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.
Crypto promised to democratise finance in Southeast Asia. The results were mixed. AI agents could be a second chance, but only if the infrastructure is built for everyone, not just those who can already afford a seat at the table, argues Morph CEO Colin Goltra.
A new Nomura and Laser Digital survey of 518 investment professionals finds improving sentiment, growing allocation intent, and a shift in concerns from "should we?" to "how do we?"
Ethereum just had its busiest quarter ever, yet ETH sits at roughly $2,328, down over 50% from its August 2025 high near $5,000. The divergence between record onchain usage and flat price action is the most significant fundamental signal in the ETH market right now.
