gm 28/09

Summary
gm, The integration between crypto and traditional finance continues to accelerate, as Morgan Stanley announced plans to launch crypto trading through ETrade in 2026, while the CFTC is exploring allowing tokenized assets as collateral in derivatives markets. On the technology front, Zeus Network launched BitcoinKit to integrate Bitcoin into Solana's DeFi ecosystem without custodians or wrapped tokens, and Jito introduced its Block Assembly Marketplace on Solana mainnet, enhancing validator capabilities. Amidst these developments, the broader market remains cautious, with Bitcoin stabilizing around $110,000 after significant liquidations, reflected in the Fear & Greed Index dropping to its lowest level since April.

News Headlines
🐻 Bitcoin Treasury Companies Underperform Underlying Assets

• Crypto treasury companies have significantly underperformed the underlying assets they hold, with many losing over 90% of their value despite gains in Bitcoin, Ethereum, and Solana.
• Market saturation is a key factor behind this trend, with 140 public companies pursuing crypto treasury strategies, raising investor concerns about forced selling to meet financial obligations.

🖥️ Cipher Mining Boosts Debt Offering to $1.1B Following Google Deal

• Cipher Mining has increased its convertible debt offering from $800 million to $1.1 billion following a significant $3 billion AI cloud hosting deal backed by Google, highlighting the growing convergence between crypto mining and AI computing.
• The deal includes a 10-year agreement with Fluidstack for IT load support in Colorado, with Google backstopping $1.4 billion of Fluidstack's lease obligations in exchange for warrants to acquire 24 million Cipher shares.

📈 JPMorgan and Citigroup Upgrade Riot Platforms on AI Shift

• Major financial institutions JPMorgan and Citigroup have upgraded Riot Platforms due to its strategic shift towards high-performance computing and artificial intelligence, with JPMorgan raising its price target to $19 and Citi to $24.
• Analysts noted that Riot, along with other miners, has a 50% chance of securing HPC hosting contracts, underscoring a growing division in the industry between miners focused solely on Bitcoin and those embracing AI and cloud computing.

⚡ Multiple Solana Staking ETFs May Win US Approval Within Two Weeks

• Analyst Nate Geraci predicts that multiple Solana ETFs with staking features could gain SEC approval by mid-October, following filings from major asset managers including Franklin Templeton and Fidelity Investments.
• The inclusion of staking in these filings is viewed as a positive signal for future spot Ether ETF approvals, potentially opening the door to broader institutional involvement in proof-of-stake cryptocurrencies.

💼 Corporate Clients Hold Up to 15% of Assets on Brazil's Largest Crypto Exchange

• Small and medium enterprises hold between 10-15% of all assets on Mercado Bitcoin, Brazil's largest crypto exchange, according to the company's head of corporate development Daniel Cunha.
• These businesses are primarily using bitcoin and stablecoins for conservative cash management rather than active trading, with most companies moving less than 10% of their holdings at any given time.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🔐 UK's Digital ID Scheme Raises Security Concerns

• The UK government announced a mandatory Digital ID scheme requiring mobile identification for workers by 2029, aimed at combating illegal immigration.
• Security experts warn the centralized system storing biometric data creates a prime target for hackers, though proponents argue proper implementation could enhance security.

💰 Tennessee Couple Fined $6.8M for Crypto Fraud

• Michael and Amanda Griffis were ordered to pay $6.8 million for defrauding 145 investors through their "Blessings of God Thru Crypto" scheme.
• The couple funneled $4 million offshore while returning only $855,000 in Ponzi-style payments, resulting in lifetime bans from commodities trading.

🔍 SEC's 'Crypto Mom' Hints at Post-Commission Plans

• SEC Commissioner Hester Peirce joked about becoming an NFT creator after her tenure, while emphasizing her ongoing commitment to establishing sound crypto policies.
• Peirce noted that following former Chair Gary Gensler's departure, the SEC has significantly shifted its stance on digital assets toward greater regulatory clarity.

⏸️ US Government Shutdown Could Delay Crypto Legislation

• A potential US government shutdown threatens to further delay crucial crypto market structure legislation and regulatory advancements.
• The Senate banking committee has moved a key markup meeting to late October, complicating the timeline for passing crypto-related bills, with experts doubting progress this year.

📱 Vitalik Buterin Opposes EU's Chat Control Legislation

• Ethereum co-founder Vitalik Buterin criticized the EU's proposed "Chat Control" legislation that would mandate surveillance of private messages.
• Buterin warned that backdoors created for law enforcement are "inevitably hackable" and compromise security for all users, potentially pushing users toward decentralized solutions.

Technical Analysis
Bitcoin - Bitcoin has broken the rising trend channel in the short term and reacted strongly down. For the time being, it is difficult to say anything about the future trend direction. The currency has support at points 107600 and resistance at points 113600. RSI is below 30 after the falling prices of the past weeks. The currency has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically neutral for the short term.

Ethereum - An approximate horizontal trend channel in the short term is broken down. A continued weak development is indicated, and the currency now meets resistance on possible reactions up towards the trend lines. 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 3870 and resistance at points 4300. A definitive break through of one of these levels predicts the new direction. RSI is below 30 after the falling prices of the past weeks. The currency has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. 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.