🦅 Bit Eagle Daily｜September 27, 09:03
（1）ETF sees continued net inflows, but Friday’s buying pace clearly slowed
As of 09:03 Beijing time on September 27, Farside has filled in the data for September 25: the U.S. spot BTC ETF recorded a net inflow of $134.5 million on the day, while the ETH ETF recorded a net inflow of $87.0 million. Over the entire week, their combined net inflows were approximately $2.3858 billion and $689.8 million respectively. However, BTC’s single-day inflow dropped from $999 million on Monday to $134.5 million on Friday. The direction remains positive, but the marginal strength is weakening.
BTC is around $84,315, up 0.5% over the past 24 hours, trading in the range of $83,835—$84,421, with turnover of about $17.81 billion. The price is holding near 84,000, but it hasn’t accelerated; new capital is still absorbing sell pressure.
My view: ETFs provide support for the mid-term structure, but there’s no new subscription data over the weekend. Whether the new round of capital on Monday can remain net positive is the key test for whether the rebound can expand.
（2）Stablecoins continue to grow, and on-chain funds haven’t left, but spot trading isn’t that hot over the weekend
Crypto total market cap is about $2.987 trillion, up 0.1% over 24 hours. Total market turnover is about $58.14 billion. BTC’s market share is 56.7%, and ETH’s is 11.0%—funds are still concentrated in large-cap assets.
DefiLlama data shows total DeFi total value locked (TVL) is about $95.382 billion, up 0.28% over 24 hours. Stablecoin total supply is about $306.654 billion, up 0.56% over 7 days, with USDT accounting for 59.92%. Money is still staying in the on-chain ecosystem; there’s no obvious “liquidity being pulled out.”
Trading activity, however, is somewhat tepid: DEX turnover over the past 24 hours is about $6.818 billion, and perpetual futures are about $17.098 billion. Over the past 7 days, both grew by 7.25% and 8.43% respectively; derivatives remain more active than spot.
My view: it looks more like “liquidity is there, but risk appetite is only moderate.” If total market cap rises, stablecoins continue to be minted, but DEX spot fails to keep up, be wary that the rally may be driven mainly by leverage.
（3）QNT rises another 60% in 24 hours; increased trading volume is real—no, the catalyst didn’t just appear today
QNT is currently around $161.83, up 64.8% in 24 hours, and up 132.1% over 7 days. 24-hour turnover is about $270.4 million, up roughly 192% from the previous day, and market cap is about $2.35 billion. Both volume and price are at abnormal levels.
The verified catalyst came from September 24: The Clearing House selected Quant to provide interoperability, orchestration, and transaction management layers through its On-Chain Money Initiative, and connect RTP and CHIPS payment networks. The two parties’ official websites can confirm this crosswise.
You need to make the timeline clear: the partnership announcement isn’t new news from the past 24 hours. The new change is that price and trading volume have continued to accelerate. This is more like a second wave of repricing that follows confirmed positive news—not the emergence of an entirely new partnership.
My view: the event-level impact is high and the trading activity is real, but after a doubling in a week, risk has shifted into expectation-driven overspending. Going forward, you only need to watch participation by banks, pilot progress, and whether QNT receives clearly defined fee or lock-up demand; as of now, there’s no quantified answer from official sources.
（4）Conclusion
1. On Monday, focus on whether BTC and ETH ETFs continue to see net inflows; BTC should first be watched to see if the narrow range of $83,835—$84,421 can be broken through effectively.
2. Monitor whether stablecoin supply growth and DEX spot turnover rise in sync; only when both the capital size and real turnover increase together will the rally’s sustainability be more solid.
3. For QNT, track only new incremental progress and whether trading demand is being absorbed; don’t repeatedly treat the same September 24 announcement as a fresh catalyst.
Risk: Weekend total turnover is on the low side. For certain strong coins, upside gains can be exaggerated by thin order books, and price volatility may arrive faster than fundamentals can confirm.
