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CoinCatch Market Daily Report (September 22, 2025)
Intermediate
2025-09-22 | 10m
On September 23, today's cryptocurrency market shows a continued decline, with Bitcoin dropping below
$113,000 and Ethereum experiencing a more pronounced dip. Meanwhile, the Japanese bitcoin treasury firm Metaplanet announced Monday that it acquired 5,419 BTC for roughly $632.5 million, which marks the company's largest bitcoin acquisition to date. Conducted by 350 executives in June after the Senate passed the GENIUS Act, the survey found that 13% of firms already use stablecoins, mainly for cross-border payments. Ethereum’s core developers have selected early December for the tentative launch of the network’s next major hard fork, dubbed Fusaka, which aims to scale the network and make it more efficient.
Crypto Market Overview
BTC (-1.48% | Current Price: $112,840.76)
Bitcoin fell 2.6% to $112,846 over the past 24h, underperforming the broader crypto market (-3.89%). Bitcoin breached the $115,000 support level (23.6% Fib retracement) and 7-day SMA ($116,087), activating stop-loss orders and algorithmic selling. Technical traders interpret breakdowns below key levels as bearish signals, often leading to cascading sell-offs. The 30-day SMA at $112,935 now acts as critical support – a close below could trigger tests of $111,335 (61.8% Fib). Derivatives data shows $1.05T open interest in perpetual swaps, with concentrated leverage near $117K. A drop to $104,500 risks $10B long liquidations. High leverage creates reflexive sell pressure during dips. However, the 21.46% OI increase suggests some traders are positioning for volatility – a rebound above $115K could squeeze $5.5B shorts. The U.S. Treasury’s 30-day comment period for the GENIUS Act (stablecoin rules) began Sept 18, creating compliance uncertainty for crypto markets. While focused on stablecoins, the regulations could tighten liquidity conditions. Traders often reduce exposure during regulatory gray periods, particularly with the Senate’s crypto market structure bill vote looming. On September 19th, BTC ETFs saw a net inflow of $222.6 million, including $246.1 million into Fidelity's FBTC.
ETH (-6.62% | Current Price: $4,195.78)
Ethereum fell 6.61% over 24h, underperforming the broader crypto market (-3.89%). ETH has broken below the critical Fibonacci support level of $4,221–$4,954. The RSI14 currently stands at 50.65, indicating a neutral momentum, while the MACD histogram reads -13.94, signaling bearish pressure. The 7-day SMA at $4,516 has now turned into a resistance level. This breakdown likely triggered over $210 million in long liquidations, echoing patterns observed in August 2025. Trading volume surged 116.94% to $36.5 billion within 24 hours, reflecting dominant panic selling. A close below the 100-day moving average of $4,000 could intensify losses, potentially driving ETH toward the $3,880–$3,950 support zone. The total cryptocurrency market cap fell 3.89%, accompanied by a slight decline in altcoin dominance to 29.18%.
ETH’s high correlation with Bitcoin (0.92 YTD) contributed to the drop, despite the inclusion of Ethereum in Grayscale’s new multi-asset ETF. Traders shifted toward cash amid regulatory uncertainties, leading to slowed ETH ETF inflows—$24 million on September 21 compared to a weekly average of $205 million. Upcoming regulatory developments, such as the comment period closure for the US Treasury’s GENIUS Act on October 18 and the pending Senate vote on crypto market structure legislation, have added to market caution. While Grayscale’s ETF approval remains a long-term positive, short-term attention has shifted to compliance risks. Additionally, ETH’s staking yield of 4.2% APY is facing pressure as investors assess the potential impact of MiCA-like regulations that may limit institutional participation.
On September 19th, ETH ETFs saw a net inflow of $47.8 million, with BlackRock's ETHA saw $144.3 million in inflows and $53.4 million outflow of Fidelity's FETH.
Altcoins
The Fear and Greed Index has dipped to 45, placing market sentiment squarely in the "Fear" territory. This is a decline from yesterday's reading of 49 ("Neutral") and is also below last week's average of 53. In an interesting contrast, the Altcoin Season Index has been strong, registering 61 and remaining in the "Alt Season" zone for four consecutive days (as of September 21st). This is notably higher than last week's average of 72 and last month's average of 48.
