According to BitMart's market report on September 22, the total market value of cryptocurrencies in the past week was 3.96 trillion, down 1.96% from the previous week.

Crypto market dynamics this week

Last week, Bitcoin prices continued to trade above the 95% on-chain supply cost basis, maintaining a key dividing line between bulls and bears. A break below this level could push the price down to $105,500–$115,200. On-chain transfer volume rebounded, but active addresses remained low, indicating that capital inflows were primarily from institutions rather than retail investors. BTC ETFs saw a net inflow of $642 million over the week, providing medium-term support for the price. In derivatives, open interest in options reached a record high of 500,000 BTC, with the September 26 expiration date becoming a key market focus, with a bull/bear ratio of 7.5:1. In the short term, BTC is expected to fluctuate between $113,000 and $118,000. If it holds above $116,000, it could potentially rise to $118,000. If it falls below $114,000, the risk of further declines to $110,000 or even $108,000 should be considered.

Regarding ETH, ETH ETFs saw net inflows of $398 million last week, with continued institutional accumulation. Combined with the mid-term positives of the Fusaka upgrade on December 3rd and the potential approval of staking ETFs in October 2025, fundamentals remain solid. On-chain staking entry queues fell to a four-week low, while exit queues increased, raising concerns about short-term selling pressure. However, the market expects most ETH to be re-staked for yield. In the short term, ETH is likely to fluctuate between $4,250 and $4,650. If sentiment improves and volume breaks through $4,550, it could retest the $4,600 resistance level. If further weakness continues, $4,200 will become a key support level.

This week's popular currencies

Among popular cryptocurrencies, ASTER, DEXE, IP, BNB, and IMX all performed well. ASTER's price rose 113.4% this week, with a 24-hour trading volume of 6.98 B. DEXE's price rose 63.53%, reaching a high of 12.71 USDT. IP and BNB rose 41.83% and 8.73%, respectively.

U.S. market and hot news

Last week, US stocks generally strengthened following the Federal Reserve's interest rate decision, with market risk appetite significantly rebounding. The S&P 500 rose 1.18% for the week, while the tech-heavy NYFANG+ index surged 2.10%. Both indices continued their rebound momentum amid growing expectations of rate cuts. On the policy front, the Federal Reserve signaled further rate cuts, sending the US dollar index down 0.11%, with the market generally anticipating further easing measures. Lower interest rates lowered the cost of holding non-yielding assets, leading to a slight increase in gold by 0.26%, while the 10-year US Treasury yield fell by 0.64%. Bond prices saw mixed gains and losses, indicating continued disagreement among investors on the pace of inflation reduction. Regarding volatility, the VIX index, which reflects stock market sentiment, rose 3.29%, coinciding with the Fed's announcement window. Meanwhile, the MOVE index, which measures bond market volatility, fell 9.64%, suggesting that despite lingering inflation risks, bond market volatility has subsided.

KBW 2025 will open on September 22nd, with guests including Trump's eldest son and Bo Hines in attendance.

Unlock popular sections and projects

Gaming

Last week, against the backdrop of the Federal Reserve's interest rate cut, overall risk appetite in the cryptocurrency market increased, with the gaming sector performing particularly well and becoming a focal point for capital inflows. Driven by easing liquidity and improving market sentiment, gaming tokens saw returns exceeding 7%, outperforming BTC's 1.5% gain and ranking among the top performers in most altcoin sectors. The shift of funds from mainstream assets to high-beta projects indicates that the market is in the early stages of a downward rotation on the risk curve. Investors are beginning to pursue more imaginative and narrative-driven gaming ecosystems. Trading activity and net capital inflows for typical projects have both increased significantly, reflecting the renewed attention and investment in the gaming sector amidst a period of liquidity expansion.

MBG By Multibank Group (MBG) will unlock approximately 15.84 million tokens at 8:00 PM Beijing time on September 22, representing 13.60% of the current circulating supply and valued at approximately $17.7 million.

SPACE ID (ID) will unlock approximately 72.65 million tokens at 8:00 AM Beijing time on September 22, accounting for 6.30% of the current circulation and worth approximately US$12.9 million.

Nillion (NIL) will unlock approximately 65.12 million tokens at 9:00 PM Beijing time on September 24, accounting for 33.37% of the current circulation and worth approximately US$21.4 million.

Risk Warning:

Use of BitMart services is entirely at your own risk. All cryptocurrency investments (including returns) are inherently highly speculative and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results.

The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve significant risks. You should carefully consider whether trading or holding digital currencies is appropriate for you based on your personal investment objectives, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.