By Omkar Godbole (All occasions ET until indicated in any other case)
Suddenly, it is all about Ethereum rival Solana and its native token SOL as the broader market holds its breath forward of Wednesday’s Federal Reserve fee determination.
Michael Novogratz, the founder and CEO of Galaxy Investment, says Solana might evolve to turn out to be a settlement infrastructure in international finance. Why? Because the blockchain can deal with over 6 billion transactions a day, which is method larger than the 400 million-700 million trades international securities markets normally take care of, he mentioned. Speed issues.
At BaseCamp 2025, Coinbase’s layer-2 community hinted at plans for a token launch that would speed up decentralization and unveiled a Solana bridge to spice up cross-chain connectivity. Pantera Capital’s Dan Morehead introduced that Solana is their largest guess, valued at $1.1 billion, calling it the quickest and best-performing blockchain, which has outpaced even Bitcoin over the previous 4 years.
If that is not sufficient, Kyle Samani, chairman of Nasdaq-listed Solana treasury firm Forward Industries, mentioned over the weekend that the firm plans to deploy funds to spice up the Solana-native decentralized finance ecosystem.
All these indicators recommend SOL might outperform bitcoin , ether (ETH) and different main tokens if the Fed cuts charges by the 25 foundation factors this week, as anticipated. If it surprises with a 50-basis-point transfer, issues might get wild. Keep your eyes on these SOL/BTC and SOL/ETH buying and selling pairs.
Currently, SOL is buying and selling round $235 after peaking close to $250 over the weekend. Other main cryptocurrencies are caught in impartial, trailing behind shares, which proceed to hit contemporary highs.
On the stablecoin entrance, the Bank of England proposed limits on how the worth of dollar-backed stablecoins a person can maintain, as low as 10,000 kilos ($13,600), citing systemic dangers. Stani Kulechov, Aave’s CEO, referred to as the transfer “absurd” and urged the crypto group to face up in opposition to such laws.
More nations, particularly these with present account deficits, will probably think about comparable measures to curb outflows that dodge conventional banks.
And as for the conventional markets, Monday’s mixture of rising shares and the VIX, Wall Street’s worry gauge, has some observers elevating their eyebrows. History reveals these moments usually precede market corrections, so keep alert!
What to Watch
- Crypto
- Sept. 16, 12 p.m.: Solana Live occasion on X. Guests embody Pump.enjoyable co-founder Alon Cohen and Kyle Samani, chairman of Forward Industries (FORD) and the managing companion of Multicoin Capital.
- Macro
- Sept. 16, 8 a.m.: Brazil July unemployment fee Est. 5.7%.
- Sept. 16, 8:30 a.m.: Canada August headline CPI YoY Est. 2%, MoM Est. 0%; core YoY Est. N/A (Prev. 2.6%), MoM Est. N/A (Prev. 0.1%).
- Sept. 16, 8:30 a.m.: U.S. August retail gross sales YoY Est. N/A (Prev. 3.9%), MoM Est. 0.3%.
- Earnings (Estimates based mostly on FactSet knowledge)
Token Events
- Governance votes & calls
- Curve DAO is voting to replace donation-enabled Twocrypto contracts, refining donation vesting so unlocked parts persist after burns. Voting ends Sept. 16.
- Sept. 16: Aster Network to host a group name.
- Sept. 18, 6 a.m.: Mantle to host Mantle State of Mind, a month-to-month downhill sequence.
- Sept. 16, 12 p.m.: Kava to host a group Ask Me Anything (AMA) session.
- Unlocks
- Token Launches
- Sept. 16: Merlin (MRLN) to be listed on Binance Alpha, MEXC, BitMart, Gate.io, and others.
Conferences
Token Talk
By Oliver Knight
- As the crypto market stays inside a decent vary after a quick peak and trough on Monday, one token is working its personal race: IMX is up 15% in the previous 24 hours with every day buying and selling quantity doubling to $144 million.
- The rise lifted IMX, the native token of Web3 gaming platform Immutable, to a five-month excessive.
- Bullish sentiment round Immutable may be attributed to an SEC probe that was dropped earlier this yr and common optimism round the gaming sector. Gaming is estimated to succeed in $200 billion in income this yr with additional progress forecast in 2026 alongside the launch of Rockstar Gaming’s Grand Theft Auto 6.
- Immutable is properly positioned to capitalize on that progress after teaming up with gaming big Ubisoft on the subsequent iteration of Might and Magic Fates in April.
- Blockchain expertise might have a key function to play in gaming if traits shift towards in-game possession of things, which might see the implementation of non-fungible tokens (NFTs) inside a recreation that would then be collected or offered on for crypto tokens.
- IMX is at present buying and selling at $0.736 having damaged out of a key degree of resistance. It will probably come again to check $0.70 as assist earlier than doubtlessly transferring larger, supplied buying and selling quantity can maintain at these ranges.
