Institutional Funds Rush Into Crypto ETFs, Tokenized U.S. Stocks Open a New Chapter
I. Bitcoin ETFs Pull In $2.4 Billion in a Single Week, Turning Positive This Year
In the past week, U.S. spot Bitcoin ETFs recorded net inflows of about $2.39 billion, reversing the negative outflow trend that had persisted since 2026. BlackRock and Fidelity continue to lead the buying camp. Since the U.S. Treasury’s repurchase program began, cumulative net inflows have reached approximately $5.3 billion. Notably, Bitcoin ETFs have seen net inflows for seven consecutive days, totaling about $3.0 billion. However, the Bitcoin price remains range-bound between $84,000 and $85,000, as the market awaits a decisive breakthrough catalyst.
Meanwhile, Solana spot ETFs have also been strong, drawing roughly $188.8 million in net inflows in a single week—setting the second-highest weekly record since launch, just behind the $199 million in the first week. XRP ETFs similarly hit a record high cumulatively, with net inflows of $7.589 million for the week. These figures suggest institutional investors’ interest is expanding beyond Bitcoin and Ethereum into a more diversified set of crypto assets, and the multi-asset crypto ETF market is moving toward maturity.
II. Ethena Uses Tokenized U.S. Stocks to Provide Reserves for USDe, Pushing DeFi Innovation Further
A major development comes from the DeFi space. Ethena announced that it has begun using tokenized U.S. stocks on Binance to provide reserve support for its synthetic dollar USDe—marking the first time this protocol has expanded the collateral of its delta-neutral strategy beyond cryptocurrencies. Allocations started on September 25, aiming to diversify the collateral structure and reduce risk concentrated in a single asset.
Boosted by the news, the ENA token surged by about 54% over the past seven days, with an additional $90 million in staked funds. At the same time, a governance proposal suggested reallocating as much as 95% of protocol fees, signaling strong momentum in ecosystem growth. Tokenized U.S. stocks are moving from concept to real-world applications. Ethena’s move marks a new phase in the deep integration of traditional financial assets and DeFi protocols. On Binance, multiple tokenized U.S. stocks are already listed, covering sectors such as technology and biopharmaceuticals, allowing investors to trade traditional U.S. stock assets around the clock.
III. Quant Jumps 85%, Institutional Partnership News Ignites the Rally
Quant’s token QNT has become the market’s biggest dark horse this week, rising more than 85%, with the price breaking above $285. The catalyst is a milestone partnership with the U.S. Clearing House, which will provide infrastructure support for the clearing of tokenized deposits in the U.S. In addition, QNT also participates in the European Central Bank’s digital euro testing program and has cooperated with multiple banks in the United Kingdom.
Record trading volume and the breakout from a multi-year falling wedge have led analysts to look at a target price of $670. However, uncertainty remains around QNT’s own value-capture mechanism, so investors should stay alert.
IV. California Bans Officials From Issuing Meme Coins, Regulatory Divergence Intensifies
California Governor Newsom has signed a new law prohibiting the California government and local officials from issuing meme coins. The law will take effect on January 1, 2027. Crypto platforms have also been required to stop listing new official meme coins linked to California users. In his statement, Newsom explicitly criticized Trump’s TRUMP meme coin, noting that nearly one million buyers suffered losses of about $3 billion, positioning California as a regulatory pioneer in protecting crypto consumers.
At the same time, the U.S. CLARITY Act failed in a key procedural vote in the Senate. The bill was originally intended to clarify whether the SEC or CFTC has jurisdiction over digital assets. Democrats cited crypto-related conflicts of interest involving the Trump family, while Republicans accused the other side of obstructing along party lines. Despite the crypto industry pouring hundreds of millions of dollars into lobbying, ahead of the midterm elections, market structure rules still face ongoing uncertainty.
V. Market Outlook
Currently, the market reflects a landscape where strong institutional fund inflows coexist with regulatory uncertainty. The robust inflows into ETFs provide solid bottom support for the crypto market, while the innovation and development of tokenized U.S. stocks open a new path for integration between traditional finance and the crypto world. In the short term, whether Bitcoin can break above the $85,000 range will be a key signal for market direction. Investors should closely monitor institutional fund flows, regulatory policy progress, and the innovation dynamics of tokenized assets—and seize structural opportunities amid volatility.
