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Bitcoin (COIN:BTCUSD) reached an intraday high of $66,550 on Friday and is currently trading at $65,566, a 0.6% increase over the past 24 hours. This rise followed the release of U.S. inflation data, with the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred measure, dropping to 2.2% in August, below the expected 2.5%. The decrease in PCE suggests a faster decline in inflationary pressures, strengthening expectations of a more accommodative monetary policy from the Fed, boosting appetite for risk assets like Bitcoin. Investors now anticipate a retest of the $68,000 to $70,000 range, fueling market confidence.
On September 26, Bitcoin ETFs saw inflows of $365.7 million, the largest since July. Ark’s ETF (AMEX:ARKB) led with $113.8 million, followed by $93.4 million in BlackRock (NASDAQ:IBIT) and $74 million in Fidelity (AMEX:FBTC). In contrast, Ethereum ETFs continued to experience net outflows, losing $0.1 million. Grayscale’s ETF (AMEX:ETHE) shed $36 million, while BlackRock and Fidelity’s saw inflows. The strong demand for Bitcoin ETFs contrasts with mixed sentiment toward Ethereum, coinciding with Bitcoin surpassing $65,000 for the first time since August.
Seven days after its launch, the T-REX 2X Long MSTR Daily Target ETF (AMEX:MSTU) attracted over $72 million, standing out among new ETFs. Offering double the performance of MicroStrategy’s shares (NASDAQ:MSTR), the fund reflects growing interest in Bitcoin-related assets. Another fund, Defiance Daily Target 1.75X Long MSTR ETF (NASDAQ:MSTX), which delivers 175% returns on MSTR’s daily movements, raised $857 million since its launch on August 15, signaling investors’ appetite for leverage and Bitcoin exposure through MicroStrategy’s stock.
Guggenheim Treasury Securities (GTS), a subsidiary of Guggenheim Capital, issued $20 million in Digital Commercial Paper (DCP) on Ethereum, receiving a P-1 credit rating from Moody’s (NYSE:MCO). According to CryptoSlate, the issuance was conducted through AmpFi.Digital, a blockchain platform developed by Zeconomy, aiming to provide secure tokenization solutions for qualified investors. This highlights growing institutional interest in digital assets, with the tokenized U.S. Treasury market surpassing $2 billion in capitalization, led by major players like BlackRock and Franklin Templeton.
Ethereum’s transaction fees spiked, increasing 498% between September 16 and 26, with the average cost per transaction now at $1.69, according to Coinbase. This surge reflects heightened on-chain activity, including a 9% growth in DEX volumes and a 17% increase in Ether transfers. Analysts also noted that Ethereum (COIN:ETHUSD) broke through a trend indicator, signaling a possible short-term rally, although it remains below its 200-day exponential moving average.
Stacks’ token (COIN:STXUSD) gained 18% in seven days, tracking Bitcoin’s rise. The surge comes ahead of the Nakamoto Release, scheduled for October 9, which will introduce improvements to Bitcoin’s DeFi capabilities, including the sBTC token. Additionally, trading volume and total value locked on the Stacks network grew by approximately 31,300% and 70%, respectively, highlighting growing investor interest and network strength.
Changpeng “CZ” Zhao, Binance’s founder, could be released from prison today, two days ahead of schedule, due to a Federal Bureau of Prisons rule allowing early release if the date falls on a weekend. CZ, convicted of violating the Bank Secrecy Act, has spent 116 days in prison. Binance expressed joy at the potential release, emphasizing the company’s growth under current leadership, now serving over 230 million users.
Bitget Wallet has launched OmniConnect, a development kit allowing developers to connect Telegram Mini Apps to blockchain ecosystems like TON, Solana, and Ethereum Virtual Machine (EVM). Previously limited to the TON network, Mini Apps can now interact with multiple public chains, facilitating transactions and signatures through Bitget Wallet. This integration expands interoperability, transforming Telegram into a gateway for Web3 and advancing the transition of Web2 apps into the blockchain ecosystem.
Adam Iza, founder of Zort (COIN:ZORTUSD), has been accused of bribing Los Angeles County Sheriff’s Department officers to extort and intimidate victims. According to a CryptoSlate report, Iza also faces tax evasion charges. An FBI agent detailed the use of fake warrants to steal funds, which Iza allegedly used to finance a lavish lifestyle. He reportedly paid up to $280,000 per month to corrupt officers and is accused of attempting to kidnap a victim to access cryptocurrency.
Sorare, a fantasy sports platform based on NFTs, has been accused by the UK Gambling Commission of providing unlicensed gambling services. The French company, which partners with leagues like the Premier League and Bundesliga, allows users to buy and sell collectible cards using NFTs. According to CoinDesk, Sorare is set to appear in court on October 4 following a three-year investigation. Sorare denies the allegations, claiming the Commission has misinterpreted its business model. The case could set a precedent for Web3 industry regulators.
The Onyx protocol, a fork of Compound Finance, was exploited again, resulting in a loss of $3.2 million. A malicious contract was deployed minutes before the attack, according to security firm Fuzzland. Most losses were in VUSD, a dollar-pegged stablecoin. The attack exploited a flaw in the forked code from Compound V2 and a vulnerability in the NFTLiquidation contract, allowing rewards from self-liquidation to be inflated. Last year, Onyx faced a similar attack, losing $2.1 million.
The Bedrock crypto protocol lost $2 million after its uniBTC vaults were exploited. Web3 security firm Dedaub identified the vulnerability and notified Bedrock, but the team failed to act in time. The hacker, who could have stolen up to $75 million, was surprisingly invited to become a “white hat” and help improve the protocol’s security. Bedrock is now working with audit teams to recover lost funds and create a reimbursement plan for affected investors.
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