Derivatives Positioning
- Most main cryptocurrencies, together with BTC and ETH, continued to expertise capital outflows from futures, resulting in a decline in open curiosity.
- AVAX stands out with OI rising over 14% as the token’s market cap appears to be like to climb above $13 billion for the first time since Feb. 2.
- Solana OI has reached a document excessive of over 70 million SOL, with optimistic funding charges pointing to bullish capital inflows.
- On the CME, OI in solana futures pulled again to 7.63 million SOL from the document 8.12 million SOL on Sept. 12. Still, the three-month annualized premium holds properly above 15%, providing a gorgeous yield for carry merchants.
- BTC CME OI continues to enhance, however general positioning stays mild relative to ether and SOL futures.
- On Deribit, the bias for BTC and ETH put choices continues to ease throughout all tenors as merchants anticipate Fed fee cuts. SOL and XRP choices stay biased bullish.
- On OTC community Paradigm, block flows featured BTC calendar spreads and shorting of name and put choices.
Market Movements
- BTC is unchanged from 4 p.m. ET Monday at $115,500.55 (24hrs: +0.54%)
- ETH is unchanged at $4,513.45 (24hrs: -0.49%)
- CoinDesk 20 is up 0.48% at 4,271.28 (24hrs: +0.71%)
- Ether CESR Composite Staking Rate is up 5 bps at 2.87%
- BTC funding fee is at 0.0059% (6.4616% annualized) on Binance
- DXY is down 0.32% at 96.99
- Gold futures are up 0.42% at $3,734.70
- Silver futures are up 0.53% at $43.19
- Nikkei 225 closed up 0.3% at 44,902.27
- Hang Seng closed unchanged at 26,438.51
- FTSE is down 0.22% at 9,256.41
- Euro Stoxx 50 is unchanged at 5,437.55
- DJIA closed on Monday up 0.11% at 45,883.45
- S&P 500 closed up 0.47% at 6,615.28
- Nasdaq Composite closed up 0.94% at 22,348.75
- S&P/TSX Composite closed up 0.5% at 29,431.02
- S&P 40 Latin America closed up 1.64% at 2,904.55
- U.S. 10-Year Treasury fee is unchanged at 4.037%
- E-mini S&P 500 futures are up 0.19% at 6,633.75
- E-mini Nasdaq-100 futures are up 0.29% at 24,380.00
- E-mini Dow Jones Industrial Average Index are unchanged at 45,902.00
Bitcoin Stats
- BTC Dominance: 58.11% (unchanged)
- Ether to bitcoin ratio: 0.03907 (-0.36%)
- Hashrate (seven-day transferring common): 1,025 EH/s
- Hashprice (spot): $53.98
- Total Fees: 4.41 BTC / $508,109
- CME Futures Open Interest: 140,975 BTC
- BTC priced in gold: 31.2 oz
- BTC vs gold market cap: 8.82%
Technical Analysis
- The month-to-month chart reveals that BTC is once more probing the trendline connecting the earlier bull market peaks.
- Bulls failed to ascertain a foothold above that trendline in July and August.
- A 3rd straight failure might actually embolden sellers, doubtlessly yielding a deeper drop.
Crypto Equities
- Coinbase Global (COIN): closed on Monday at $327.02 (+1.23%), +0.27% at $327.91
- Circle (CRCL): closed at $134.05 (+6.97%), unchanged in pre-market
- Galaxy Digital (GLXY): closed at $30.77 (+3.6%), +0.58% at $30.95
- Bullish (BLSH): closed at $51.08 (-1.47%), +0.59% at $51.38
- MARA Holdings (MARA): closed at $16.24 (-0.43%), unchanged in pre-market
- Riot Platforms (RIOT): closed at $16.68 (+4.97%), +1.08% at $16.86
- Core Scientific (CORZ): closed at $16.32 (+2.9%), +0.37% at $16.38
- CleanSpark (CLSK): closed at $10.29 (-0.58%), +0.1% at $10.30
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $38.73 (+3.78%), +1.96% at $39.49
- Exodus Movement (EXOD): closed at $27.88 (-1.69%), -1.94% at $27.34
Crypto Treasury Companies
- Strategy (MSTR): closed at $327.79 (-1.1%), +0.34% at $328.89
- Semler Scientific (SMLR): closed at $28.39 (-2.74%)
- SharpLink Gaming (SBET): closed at $16.79 (-5.14%), +0.54% at $16.88
- Upexi (UPXI): closed at $6.33 (-6.29%), +0.95% at $6.39
- Lite Strategy (LITS): closed at $3.07 (+10.43%)
ETF Flows
Spot BTC ETFs
- Daily internet flows: $259.9 million
- Cumulative internet flows: $57.05 billion
- Total BTC holdings ~1.31 million
Spot ETH ETFs
- Daily internet flows: $359.7 million
- Cumulative internet flows: $13.74 billion
- Total ETH holdings ~6.53 million
Source: Farside Investors
While You Were Sleeping
