Daily Crypto Roundup - 24 Sep

Today’s Market Update

Bitcoin was up 0.34% at $113,350, Ethereum was down 0.34%, Solana was down 2.36%, and XRP was up 1.82% over the past 24 hours.

More Crypto Online highlighted that BTC is holding near the 61.8% retracement level around $111,220. A push above $114,010 could mark the start of a recovery, but another low would weaken the bullish case and complete the 5-wave downtrend structure.

Ted Pillows noted Bitcoin retested the $111,000 support with only a small bounce, warning that fading institutional demand could still drag price toward $108,000.

For Ethereum, Pillows said it has retested $4,060 support twice in three days, showing weakness.

Crypto Dynamics Roundup

CryptoQuant: Bitcoin Short-Term Holders in Panic Sell-Off, Key Support Levels Tested

CryptoQuant analysis shows the Short-Term Holder SOPR has dropped sharply below 1, indicating short-term holders are realizing losses—a classic sign of panic selling. At $113,000 per BTC, this sell-off exceeds $3.39 billion.

Prices are hovering near the short-term holder realized price (average on-chain cost), historically a support level during volatility. Whales are also under pressure, with new whales losing $184.6 million and older ones $26.3 million, both de-risking, which is bearish short-term. The MVRV ratio near 1 shows break-even holdings, but SOPR <1 signals high-cost buyers selling at a loss.

Bitcoin Futures Open Interest Drops from $44.8B to $42.8B

Glassnode data shows Bitcoin futures open interest fell from $44.8 billion to $42.8 billion, reflecting reduced speculative exposure in the market.

Bloomberg: SEC Plans “Innovation Exemption” for Crypto Firms by Year-End

SEC Chair Paul Atkins said Tuesday the agency aims to introduce an “innovation exemption” by year-end, allowing crypto firms to launch products without cumbersome regulations.

Proposed in July, this would let firms leverage new tech swiftly. Atkins also aims to boost U.S. IPOs, noting public companies are half their level from 30 years ago.

Over 241,700 People Globally Hold $1M+ in Crypto, Up 40% from Last Year

Per Henley & Partners’ 2025 Crypto Wealth Report, 241,700 individuals hold over $1 million in crypto, up 40% in 12 months. Bitcoin holders above $1 million surged 70% to 145,100. There are 450 crypto centi-millionaires ($100M+) and 36 billionaires ($1B+), up 8% and 29%, respectively, driven by institutional adoption and state-backed digital currency programs.

Europe Busts $118M Crypto Scam Involving 23 Countries

AFP reports European authorities dismantled a crypto scam defrauding over 100 victims of €100 million ($118 million). Coordinated by Eurojust, police in Spain, Portugal, Italy, Romania, and Bulgaria arrested five suspects, including the mastermind.

The scam, running since 2018, used professional platforms to promise huge returns, laundering funds via Lithuania. Victims, mostly from Germany, France, Italy, and Spain, lost most or all funds after being asked for extra fees.

BlackRock Earns $260M Annually from Bitcoin and Ethereum ETFs

Cointelegraph cites Onchain Foundation’s Leon Waidmann, stating BlackRock’s Bitcoin and Ethereum ETFs generate $260 million yearly—$218 million from Bitcoin, $42 million from Ethereum. This profitability may spur more traditional finance giants to launch regulated crypto products. BlackRock’s ETFs hold $85 billion in AUM, 57.5% of the U.S. spot Bitcoin ETF market, far ahead of Fidelity’s $22.8 billion (15.4%).

Bubblemaps to Airdrop 30M BMT Tokens to Users Exposing Crypto Scams

The Block reports Bubblemaps launched Intel Desk, rewarding users with BMT tokens for uncovering scams. CEO Nicolas Vaiman said 3% of BMT supply (~30 million tokens, ~$2 million) will be airdropped in the first year. Fees from case creators/voters will also be shared.

Long-term, a bounty system will let anyone fund investigations with BMT, rewarding contributors.

Tether Seeks $500B Valuation with Up to $20B Funding

Two sources say Tether Holdings, the largest stablecoin issuer, is negotiating to raise $15-20 billion via a 3% equity sale, potentially valuing it at $500 billion, rivaling OpenAI and SpaceX. Talks are early. Tether’s USDT, pegged to the USD, has a $172 billion market cap, dwarfing Circle’s USDC at $74 billion.

Ethereum Spot ETF Trading Volume Hits 15%, Up from 3% Last Year

By September 2025, Ethereum spot ETF trading accounts for 15% of the spot market, up from 3% in November 2024, reflecting growing institutional and retail preference for regulated ETFs over direct token holding to avoid custody risks.

ETFs have driven a 30%+ YTD price rise to ~$4,500, but centralize ETH holdings, weakening decentralization. Staking permissions for ETFs could shift idle funds. Analysts predict ETFs will dominate Ethereum’s market structure further.

U.S. CFTC Launches Tokenized Collateral Program, Allows Stablecoins in Derivatives

CFTC Acting Chair Caroline D. Pham announced a “tokenized collateral” program, allowing stablecoins as collateral in derivatives trading to boost efficiency and transparency. Building on a February pilot with Circle, Coinbase, and others, the CFTC seeks industry feedback by October 20, advancing crypto regulation and market modernization.

SEC Approves Grayscale’s Ethereum ETF Under “Universal Listing” Framework

Crypto Briefing reports the SEC approved Grayscale’s Ethereum Trust and Mini Trust for listing under NYSE Arca’s Rule 8.201-E, streamlining ETF approvals. Grayscale may accelerate other fund ETF conversions, and issuers could push XRP and Solana ETFs via this framework.

Tether Seeks $500B Valuation with Up to $20B Funding

Two sources say Tether Holdings is negotiating to raise $15-20 billion through a 3% equity sale, potentially valuing it at $500 billion, matching OpenAI and SpaceX. Talks are preliminary. Tether’s USDT, pegged to the USD, leads with a $172 billion market cap, compared to Circle’s USDC at $74 billion.