Thanh Tung 90

The yield on U.S. Treasury bonds with a 30-year maturity hit 5.6% in the trading session—the highest level since June 2002—while the 10-year yield rose to 5.24%, the highest since 2007, dragging stocks lower and putting pressure on risk assets.

Impact on crypto
BTC fell from the 84,000 USD level because long-term holders were unwilling to take profits further; analysts are debating whether yields driven by budget deficits could ultimately push capital into BTC as an alternative investment channel.

The yield on 10-year U.S. Treasury bonds has surpassed 5% and is even higher than the S&P 500’s income yield—a rare occurrence that has not happened in the past 25 years—while the 30-year maturity yield reached 5.56%, the highest level since 2003.
Impact on the crypto market
Higher yields increase risk-avoidance pressure, putting downward pressure on the valuation of cryptocurrencies as bonds become more attractive than stocks and other digital assets.
Outlook
With expectations of rising interest rates from the Fed growing increasingly strong due to persistent inflation and oil prices climbing amid the conflict in Iran, the crypto market continues to face macroeconomic headwinds.

Bitget lost about 388 million USD in the largest crypto heist of 2026 on September 24, when hackers linked to North Korea transferred the stolen funds via THORChain and converted the assets into BTC. Bitget CEO Gracy Chen publicly urged THORChain to block these addresses.

The protocol’s position
THORChain refused, citing its permissionless design similar to Bitcoin and Ethereum, sparking a debate between decentralization principles and compliance responsibility.

Derivatives ETFs for Solana in the US have attracted $188 million in weekly net inflows — the week with the second-highest increase in history, only behind the launch week with $199 million — indicating growing institutional confidence in SOL.
Altcoin ETF momentum

XRP ETFs also reached an all-time high with $75.89 million in weekly inflows, while Bitwise’s NEAR derivative ETF has been approved by NYSE Arca, becoming the first NEAR ETF in the US.

Quant Network has been selected by The Clearing House for its On-Chain Money Initiative, enabling seven of the UK’s largest banks to complete tokenized real-world pound sterling deposit transactions.

Price movement
QNT surged more than 54%, from $105.68 to $163.30 within 24 hours, with the RSI index temporarily reaching 96.

Risks
Concerns about valuation and unfavorable macroeconomic factors increase the risk of a correction after the strong rally.

Solana’s Devnet has successfully migrated to the new Alpenglow consensus protocol, reducing the time for final transaction confirmation from about 12.8 seconds to 100–150 milliseconds—close to the speed of traditional financial systems.

Architectural changes
The Votor voting system replaces TowerBFT, moving coordination of validator executors off-chain and removing technical voting transactions that previously consumed up to 75% of block capacity.

Impact
This upgrade positions SOL as a leading infrastructure layer for real-time on-chain payments.

Ondo Finance launched Intelligent Portfolios on September 24, offering three types of tokens on-chain including stocks, bonds, and Bitcoin ETF strategies developed in collaboration with BlackRock.

Price momentum
The announcement pushed ONDO up by about 32% to $0.57, reflecting strong investor demand for institutional-quality RWA products as tokenized finance rapidly moves into regulated markets.

Bitget confirms that approximately 351.6 million USD worth of digital assets were illegally transferred out of a portion of its hot and warm wallet system in a security incident that occurred on September 24. The exchange said cold wallets were not affected and customers’ balances remained intact.

Notably, the incident did not originate from the leakage of private keys. According to preliminary investigation, the attacker gained access to the backend system related to wallet infrastructure and created fraudulent transaction data, which then went through the system’s approval process. Bitget is still investigating exactly how the attacker accessed the system.

XRP makes up the majority of the stolen assets

On-chain data from Lookonchain indicates that XRP is the largest asset in the category that was withdrawn, with about 102.93 million XRP valued at 157.48 million USD. In addition, there were approximately 31,890 ETH, 34.75 million USDT, 21.06 million USDC, 19.67 million USDT0, 3,000 XAUt, 12,719 BNB, 821,012 AVAX, and over 20.59 million TRX. The total value based on Lookonchain’s valuation is about 356.9 million USD, higher than Bitget’s disclosed figure of 351.6 million USD due to different calculation methods and valuation timing.

Bitget has temporarily suspended all withdrawals to support the investigation, while deposits and trading operations remain active. The exchange also said that the User Protection Fund currently has over 464 million USD, enough to cover the entire estimated loss of 351.6 million USD.

Spot Bitcoin ETF funds in the United States recorded approximately $2.34 billion in net inflows over five consecutive trading days, led by BlackRock’s IBIT and Fidelity’s FBTC, even as BTC fell from a peak of $87,000.

Market signals
Mid-sized whale wallets added 113,950 BTC since July, reinforcing confidence that institutional demand remains structurally intact despite macro headwinds.

The yield on US Treasury 10-year bonds has surged above 5.13% — the highest level since July 2007 — driven by strong signals from the Federal Reserve. Fed Chairwoman Barr warned that further rate hikes may be needed to bring inflation back to 2%, pushing the 30-year yield to around 5.4% and mortgage rates above the 7% mark.

