According to Fixygen, the cryptocurrency market ended the week of September 19–25 with significant gains: Bitcoin rose to approximately $84,000, Ethereum to $2,670, and the total market capitalization of digital assets approached $3 trillion. At the same time, one of the week’s major developments was the sharp return of institutional capital to U.S. Bitcoin ETFs, while U.S. regulators accelerated the development of rules for stablecoins and tokenized securities.
According to CoinGecko data as of September 25, Bitcoin was trading at approximately $84,000–84,400, having gained about 10% over seven days. Ethereum hovered around $2,670 and rose by approximately 9% over the week. The total market capitalization of the cryptocurrency market was about $2.97–2.98 trillion, with a daily trading volume of about $107 billion. Bitcoin accounted for about 56.8% of the market capitalization, while Ethereum accounted for about 11%.
For comparison: in Fixygen’s previous weekly review dated September 18, Bitcoin was trading at around $78,1 thousand, Ethereum at around $2,51 thousand, and the market capitalization was estimated at approximately $2.77 trillion. Thus, the market gained about $200 billion in market capitalization over the week.
At the start of the current period, Bitcoin was trading at around $80,000–$81,000, but on September 21–22, it accelerated its growth and briefly rose above $87,000. According to CoinGecko, on September 21, the price reached approximately $86,600, and on September 22, it was around $86,200. Subsequently, the market partially corrected and moved into a consolidation phase near $84,000.
One of the key drivers was U.S. spot Bitcoin ETFs. On Monday, September 21, they recorded $998.95 million in net inflows—the highest daily figure in nearly 11 months. BlackRock’s IBIT attracted $381.4 million, ARK 21Shares’ ARKB—$289.1 million, and Fidelity’s FBTC—$238.8 million.
This result stands in stark contrast to the previous week, when Bitcoin ETFs ended the week with a symbolic positive balance of $6.2 million, thanks solely to an inflow of $433 million during the final trading session. Ethereum ETFs, on the other hand, recorded a net outflow of about $140 million, ending a four-week streak of inflows.
The growth occurred despite tight monetary policy. On September 16, the U.S. Federal Reserve raised its benchmark rate by 25 basis points, to a range of 3.75–4%. However, the market reacted less negatively to the Fed’s forecast of further rate hikes than investors had feared, and by September 18, Bitcoin had rebounded above $80,000.
Among the major altcoins, XRP and Solana continued to show strong momentum. During this period, XRP rose from approximately $1.40 on September 18 to $1.53–1.54 as of September 25, while Solana, after surging above $110, ended the period at $117. At its peak on September 21–22, SOL approached $119.
Just as important as price movements was the acceleration of the industry’s institutionalization. The U.S. Securities and Exchange Commission (SEC) launched a five-year pilot program called the Innovation Exemption, which allows for the trading of tokenized U.S. stocks directly through blockchain infrastructure, provided certain requirements are met. A tokenized stock must grant the investor the same rights as the corresponding traditional security, including the right to dividends and voting.
The next regulatory step was the Federal Reserve’s publication on September 24 of two proposed rules for issuers of payment stablecoins under the GENIUS Act. One of the drafts requires stablecoins to be fully backed by eligible highly liquid assets, including short-term U.S. Treasury securities, as well as capital and risk management requirements. The second draft establishes the procedure for banks to obtain authorization to issue payment stablecoins.
On the same day, the CFTC clarified the rules for the use of blockchain by regulated participants in the U.S. derivatives market. The updated guidance permits the use of tokenized forms of eligible assets and blockchain technologies to meet certain record-keeping requirements.
Traditional exchange infrastructure also continues to expand its work with digital assets. On September 22, the CME Group announced its intention to launch Bitcoin Cash and Uniswap futures, including standard and Micro contracts, starting October 19. In the first half of 2026, the average daily trading volume of CME cryptocurrency futures and options was 279,800 contracts with a notional value of approximately $8.3 billion per day.
Another structural trend is the growing use of stablecoins beyond speculative trading. According to a new Chainalysis study published on September 23, the global volume of measurable cryptoeconomic activity for the 12 months ending in June 2026 declined by only 1.6%, to approximately $9.4 trillion, despite a significantly steeper decline in market capitalization during that period. Cross-border stablecoin flows, according to the company’s estimates, rose by 77.5% to $220.3 billion. In its new Global Cryptocurrency Adoption Index, Chainalysis also ranks Ukraine among the countries with the highest levels of digital asset adoption.
