- Sebastjan Bele
- Updated: September 18, 2025
- Reading time: 6 min
FED 25BPS Cut, CZ Backs Hyperliquid Rival Aster & SEC Approves New Exchange Listing Standards
The Federal Reserve delivered a widely expected 25 bps rate cut, already priced into most risk markets. Bitcoin (BTC) trades near $117,000, while Ethereum (ETH) sits at $4,600, both supported by renewed institutional flows. Solana (SOL) surged +19.6% on rising DEX volumes and institutional allocations, pushing the altcoin market cap (ex-ETH) to fresh 2021 highs. BNB broke above $1,000 for the first time, while HYPE extended its rally to new all-time highs.
Prediction markets also hit record trading volumes. Kalshi partnered with Solana and Base, expanding on-chain adoption, while CME Group prepares to launch options on Solana and XRP futures. Meanwhile, Ark Invest acquired $8.3M in Bullish shares, signaling growing confidence in institutional crypto infrastructure.
On the regulatory side, the SEC approved new exchange listing standards designed to fast-track crypto ETF approvals. At the same time, Peter Thiel-backed Bullish secured a New York BitLicense, setting the stage for a U.S. market entry.
News
- FED cuts rates by 25bps as Trump pushes for more, markets eye liquidity boost
- SEC approves new exchange listing standards fast-tracking crypto ETF listings
- DeFi Development acquires nearly $15M in SOL, pushing holdings above 2M tokens
- Peter Thiel-backed Bullish secures New York BitLicense
- Kalshi partners with Solana and Base to boost onchain innovation
- Gemini stock tumbles after IPO debut
- Ark Invest acquires $8M worth of Bullish shares
- HYPE hits an all-time high as Binance founder backs rival DEX Aster
- Wormhole launches new reserve system
- Solana treasuries: Forward Industries targets $4B raise
Table of Contents
Markets
Best Performers
MemeCore (M) led the list again with a +42% weekly gain, extending its positive momentum from recent weeks.
PumpFun (PUMP) added +36.7%, continuing to benefit from its creator program, as more KOLs and streamers launch their own tokens on the platform.
Avalanche (AVAX) gained +14.6% after news that Bitwise filed with the SEC to launch an Avalanche ETF, a move seen as a milestone for institutional access to the ecosystem.
Aerodrome Finance (AERO) rose +12.9%, driven by growing attention on its role as a launchpad for projects on Base.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is up 2.70% over the past week. The GMCI Mid Cap and GMCI Small Cap indices also posted gains of 4.49% and 5.72%, respectively. The majority of sectors are up this week:
- Layer 1 up 4.10%
- Layer 2 up 2.89%
- DeFi up 4.58%
- AI up 4.63%
- RWA up 3.44%
- Gaming up 5.00%
- Meme up 5.74%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $151.48 Billion
Weekly Inflows = $8.07 Billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $24.21 Billion
Weekly Inflows = $1.29 Billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
The Fed’s 25 bps cut boosted Bitcoin price action, with BTC reclaiming the $117K level. This zone is a critical technical pivot — holding above could unlock upside toward the $119K range highs. On higher timeframes, BTC remains in a bullish market structure, supported by liquidity inflows into U.S. Bitcoin ETFs.
Ethereum
The Fed’s 25 bps cut boosted Bitcoin price action, with BTC reclaiming the $117K level. This zone is a critical technical pivot — holding above could unlock upside toward the $119K range highs. On higher timeframes, BTC remains in a bullish market structure, supported by liquidity inflows into U.S. Bitcoin ETFs.
Altcoin Rotation
Bitcoin dominance dipped to 57%, signaling ongoing rotation into altcoins. Solana remains the standout, attracting treasury allocations and driving DeFi adoption. Select narratives in AI tokens, gaming, and RWAs also posted strong weekly gains.
Traditional Markets
S&P 500: +1.00%
NASDAQ: +0.93%
Gold: +1.15% and reached a fresh all-time high
The total crypto market cap rose to $4.1T (+3.53% WoW). The Fear & Greed Index moved slightly higher to 52, reflecting neutral but improving sentiment.
What’s Next?
The Fed’s decision lowered rates to a 4.00%–4.25% range, the first policy easing since December, with guidance suggesting further cuts toward 3.50%–3.75% by year-end. This liquidity boost historically benefits risk-on assets like Bitcoin and Ethereum.
In crypto, Solana’s TVL hit $14.4B, its highest ever, fueled by treasury allocations and a rotation narrative away from ETH. Hyperliquid (HYPE) continues to climb near $60, while the DEX-to-CEX trade volume ratio hit 8.85%, underscoring a structural shift in liquidity toward decentralized platforms.
The total altcoin market cap (excluding ETH) broke above its 2021 peak, a sign of broadening participation across L1s, L2s, DeFi, and meme coins. Institutional demand remains the key driver, reinforced by ETF approvals and regulatory clarity.
Seasonally, September is historically Bitcoin’s weakest month, but 2025 is on track to be its strongest September in over a decade. If BTC closes the month green, October and November could deliver continued bullish momentum.
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.
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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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