Impact on the crypto market
The interest-rate shock triggered more than $500 million in liquidations in the crypto market, with BTC falling below $84,000 and ETH losing the $2,650 level. Currently, CME markets price in a 69.7% chance of a 25-basis-point hike at the Fed’s October meeting.

XRP has risen by more than 7% to trade above $1.54, nearing the important resistance level of $1.56 for the fifth time in 2026, as analysts set targets of $1.70, $1.90, and even $5.40 if the breakout is confirmed.

Whale activity
More than $165 million worth of XRP has been withdrawn from exchanges by whales— the largest outflow of the day since February—while spot XRP ETF funds recorded net inflows of $20 million in just one day.

Binance has invested USD 100 million in Circle, the issuer of the stablecoin USDC, and also signed a new five-year commercial agreement to expand the use of USDC worldwide, especially in emerging markets.

According to the disclosed filings, Circle issued 1,237,011 Class A shares to Binance at a price of USD 80.84 per share in a private placement. The deal was completed on September 17, and the purchase price was about 5% lower than the market price of CRCL prior to the transaction. Binance is also restricted from transferring or selling these shares for up to two years, except in certain circumstances under the agreement.

Expanding USDC globally

Under the new agreement, Binance will strengthen its promotion and integration of USDC on its platform, while Circle will provide the infrastructure to support holding and using this stablecoin. The two parties will focus in particular on emerging markets, where demand for digital USD and cross-border remittance tools is increasing. Circle will also pay Binance a monthly incentive fee based on the amount of USDC held through Circle’s wallet infrastructure.

Impact on the stablecoin market

The new agreement could significantly shift the competitive balance between USDC and USDT. USDC currently has a market capitalization of about USD 75 billion, making it the second-largest stablecoin in the market, while Binance owns one of the largest crypto trading and wallet ecosystems globally. Binance’s direct investment in Circle, together with its commitment to drive USDC, creates a deeper linkage.

XRP is becoming the center of attention in the South Korean market as it surpasses Bitcoin in trading volume on Upbit, the country’s largest cryptocurrency exchange. Recent data shows XRP repeatedly topping Upbit’s trading leaderboard, including a period recording about $418.9 million in volume over 24 hours—higher than Bitcoin, USDT, and Ethereum.

South Korean retail flow

XRP’s dominance on Upbit indicates that a fairly large share of capital is being concentrated in this token in the South Korean market. Previously, the XRP/KRW pair accounted for around 21.86% of total trading activity on Upbit, with volume of about $319 million in a day.

Notably, this is not entirely a new phenomenon. XRP has several times surpassed Bitcoin in trading volume on Upbit throughout 2026, suggesting a relatively high level of interest among South Korean traders in this asset.

Price movement

XRP has rebounded strongly alongside the cryptocurrency market. Upbit data shows XRP/KRW rose 7.66% on September 21, from 1,929 KRW to a closing level of 2,079 KRW, before a slight correction during the September 22 session. Trading volume on September 21 reached approximately 238.7 million XRP, significantly higher than many prior sessions.

Meanwhile, Bitcoin is also rebounding strongly, breaking above $86,000 on September 21 and recording an increase of about 7% compared with the end of the prior week.

Therefore, XRP leading volume on Upbit reflects a substantial rise in trading activity in South Korea, but it is not enough to conclude that this retail flow will continue long-term.

The Federal Reserve has agreed to raise interest rates by an additional 25 bps to 3.75–4.00%. This is the first increase since July 2023, with 16 out of 18 officials expected to have at least one more rate hike later this year.

Market reaction
The crypto market moved contrary to expectations—BTC surged past the $85,000 mark, and total crypto market capitalization rose by around 6% to $2.9 trillion, indicating that this increase had already been priced in.

Outlook
Finance Minister Bessent said that rates should be cut when the conflict in Iran ends, signaling the likelihood of policy easing in the future.

BNB first breaks above the $800 USD mark (USDT), marking a notable milestone in the token’s recovery momentum. According to Binance data, BNB traded above 800 USDT on September 21, with its 24-hour gains at times exceeding 6%. The rally coincided with Bitcoin’s rebound, while the broader crypto market regained momentum.

Market backdrop

One of the noteworthy factors behind the BNB Chain ecosystem is the rapid expansion of the tokenized stock market. Based on the provided data, the capitalization of tokenized stock on BNB Chain increased by more than $1.1 billion, accounting for roughly 36% of the total market capitalization of $3.06 billion.

This trend aligns with data released by Binance Research in September, showing that the market cap of tokenized stock has been growing significantly faster than earlier in the year. By September 9, the operating market cap reached about $4 billion, while monthly trading volume rose to $7.9 billion in August. BNB Chain and Robinhood Chain have also accounted for a large share of trading activity in the recent period.

Ecosystem activities

BNB Chain is also benefiting from the expansion of on-chain products that provide access to traditional assets. Binance Wallet has just launched its first Pre-Access campaign for pPOLY, a token issued by Paimon Finance and deployed on BNB Smart Chain. The program allows users to gain indirect access to a private company before it is publicly listed.

