The past night was rich in events that could set the tone for the entire month of September. Regulatory pressure on stablecoins is tightening, major players are increasing their stakes in prediction markets, and altcoins are showing impressive volatility. I break down the key moves and their possible implications for investors.
Market in the green zone: Bitcoin and altcoins rise
The leading cryptocurrency is holding firmly near the $79,151 mark, posting a 1.53% gain over the day. The trading range was relatively narrow — $77,700–$79,200, indicating consolidation before a possible breakout. Ethereum climbed to $2,482, adding 1.91%.
Special attention deserves the dynamics in the top tier. The growth leaders were Uniswap (+7.24%), Canton (+4.51%), and Zcash (+4.45%). However, the real surge occurred in the top 100: Arbitrum soared by 28.88%, Curve DAO Token rose by 17.61%, and Dash by 11.40%. At the same time, Sky lost 5.94%, making it the day's biggest laggard.
Institutional inflows and shifting sentiment
Spot ETFs continue to attract capital. Bitcoin funds recorded inflows of $216.70 million, while Ethereum products saw $87.68 million. Small but telling inflows were received by XRP ($5.64 million), Solana ($925 thousand), and Hedera ($399 thousand). This signals sustained institutional interest even amid uncertainty.
The Fear and Greed Index jumped to 69 points, returning to the "greed" zone. For comparison: a month ago it stood at 27, reflecting a radical shift in market sentiment. Liquidations over the day totaled $146.24 million, with the bulk of the pressure falling on short positions ($102.63 million) — the market was clearly playing out the overnight drop.
Regulation and institutional bets
The Monetary Authority of Singapore proposed introducing a separate license for stablecoin issuers with full backing. Requirements include 100% reserves, a ban on paying interest to holders, and mandatory stress tests. This is a serious step toward legalization, but it also creates barriers for smaller players.
Meanwhile, the Kalshi platform permanently banned former congressman George Santos for manipulation in the prediction market, fining him $70 thousand. This is the first such precedent in the platform's history. And the 1789 Capital fund, linked to Donald Trump Jr., is increasing its investments in Polymarket by approximately $300 million, which will strengthen the platform's position amid a funding round of around $1 billion.
My take: The rise of Arbitrum and CRV amid overall positive sentiment points to speculative appetite for highly liquid projects, but the sustainability of this trend is questionable. The Singapore initiatives are long-term positive for stablecoins, yet in the short term they could amplify volatility, especially for tokens that do not meet the new standards. Investors should be prepared for a correction after such a sharp jump in the greed index.