🗓️ September 28｜Crypto Daily
Today the market isn’t sharply down, but it’s clearly a case of “the index looks fine, while altcoins get hit first”: BTC is range-bound, ETH is weaker, SOL is slightly outperforming against the trend. Overall, global risk appetite is falling.
As of 09:00 Beijing time:
BTC $84,191, 24h -0.12%
ETH $2,676.53, 24h -0.62%
SOL $121.77, 24h +0.81%
Total market cap across the board is about $2.89 trillion, down 3.40% over the past 24 hours; 24-hour trading volume is about $109.2 billion, up about 90%. BTC’s market share rose to 58.74%, indicating that capital is shrinking and crowding into the top, rather than a broad-based rally structure.
A few real things worth watching today:
1）ETF flows are still propping up the market. The latest publicly disclosed trading day for the U.S. spot BTC ETF was September 25, with net inflows of about $134.5 million that day; over the past 5 trading days, cumulative net inflows were about $2.386 billion. Note: this is Friday’s data, not today’s.
2）Bitget disclosed a security incident involving about $352 million. The platform says users’ funds are safe and plans to resume withdrawals in phases starting today. The amount is not small—don’t equate “platform guarantees” with on-chain safety in the short term.
3）This month, the U.S. crypto market structure bill hit resistance in the Senate on a key procedural vote. The outlook for the CLARITY Act has become uncertain again. Regulation isn’t turning to outright bearishness, but the implementation timeline is clearly pushed back.
4）On September 25, the SEC published new FAQs on how the law on securities applies to crypto assets, further clarifying issues such as staking instruments, buybacks of non-security-type crypto assets, and the secondary market. It’s only guidance from staff, not a formal rule, but it still provides reference value for compliance boundaries for projects and trading platforms.
5）On the institutional side, they’re still adding to ETH. BitMine, as disclosed as of September 20, holds about 5.98 million ETH, close to 4.9% of the ETH supply. This kind of concentrated holding reflects long-term buying demand—and concentration risk is something that must be watched.
Next, keep an eye on three things:
• September 29 at 22:00 Beijing time: the U.S. August JOLTS job openings data;
• September 30 to October 1: the Korea Blockchain Week main conference period—Asian institutions and on-chain financial narratives may heat up;
• October 2 at 20:30 Beijing time: the U.S. September non-farm employment report, which may directly affect expectations for the dollar, interest rates, and crypto volatility.
My view: Ongoing ETF inflows provide a bottom for BTC. However, the total market cap is still declining and BTC’s market share is rising, which suggests capital has not fully returned across the board. It looks more like “defensive pooling” for now, not the opening of a broad altcoin uptrend.
One strategy: Until BTC breaks out with expanding volume, don’t chase with your position. Prioritize strong mainstream assets, and reduce risk on altcoin rebounds in batches.
Risk warning: Crypto assets are highly volatile. The above is only personal market observation and does not constitute investment advice.
Today the market isn’t sharply down, but it’s clearly a case of “the index looks fine, while altcoins get hit first”: BTC is range-bound, ETH is weaker, SOL is slightly outperforming against the trend. Overall, global risk appetite is falling.
As of 09:00 Beijing time:
BTC $84,191, 24h -0.12%
ETH $2,676.53, 24h -0.62%
SOL $121.77, 24h +0.81%
Total market cap across the board is about $2.89 trillion, down 3.40% over the past 24 hours; 24-hour trading volume is about $109.2 billion, up about 90%. BTC’s market share rose to 58.74%, indicating that capital is shrinking and crowding into the top, rather than a broad-based rally structure.
A few real things worth watching today:
1）ETF flows are still propping up the market. The latest publicly disclosed trading day for the U.S. spot BTC ETF was September 25, with net inflows of about $134.5 million that day; over the past 5 trading days, cumulative net inflows were about $2.386 billion. Note: this is Friday’s data, not today’s.
2）Bitget disclosed a security incident involving about $352 million. The platform says users’ funds are safe and plans to resume withdrawals in phases starting today. The amount is not small—don’t equate “platform guarantees” with on-chain safety in the short term.
3）This month, the U.S. crypto market structure bill hit resistance in the Senate on a key procedural vote. The outlook for the CLARITY Act has become uncertain again. Regulation isn’t turning to outright bearishness, but the implementation timeline is clearly pushed back.
4）On September 25, the SEC published new FAQs on how the law on securities applies to crypto assets, further clarifying issues such as staking instruments, buybacks of non-security-type crypto assets, and the secondary market. It’s only guidance from staff, not a formal rule, but it still provides reference value for compliance boundaries for projects and trading platforms.
5）On the institutional side, they’re still adding to ETH. BitMine, as disclosed as of September 20, holds about 5.98 million ETH, close to 4.9% of the ETH supply. This kind of concentrated holding reflects long-term buying demand—and concentration risk is something that must be watched.
Next, keep an eye on three things:
• September 29 at 22:00 Beijing time: the U.S. August JOLTS job openings data;
• September 30 to October 1: the Korea Blockchain Week main conference period—Asian institutions and on-chain financial narratives may heat up;
• October 2 at 20:30 Beijing time: the U.S. September non-farm employment report, which may directly affect expectations for the dollar, interest rates, and crypto volatility.
My view: Ongoing ETF inflows provide a bottom for BTC. However, the total market cap is still declining and BTC’s market share is rising, which suggests capital has not fully returned across the board. It looks more like “defensive pooling” for now, not the opening of a broad altcoin uptrend.
One strategy: Until BTC breaks out with expanding volume, don’t chase with your position. Prioritize strong mainstream assets, and reduce risk on altcoin rebounds in batches.
Risk warning: Crypto assets are highly volatile. The above is only personal market observation and does not constitute investment advice.