By Omkar Godbole (All times ET unless indicated otherwise)
The SEC, as market regulator, now couldn’t be more pro-crypto if it tried! On Thursday, a spot ETF tied to one of the least “serious” cryptocurrencies — dogecoin — debuted in the U.S. alongside payments-focused XRP.
Unlike bitcoin, ether, and stablecoins, which serve as stores of value and facilitate decentralized finance, memecoins like DOGE are driven entirely by tweets and cult-like fandom. This raises concerns that wrapping such an asset in an ETF gives it a false veneer of legitimacy, potentially putting investors at risk.
This could be seen as the “peak pro-crypto SEC” moment, when regulators become so accommodating that even memecoins get their own institutional wrapper. Furthermore, this coincides with a peak liquidity moment, as the free flow of cash encourages traders to take risks — a factor that might cause the Fed to proceed cautiously with rate cuts.
The crypto market seems unimpressed. DOGE dropped over 2% in 24 hours, contrasting sharply with 2021, when a single tweet from Elon Musk could send it soaring. The entire meme token sector is struggling, with names like M, PUMP, and TOSHI declining nearly 10% in the same period.
XRP isn’t faring any better, also down 2%. Bitcoin and ether face pressure as traders aggressively seek downside protection in the options market. The CoinDesk 20 Index was 1.3% lower at press time.
In other news, the Consensys CEO reportedly indicated a Metamask token is arriving sooner than anticipated. Additionally, Ethereum’s Fusaka upgrade is scheduled for Dec. 3, bundling several improvements aimed at enhancing data availability and reducing costs for layer-2 rollups.
Meanwhile, traditional markets are challenging crypto bulls. The dollar index and Treasury yields have edged higher, while the Bank of Japan has maintained rates, with two dissenters hinting at increases in the coming months. The central bank also announced gradual selling of ETFs to reduce its bloated balance sheet. Stay alert!
What to Watch
- Crypto
- Sept. 19: Grayscale Digital Large Cap Fund, which became the Grayscale CoinDesk Crypto 5 ETF on Sept. 18, will uplist to the NYSE Arca Exchange and start trading under the ticker GDLC.
- Macro
- Sept. 19, 8:30 a.m.: Canada July retail sales YoY Est. N/A (Prev. 6.6%), MoM (final) Est. -0.8%.
- Sept. 19 (after market close): Quarterly S&P 500, 400, and 600 rebalancing takes effect, adding Robinhood.
- Earnings (Estimates based on FactSet data)
Token Events
- Governance votes & calls
- Gnosis DAO is voting on a $40,000 pilot growth fund using conviction voting to empower GNO holders and support small, community-led ecosystem initiatives. Voting ends Sept. 23.
- Balancer DAO is voting on an ecosystem roadmap and funding plan through Q2 2026, setting targets and requesting funds. Voting ends Sept. 23.
- Unlocks
- Sept. 20: Velo to unlock 13.63% of its circulating supply worth $43.39 million.
- Token Launches
- Sept. 19, 9 a.m.: Enosys set to introduce XRP-backed stablecoin to Flare.
- Sept. 19: Lombard to be listed on Poloniex.
- Sept. 20: Reserve Rights to conduct a token burn.
Conferences
Token Talk
By Oliver Knight
- Aster, the native token of its namesake decentralized exchange, rose 33% in the past 24 hours, contributing to a 650% gain since its issuance earlier this week.
- The token was touted on X by a prominent founder, who claims it competes directly with another token.
- Nearly 330,000 wallets engaged with Aster ahead of a series of exchange listings, with daily trading volume reaching $420 million.
- The introduction of the platform has sparked controversy, prompting a member of the Aster team to reassure users that their funds are safe.
- Additionally, some claim Aster is a rebrand of an existing decentralized perpetuals exchange.
- Despite this, the platform has gained attention and is considered a viable alternative to established competition.
Derivatives Positioning
- AVAX is the only top 20 cryptocurrency to see an increase in perpetual futures open interest over the past 24 hours.
- Data indicates that 5,000 BTC in long positions could be liquidated if prices drop significantly. There’s also a buildup of short positions at higher price levels.
