Spot ETFs rotated red on with Bitcoin ETFs seeing a $258 million outflow and Ethereum ETFs hitting a fourth day of exits with another $251 million outflow.
Despite the drop, Bitcoin remains +4.5% for September; October seasonality historically favors BTC (avg. +21%).
Whales are net sellers: -147,000 BTC since August 21, the fastest monthly decline of this cycle; long-term holders realized ~3.4 million BTC in profits during the run-up.
Liquidations and deleveraging hit hard: the flash drop wiped $265 million of BTC longs and contributed to a broader multi-hundred million liquidation wave.
Structural note: Ethereum supply on exchanges is at a nine-year low (14.8 million ETH), a bullish supply signal despite short-term price pressure.
The Solana-based yield protocol has $500 million in liquidity and a delta-neutral strategy with four and a half years of trading history – but its CEO's bigger argument is about what most DeFi investors still fail to check before they deposit.
With $7 billion in stablecoin settlement already flowing through its network and new tools for AI agent authentication, Visa is positioning itself as the trust layer for an increasingly autonomous commerce landscape — without requiring banks or merchants to replace their existing systems.
The funding round — at a $2 billion valuation — is one of the largest institutional blockchain bets in years, and the participant list reads like a consensus view that Canton has won the privacy-preserving infrastructure race for regulated markets.
