallets remained safe. Deposits and trading continued, but withdrawals were suspended for a security review. CoinDesk
Bitget said its user-protection fund held more than $464 million and would cover the entire loss. Arkham researchers tracked movements involving ETH, BNB, AVAX and USDT0. A transfer of approximately 93.7 million XRP was not independently linked to the same attacker. The exchange’s statement therefore remains more important than reports implying that all hot and cold wallets were compromised: the exchange itself said the cold wallets were unaffected. Cointelegraph
Federal Reserve advances stablecoin rules
The Federal Reserve proposed two rules to implement the GENIUS Act and supervise payment-stablecoin issuers. The first sets requirements for capital, eligible reserves, redemption, risk management and third parties. The second would establish how banks may obtain approval to issue stablecoins through subsidiaries. The proposals are not final and open a 60-day public-comment period after publication in the Federal Register. CoinDesk
The proposed operational-risk capital add-on would equal 2% of the first $20 billion, 1.5% of the next $30 billion and 1% of the amount above $50 billion. Issuers would have to process redemptions within two business days. If reserves were insufficient, they would have to notify the Federal Reserve, restore reserves or liquidate the issued tokens.
Issuers would also disclose token volume and the value and composition of reserves monthly. The reports would need an auditor’s review and certification by the CEO and CFO. If adopted, the framework could establish practical capital, reserve and redemption conditions for a substantial part of the stablecoin market.
Regulation expands from stablecoins to tokenized assets
The CFTC issued guidance allowing U.S. commodity companies to invest in tokenized assets and use blockchain records as part of industry infrastructure. The document was issued under the leadership of CFTC Chairman Mike Selig, giving financial companies a clearer basis for tokenization and blockchain-based recordkeeping. CoinDesk
ESMA included tokenization and artificial intelligence in its Innovation With Investor Safeguards program and in national supervisory priorities from 2027. Regulators will have to map current and planned use of both technologies, followed by initial reviews of a limited group of the most affected companies. Supervisory attention will include biased or misleading AI responses and opaque financial products. ESMA will also expand DORA cybersecurity checks to smaller supervised entities and MiCA-licensed crypto providers. CoinDesk
The European Banking Authority called for rules on crypto lending under MiCA. Publications described the initiative as a possible tightening of access to DeFi lending, but the supplied materials contained no concrete thresholds, timetable or enforcement mechanism. The proposal is a regulatory call rather than a finalized set of requirements. Cointelegraph
New York challenges Polymarket US
New York filed a lawsuit in Manhattan against QCX LLC, which operates as Polymarket US. The state, represented by Attorney General Letitia James and Governor Kathy Hochul, argues that contracts on events with uncertain outcomes constitute gambling. It also alleges that the platform operates without a New York State Gaming Commission license, avoids required taxes and permits users aged 18 to 20.
Polymarket says it will challenge the state’s actions and considers the markets federally regulated derivatives. The requested relief includes exclusion from the state’s market, restitution, disgorgement of profits and fines of up to three times the relevant amount. The Defiant reported a demand of $100,000 for each proposed sports contract. The claims remain allegations in a lawsuit, not findings that Polymarket is legally established as an unlicensed gambling operation. CoinDesk
SEC Commissioner Peirce proposes a lighter KYC model
SEC Commissioner Hester Peirce proposed reducing the volume of KYC data through zero-knowledge proofs and attribute-based credentials that can confirm status without revealing unnecessary personal information. She also called for allowing companies to reuse identity checks already completed by other regulated institutions. The proposals are Peirce’s policy position and do not change current KYC or AML requirements. Peirce is due to leave the SEC in November. Decrypt
Stablecoin adoption grows, but remains concentrated
Chainalysis measured cross-border stablecoin flows of $220.3 billion, up 77.5% from a comparable period. The study identified 4,708 new country-to-country routes, but those routes accounted for only $2.64 billion. Most activity remained concentrated on a limited number of corridors, showing that the expansion of stablecoin settlement is not yet evenly distributed. The Defiant
Visa’s survey of 2,192 U.S. adults found baseline readiness to use stablecoins at 36%. In a hypothetical scenario with bank-level fraud protection and deposit insurance, readiness rose to 56%; using stablecoins through an existing financial institution raised it to 45%. Sixty-four percent of respondents placed greater importance on a provider’s reputation than on the technology itself. The scenarios were hypothetical: stablecoins are not currently covered by FDIC deposit insurance. The Daily Hodl
TRON DAO reported that cumulative network transaction volume had exceeded $30 trillion since the mainnet launched in May 2018. The network has more than 405 million accounts and 15 billion transactions. Token Terminal data put USDT transfer volume at approximately $6 trillion in 2026. Stablecoin capitalization on TRON was about $94.35 billion, with USDT representing 97.97% of that supply. Crypto News Flash
Tether reaffirms its plan for USDT on Bitcoin
Tether CEO Paolo Ardoino reiterated the company’s plan to issue USDT on Bitcoin through RGB, using Bitcoin for cryptographic commitments and off-chain data for contracts rather than creating a separate blockchain. However, a report that Morgan Stanley was discussing a Bitcoin-based USDT product came from Utexo co-founder Richard Pallot and remains unconfirmed. Morgan Stanley had not announced a product, launch or timetable. No launch date, issuance volume or trading infrastructure for USDT on Bitcoin has been disclosed. Crypto News Flash
Washington considers overseas stablecoin expansion
According to reports citing sources, the Trump administration is considering ways to promote overseas use of dollar stablecoins. One possible model would involve public-private enterprises involving the U.S. Treasury, the State Department and the U.S. International Development Finance Corp. The stated objectives would include strengthening the dollar’s role and increasing demand for U.S. government debt. No decision, timetable, launch countries or program mechanism has been announced, so this remains a proposed direction rather than an active program. Decrypt
HIFI announced a $37 million Series A round to expand stablecoin payments and infrastructure for tokenized capital markets. The available reports confirm the round but do not identify its investors or disclose a separate deal-size breakdown. The Block
BlackRock and Ondo launch tokenized portfolios
Ondo launched the portfolio tokens Ondo High Income Powered by BlackRock, Ondo Diversified Growth Powered by BlackRock and Ondo High Growth Powered by BlackRock, identified as BLKHIon, BLKDIGon and BLKGRWon. BlackRock developed the underlying strategies, while Ondo Global Markets issues the tokens and Ondo Finance manages, administers and rebalances the products.
