- Sebastjan Bele
- Updated: September 11, 2025
- Reading time: 6 min
Hyperliquid Stablecoin, Solana Treasury & NPM Attack
Both Bitcoin and Ethereum spent the week consolidating, with Bitcoin trading back above $114,000 and ETH holding firm above $4,400.
The spotlight was on Hyperliquid, which announced the launch of its USDH stablecoin, pushing HYPE to fresh all-time highs. In other news, an NPM supply chain attack on crypto surfaced on Monday, though Ledger CTO Charles Guillemetnoted the attempt was largely unsuccessful.
On the exchange front, Gemini raised the price range for its upcoming IPO to $24–$26 per share, seeking to raise $433 million at a $3.1 billion valuation, while Kraken expanded its xStocks offering to Europe as tokenized equities gain traction. Meanwhile, SOL Strategies secured Nasdaq Global Select listing approval, becoming the first Solana treasury company to achieve this milestone.
News
- Paxos, Frax, and Agora join bidding war for Hyperliquid’s USDH contract
- Paxos updates bid for Hyperliquid USDH
- NPM supply chain attack contained with almost no victims, Ledger CTO says
- Gemini raises IPO price range, targets $3.1B valuation
- Kraken expands xStocks offering to Europe
- Avalanche Foundation raises $1 billion for AVAX treasury
- SEC delays decisions on Ethereum, XRP, and Solana staking ETFs
- Arthur Hayes weighs in on Ethena vs. Hyperliquid USDH vote
- Binance teams up with Franklin Templeton for crypto product push
- First U.S. Dogecoin ETF expected to debut as SEC delays Bitwise proposal
Table of Contents
Markets
Best Performers
This week’s strongest mover was MYX Finance (MYX), up an impressive +1425% over seven days. While the growth has been remarkable, caution is warranted as open interest is falling even as price continues to climb.
Worldcoin (WLD) gained nearly +100%, supported by Eightco Holdings’ $270 million plan to buy and hold WLD tokens.
MemeCore (M) advanced +84% after officially launching its EVM-compatible Layer 1 blockchain, aiming to reduce volatility and bring structure to the meme coin market.
Mantle (MNT) climbed +47%, notching new all-time highs and benefiting from a strategic partnership with Bybit.
Finally, PumpFun (PUMP) added +38%, continuing its steady rise driven by its creator program.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is up 1.96% over the past week. The GMCI Mid Cap and GMCI Small Cap indices also posted gains of 1.70% and 2.38%, respectively. The majority of sectors are up this week:
- Layer 1 up 1.71%
- Layer 2 up 6.81%
- DeFi up 1.49%
- AI up 3.01%
- Gaming up 2.90%
- Meme up 1.81%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $143.41 billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $22.92 billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
Not much has changed on the $BTC front, though short-term price action has turned bullish, with BTC printing a higher low and higher high. The breakout above the $110K–$112K mini range adds momentum to the move.
Our core view remains unchanged:
- A reclaim of $117K would signal a bullish breakout, likely opening the path toward new all-time highs
- A retest of the $105K range high could provide a long entry opportunity, provided support holds
Ethereum
$ETH continues to mirror last week’s structure, consolidating around the $4,400 level with little change in momentum.
The scenario remains unchanged:
- A break of the ATH could offer a higher-risk breakout play
- A clean break and retest of the old ATH would present a safer entry
- Another rejection at ATH may send ETH back toward the $3,900 range high, marking a bearish scenario
Bitcoin dominance edged down slightly to 57.4%, while rotation into select alts continues to be observed.
In traditional markets, risk assets moved higher last week:
- S&P 500 up 0.51%
- NASDAQ up 0.90%
- Gold gained 2.23%, extending its safe-haven bid
The total crypto market cap now stands at $3.96T, up +3.66% from last week’s $3.82T. The Fear & Greed Index ticked up to 54, reflecting a still neutral sentiment.
What’s Next?
Since early August, Ethereum has overtaken Bitcoin in spot volume share, now sitting at 32.9% vs 32.6%. Total ETH spot volume reached $480B, compared to $400B for Bitcoin. On the derivatives side, Ethereum futures volume has been higher than Bitcoin’s since mid-July, setting a new all-time high of $3.08T in August. ETH open interest stands at $59B, still about 15% below its August peak.
The key driver remains Ethereum ETFs, which have attracted roughly $10B in net inflows in 2025. Cumulative spot Ethereum ETF volume is nearing $200B, with ETFs now accounting for 16% of ETH spot volume, a fresh ATH.
Macro conditions continue to steer broader risk sentiment, but idiosyncratic catalysts are increasingly dictating flows. Hyperliquid’s stablecoin launch, Worldcoin’s treasury expansion, and Solana’s institutional milestones highlight how alt L1s and niche ecosystems are beginning to drive rotation.
On the policy front, Polymarket odds suggest an 80% probability of a 25 bps Fed rate cut in September, with a 17% chance of a deeper 50 bps cut.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on LinkedIn and X (Twitter) for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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