On certain blockchains, payments in stablecoins have already reached the scale of traditional payment infrastructure. Recently, approximately $150–190 billion in stablecoin transfers have been flowing through the Tron network each week, and the number of transactions is approaching 100 million per week.
At the same time, the week ended with a reminder of the technological risks that persist in the crypto industry. The Bitget exchange reported an attack that resulted in the withdrawal of approximately $351.6 million from its “hot” and “warm” wallets. According to CEO Gracy Chen, the private keys were not compromised: the attackers interfered with the backend infrastructure and used forged transaction data. The exchange stated that its cold wallets remained secure.
Regulatory risks have not gone away either. On September 24, New York state authorities filed a lawsuit against Polymarket’s U.S. division, accusing the prediction markets platform of conducting unlicensed gambling activities.
Thus, according to Fixygen’s assessment, the main outcome of the week was the market’s shift from simple price stabilization to a broader recovery in institutional demand. Bitcoin rose in price by approximately 10% over seven days, market capitalization once again approached $3 trillion, and nearly $1 billion in daily inflows into the Bitcoin ETF served as the strongest signal of large capital’s return in recent months.
At the same time, the very structure of the crypto industry continues to evolve: tokenized stocks are being regulated in the U.S., the Fed is moving toward the practical implementation of legislation regarding stablecoins, the CME is expanding its lineup of regulated crypto derivatives, and stablecoins are increasingly being used as a standalone payment infrastructure.
In the coming week, the main factors driving the market will remain the stability of capital inflows into Bitcoin and Ethereum ETFs, the dynamics of U.S. Treasury yields, the market’s continued reaction to the Fed’s rate hike, Bitcoin’s movement near the $84,000–87,000 range, as well as developments in regulatory initiatives by the SEC, CFTC, and the Federal Reserve.
According to Fixygen, the cryptocurrency market ended the week of August 17–23 with a sharp rally: Bitcoin rose by approximately 23%, Ethereum by more than 30%, and a number of major altcoins showed even stronger gains. The main drivers were an influx of funds into U.S. spot cryptocurrency ETFs, a weaker dollar, shifts in the U.S. Treasury market, and positive regulatory signals from Washington.
As of August 23, Bitcoin was trading at approximately $77,200, compared to about $62,900 at the end of the previous week. On August 21, the price rose to $79,300, marking a three-month high. Thus, BTC posted its best weekly performance in more than two years.
Ethereum rose even faster. ETH climbed from approximately $1,880 to $2,460—an increase of more than 30%. On August 19 alone, the second-largest cryptocurrency by market capitalization gained about 17.5%, and on August 21, it rose another 8%.
The rally also spread to altcoins. XRP rose by about 40% or more over the course of the week, Solana by more than 20%, and Chainlink, Hyperliquid, Dogecoin, and a number of other major digital assets also showed significant gains. Thus, this time the growth was not limited to Bitcoin alone.
One of the main factors was a sharp reversal in inflows into U.S. cryptocurrency ETFs. Over the five trading sessions from August 17–21, spot Bitcoin and Ethereum ETFs in the U.S. attracted a combined total of about $2.6 billion, marking their best weekly performance since October 2025.
Bitcoin ETFs accounted for about $1.92 billion, while Ethereum ETFs accounted for about $697 million. Meanwhile, Bitcoin funds recorded net inflows for all five consecutive trading days. Bitcoin ETF trading volume for the week exceeded $22 billion, more than tripling the previous week’s figure.
The market received an additional boost on August 19 following the U.S. Treasury Department’s decision to increase the volume of long-term Treasury bond buybacks. This led to a decline in yields on some government securities and a weakening of the dollar, prompting investors to step up purchases of gold and Bitcoin as alternative assets.
According to Reuters, by the end of the week, the dollar had fallen to a three-month low against the euro, which also created a favorable backdrop for cryptocurrencies. During this period, some investors viewed Bitcoin, alongside gold, as part of the so-called “debasement trade”—betting on assets with limited supply amid concerns over U.S. debt and fiscal policy.
The closing of large short positions was also a key factor. Bitcoin’s rapid surge past the $65,000, $70,000, and $75,000 levels forced traders who had bet on a further decline to close their positions en masse. According to various estimates, during the most active phase of the rally, more than $4 billion in short positions were liquidated in the crypto market, which further accelerated the rally.
The regulatory backdrop in the U.S. also proved positive for the sector. On August 18, the U.S. Securities and Exchange Commission (SEC) proposed a new specialized framework for certain cryptoasset transactions and offerings. The SEC notes that the goal of the changes is to adapt the rules to the unique characteristics of digital assets, facilitate capital raising, and at the same time maintain investor protection requirements.