The products are available to eligible investors outside the United States in permitted jurisdictions. The Defiant identified Ethereum and BNB Chain as the networks providing access. Finbold reported that ONDO rose 24.19% over 24 hours following publication of the launch news. The Defiant
UK banks test interbank tokenized deposits
Barclays, NatWest, HSBC, Lloyds and other U.K. banks conducted interbank client transactions using tokenized sterling deposits under the Great British Tokenised Deposit initiative. UK Finance described them as the world’s first interbank transactions of this type. Lloyds, NatWest and Barclays completed two mortgage-linked transactions, while another group, including HSBC, simulated a marketplace payment from a buyer to a seller.
In the marketplace simulation, funds were automatically transferred after delivery conditions were met, but no physical goods were delivered. The tokenized deposits remained claims against the commercial banks that issued them rather than private stablecoins. Participants plan to issue three digital bonds in the first quarter of 2027 for trading and settlement through the tokenized-deposit infrastructure. CoinDesk
IBM connects tokenized deposits to Swift Ledger
IBM opened beta access for Digital Asset Haven’s connection to the Swift distributed ledger. An ISO 20022 messaging adapter lets banks initiate tokenized-deposit transfers through familiar payment messages, while final settlement remains in traditional banking systems. The ledger can move funds outside conventional banking hours, including weekends, without replacing existing settlement infrastructure.
Seventeen banks across six continents were preparing for pilot transactions. The tokenized deposits remain obligations of the issuing banks. Digital Asset Haven also received a beta version for local deployment within a client’s infrastructure. The Defiant
Citadel Securities tests tokenized Treasuries at DTCC
Citadel Securities, supported by Fireblocks, tokenized U.S. Treasury bonds on the Canton network during a DTCC Tokenization Service test on July 15, 2026. Tokens were transferred to counterparties including BNP Paribas and Société Générale and used as collateral on CME. DTCC plans a voluntary service launch in October 2026, initially supporting U.S. Treasury bonds, Russell 1000 securities and large ETFs. Blockchain.News
NYSE and Blockchain.com discuss tokenized-stock trading
NYSE and Blockchain.com reached a nonbinding agreement on preparing for a possible connection between the crypto platform and NYSE’s future digital trading system. The plan contemplates round-the-clock trading, instant settlement, stablecoin financing for share purchases, and continued dividend and voting rights for tokenized-stock holders. Regulatory approval is required, and no launch date has been set. BTC-ECHO
ARK brings a venture portfolio to Ethereum
ARK Venture Fund and Securitize launched a tokenized venture product on Ethereum with exposure to OpenAI and Anthropic. The minimum subscription for U.S. retail investors is $500, while redemptions are available only through quarterly tender offers. The base strategy may later be deployed on other blockchains. CoinDesk
Ledger and Payward plan xStocks integration
Payward and Ledger announced preparations for integrating xStocks with Ledger Wallet and hardware devices. The integration is based on Ledger’s Device Management Kit and is intended to cover hundreds of tokens linked to stocks and funds. Kraken users should be able to deposit, withdraw and sign supported transactions through Ledger, while Clear Signing displays transaction details before confirmation. Payward will provide buying, selling and swapping in Ledger Wallet. Full availability has no announced date, and xStocks remain unavailable in the United States and to US persons. Crypto.News
Unconfirmed report of Binance stock and ETF trading
Blockchain.News reported that Binance launched access to more than 7,000 U.S. stocks and ETFs, with settlement in USDC, USDT, USD1 and BNB. The report described trading as available around the clock for five days per week, with transfers and leverage available for some tokenized U.S. stocks. Because this information came from a single source, the launch and product details should be treated as unconfirmed. The same report’s claim that a European Binance license had been blocked, referring to Christine Lagarde, was also unverified and cannot be presented as established. Blockchain.News
Binance lists HYPE and Coinbase expands metals markets
Binance opened HYPE/USDT, HYPE/USDC and HYPE/TRY spot trading at 11:00 UTC on September 24. HYPE received a Seed Tag requiring periodic risk-knowledge tests, withdrawals were scheduled for 11:00 UTC on September 25, and the listing fee was 0 BNB. HYPE/TRY was limited to verified Binance TR accounts. U.Today
Coinbase offered GOLD-PERP and SILVER-PERP contracts to qualified traders outside the United States, with settlement in USDC. It is also promoting a move by U.S.-regulated precious-metals futures toward round-the-clock trading through Coinbase Derivatives as a CFTC-regulated designated contract market. The contracts provide price exposure but do not involve physical delivery of bullion or coins. Bitcoinist
Together, the day’s developments connected three larger themes: macroeconomic pressure remained capable of driving a broad market correction, institutional demand for crypto products stayed substantial, and tokenization advanced across stablecoins, deposits, government bonds, equities and funds. At the same time, the Bitget incident and the expanding regulatory agenda showed that security, reserve protection and implementation rules will determine whether this new financial infrastructure can gain wider adoption.