Markets don't sleep, Neither does Cointree After Dark.
Did you miss last night's night shift? Luckily it's back on again tonight!
THE WEEKLY WRAP
Crypto doesn’t clock off, and there was plenty happening while Australia slept this week.
The total crypto market remains around US$2.75 trillion, with Bitcoin accounting for roughly 56.7% of the market. Stablecoins have also grown to around US$307 billion, representing just over 11% of total crypto market value. CoinGecko’s live figures are moving around US$2.76 trillion today, so keeping “around US$2.75 trillion” gives you a little breathing room before publication.
Sentiment cooled sharply this week. The Fear & Greed Index fell from 71 to 51, moving the market from Greed back into Neutral territory as Bitcoin and altcoins pulled back from last week’s stronger levels.
ETF flows went in opposite directions. U.S. spot Bitcoin ETFs recorded US$462.7 million in net outflows, reversing last week’s US$986.7 million inflow. Ethereum ETFs attracted US$196.9 million, helped by a US$216.4 million inflow on September 11.
And while crypto trades through the night, macro markets are staying awake too. The U.S. Federal Reserve concludes its meeting this week, with 85% of economists surveyed by Reuters expecting a 25-basis-point rate hike as persistent inflation and higher oil prices push expectations back towards tighter monetary policy.
COINTREE AFTER DARK
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BITCOIN: THE NIGHT SHIFT
Bitcoin had another choppy week, briefly falling below US$77,000 before recovering towards US$78,000. The US$80,000 level has remained difficult to reclaim, with Bitcoin still below its early-September high above US$82,000.
Onchain: Bitcoin selling pressure cools
Despite the sideways price action, selling pressure from existing holders has been easing.
Glassnode’s Sell-Side Risk Ratio has fallen to around 7 basis points, less than half the level recorded at the August peak.
Long-term holders are also taking less profit. They accounted for around 47% of realised profits in early September, compared with 88% during the August peak.
There is still plenty of Bitcoin sitting above the current market price. Around 1.07 million BTC was acquired between US$83,000 and US$86,000, making that an interesting area of overhead supply.
That doesn’t predict where Bitcoin goes next, but it gives some context around where a large group of holders would move back towards their original purchase price.
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ETHEREUM: AFTER HOURS
Ethereum’s Merge turns four
This week marks four years since Ethereum completed The Merge.
On 15 September 2022, Ethereum switched from proof-of-work mining to proof-of-stake, replacing miners with validators to secure the network.
The change reduced Ethereum’s estimated energy consumption by around 99.95% and cut the rate of new ETH issuance significantly.
Four years later, Ethereum is still building on that transition, with its next major upgrade, Glamsterdam, currently being tested ahead of an expected Q4 2026 release.
Onchain: More than a third of ETH is now staked
Source: ValidatorQueue, data from beaconcha.in
Around 43.2 million ETH is currently staked, representing approximately 35.37% of the ETH supply.
Ethereum now has more than 911,000 active validators securing the network.
The entry queue we looked at last week has eased slightly, falling from around 1.97 million ETH to 1.79 million ETH, with the estimated wait dropping from 34 days to around 31 days.
Meanwhile, the exit queue remains almost empty, with fewer than 5,000 ETH currently waiting to leave.
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ALTCOINS AFTER DARK
Altcoins cooled off this week after last week’s broad rally, with a number of the previous winners giving back some ground.
AI tokens were among those pulling back. RENDER fell roughly 9% over the week, while several other AI-linked names also moved lower after the sector led the market last week.
DeFi had a similar story. HYPE fell around 9%, while UNI was also down roughly 9% from last Tuesday. Despite the price pullback, Uniswap continued to see strong activity, with recent Robinhood Chain volume contributing to some of the largest UNI burns since its fee mechanism went live.
Memecoins also lost some momentum. PENGU fell around 12% over the week, while PUMP dropped roughly 14%. PONS, which jumped 71% in last week’s report, also gave back some of its run and is now down around 12% over seven days.
Solana held up comparatively better, trading only a few percent below where it started the week at around US$101.
The market never closes. Cointree After Dark is open. 🌙
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