Thus, several favorable factors converged on the market simultaneously over the course of a single week: strong institutional demand driven by ETFs, a weaker dollar, improved liquidity expectations, and a reduction in regulatory uncertainty.
At the same time, the weekend showed that after such rapid growth, investors began to partially lock in profits. After peaking above $79,000, Bitcoin returned to the $76,000–$77,000 range, while Ethereum, after surpassing $2,500, traded around $2,400–$2,500. For now, this looks more like consolidation following a sharp rally than a full-fledged trend reversal.
U.S. monetary policy will be a key test for cryptocurrencies as early as next week. An economic symposium will take place in Jackson Hole on August 27–29, and Federal Reserve Chair Kevin Warsh is scheduled to speak on August 28. The market will be closely watching his assessment of inflation, interest rates, and the situation in the bond market.
For Bitcoin, the immediate key resistance zone remains the $79,000–$80,000 range. Holding above this level could pave the way for a continued recovery following the drop from record highs in 2025. At the same time, after a gain of more than 20% in a single week, the risk of a short-term correction remains high.
For Ethereum, the key will be holding the $2,300–2,400 range and continued inflows into spot ETH ETFs. It is the resilience of institutional demand following the best week for ETFs in 2026 that will determine whether the current rally will evolve into a longer-term uptrend.
Fixygen will continue to monitor inflows into cryptocurrency ETFs, Fed policy, the dollar’s performance, and Bitcoin’s behavior near the $80,000 level, all of which could determine the market’s direction in late August.
According to Fixygen, the American company Strategy Inc. sold $216 million worth of Bitcoin, marking the company’s largest cryptocurrency sale since it began building its Bitcoin portfolio in 2020.
This is an important psychological signal for the crypto market. Strategy has long been viewed as one of Bitcoin’s leading corporate supporters and a role model for companies considering BTC as a reserve asset. Therefore, even a partial sale could heighten investors’ doubts about the sustainability of corporate demand for cryptocurrency.
According to the company, this is only its third Bitcoin sale since 2020. However, the scale of the transaction significantly exceeds previous ones, and the timing was chosen amid a weak market: on Monday, Bitcoin fell by 1.9% to $61,532, and has lost 30% of its value since the start of the year.
An additional negative factor was Strategy’s $8.32 billion loss on digital assets for April–June. This illustrates just how sensitive the company’s business model has become to Bitcoin’s revaluation and the crypto market’s decline.
Strategy’s stock fell 4.5% in pre-market trading on Monday. Since the beginning of the year, the company’s market capitalization has shrunk by nearly 34%—to $35.3 billion—while the Nasdaq Composite Index rose by more than 11% over the same period. This means that investors no longer view Strategy as a typical technology company, but rather as a high-risk proxy for Bitcoin.
For the crypto world, the main issue is not the amount of the sale itself, but the shift in perception. If a company that has spent years building an image as the largest corporate holder of BTC begins to sell the asset in significant volumes, the market may see this as a signal: even long-term institutional holders are forced to lock in liquidity or reduce risk.
In the short term, this could intensify pressure on Bitcoin and related stocks, especially if investors begin to anticipate further sales. More broadly, the Strategy case shows that corporate Bitcoin holdings remain not only an investment story but also a source of volatility for balance sheets, financial reporting, and the stock market.
The crypto market will now be watching not only the Bitcoin price and ETF flows but also whether Strategy continues its sales. If these turn out to be a one-time transaction, the impact may be limited. However, if the company begins to systematically reduce its position, it will be one of the most significant bearish signals for the market since 2020.
According to analysts at Fixygen.ua, in the coming weeks the cryptocurrency market may be influenced most strongly not by internal industry news, but by geopolitics, oil prices, Federal Reserve policy and sanctions decisions. Bitcoin and Ethereum remain sensitive to any signals that change expectations regarding liquidity and risk appetite.
The first key factor is the situation around the United States, Iran and the Strait of Hormuz. In June, markets reacted to interim agreements between Washington and Tehran, which are expected to reduce risks to oil supplies and restore traffic through one of the world’s most important energy routes. Against this backdrop, global equity funds received a strong inflow of capital, while oil prices began to decline.
For the crypto market, this is a mixed signal. If oil prices continue to fall, inflation expectations may weaken, and investors may return to risky assets, including cryptocurrencies. But if the agreements collapse, Hormuz will once again become a source of an oil shock, which will increase inflation risks and may hit Bitcoin, Ethereum and altcoins.
