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Bitcoin ETFs attract $550 million inflows, fueling BTC’s stability above $115,000 ahead of Fed’s rate decision.
Ethereum rebounds above $4,500, with spot ETH ETFs reversing outflows into three days of net gains.
Solana rallies past $230 as Galaxy Digital scoops $486 million in tokens, sparking bullish market sentiment.
The cryptocurrency market entered the weekend on firm ground, with Bitcoin (BTC) consolidating above the $115,000 mark and Ethereum (ETH) reclaiming $4,500. Altcoins like Solana (SOL) surged on the back of institutional inflows, while regulatory updates from the United States added both optimism and caution. The sector also saw significant corporate activity, from acquisitions and stablecoin shake-ups to the year’s largest crypto IPO.
Bitcoin ETFs recorded their fourth consecutive day of inflows, pulling in $552.78 million on Thursday. The streak matches a similar run in late August and is the longest since mid-August, when BTC soared past $123,000. Wednesday’s inflows of $757.14 million marked the strongest single-day addition since mid-July.
These sustained inflows have underpinned Bitcoin’s latest rally. The world’s largest cryptocurrency has gained 3.2% in the past three days, trading at $115,004, supported by optimism that the Federal Reserve could cut interest rates at its September 17 meeting.
Also Read: Bitcoin Price Steady at $115,600 as Traders Eye Key Inflation Data
Ethereum also benefited from improved sentiment. ETH spot ETFs have now recorded three consecutive days of inflows, with $113.12 million on Thursday, a sharp reversal from the prior six days of heavy outflows that saw $1 billion leave the market.
Ethereum is trading at $4,521, marking a 3% climb this week. A break above $4,600 could set ETH up for a retest of $4,750-$4,800, with institutional adoption in real-world asset tokenization continuing to drive demand.
Galaxy Digital bought 2.15 million SOL tokens worth $486 million within 24 hours, according to Lookonchain data. Transfers were made from exchanges like Binance and Coinbase to company-controlled wallets, underscoring the firm’s conviction.
The purchases pushed Solana’s price above $230 and extended its weekly gain to 15%. At press time, SOL trades at $238.76, up 6.16% in the past 24 hours with a market cap of $129.5 billion.
Galaxy Digital’s aggressive buying, combined with a $1.65 billion funding round for reserves, has boosted confidence in Solana’s long-term role as an institutional-grade asset. The move also makes Galaxy one of the largest holders of SOL, surpassing DeFi Development Corp.
Why Solana is Rising:
Galaxy Digital’s $486 million purchase of 2.15 million SOL tokens.
SEC discussions on enabling Solana ETFs with six months of futures history.
Nasdaq listing of Solana Strategies (STKE) after a $90 million acquisition.
Analysts suggest SOL could test $250 by month-end if momentum persists.
While institutional inflows boosted confidence, the US Securities and Exchange Commission (SEC) introduced a note of caution by delaying decisions on several ETF applications.
BlackRock’s request to add Ethereum staking to its iShares ETF was postponed until October 30.
Franklin Templeton’s proposals for Solana and XRP spot ETFs were pushed to November 14.
An amended Ethereum staking proposal from Franklin Templeton is now due by November 13.
The SEC said it needs more time to examine the legal and technical implications of staking-based ETFs, citing investor protection and market volatility. Market watchers believe the agency is working toward a broader framework for crypto ETFs, which could standardize approval criteria.
Also Read: Ethereum Attracts Futures Traders While ETF Investors Shift to Bitcoin: Here’s Why
Ethena Labs withdrew its proposal to issue Hyperliquid’s upcoming USDH stablecoin after pushback from validators who questioned its alignment with the ecosystem.
The move clears space for rivals like Native Markets and Paxos, the latter pitching a PayPal and Venmo-integrated model with zero-cost on/off ramps and a $20 million incentive plan. Validators are scheduled to vote on September 14.
Despite pulling out, Ethena said it remains committed to building products in the Hyperliquid ecosystem, including synthetic dollars and DeFi card-based solutions.
The Winklevoss twins’ Gemini exchange debuted on the Nasdaq Global Select Market under the ticker GEMI, raising $425 million in its IPO. Shares are priced at $28 each, above the expected $24-$26 range.
The offering makes Gemini the third US-listed crypto exchange after Coinbase and Bullish. Nasdaq itself committed to purchasing $50 million worth of shares in a private placement. With retail allocations through Robinhood, SoFi, and Webull, Gemini’s IPO reflects the mainstreaming of crypto exchange ownership.
1. Why is Bitcoin holding steady above $115,000?
BTC is supported by four straight days of ETF inflows totaling $550 million and Fed rate cut optimism.
2. What drove Ethereum back above $4,500?
Three days of spot ETF inflows and renewed demand for tokenization projects lifted ETH.
3. Why did Solana surge above $230?
Galaxy Digital bought $486 million worth of SOL, coupled with ETF speculation and Nasdaq listing momentum.
4. What did the SEC announce about crypto ETFs?
The SEC delayed decisions on ETH staking, Solana, and XRP ETFs, citing complexity and investor safety.
5. How much did Gemini raise in its IPO?
The Winklevoss-led Gemini exchange raised $425 million, pricing shares at $28, debuting under ticker GEMI.
