News
The day at a glance · 4 min read
Mood · Cautious
-15
Sentiment, −100 to +100
BTC vs Oct 2025 ATH
$126,000-32%
BTC ETF Outflows
$90M
Binance BTC Outflows
40,000 BTC
Key driverEthereum's Glamsterdam testnet launch offset by Bitcoin ETF outflows and BTC price rejection at $87,000 resistance level
Daily briefCrypto & Web3· Money365.Market AI ·

ETH Upgrade Hits Testnet; BTC ETFs Shed $90M

Ethereum's Glamsterdam activates on Sepolia as Bitcoin trades 32% below October 2025 peak; regulatory landscape shifts in U.S. and Asia

Bitcoin & Ethereum

Neutral
BTCETH
Ethereum activated its Glamsterdam upgrade on the Sepolia testnet, focusing on scaling the Layer 1 network with increased capacity designed to drive additional network usage and demand for blockspace. The upgrade targets mainnet deployment in Q4 2026, with the market watching for bugs, implementation issues, and a confirmed mainnet date. Ethereum is testing a major upward trendline with support at 2,630 and resistance at 2,740, while a break lower could push price toward 2,360 before potential rallies toward 3,000.
Bitcoin ($BTC) continues to face rejection at $87,000 as the asset trades approximately 32% below its October 2025 all-time high of $126,000. US spot Bitcoin ETFs (common stock products tracking Bitcoin's price) reversed two days of inflows with $90M in outflows as Bitcoin slipped below $86,000. Binance BTC reserves fell by nearly 40,000 coins since September 20 as whales returned stablecoin capital to their exchange wallets, marking the highest outflows since mid-2023.

Crypto Stocks

Neutral

MSTR BTC Purchase

334 BTC+$28.7M

MSTR STRC Repurchase

$176M

HUT Contracted Capacity

949 MW
MSTRCOINHUT
Strategy Inc ($MSTR) purchased 334 BTC for approximately $28.7 million and repurchased $176 million of STRC (a par-value preferred stock instrument) in its latest disclosure, even as Peter Schiff warned that the Bitcoin price could reverse if technology stocks pull back.
Coinbase Global Inc ($COIN) deepened its collaboration with Citigroup around stablecoin-enabled payment capabilities as Citi expanded Token Services into Japan and the UAE and launched a multi-market instant cross-border payments solution via Swift.
Hut 8 Corp ($HUT) holds 949 MW of contracted AI data center capacity, leading peers, but has no operational sites yet according to analysis of the miner's infrastructure pipeline.

Regulation & Policy

Neutral

Scrapped Reporting Rule

$10,000
The U.S. scrapped its proposed $10,000 reporting rule for crypto sent to private wallets, removing a contentious compliance requirement that had drawn industry opposition.
Better Markets said the CFTC is the "wrong agency" to regulate retail crypto and that the CFTC's proposed framework to bring certain cryptocurrency transactions and exchanges under its oversight will leave investors less protected than under the SEC.
Hong Kong regulators doubled down on their end-2026 deadline for a crypto licensing bill that will establish a licensing regime for four categories: digital asset trading, custody, advisory, and management services.
Rain (a crypto platform) sought a US trust bank charter days after the OCC was sued over crypto charters, joining a growing queue of crypto firms seeking federal trust charters while community banks asked a court to overturn the OCC rules underpinning them.

DeFi & Infrastructure

Bullish

EEZ Test Transaction

0.001 ETH

OKX USDG APY

10%
SOLONDO
The Solana Foundation unveiled a delivery-versus-payment (DvP) program designed to settle institutional trades in seconds, with JPMorgan providing input on the open-source settlement program that completes asset transfers and payments in seconds.
The EEZ project tested a 0.001 ETH atomic L1-to-L2 transaction as it develops a framework to connect Ethereum mainnet and its rollups in a push to unify the Ethereum ecosystem.
Ondo Finance ($ONDO) (a tokenization platform) opened private markets with tokenized notes that will give eligible investors exposure to private companies, with the first tied to an unnamed pre-IPO AI company.
OKX (a crypto exchange) launched OKX Money, letting users hold, send, and spend dollar-backed stablecoins with qualifying USDG balances earning up to 10% APY, targeting emerging markets with yield-offering stablecoin savings and payments in one app.

Looking Ahead

Neutral

Oct Fed Hike Probability

21%
The market will focus on the FOMC meeting minutes, the latest US Jobless Claims figures, and the University of Michigan Consumer Sentiment survey this week, with traders currently pricing just a 21% chance of a Fed rate hike in October after softer-than-expected NFP data.
Ethereum's Glamsterdam mainnet deployment timeline in Q4 2026 could itself become a catalyst if a specific date is announced following the Sepolia testnet activation.
US-Iran developments remain a key risk factor, with a breakthrough potentially driving oil prices lower and boosting crypto on lower rate hike expectations and positive risk sentiment, while escalation could send crude oil higher and weigh on the crypto market.

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