The second factor is the policy of the U.S. Federal Reserve. The Fed kept the rate at 3.50–3.75%, but the market perceived the regulator’s signal as more hawkish. If expectations of a rate hike by the end of the year strengthen, pressure on crypto assets may persist. More expensive money usually reduces investor interest in high-risk assets and increases demand for dollar-denominated instruments.
The third factor is the sanctions policy against Russia and control over the circumvention of restrictions through cryptocurrency channels. The EU has proposed a new package of sanctions that affects Russian banks, entities linked to the circumvention of restrictions, as well as crypto platforms. This is important for the market because stronger control may increase regulatory risks for individual services, strengthen compliance and reduce activity in some jurisdictions.
The fourth factor is Russia’s war against Ukraine. Any increase in military escalation, new sanctions, strikes on energy infrastructure or changes in the position of G7 countries may affect markets through energy prices, the dollar, demand for safe-haven assets and investors’ overall attitude toward risk. For cryptocurrencies, this means increased volatility, especially if events coincide with important macroeconomic releases in the United States.
The fifth factor is U.S. and Chinese trade policy. In June, Washington opened a consultation process on possible tariff changes within the framework of agreements with China. Easing trade tensions may support stock markets and risky assets, while new restrictions or tariff threats will work in the opposite direction.
The sixth factor is competition for capital between cryptocurrencies, the technology sector and AI. After the geopolitical relief in June, investors actively invested in global stock markets and technology companies. For Bitcoin, this is a problem: part of the capital that could have returned to crypto ETFs is moving into AI stocks, semiconductors and major technology companies.
Fixygen.ua considers the following events to be the most important for the crypto market in the near future:
decisions and comments by the Fed on rates and inflation;
the dynamics of oil prices and the sustainability of agreements around the Strait of Hormuz;
new EU and U.S. sanctions against Russia, including restrictions on banks and crypto services;
data on ETF flows in the United States;
inflation statistics in the United States and Europe;
signals on U.S.-China trade relations;
escalation or de-escalation in the Middle East and in Ukraine.
The final main conclusion of the specialized resource Fixygen.ua is that the crypto market now depends not only on demand for Bitcoin and Ethereum, but also on the external environment. If geopolitical risks decline, oil continues to fall and the Fed softens its rhetoric, Bitcoin will have a chance to break out of its sideways range. If, however, oil rises again, the Fed remains hawkish, and sanctions and military risks increase, the market may return to a sell-off.
According to data from the Fixygen.ua project, the cryptocurrency market is ending the week with a cautious recovery following the sharp decline in early June, while investors continue to withdraw funds from crypto funds and spot Bitcoin ETFs, market data shows.
As of Friday, Bitcoin is trading around $63,600, and Ethereum around $1,670. BTC remains range-bound after falling below $60,000 last week, which marked one of the most significant declines since 2022.
The main factors putting pressure on the market were expectations of a tighter policy by the U.S. Federal Reserve, rising geopolitical risks in the Middle East, reduced risk appetite, and outflows from cryptocurrency investment products.
According to CoinShares, for the week ending June 1, digital investment products recorded outflows of $1.67 billion, marking the third consecutive week of negative flows. Bitcoin funds lost $1.44 billion—the largest weekly outflow for BTC in 2026—while Ethereum products lost $257 million.
According to SoSoValue, spot Bitcoin ETFs in the U.S. have lost over $2 billion since the beginning of June. The ETF market remains one of the key indicators of institutional demand: as long as outflows persist, a sustainable upward momentum for BTC is not forming.
The situation surrounding Strategy, formerly known as MicroStrategy, put additional pressure on market sentiment. The company first sold a small portion of its Bitcoin holdings for the first time since 2022, which sent a negative signal to the market, but then reported purchasing 1,550 BTC for $101.3 million between June 1 and 7. This partially stabilized sentiment but did not alter investors’ overall caution.
Ethereum also remains under pressure. The price of ETH is holding in the $1,600–1,700 range, but interest in the asset is limited by a general decline in risk appetite and weak ETF performance. At the same time, the market continues to view Ethereum as a key asset for DeFi, tokenization, and infrastructure solutions, so its medium-term performance will depend not only on the price of BTC but also on activity within the ecosystem.
Altcoins moved in different directions throughout the week and mostly followed Bitcoin. Assets with high beta sensitivity to the market showed the weakest performance, while liquidity was concentrated in the largest coins.
The macroeconomic backdrop remains mixed. On the one hand, easing geopolitical tensions and a recovery in stock indices have supported risk appetite. On the other hand, strong U.S. labor market data and persistent inflationary uncertainty are dampening expectations of a rapid Fed rate cut.
