According to Fixygen, the cryptocurrency market is ending the week of September 14–18 with a moderate rebound following sharp volatility: Bitcoin has returned to around $78,000, Ethereum is holding above $2,500, although U.S. spot ETFs recorded net outflows, and the U.S. Federal Reserve raised interest rates for the first time in more than three years.
According to CoinGecko data as of September 18, Bitcoin is trading at approximately $78,100, Ethereum at $2,510, BNB at around $750, and XRP at around $1.33. The total market capitalization of the cryptocurrency market is approximately $2.77 trillion, with a daily trading volume of about $93 billion. Over the past seven days, Bitcoin has risen by about 1%, Ethereum by 1.2%, BNB by more than 5%, and XRP by approximately 1.5%.
The start of the week was significantly more volatile. On September 14, Bitcoin was trading around $78,200, but by September 15, it had fallen to approximately $75,600. The next day, prices remained near $76,100, after which the market began to recover through Friday.
One of the main factors putting pressure on the market was the decision by the U.S. Federal Reserve. On September 16, the Fed unanimously raised the target range for the federal funds rate by 25 basis points—to 3.75–4%. The U.S. central bank attributed the decision to persistently high inflation. This marked the Fed’s first rate hike since 2023.
An additional source of uncertainty for the crypto industry was the U.S. Senate vote on H.R. 3633, known as the CLARITY Act, which aims to establish a comprehensive regulatory framework for the digital asset market and delineate the respective authorities of the SEC and the CFTC. On September 15, a procedural vote to move the bill to the floor ended with 49 votes in favor and 50 against, while three-fifths of the Senate’s votes were required for passage.
Against this backdrop, institutional flows into cryptocurrency ETFs remained negative for most of the week. According to Farside Investors, over the four trading sessions from September 14–17, U.S. spot Bitcoin ETFs recorded a combined net outflow of approximately $427 million. Following an inflow of $159.9 million on Monday, investors withdrew $450.4 million on Tuesday and $295.9 million on Wednesday. On Thursday, the trend reversed, with a net inflow of $159.5 million. Data for Friday had not yet been compiled at the time this review was prepared.
The performance of Ethereum ETFs was even weaker. Over the same period, net outflows from U.S. spot Ethereum funds totaled approximately $284 million. On Monday, the funds attracted $121.1 million, but over the next three trading sessions, they lost $142 million, $224.1 million, and $39.3 million, respectively.
At the same time, at the end of the week, the crypto industry received a positive regulatory signal from the U.S. Securities and Exchange Commission (SEC). On September 17, the SEC introduced the so-called Innovation Exemption—a temporary five-year regime that, under certain conditions, allows for the trading of tokenized shares of U.S. companies via blockchain infrastructure and permissioned AMM pools. The SEC emphasized that tokenized shares must grant holders the same rights as the corresponding traditional securities.
The news boosted companies involved in digital assets and was one of the factors behind the recovery in market sentiment at the end of the week. In Friday’s trading, Coinbase shares rose by more than 3%, Strategy by about 4%, and Robinhood by 3.5%, while Bitcoin climbed back to the $78,000 range.
At the same time, the global macroeconomic backdrop remains challenging for risk assets. The yield on 10-year U.S. Treasury bonds exceeded 5% this week, and the price of Brent crude remained above $100 per barrel amid geopolitical tensions and risks to energy supplies. High oil prices exacerbate inflationary risks and may support a tighter monetary policy by central banks, which traditionally curbs demand for crypto assets.
Thus, according to Fixygen’s assessment, the main outcome of the week was the resilience of the largest cryptocurrencies in the face of a simultaneous deterioration in the monetary and regulatory environment. Bitcoin closed the previous week near $77,100 and, as of September 18, is trading above $78,000, while the crypto market’s total market capitalization rose from approximately $2.73 trillion to $2.77 trillion.
At the same time, negative outflows from ETFs indicate that the recovery has not yet been accompanied by a steady return of large institutional capital. Next week, the market will continue to be driven by expectations regarding the Fed’s next moves, trends in U.S. bonds and oil, inflows into cryptocurrency ETFs, and the future of legislation governing the structure of the U.S. cryptocurrency market.
