gm 25/09

Summary
gm, SEC Chair Paul Atkins announced plans for an "innovation exemption" for digital assets by year-end, aiming to reduce regulatory burdens for the industry. Simultaneously, Morgan Stanley revealed its entry into direct cryptocurrency trading through E*Trade, planning to offer Bitcoin, Ethereum, and Solana trading by early 2026. Infrastructure advancements also dominated headlines, with Ethereum's upcoming mumP2P propagation layer showing 5-6x improvement in block propagation, potentially enabling higher staking yields, while the CFTC launched an initiative to permit stablecoins as collateral in derivatives markets. Meanwhile, Tether is reportedly seeking a $20 billion private placement that would value the company at approximately $500 billion, highlighting growing institutional confidence in stablecoin infrastructure.

News Headlines
🔎 FTX Trust Sues Genesis Digital Assets for $1.15 Billion

• The FTX Recovery Trust has filed a lawsuit against Bitcoin mining company Genesis Digital Assets, seeking to recover over $1.15 billion in funds allegedly misappropriated by former CEO Sam Bankman-Fried.
• The lawsuit claims Bankman-Fried directed investments in GDA shares at inflated prices during a period when FTX was diverting customer funds to cover debts owed to Alameda Research, with these transfers designed to benefit him personally while imposing losses on FTX's creditors.

📈 Bitcoin Bull Cycle Enters 'Late Phase' as Profit-Taking Metrics Spike

• Bitcoin is reportedly in a historically late phase of its current market cycle, with profit-taking behaviors mirroring patterns observed during previous cycle peaks according to analytics platform Glassnode.
• Despite some profit-taking around the recent peak of $124,000, analysts predict a new all-time high may still be achievable in the coming months, as new and short-term holders continue to accumulate Bitcoin, offsetting selling pressure from large-scale holders.

🤝 Y Combinator, Base and Coinbase Ventures Launch 'Fintech 3.0'

• Y Combinator, in collaboration with Base and Coinbase Ventures, has launched 'Fintech 3.0', an initiative encouraging entrepreneurs to build financial services on blockchain technology, with emphasis on expanding stablecoins beyond the U.S. dollar and tokenizing various assets.
• The program reflects a broader movement to integrate blockchain solutions within the financial industry as U.S. lawmakers work toward more definitive crypto regulations, with applications for startups officially open as of September 23, 2025.

💰 Bitcoin Whales Offload 147K BTC in One Month: Is $100K Price Next?

• Bitcoin whales have sold approximately 147,000 BTC (around $16.5 billion at current prices) in the past month, with the sell-off beginning after Bitcoin's price surpassed $124,500 in August.
• Despite this significant offloading by long-term whale holders, data indicates that the volume transferred to exchanges has been relatively low, suggesting these coins are being moved elsewhere as companies like Japan's Metaplanet continue acquiring large quantities of Bitcoin.

🌐 OranjeBTC to Become Brazil's Largest Publicly-Traded Bitcoin Treasury Firm With B3 Listing

• OranjeBTC, a Bitcoin-focused company in Latin America, will go public on Brazil's B3 exchange in early October through a reverse merger with Intergraus, holding 3,650 BTC valued at over $400 million.
• The company, backed by investors including the Winklevoss twins and Mexican billionaire Ricardo Salinas Pliego, plans to launch a financial education platform focused on bitcoin and crypto while aggressively expanding its BTC reserves.

Market Metrics

Fundraising & VC
1. Fnality (Series C, $136M) - Regulated payment system for tokenized assets
2. Bastion (Strategic, $14.6M) - Regulated stablecoin issuance platform for institutions
3. BULK (Seed, $8M) - High‑performance perpetuals DEX built on Solana

Regulatory
💼 Australia Drafts Law to License All Crypto Exchanges

• Australia has released draft legislation requiring crypto exchanges to obtain an Australian Financial Services License, creating two new financial products: 'digital asset platforms' and 'tokenized custody platforms'.
• The law establishes specific regulations for wrapped tokens and staking, with penalties for non-compliance reaching up to 16.5 million Australian dollars.

📊 US Senate Finance Committee to Discuss Crypto Tax Next Week

• The Senate Finance Committee will hold a hearing on September 30 to address cryptocurrency taxation, featuring testimony from Coinbase, Coin Center, and digital asset tax experts.
• The hearing follows the White House's July report calling for crypto to be recognized as a unique asset class requiring tailored tax regulations.

🔍 ShapeShift Settles Sanctions Violations for $750K

• Defunct crypto exchange ShapeShift has agreed to pay $750,000 to the U.S. Treasury Department for processing over $12.5 million in transactions from sanctioned countries.
• The settlement reveals ShapeShift operated without a compliance program to screen users or transactions from Cuba, Iran, Sudan, and Syria between 2016 and 2018.

💸 Ohio Moves to Accept Crypto Payments for State Fees

• The Ohio State Board of Deposit has approved a vendor to process cryptocurrency payments for state fees and services, positioning Ohio as a leader in digital economy integration.
• This follows recent legislative efforts including House Bill 116, which alleviates tax burdens on small crypto transactions.

🔐 Digital Euro Unlikely to Launch Before 2029, Says ECB Official

• European Central Bank Executive Board member Piero Cipollone announced that the digital euro is unlikely to launch before mid-2029 due to ongoing legislative processes.
• The European Parliament has become a significant roadblock, with a general agreement among member states expected by the end of 2025 and final position by May 2026.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has support at points 107700 and resistance at points 117600. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the trend break. The currency is overall assessed as technically slightly positive for the short term.

Ethereum - Ethereum has broken down from an approximate horizontal trend channel in the short term after investors have sold at ever lower prices. A negative signal has been triggered and further decline for the currency is indicated. It also gave a negative signal from the double top formation at the break down through the support at 4298. Further fall to 3878 or lower is signaled. The currency is between support at points 3880 and resistance at points 4300. A definitive break through of one of these levels predicts the new direction. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically negative for the short term.