（1）ETF sees continued net inflows, but Friday’s buying pace clearly slowed
As of 09:03 Beijing time on September 27, Farside has filled in the data for September 25: the U.S. spot BTC ETF recorded a net inflow of $134.5 million on the day, while the ETH ETF recorded a net inflow of $87.0 million. Over the entire week, their combined net inflows were approximately $2.3858 billion and $689.8 million respectively. However, BTC’s single-day inflow dropped from $999 million on Monday to $134.5 million on Friday. The direction remains positive, but the marginal strength is weakening.
BTC is around $84,315, up 0.5% over the past 24 hours, trading in the range of $83,835—$84,421, with turnover of about $17.81 billion. The price is holding near 84,000, but it hasn’t accelerated; new capital is still absorbing sell pressure.
My view: ETFs provide support for the mid-term structure, but there’s no new subscription data over the weekend. Whether the new round of capital on Monday can remain net positive is the key test for whether the rebound can expand.
（2）Stablecoins continue to grow, and on-chain funds haven’t left, but spot trading isn’t that hot over the weekend
Crypto total market cap is about $2.987 trillion, up 0.1% over 24 hours. Total market turnover is about $58.14 billion. BTC’s market share is 56.7%, and ETH’s is 11.0%—funds are still concentrated in large-cap assets.
DefiLlama data shows total DeFi total value locked (TVL) is about $95.382 billion, up 0.28% over 24 hours. Stablecoin total supply is about $306.654 billion, up 0.56% over 7 days, with USDT accounting for 59.92%. Money is still staying in the on-chain ecosystem; there’s no obvious “liquidity being pulled out.”
Trading activity, however, is somewhat tepid: DEX turnover over the past 24 hours is about $6.818 billion, and perpetual futures are about $17.098 billion. Over the past 7 days, both grew by 7.25% and 8.43% respectively; derivatives remain more active than spot.
My view: it looks more like “liquidity is there, but risk appetite is only moderate.” If total market cap rises, stablecoins continue to be minted, but DEX spot fails to keep up, be wary that the rally may be driven mainly by leverage.
（3）QNT rises another 60% in 24 hours; increased trading volume is real—no, the catalyst didn’t just appear today
QNT is currently around $161.83, up 64.8% in 24 hours, and up 132.1% over 7 days. 24-hour turnover is about $270.4 million, up roughly 192% from the previous day, and market cap is about $2.35 billion. Both volume and price are at abnormal levels.
The verified catalyst came from September 24: The Clearing House selected Quant to provide interoperability, orchestration, and transaction management layers through its On-Chain Money Initiative, and connect RTP and CHIPS payment networks. The two parties’ official websites can confirm this crosswise.
You need to make the timeline clear: the partnership announcement isn’t new news from the past 24 hours. The new change is that price and trading volume have continued to accelerate. This is more like a second wave of repricing that follows confirmed positive news—not the emergence of an entirely new partnership.
My view: the event-level impact is high and the trading activity is real, but after a doubling in a week, risk has shifted into expectation-driven overspending. Going forward, you only need to watch participation by banks, pilot progress, and whether QNT receives clearly defined fee or lock-up demand; as of now, there’s no quantified answer from official sources.
（4）Conclusion
1. On Monday, focus on whether BTC and ETH ETFs continue to see net inflows; BTC should first be watched to see if the narrow range of $83,835—$84,421 can be broken through effectively.
2. Monitor whether stablecoin supply growth and DEX spot turnover rise in sync; only when both the capital size and real turnover increase together will the rally’s sustainability be more solid.
3. For QNT, track only new incremental progress and whether trading demand is being absorbed; don’t repeatedly treat the same September 24 announcement as a fresh catalyst.
Risk: Weekend total turnover is on the low side. For certain strong coins, upside gains can be exaggerated by thin order books, and price volatility may arrive faster than fundamentals can confirm.