Today's Key Headlines
1. SEC and FINRA jointly investigate more than 200 “crypto treasury” companies
Event: According to The Wall Street Journal, the SEC and the Financial Industry Regulatory Authority (FINRA) have launched investigations into more than 200 publicly listed companies that announced this year that they would treat crypto assets as a core part of their business strategy. The focus is on abnormal stock price/volume movements before the relevant announcements (suspected insider trading). Strategy/MSTR, Metaplanet, and other “coin hoarding” companies are among the first targets. Key reason to watch: this directly hits the “listed companies holding crypto” narrative, and in the short term suppresses MSTR and other crypto-treasury concept stocks as well as related token sentiment. Related: shares of the publicly traded company holding the most Bitcoin ($MSTRB , etc.) have already fallen sharply as of Thursday.
2. Trump announces a new round of import tariffs (from Oct 1), while Fed officials turn increasingly hawkish
Event: Trump announced on social media that he will impose new, high tariffs on multiple categories of imported goods. Kansas City Fed Chair Schmid and Chicago Fed Chair Goolsbee both voiced concerns about cutting rates too aggressively, cooling expectations for rate cuts. Key reason to watch: expectations of tighter macro liquidity are an important driver behind this latest crypto selloff. This is supportive for the U.S. dollar and U.S. Treasuries, but negative for risk assets.
3. $22 billion BTC options expire
Event: On Friday (08:00 UTC), approximately $22 billion worth of Bitcoin options expire—one of the largest quarterly option expiries in history. A large volume of open interest is concentrated in call options. Key reason to watch: option expiries are often accompanied by amplified volatility and potential price manipulation, which may help explain the move that pushed the market below $109,000. Professional investors may be anticipating further downside.
【ETF Fund Flows】
4. Ethereum spot ETF sees record outflows, around $796 million
Event: Based on SoSoValue data, for the week ending September 26, Ethereum spot ETFs recorded net outflows of approximately $796 million—its largest single-week outflow since listing. Among them, BlackRock’s ETHA saw outflows of over $200 million, while Fidelity’s FETH saw outflows of about $362 million. Key reason to watch: institutional appetite for allocating to $ETH has clearly cooled, which is one of the core reasons for ETH’s relative weakness.
5. Bitcoin spot ETFs also suffer significant outflows, ending four straight weeks of inflows
Event: On September 26 alone, Bitcoin spot ETFs recorded net outflows of about $418 million (Fidelity’s F$BTC had the largest outflow at $300 million). For the week so far, total net outflows are about $903 million, ending the prior streak of net inflows over the previous four weeks (#以太坊突破2700美元 ).
1. SEC and FINRA jointly investigate more than 200 “crypto treasury” companies
Event: According to The Wall Street Journal, the SEC and the Financial Industry Regulatory Authority (FINRA) have launched investigations into more than 200 publicly listed companies that announced this year that they would treat crypto assets as a core part of their business strategy. The focus is on abnormal stock price/volume movements before the relevant announcements (suspected insider trading). Strategy/MSTR, Metaplanet, and other “coin hoarding” companies are among the first targets. Key reason to watch: this directly hits the “listed companies holding crypto” narrative, and in the short term suppresses MSTR and other crypto-treasury concept stocks as well as related token sentiment. Related: shares of the publicly traded company holding the most Bitcoin ($MSTRB , etc.) have already fallen sharply as of Thursday.
2. Trump announces a new round of import tariffs (from Oct 1), while Fed officials turn increasingly hawkish
Event: Trump announced on social media that he will impose new, high tariffs on multiple categories of imported goods. Kansas City Fed Chair Schmid and Chicago Fed Chair Goolsbee both voiced concerns about cutting rates too aggressively, cooling expectations for rate cuts. Key reason to watch: expectations of tighter macro liquidity are an important driver behind this latest crypto selloff. This is supportive for the U.S. dollar and U.S. Treasuries, but negative for risk assets.
3. $22 billion BTC options expire
Event: On Friday (08:00 UTC), approximately $22 billion worth of Bitcoin options expire—one of the largest quarterly option expiries in history. A large volume of open interest is concentrated in call options. Key reason to watch: option expiries are often accompanied by amplified volatility and potential price manipulation, which may help explain the move that pushed the market below $109,000. Professional investors may be anticipating further downside.
【ETF Fund Flows】
4. Ethereum spot ETF sees record outflows, around $796 million
Event: Based on SoSoValue data, for the week ending September 26, Ethereum spot ETFs recorded net outflows of approximately $796 million—its largest single-week outflow since listing. Among them, BlackRock’s ETHA saw outflows of over $200 million, while Fidelity’s FETH saw outflows of about $362 million. Key reason to watch: institutional appetite for allocating to $ETH has clearly cooled, which is one of the core reasons for ETH’s relative weakness.
5. Bitcoin spot ETFs also suffer significant outflows, ending four straight weeks of inflows
Event: On September 26 alone, Bitcoin spot ETFs recorded net outflows of about $418 million (Fidelity’s F$BTC had the largest outflow at $300 million). For the week so far, total net outflows are about $903 million, ending the prior streak of net inflows over the previous four weeks (#以太坊突破2700美元 ).