Notably, Binance emphasized that Pre-Access Tokens do not represent equity ownership, voting rights, or direct IPO rights.

FTT suddenly rose by about 49%, from 0.21 USD to 0.31 USD, as the market saw a flurry of rumors related to Sam Bankman-Fried’s (SBF) alleged timeline for 28/9 and the progress of payments to FTX creditors.

The rally is mainly driven by sentiment.

Unlike tokens with active ecosystem activity or new capital inflows supporting them, FTT no longer plays an operational role as it did before FTX collapsed. As a result, this token’s strong fluctuations are increasingly being linked by the market to information surrounding FTX, SBF, and the process of distributing assets to creditors.

FTX is still carrying out distributions according to its restructuring plan. In the fifth distribution round announced in July 2026, FTX said about 900 million USD would be distributed to eligible creditors, with some groups having already received total distribution amounts exceeding 100% of the value confirmed under the plan.

However, this does not mean that FTT directly benefits from the payments mentioned above. FTX’s filings separate claims related to digital assets and FTT when determining creditors’ entitlements.

Risk from a too-hot rally

If the increase from 0.21 to 0.31 USD is accurate according to the tracked trading data, a nearly 50% jump in a short time indicates that FTT’s price is heavily dependent on expectations and speculative sentiment.

RSI is said to have exceeded 95; if this figure is confirmed, it would reflect an extremely overbought technical state. This does not necessarily mean the price will reverse with certainty, but it suggests that the range of volatility and the risk of correction could rise significantly if speculative inflows weaken.

BNB Chain has reduced the distance between blocks to 450ms and achieved 5,200 TPS, while also providing AI-assisted, no-code token deployment tools to improve developers’ accessibility.

TradFi bridge on-chain
Decentralized exchanges have launched Pre-Access campaigns, allowing funding rounds to be tokenized and executed on-chain before an IPO, thereby connecting traditional finance and decentralized finance.

Zcash (ZEC) hits a 10-year high of nearly 1,600 USD, up about 190% in the past few weeks, thanks to Grayscale’s ZCSH ETF drawing more than 233 million USD in net inflows since its launch in August.

Whale activity
A whale holding ZEC has moved tokens worth 362 million USD along with its first deposit to Coinbase after 10 months, raising concerns about selling pressure.

Bitcoin rose more than 5%, reclaiming the $81,000 mark during the Sept. 18 session, marking a notable recovery after the market faced pressure from the failure of the CLARITY Act and the U.S. Federal Reserve’s decision to raise interest rates. BTC briefly touched around $80,846, up 5.88% over 24 hours, while a large number of short positions were forced to close.

Liquidation data shows that more than $230 million worth of short Bitcoin positions were wiped out during the surge. Across the entire crypto market, the total value of liquidated positions over 24 hours was reported by some sources at roughly $445–547 million, affecting more than 100,000 traders. Differences between figures stem from the timing of the statistics and varying data sources, but the common point is that the rally created a significant short squeeze.

Institutional money momentum

Inflows into spot Bitcoin ETF funds also returned after two sessions of heavy outflows. On Sept. 17, U.S. Bitcoin ETFs recorded net inflows of about $159.5 million, with BlackRock’s IBIT leading at $183.7 million, suggesting that institutional demand has improved as BTC rebounded.

In addition to ETFs, El Salvador continues to maintain a Bitcoin accumulation strategy. Data for Sept. 17 shows the country holds about 7,777 BTC, worth nearly $594 million, with an average cost basis of approximately $55,718 per BTC.

However, BTC’s move above $81,000 does not necessarily mean an uptrend has been fully confirmed. A significant portion of the rebound came from the liquidation of short positions, while new ETF inflows have only just returned after a run of highly volatile sessions.

BNB Chain continues to expand its role in the tokenized stock market as the ecosystem has supported more than 709 tokenized stocks and tokenized ETFs. According to Binance Research, the cumulative trading volume of bStocks reached $8.7 billion by the end of July, while BNB Chain accounted for nearly 30% of the market capitalization of the global tokenized stock market at that time.

Network momentum

Activity in the tokenized stock market continues to grow rapidly. By September 9, the market cap of active tokenized stocks was about $4 billion, while monthly trading volume rose to $7.9 billion in August. Notably, the DeFi TVL related to this group of assets increased from $21.6 million to $289.1 million since the beginning of the year—equivalent to a 1,242% increase. BNB Chain, Robinhood Chain, and Solana together account for roughly 90% of the TVL share of this market’s DeFi.

BNB is also maintaining an upward trend. Data from September 18 shows BNB trading around $740–$754, up about 2–4% depending on the time and chart timeframe. The MACD indicator still shows a positive signal, even though the RSI has surpassed 80, indicating that the upward momentum is accompanied by short-term overbought conditions.

Therefore, BNB’s story now is not only tied to price fluctuations, but also to the pace at which the real-world asset ecosystem is expanding in tokenization and the ability to bring these assets into DeFi applications on BNB Chain.