Bitcoin’s grip slipped, with BTC dominance down 0.15% to 58.27%, while the Altcoin Index climbed to 65. The highest in weeks, suggesting traders are leaning back into rotation.
Stablecoins confirmed the appetite. On September 12, the basket saw $649M in inflows, broken down as $442.09M into USDT and $91.14M into USDC, lifting the total supply to $247.122B.
ETF flows also supported the move. On September 11, excluding BlackRock’s prints, BTC ETFs brought in $186M, while ETH ETFs added $130M.
Macro and policy
U.S. equities rallied, with the Dow up 1.36%, Nasdaq higher by 0.72%, and the S&P 500 climbing 0.85%. Bond yields eased, with the 10-year Treasury down 0.47% to 4.03%, while the dollar index slipped 0.31% to 97.60. Gold stayed firm at $3,640.67, near record highs.
On the policy side, U.S. jobless claims surged to a four-year high, fueling market bets for aggressive easing. Short-term futures are now fully pricing three rate cuts before year-end, meaning traders expect the Fed to cut at every remaining 2025 meeting.
Solana season?
The Solana narrative dominated headlines. Galaxy Digital withdrew 1,452,392 SOL worth $326M from trading venues in the past 12 hours, confirming it is helping Forward Industries close a $1.65B Solana treasury deal.
CEO Mike Novogratz said the market is entering “Solana season,” citing both momentum and regulatory clarity as tailwinds. Some traders are already banking gains: Eugene Ng Ah Sio announced he closed his SOL longs for a small win, preferring to reset.
On the ETH side, former LD Capital founder Yi Lihua reiterated his thesis that ETH continues to outpace most other majors. His rule of thumb: after every $1,000 leg higher, ETH consolidates, then climbs again. Recent onchain data showed a Trend Research-linked wallet leveraged into another 9,377 ETH buy.
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Industry highlights
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Scroll DAO announced its leadership has resigned, suspending governance and pledging to redesign its structure.
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Market research flagged Digital Asset Treasuries (DATs) as hitting a pivot point. Analysts warn the early scarcity premium for treasury-style plays has faded, with competition and regulation compressing multiples. Still, Bitcoin-focused DATs now hold over 1M BTC (~5% of supply), and ETH-focused DATs hold about 4.9M ETH (~$21.3B), more than 4% of supply.
Alpha watch
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Joseph Lubin (Ethereum co-founder, Consensys founder) said holding Linea tokens could unlock future rewards, from protocol staking to airdrops by Consensys and partner projects. Holding size and duration may determine allocations.
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Falcon Finance’s presale went live on Buidlpad, drawing heavy attention.
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Karak Network rebranded its token ticker to GDP.
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Hololaunch’s first two projects are being billed as “can’t-miss” plays, with analysts already dissecting expected upside.
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Aster airdrop query tool went live, showing 137,000+ wallets eligible for the upcoming allocation.
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Traders in Korea piled into HOLO ahead of its BSC listing, pushing the token as high as $0.80 on-chain in a frenzy described as “full-blown FOMO”.