- Most major cryptocurrencies are experiencing net selling in futures, suggesting a potential sharp drop in altcoins amid growing risk aversion.
- On the CME, bitcoin futures open interest has surged to 149K BTC, ending a two-month downtrend.
- On Deribit, traders are pursuing put options tied to BTC, indicating persistent downside concerns.
Market Movements
- BTC is down 0.9% from 4 p.m. ET Thursday at $116,531.51 (24hrs: -0.61%)
- ETH is down 1.81% at $4,523.65 (24hrs: -1%)
- CoinDesk 20 is down 1.82% at 4,334.77 (24hrs: -1.27%%)
- Ether CESR Composite Staking Rate is up 3 bps at 2.92%
- BTC funding rate is at 0.0042% (4.5651% annualized) on Binance
- DXY is up 0.24% at 97.58
- Gold futures are up 0.34% at $3,690.80
- Silver futures are up 0.86% at $42.48
- Nikkei 225 closed down 0.57% at 45,045.81
- Hang Seng closed unchanged at 26,545.10
- FTSE is up 0.06% at 9,233.88
- Euro Stoxx 50 is up 0.14% at 5,464.39
- DJIA closed on Thursday up 0.27% at 46,142.42
- S&P 500 closed up 0.48% at 6,631.96
- Nasdaq Composite closed up 0.94% at 22,470.72
- S&P/TSX Composite closed up 0.45% at 29,453.53
- S&P 40 Latin America closed down 0.75% at 2,906
- U.S. 10-Year Treasury rate is up 1.4 bps at 4.118%
- E-mini S&P 500 futures are unchanged at 6,693.75
- E-mini Nasdaq-100 futures are unchanged at 24,709.50
- E-mini Dow Jones Industrial Average Index are unchanged at 46,503.00
Bitcoin Stats
- BTC Dominance: 57.92% (+0.31%)
- Ether-bitcoin ratio: 0.03879 (-1.01%)
- Hashrate (seven-day moving average): 991 EH/s
- Hashprice (spot): $52.08
- Total fees: 3.69 BTC / $432,583
- CME Futures Open Interest: 149,110 BTC
- BTC priced in gold: 31.9 oz.
- BTC vs gold market cap: 9.03%
Technical Analysis
- Open interest in BTC futures listed on the CME has surged from 133K to 149K BTC, ending a two-month downtrend.
- The change shows renewed capital inflows into the market, although the direction of the flows remains unclear.
Crypto Equities
- Coinbase Global: closed on Thursday at $343.13 (+7.04%), -0.62% at $341.00 in pre-market
- Circle: closed at $140.42 (+7.16%), +2.53% at $143.97
- Galaxy Digital: closed at $33.08 (+0.21%), -1.75% at $32.50
- Bullish: closed at $65.61 (+20.72%), -2.85% at $63.74
- MARA Holdings: closed at $18.5 (+6.69%), -0.65% at $18.38
- Riot Platforms: closed at $17.51 (-0.62%), -0.69% at $17.39
- Core Scientific: closed at $16.75 (+2.95%), -0.12% at $16.73
- CleanSpark: closed at $13.46 (+17.66%), -1.26% at $13.29
- CoinShares Valkyrie Bitcoin Miners ETF: closed at $41.1 (-0.12%), -1.41% at $40.52
- Exodus Movement: closed at $29.26 (+3.61%)
Crypto Treasury Companies
- Strategy: closed at $349.12 (+5.89%), unchanged in pre-market
- Semler Scientific: closed at $29.49 (+6.54%), unchanged in pre-market
- SharpLink Gaming: closed at $17.22 (+0.58%), -0.41% at $17.15
- Upexi: closed at $6.82 (+12.08%), -1.03% at $6.75
- Lite Strategy: closed at $2.71 (+3.83%), +3.69% at $2.81
ETF Flows
Spot BTC ETFs
- Daily net flows: $163 million
- Cumulative net flows: $57.46 billion
- Total BTC holdings ~1.32 million
Spot ETH ETFs
- Daily net flows: $213.1 million
- Cumulative net flows: $13.89 billion
- Total ETH holdings ~6.6 million
Source: RialCenter
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