This situation actually touches on a noted market paradox. Analyses indicate that while we are in a statistical altcoin season, many retail investors aren't feeling the benefits as they might have in the past. This is because:
Capital is concentrated in a handful of large-cap altcoins (like SOL, XRP, BNB) and stablecoins, rather than flowing broadly into small and mid-cap tokens. The number of altcoins has exploded, making it harder to pick winners and diluting the positive effects across the board. A successful bet on a small portion of a portfolio has less overall impact. Investors remain cautious due to lessons learned from past cycles where altcoin rallies were often followed by sharp corrections.
Macro Data
Today's markets show a mixed picture. Stock markets are easing back from recent highs, with investor focus shifting towards upcoming central bank meetings and key economic data releases. Gold prices are seeing a slight increase amidst inflation concerns. Gold is currently trading at $3,709.52, up 0.64%. On September 22, the S&P 500 gained 0.49% to 6,664.36 points; the Dow Jones Industrial Average gained 0.37% to 46,315.27 points; and the Nasdaq Composite Index gained 0.77% to 22,631.48 points.
Trending Tokens
HIPPO sudeng (+30.1%, Circulating Market Cap: $28.5 Million)
HIPPO is trading at $0.002856, up approximately 30.1% in the past 24 hours.
$HIPPO is a fan-created memecoin on SUI that celebrates the adorable Su Deng, the cutest hippo in the world. Under new community-driven management, the project donates a portion of its profits to global wildlife causes, starting with Khao Kheow Open Zoo, home to Moo Deng. HIPPO’s rise aligns with Sui’s ecosystem growth, where tokens tied to developer activity have outperformed hype-driven peers. Recent on-chain data shows HIPPO’s use in decentralized app testing and liquidity experiments. Real usage beyond speculation, like smart contract integrations, which creates organic demand. Builders using HIPPO for low-risk testing signal long-term protocol relevance.
ME Magic Eden (+22.56%, Circulating Market Cap: $139.25 Million)
ME is trading at $0.8306, up approximately 20.68% in the past 24 hours. $ME is powering the onchain economy and represents the most powerful suite of cross chain trading, minting, and wallet protocols. Adopted by Magic Eden as their official token, $ME will represent the largest community of onchain users who will earn $ME for trading all assets on all chains. On September 12, Magic Eden announced SparkPad, a token launch platform, alongside co-founder appearances at high-profile events like a Trump-linked dinner (X). The narrative of ecosystem expansion has fueled short-term speculation. However, ME remains 89% below its all-time high ($7.46), suggesting cautious optimism. ME’s circulating supply is just 16.7% of its total (167M of 1B), limiting immediate sell pressure. Technically, the price broke above its 7-day SMA ($0.69) and 30-day EMA ($0.69), with RSI-14 at 58 (neutral). Low float amplifies volatility, while bullish technicals (MACD histogram +0.004) suggest momentum traders are entering. ME’s rally reflects a mix of platform upgrades, speculative narratives, and favorable supply dynamics. While bullish in the short term, sustainability hinges on SparkPad adoption and broader NFT market trends.
PRAI Privasea AI (+16.58%, Circulating Market Cap: $9.35 Million)
PRAI is trading at $0.03629, up approximately 16.58% in the past 24 hours. Privasea AI (PRAI) is a privacy-focused blockchain project combining confidential AI computation with Proof-of-Humanity verification to secure sensitive data in Web3 applications. PRAI’s price broke above its 23.6% Fibonacci retracement level ($0.0407) with a 94% 7-day RSI, while MACD shows bullish divergence (histogram: +0.002395). The RSI above 70 typically signals overbought conditions, but in strong uptrends, it can persist. The next resistance is the 38.2% Fib level at $0.0358, now acting as support.
Market News
Metaplanet Buys $632 Million in Bitcoin, Largest BTC Acquisition to Date
The Japanese bitcoin treasury firm Metaplanet announced Monday that it acquired 5,419 BTC for roughly $632.5 million, which marks the company's largest bitcoin acquisition to date. In a Monday post on X, Metaplanet CEO Simon Gerovich said that the latest purchase was made at an average price of about $116,724 per bitcoin. With the latest acquisition, the company's total holdings reached 25,555 BTC, acquired for approximately $2.71 billion at an average price of $106,065 per bitcoin.
