gm 29/09

Summary
gm, The crypto market have been dominated by discussions around Bitcoin treasury purchases, with analysts highlighting the significant slowdown in corporate buying of BTC and ETH that previously supported summer price surges. The Bitcoin community faces internal tensions after developer Luke Dashjr was accused of proposing a controversial hard fork—allegations he vehemently denies as "fabricated nonsense." Meanwhile, NYDIG has called for abandoning the misleading mNAV metric used to value Bitcoin treasury firms, arguing it fails to account for operational businesses beyond crypto holdings. This debate coincides with Strive's acquisition of Semler Scientific, marking the first merger of publicly traded Bitcoin treasuries and potentially initiating a consolidation wave in the Digital Asset Treasury sector. As Bitcoin concluded a weak quarter with a 5% drop in Week 38, market data shows the cryptocurrency recovering slightly, up 2.17% to $111,762 in the past 24 hours.

News Headlines
📉 BTC Ends Weak Quarter Amid Seasonal Pressures

• Bitcoin concluded a weak quarter with a 5% drop in Week 38, traditionally the third-most bearish week of the year, with over $17 billion in options expiring with a max pain price of $110,000.
• The short-term holder cost basis stands at $110,775, with a critical level at $107,252 from early September that Bitcoin must maintain to continue its upward trend.

💼 Digital Asset Treasury Firms Could Reshape Blockchain Economies

• Ryan Watkins, co-founder of Syncracy Capital, believes Digital Asset Treasury (DAT) firms, currently holding around $105 billion in crypto assets, could evolve into significant players within blockchain ecosystems.
• Some DATs may transform from speculative entities into long-term economic engines analogous to Berkshire Hathaway, with unique capabilities to deploy capital and actively engage in governance through substantial holdings.

💳 From Coffee Shops to Airlines: Who Accepts Bitcoin, Ether and XRP in 2025

• Major companies across various sectors now accept cryptocurrencies, including Starbucks, Microsoft, Home Depot, and Emirates airlines, often via third-party processors that ensure instant conversion to fiat.
• Payment processors like PayPal and BitPay are helping small businesses enter the crypto space by reducing compliance costs, making it easier to accept a wider range of digital assets.

💰 Tether and Circle Are 'Printing Money' But Competition is Coming

• Stablecoin issuers like Tether and Circle benefit from high-interest rates on U.S. Treasuries backing their tokens, essentially printing money as holders see none of the yield.
• New platforms such as M^0 and Agora are emerging to address this issue by allowing yield to be routed to end users, potentially shifting market expectations despite regulatory challenges.

🖥️ Bitcoin Core Update Sparks Developer Debate

• Bitcoin Core's upcoming v30 update has drawn crypto pioneer Nick Szabo into the debate after a five-year social media absence, highlighting the contentious nature of the proposed changes.
• The update would expand the OP_RETURN opcode data limit from 80 bytes to potentially 4 megabytes per transaction, dividing the community between purists and maximalists.

Market Metrics

Fundraising & VC
1. Kraken (Undisclosed, $500M) - Cryptocurrency exchange
2. RockSolid (Pre-seed, $2.8M) - On-chain insurance marketplace

Regulatory
🗽 New York's Crypto Hub Ambitions Face Uncertainty as Adams Exits

• Pro-crypto Mayor Eric Adams has withdrawn from the mayoral race amid financial difficulties related to a federal bribery case, casting doubt on New York City's crypto initiatives.
• His administration had formed a digital advisory council and proposed a Bitcoin bond to attract cryptocurrency businesses to the city.

🌐 Singapore and UAE Crowned Most Crypto-Friendly Nations

• Singapore leads global crypto adoption with 24.4% of its population owning digital assets and the highest search activity at 2,000 crypto-related queries per 100,000 people.
• The UAE ranks second with the world's highest crypto ownership rate at 25.3%, showing a remarkable 210% increase in adoption since 2019.

📱 Bitchat Downloads Surge in Madagascar Amid Protests

• ack Dorsey's decentralized messaging service Bitchat has seen Google search interest spike from 0 to 100 in Madagascar during civil unrest over infrastructure issues.
• The app garnered over 21,000 downloads in a single day as citizens sought uncensored communication channels during protests.

🚀 Nation-States Approaching "Sudden" Bitcoin Adoption Phase

• Jan3 founder Samson Mow predicts that nation-state Bitcoin adoption is transitioning from gradual to sudden, with many countries preparing to rapidly increase their involvement.
• Despite the U.S. signing an executive order to establish a Strategic Bitcoin Reserve, it hasn't begun purchasing Bitcoin, potentially allowing other nations to move ahead.

💬 Telegram's Durov Refuses to Censor Election Content

• Pavel Durov revealed that French intelligence pressured Telegram to censor political content related to Moldova's 2024 elections, a request he rejected on principle.
• Following his controversial arrest in 2024, Durov has become increasingly critical of government attempts to control online communication platforms.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has support at points 109600 and resistance at points 113600. The currency is assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency gave a negative signal from the double top formation by the break down through the support at 4298. Further fall to 3878 or lower is signaled. The currency is testing resistance at points 4130. This could give a negative reaction, but an upward breakthrough of points 4130 means a positive signal. RSI below 30 shows that the momentum of the currency is strongly negative in the short term. Investor have steadily reduced the price to sell the currency, which indicates increasing pessimism and continued falling prices. 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 is an early signal of a possible trend reversal downwards for the price as well. The currency is overall assessed as technically negative for the short term.