In the crypto industry, attention was also focused on regulatory initiatives in the U.S. Republicans in the House of Representatives introduced a package of crypto tax bills, and the U.S. Treasury, according to market reports, continues to work on the issue of a strategic Bitcoin reserve.
Preliminary weekly summary: The crypto market recouped some of its losses following the June sell-off, but has not yet shown a full-fledged reversal. BTC is holding above $60,000, but outflows from ETFs, weak institutional demand, and macroeconomic uncertainty maintain the risk of retesting the lower boundary of the range.
Key factors for the market next week will be the dynamics of flows in spot Bitcoin ETFs, signals from the Fed, the geopolitical backdrop, and Bitcoin’s ability to consolidate above the $63,000–$65,000 range.
According to analysts of the Fixygen.ua project, the cryptocurrency market ended the first week of June lower: Bitcoin fell below $60,000 and updated its lows since autumn 2024, Ethereum declined to the $1,550-1,650 zone, while the largest altcoins remained under pressure due to weak demand for risk.
As of June 8, Bitcoin is trading at around $61,800, Ethereum at around $1,630, and Solana at around $64.7. Despite a local rebound at the beginning of the new week, the market remains in a weak position after one of the toughest weeks of 2026.
The main pressure factor was outflows from cryptocurrency investment products. According to CoinShares, in the week to June 1, digital assets recorded outflows of $1.67 billion, marking the third consecutive week of negative dynamics and the second-largest weekly outflow in 2026. Investors withdrew $1.438 billion from Bitcoin products – the largest weekly BTC outflow since the beginning of the year – and $257 million from Ethereum products.
Pressure continued in early June. According to Farside Investors, U.S. spot Bitcoin ETFs showed net outflows of $483.8 million on June 1, $519.1 million on June 2, and $396.6 million on June 3. Only on June 4 were the funds able to move slightly into positive territory – around $3.2 million.
The weakness of ETFs became a signal that institutional demand for crypto assets remains limited. After strong growth in previous years, investors are taking profits, reducing exposure to high-risk assets and reallocating capital to more understandable themes, primarily shares of companies related to artificial intelligence, data centers and semiconductors.
An additional negative factor was news of the sale of part of its bitcoins by Strategy, the company associated with Michael Saylor. Although the sale volume was small compared with the company’s overall portfolio, the very fact of the first BTC sale in several years was perceived by the market as a psychologically negative signal.
Against this background, Bitcoin lost more than 10% over the week and briefly fell below the important $60,000 level. For some traders, this confirmed that the market had entered a phase of deep correction after a period of high liquidity and strong institutional interest.
Ethereum also came under pressure. Weak flows into ETH ETFs and the overall decline in risk appetite did not allow the largest altcoin to stay above $1,800. During the week, ETH declined to the $1,550 zone, after which it partially recovered.
Altcoins as a whole looked weaker than Bitcoin. Solana, XRP, Cardano and other major tokens declined amid reduced liquidity, growing investor caution and declining interest in riskier market segments. In such periods, capital usually concentrates in BTC and stablecoins, while altcoins face stronger pressure.
The macroeconomic backdrop also did not support the crypto market. Investors continue to assess the outlook for U.S. interest rates, inflation dynamics and the resilience of the stock market. As long as expectations for rate cuts remain uncertain, it is difficult for cryptocurrencies to gain a sustained recovery impulse.
Regulation remains a separate factor. The market is waiting for progress on U.S. bills on the structure of the crypto market and stablecoins, but the lack of quick clarity is reducing interest among some institutional investors. Without regulatory progress, crypto assets remain more dependent on ETF flows and overall market liquidity.
Despite the weak week, there are still no signs of panic comparable to the crises of 2022. The market has become more institutional, while liquidity is partly supported by ETFs, stablecoins and large market makers. However, the current dynamics show that the launch of ETFs has not eliminated the cyclicality of the market and has not protected Bitcoin from sharp corrections.
Next week, the key factors for the crypto market will be flows into Bitcoin and Ethereum ETFs, the dynamics of the U.S. stock market, expectations for Fed rates, news on Strategy and regulatory signals from Washington. For Bitcoin, the nearest important zone remains the $60,000-62,000 range; losing it could increase pressure on the market, while a return above $65,000 could become the first sign of stabilization.
The cryptocurrency market remains one of the most volatile segments of global finance. Bitcoin and Ethereum retain the status of the largest digital assets, but their dynamics are increasingly dependent on institutional flows, ETFs, macroeconomic expectations and competition for capital with other investment themes, primarily the AI sector.
