Macro Overview
- US Federal Funds Rate & FOMC Update: The Fed cut interest rates by 25 bps to 4.00–4.25%, marking the first cut since December — a bullish sign for crypto in the coming months. The move was driven by a softening labor market, with Powell calling it a “risk management” cut.The Fed’s dot plot suggests two more cuts by year-end, targeting ~3.6%, though opinions remain divided. GDP forecasts were slightly revised upward, while inflation is expected to stay above target until 2028.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -2.65% fall, bringing the total market capitalization to $3.83 trillion. Notably, BTC saw a fall of -1.46% and ETH saw a fall of -6.60%. Bitcoin’s dominance stands at 58.58%, while Ethereum’s holds at 13.15%.
- Metaplanet Makes Record $632M Bitcoin Purchase: Metaplanet acquired 5,419 BTC for $632.5M — its largest purchase yet — bringing total holdings to 25,555 BTC worth $2.71B at an average price of $106,065. This move likely makes Metaplanet the fifth-largest public BTC holder, trailing only Strategy, Mara, XXI, and Bitcoin Standard Treasury Co.
- Dogecoin ETF ‘DOJE’ Begins Trading: Dogecoin has officially entered the ETF market with the launch of the REX-Osprey DOGE ET. The fund provides direct exposure to DOGE’s price and may also invest in other crypto ETFs and derivatives. Structured under the Investment Company Act of 1940, DOJE aims to give investors a regulated pathway to gain memecoin exposure, marking a significant step in bringing Dogecoin from meme status to mainstream financial markets.
- PayPal Expands PYUSD Stablecoin to More Blockchains: PayPal’s USD stablecoin (PYUSD) is expanding beyond Ethereum, Solana, Arbitrum, and Stellar to include Tron, Avalanche, Sei, and several other chains through LayerZero’s Stargate Hydra bridge. The new permissionless version, PYUSD0, will be available across seven networks and remains fully fungible with native PYUSD, redeemable 1:1 for USD. This expansion aims to boost cross-chain interoperability and adoption of PYUSD.
- BNB Hits $1,000 for the First Time: Binance’s BNB briefly crossed the $1,000 mark for the first time following the Fed’s 25 bps rate cut, before easing to around $993. The milestone underscores strong demand for BNB and its growing role within the Binance ecosystem, with traders eyeing further upside if market momentum continues.
- Wormhole Launches W 2.0, Token Jumps 20%: Wormhole rolled out its W 2.0 upgrade, introducing a strategic reserve mechanism that channels protocol revenues into the token’s value. The upgrade ties W’s performance to Wormhole and Portal adoption, with revenues from ecosystem apps contributing to locked supply. The announcement pushed W up over 20%.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Sep-23 | 10:05 PM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| Sep-25 | 6:00 PM | US Final GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Sep-26 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- BTC broke below the 50EMA (D) after getting rejected at the $117K resistance and is now holding slightly above the $112K support. Price action is likely to stay sideways in the near term as the market consolidates after the recent drop. LTF remains uncertain, but HTF structure is still bullish as long as major supports hold.
- Key support levels to consider are around $112,000 and $107,000. On the upside, resistance level is at $117,000 & $123,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral to Bearish.
- ETH underperformed BTC this week, dipping to the $4K support and now resting slightly above it. The break below the 20EMA (D) signals short-term bearishness, reinforced by BTC dominance. Overall, ETH is expected to trade sideways to slightly bearish in the coming days.
- Significant support levels include $4075 and $3392, while resistance level to watch is at around $4763.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Neutral.
- SOL pulled back to $219, as noted in our last report, and is currently holding above this key level and EMA. Short-term direction depends on sustaining above $219; overall, sideways movement is expected in the coming days.
- Key support levels to consider are around $219 and $205. On the upside, resistance level is at $244 and $260.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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