According to The Block's data dashboard, Metaplanet's latest purchase likely positions the company as the fifth-largest public corporate holder of bitcoin, ahead of Bullish and behind Strategy, Mara, XXI and Bitcoin Standard Treasury Company. Michael Saylor's Strategy remains the largest with 638,985 BTC. Earlier this month, Metaplanet announced that it will raise $1.4 billion by issuing 385 million new shares, with the proceeds earmarked for bitcoin purchases. Last week, its board approved a new U.S. subsidiary Metaplanet Income Corp., to scale a growing “bitcoin income generation” line focused on derivatives and related activities.
Stablecoin Adoption Set to Surge After GENIUS Act, Hit $4T in Cross-Border Volume
Stablecoin adoption is gaining momentum among corporates and financial institutions driven by regulatory clarity and cost-savings in global money transfers, according to a survey by EY-Parthenon. Conducted with 350 executives in June after the Senate passed the GENIUS Act, the survey found that 13% of firms already use stablecoins, mainly for cross-border payments. Among those who didn't use stablecoins, 54% expected to adopt them within the next six to 12 months. Regulatory clarity provided by the GENIUS Act was widely viewed as a turning point. The legislation, which was signed into law in July, provided long-awaited rules for U.S. dollar-denominated stablecoins, including reserve requirements and issuer approval processes.
Executives said in the survey the law reduces uncertainty around liquidity, tax treatment and custodial services.
Cost savings are also a key driver for adoption, with 41% of current users reporting at least a 10% reduction in expenses from using stablecoins in international transactions.
Ethereum’s Fusaka Upgrade Moves to December, Blobs to Double After
Ethereum’s core developers have selected early December for the tentative launch of the network’s next major hard fork, dubbed Fusaka, which aims to scale the network and make it more efficient. While the Fusaka upgrade will go live on Dec. 3, the increase in blob capacity will take place two weeks later, putting it around Dec. 17, followed by another blob capacity hard fork on Jan. 7, 2026.
Both the blob capacity hard forks will more than double the current blob capacity, according to Ethereum researcher Christine D. Kim.
Before the upgrade goes live on the Ethereum mainnet, three public testnets will be conducted between early October and mid-November.“The initial conclusion is that we can go ahead with a Max blob count of 15 for BPO1 [Blob Parameter Only] and Max blob count of 21 for BPO2. There are a total of 5 BPOs planned for Fusaka, so we can ensure mainnet scales a lot — safely,” Ethereum developer community ethPandaOps said in an X post on Thursday.
BPO (Blob-Parameter only) forks only change the parameters pertaining to blob targets and limits. These hard forks do not require any updates from the client-side. Blobs store large data sets offchain, which makes layer-2 networks more efficient while decreasing the cost of transactions. Blob usage has been constantly inching upward since the Dencun upgrade went live in March 2024. Currently, the average blob count per block stands at 5.1, while the figure was a lot lower at 0.9 in March 2023, according to a Dune dashboard.
On Monday, the Ethereum Foundation announced a four-week code audit program, offering $2 million to developers who discover and disclose vulnerabilities in the Fusaka codebase. Fusaka’s launch follows the Pectra upgrade on May 7, which raised the validator staking limit, introduced account abstraction and made layer-2 networks more efficient.
Reference:
CoinMarketCap. (n.d.).
CoinMarketCap.
https://coinmarketcap.com
Farside Investors. (n.d.-a).
Bitcoin.
https://farside.co.uk/btc/
Farside Investors. (n.d.-b).
Ethereum.
https://farside.co.uk/eth/
Investing.com. (n.d.-a).
USA Indices.
https://investing.com/indices/usa-indices
GoldPrice.org. (n.d.).
Spot gold price today.
https://goldprice.org/spot-gold.html
The Block. (2025, September 21).
Metaplanet buys $632 million in
bitcoin,
largest BTC acquisition to date. The Block.
https://www.theblock.co/post/371544/metaplanet-buys-5419-bitcoin
CoinDesk. (2025, September 21).
Stablecoin
adoption
set to surge after Genius Act hit USD4T
in
cross-border volume: EY survey. CoinDesk.
https://www.coindesk.com/business/2025/09/21/stablecoin-adoption-set-to-surge-after-genius-act-hit-usd4t-in-cross-border-volume-ey-survey
Cointelegraph. (2025, September 19).
Ethereum’s Fusaka upgrade moves to December, blobs to double after. Cointelegraph.
https://cointelegraph.com/news/ethereum-fusaka-upgrade-moves-december-blob-capacity-doubling
CoinCatch Team
Disclaimer:
Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.
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