The Federal Reserve cut 25 basis points to 4.25%; FOMC guidance is dovish, and markets now price a 94% chance of an October cut.
Bitcoin moved back above $117,000 intraday; $118,000 remains the dominant liquidation/resistance zone.
Spot ETF flows flipped: Bitcoin ETFs recorded $51.28 million net outflow on Sept 17 (first outflow after seven days of inflows). Ethereum ETFs were roughly flat with $1.89 million outflow.
Exchange deposits: three distinct waves of inflows exceeding $25 million per block in the past 48 hours. This is indicative of partial spot selling into the bounce.
Derivatives split: BTC and SOL perp open interest declined (less speculative long exposure); ETH, XRP, and BNB OI rose, highlighting reallocations within leverage pools.
The uptake follows a launch pitched to Bitget's 125 million users as institutional-grade yield without leaving the exchange, where USDC depositors can earn up to 18% APY and BTC holders around 3%.
Tokyo and Washington's first joint currency intervention in 15 years is designed to do the one thing that would remove the entire premise behind Metaplanet's bitcoin treasury.
Spot HYPE funds led every non-bitcoin crypto ETF category by inflows relative to assets in May and June. JPMorgan says that lead disappeared in July and hasn't come back