#BitwiseFilesFinalNEARSpotETFProspectus #ChinaIndustrialProfitGrowthSlowsFourthMonth #EthenaUSDe
I. Bitcoin ETFs Pull In $2.4 Billion in a Single Week, Turning Positive This Year
In the past week, U.S. spot Bitcoin ETFs recorded net inflows of about $2.39 billion, reversing the negative outflow trend that had persisted since 2026. BlackRock and Fidelity continue to lead the buying camp. Since the U.S. Treasury’s repurchase program began, cumulative net inflows have reached approximately $5.3 billion. Notably, Bitcoin ETFs have seen net inflows for seven consecutive days, totaling about $3.0 billion. However, the Bitcoin price remains range-bound between $84,000 and $85,000, as the market awaits a decisive breakthrough catalyst.
Meanwhile, Solana spot ETFs have also been strong, drawing roughly $188.8 million in net inflows in a single week—setting the second-highest weekly record since launch, just behind the $199 million in the first week. XRP ETFs similarly hit a record high cumulatively, with net inflows of $7.589 million for the week. These figures suggest institutional investors’ interest is expanding beyond Bitcoin and Ethereum into a more diversified set of crypto assets, and the multi-asset crypto ETF market is moving toward maturity.
II. Ethena Uses Tokenized U.S. Stocks to Provide Reserves for USDe, Pushing DeFi Innovation Further
A major development comes from the DeFi space. Ethena announced that it has begun using tokenized U.S. stocks on Binance to provide reserve support for its synthetic dollar USDe—marking the first time this protocol has expanded the collateral of its delta-neutral strategy beyond cryptocurrencies. Allocations started on September 25, aiming to diversify the collateral structure and reduce risk concentrated in a single asset.
Boosted by the news, the ENA token surged by about 54% over the past seven days, with an additional $90 million in staked funds. At the same time, a governance proposal suggested reallocating as much as 95% of protocol fees, signaling strong momentum in ecosystem growth. Tokenized U.S. stocks are moving from concept to real-world applications. Ethena’s move marks a new phase in the deep integration of traditional financial assets and DeFi protocols. On Binance, multiple tokenized U.S. stocks are already listed, covering sectors such as technology and biopharmaceuticals, allowing investors to trade traditional U.S. stock assets around the clock.
III. Quant Jumps 85%, Institutional Partnership News Ignites the Rally
Quant’s token QNT has become the market’s biggest dark horse this week, rising more than 85%, with the price breaking above $285. The catalyst is a milestone partnership with the U.S. Clearing House, which will provide infrastructure support for the clearing of tokenized deposits in the U.S. In addition, QNT also participates in the European Central Bank’s digital euro testing program and has cooperated with multiple banks in the United Kingdom.
Record trading volume and the breakout from a multi-year falling wedge have led analysts to look at a target price of $670. However, uncertainty remains around QNT’s own value-capture mechanism, so investors should stay alert.
IV. California Bans Officials From Issuing Meme Coins, Regulatory Divergence Intensifies
California Governor Newsom has signed a new law prohibiting the California government and local officials from issuing meme coins. The law will take effect on January 1, 2027. Crypto platforms have also been required to stop listing new official meme coins linked to California users. In his statement, Newsom explicitly criticized Trump’s TRUMP meme coin, noting that nearly one million buyers suffered losses of about $3 billion, positioning California as a regulatory pioneer in protecting crypto consumers.
At the same time, the U.S. CLARITY Act failed in a key procedural vote in the Senate. The bill was originally intended to clarify whether the SEC or CFTC has jurisdiction over digital assets. Democrats cited crypto-related conflicts of interest involving the Trump family, while Republicans accused the other side of obstructing along party lines. Despite the crypto industry pouring hundreds of millions of dollars into lobbying, ahead of the midterm elections, market structure rules still face ongoing uncertainty.
V. Market Outlook
Currently, the market reflects a landscape where strong institutional fund inflows coexist with regulatory uncertainty. The robust inflows into ETFs provide solid bottom support for the crypto market, while the innovation and development of tokenized U.S. stocks open a new path for integration between traditional finance and the crypto world. In the short term, whether Bitcoin can break above the $85,000 range will be a key signal for market direction. Investors should closely monitor institutional fund flows, regulatory policy progress, and the innovation dynamics of tokenized assets—and seize structural opportunities amid volatility.
#BitwiseFilesFinalNEARSpotETFProspectus #ChinaIndustrialProfitGrowthSlowsFourthMonth #EthenaUSDe