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.
Tether’s climb to Ethereum’s size doesn’t crown a new platform winner – it exposes what users actually show up for: cheap, permissionless dollars, with little regard for the chains or issuers underneath.
The Parliament's non-legislative report lands days after MiCA's full enforcement began, warning that US dollar stablecoins pose a structural risk to the euro.
