Flows: Ethereum spot ETFs added $360 million on Sept 15 (fifth straight day); Bitcoin spot ETFs added $260 million (sixth straight day). US spot ETF inflows remain well above normal ranges.
Momentum vs. conviction: The RSI surged to 78.1, while CVD weakened, and volumes remained flat, indicating strong momentum but limited conviction.
Derivatives: Futures open interest rose to approximately $47.5 billion; perpetual CVD increased to $48.5 million, indicating aggressive buy-side leverage.
On-chain mix: Active addresses slipped, transfer volume increased, fees dipped, with capital moving, but user activity is muted.
Event risk: The Federal Reserve decision tomorrow is the single biggest directional catalyst; reduced hedging (skew down) raises the risk of a volatility surprise.
A confidential SEC filing and a Cantor mandate put the institutional prime broker back in the spotlight. Since its 2022 peak valuation, FalconX has quietly rebuilt itself into something broader – and harder to price.
Three Samsung affiliates will jointly acquire a 4% stake in Dunamu, operator of South Korea's largest cryptocurrency exchange Upbit, from Kakao affiliates in an all-cash deal worth 612.8 billion won (~$408 million), the companies said Thursday (May 28). The transaction is scheduled to close June 19.
The dual investment gives South Korea's fourth-largest crypto exchange a TradFi partner pursuing STOs and a global operator with reach across 120 million users.
The ETF channel that anchored bitcoin's 2025 rally has flipped to distribution for five straight sessions. The Hormuz headlines accelerated what had been building for weeks.
