🗓️ September 24｜Crypto Daily
Last night, risk assets cooled off together. Crypto got hit by a round of high-interest-rate expectations and profit-taking. But the ETF inflows are still real—what we’re seeing now is more like fierce turnover during a strong trend, not that the trend has already ended.
📊 Market
• BTC: $84,358, 24h -2.41%
• ETH: $2,687, 24h -2.64%
• SOL: $115.25, 24h -2.96%
• Total market cap across the board: about $2.88T, 24h -4.96%; 24h trading volume about $243.6B, nearly doubling; BTC dominance 58.77%.
Prices down and volume expanding suggests it’s not that nobody’s trading—it’s just that longs and shorts at high levels went head-to-head. Altcoins are weaker overall than BTC. At this stage, don’t equate “down more” with “cheaper.”
📰 The most important things today
1. The U.S. spot BTC ETF saw net inflows of about $714.7M in the latest publicly available trading day, September 22. It marked net inflows for 4 consecutive trading days, totaling about $2.31B. Note: this is the data for September 22, not today.
2. This coming Friday, Deribit quarterly expiry will arrive: about $15.9B in BTC options and $2.1B in ETH options will expire. BTC positioning is mildly bullish, but after expiry, market makers’ hedging buy pressure may disappear, so short-term volatility is likely to keep amplifying.
3. The U.S. crypto market structure bill, the CLARITY Act, has stalled in the Senate. The regulatory framework continuing to drag isn’t a fatal issue for long-term adoption, but it will weigh on near-term sentiment and valuations.
4. Solana has started testing a new upgrade, aiming to reduce the time for final confirmation from 12.8 seconds to about 150 milliseconds. The technical direction is aggressive, but during the test phase don’t price in the full vision too early.
5. BitMEX ends its trading business and will only keep withdrawals. The veteran perpetual contract platform bows out—once again: an exchange is not a wallet; don’t put all long-term assets in one place.
⏰ What to watch next
• Tonight 20:30: U.S. initial jobless claims
• Tonight 22:00: U.S. August new home sales
• September 25 16:00: about $18B BTC+ETH quarterly options expiry; that same evening also includes U.S. durable goods orders and the final reading of Michigan consumer sentiment
My take: After BTC surged, it pulled back to around $84,000. The capital flows haven’t gone bad, but leverage and event risk on the board are both relatively high. Being bullish here is acceptable, but chasing longs isn’t worth it. What truly matters is whether the $83,000–$85,000 range can hold, and whether there will be fresh spot-buy follow-through after expiry.
Trading strategy: keep position size light and scale in, wait for confirmation at key levels; reduce leverage on contracts—better to earn less than to let the market charge you tuition.
⚠️ The above is for market record only and does not constitute investment advice. Crypto assets are extremely volatile—please manage position size and set stop-losses.
Last night, risk assets cooled off together. Crypto got hit by a round of high-interest-rate expectations and profit-taking. But the ETF inflows are still real—what we’re seeing now is more like fierce turnover during a strong trend, not that the trend has already ended.
📊 Market
• BTC: $84,358, 24h -2.41%
• ETH: $2,687, 24h -2.64%
• SOL: $115.25, 24h -2.96%
• Total market cap across the board: about $2.88T, 24h -4.96%; 24h trading volume about $243.6B, nearly doubling; BTC dominance 58.77%.
Prices down and volume expanding suggests it’s not that nobody’s trading—it’s just that longs and shorts at high levels went head-to-head. Altcoins are weaker overall than BTC. At this stage, don’t equate “down more” with “cheaper.”
📰 The most important things today
1. The U.S. spot BTC ETF saw net inflows of about $714.7M in the latest publicly available trading day, September 22. It marked net inflows for 4 consecutive trading days, totaling about $2.31B. Note: this is the data for September 22, not today.
2. This coming Friday, Deribit quarterly expiry will arrive: about $15.9B in BTC options and $2.1B in ETH options will expire. BTC positioning is mildly bullish, but after expiry, market makers’ hedging buy pressure may disappear, so short-term volatility is likely to keep amplifying.
3. The U.S. crypto market structure bill, the CLARITY Act, has stalled in the Senate. The regulatory framework continuing to drag isn’t a fatal issue for long-term adoption, but it will weigh on near-term sentiment and valuations.
4. Solana has started testing a new upgrade, aiming to reduce the time for final confirmation from 12.8 seconds to about 150 milliseconds. The technical direction is aggressive, but during the test phase don’t price in the full vision too early.
5. BitMEX ends its trading business and will only keep withdrawals. The veteran perpetual contract platform bows out—once again: an exchange is not a wallet; don’t put all long-term assets in one place.
⏰ What to watch next
• Tonight 20:30: U.S. initial jobless claims
• Tonight 22:00: U.S. August new home sales
• September 25 16:00: about $18B BTC+ETH quarterly options expiry; that same evening also includes U.S. durable goods orders and the final reading of Michigan consumer sentiment
My take: After BTC surged, it pulled back to around $84,000. The capital flows haven’t gone bad, but leverage and event risk on the board are both relatively high. Being bullish here is acceptable, but chasing longs isn’t worth it. What truly matters is whether the $83,000–$85,000 range can hold, and whether there will be fresh spot-buy follow-through after expiry.
Trading strategy: keep position size light and scale in, wait for confirmation at key levels; reduce leverage on contracts—better to earn less than to let the market charge you tuition.
⚠️ The above is for market record only and does not constitute investment advice. Crypto assets are extremely volatile—please manage position size and set stop-losses.