REX-Osprey’s Dogecoin ETF (DOJE) and XRP ETF (XRPR) commence trading on Sept. 18, according to information shared on Sept. 15.

Bloomberg senior ETF analyst Eric Balchunas confirmed DOJE starts trading on Sept. 18, noting that the TRUMP, BONK, and Bitcoin funds lack confirmed trading dates.

On the same day, REX Shares confirmed that the XRPR launch is scheduled for this week.

RIC structure

The REX-Osprey ETFs employ a registered investment company (RIC) framework that distinguishes them from traditional spot crypto ETFs and their own Solana ETF’s original approach.

Bloomberg ETF analyst James Seyffart explained that this structure provides operational flexibility while meeting regulatory requirements.

The RIC framework enables funds to hold spot crypto assets primarily while maintaining derivative usage capabilities and ETF investment options when market conditions demand flexibility.

This approach operates within established investment company regulations rather than corporate tax structures used by Bitcoin and Ethereum spot ETFs.

The structure offers different tax treatment, operational requirements, and regulatory oversight compared to C-corporations.

These differences affect investor return distribution methods while providing a middle path between pure spot exposure and complete structural innovation.

Solana ETF

REX-Osprey previously launched the Solana ETF (SSK) as a C-corporation before converting structures, demonstrating the team’s willingness to adapt regulatory approaches.

The Dogecoin ETF experienced delays from its original Sept. 12 expected debut, with Balchunas predicting the mid-week launch materialized.

The funds join the crypto ETF landscape as the Securities and Exchange Commission (SEC) approved five REX-Osprey ETFs despite structural differences from existing products.

Regarding standard crypto ETF applications, Seyffart noted that over 90 filings are awaiting a decision from the SEC. The first batch of approvals might happen in October, as some of the altcoin filings face their final deadline next month.

However, the SEC might delay the launch despite giving regulatory approval, as it recently did with multi-asset funds from Grayscale and Bitwise.

According to the Bloomberg analysts, the reason is that the regulator is finishing a framework to fast-track crypto ETF approvals, and wants to allow their trading after its conclusion.

Nevertheless, the REX-Osprey launches expand crypto ETF options beyond Bitcoin and Ethereum for now, offering exposure to other altcoins.

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Solana-based memecoin launchpad Pump.fun is riding a wave of renewed adoption, with its native PUMP token climbing to an all-time high.

According to CryptoSlate’s data, PUMP surged to $0.0086 on Sept. 14, setting a fresh peak before retreating by nearly 3% to trade around $0.008 at press time.

The latest move represents a sharp reversal for the asset, which had struggled for traction since its July debut and appeared to be losing ground to rival projects.

However, Pump.fun has shifted momentum, leveraging product upgrades to regain market attention.

Streaming growth

A key driver of this rebound has been the relaunch of Pump.fun’s livestreaming feature. The platform, once criticized for unsafe broadcasts including instances of self-harm, paused the function last year.

However, its reintroduction has triggered a surge in user activity, with livestreaming now contributing directly to engagement and platform revenue.

Alon Cohen, Pump.fun’s co-founder, said the platform has already overtaken Rumble in average concurrent streams. He added that Pump.fun now controls roughly 1% of Twitch’s market share and 10% of Kick’s.

Alon also signaled that the project no longer limits itself to crypto-native audiences but instead seeks a foothold in mainstream content streaming. He also outlined the several opportunities that streaming on the platform could provide users, by saying:

“When you stream on pump fun you get INSTANT Creator Fees (100x+ of what you earn elsewhere). INSTANT viewership with a community that’s incentivized to support you. Free clipping on X (other socials soon). And 24/7 support from the team.”

Despite ongoing criticism of its approach, Alon has brushed aside concerns, arguing that new entrants inevitably face scrutiny and that competitors will continue to emerge.

He stated:

“first they said that memecoin activity would never sustain then they said that no one would ever stream on pump fun now they’re saying that pump fun streaming is not sustainable I wonder what they’ll come up with next.”

Creator earnings rise

The renewed activity has translated into direct gains for creators on the Solana memecoin launchpad.

Data from Dune Analytics showed that creator earnings on Pump.fun soared to $20 million in the last seven days, which is a record weekly payout for the platform.

The data shows that the top 25 creators earned between $24,100 and $123,000 in the past 24 hours alone.

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Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has lined up Nasdaq as a strategic investor as it prepares to go public in New York this week, Reuters reported on Sept. 9, citing people briefed on the matter.

According to the report, the share sale could raise up to $317 million, with Nasdaq expected to buy about $50 million of stock in a private placement at the time of the offering.

Gemini plans to trade under the ticker symbol “GEMI.”

The arrangement is more than financial and Nasdaq’s stake will be paired with a partnership giving its institutional clients access to Gemini’s custody and staking products. In return, Gemini customers will be able to use Nasdaq’s Calypso platform to track and manage collateral.

Neither Nasdaq nor Gemini commented on the details. Reuters noted that the exchange’s plans could still shift depending on market conditions.

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Riding a rebound in listings

The offering comes as U.S. equity markets show renewed demand for new deals, with tech and crypto-related companies drawing strong investor interest. A successful debut would make Gemini the third publicly traded exchange after Coinbase and Bullish.

Gemini currently holds about $21 billion in client assets and has processed more than $285 billion in trading volume. Its business spans retail and institutional services, an over-the-counter desk, a credit card and trading in major tokens including Bitcoin, Ethereum and stablecoins.

Financially, the company reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, widening from a $41.4 million loss a year earlier.

The Winklevoss twins, who first rose to prominence through their legal battle with Facebook, invested heavily in Bitcoin in the early 2010s and became known as the “Bitcoin twins.” Their bid to take Gemini public is testament to how deeply digital assets are now tied to Wall Street.

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Bitcoin’s supply–demand balance narrowed further last week as corporate treasuries captured a dominant share of new issuance.

Last week, two publicly traded firms, Strategy and Tokyo-listed Metaplanet, purchased more than $230 million worth of BTC.

According to their separate announcements, their combined acquisitions, totaling 2,091 BTC, represented about two-thirds, or 66%, of all coins produced by miners during the reporting period.

Strategy expands holdings despite S&P 500 snub

On Sept. 8, Strategy confirmed it had purchased 1,955 BTC for $217.4 million, translating into about 62% of all coins mined during the week.

Following this purchase, Strategy’s Bitcoin stash has climbed to 638,460 BTC, which is valued at $71.6 billion at current market prices. This equates to an unrealized profit of roughly 51.8% from the firm’s total investment of $47.17 billion.

The company disclosed in its Form 8-K filing that the latest purchase was funded through proceeds from its at-the-market equity program, which raised capital across Strife, Strike, and MSTR stock issuances. In 2025, Strategy has raised more than $19 billion for Bitcoin purchases.

Meanwhile, famed short seller Jim Chanos pointed out that the firm’s Bitcoin fundraising is increasingly relying on its MSTR stock issuance rather than the preferred stock options to fund recent Bitcoin purchases.

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For context, he noted that the firm raised 92% of its latest capital through common equity while selling just $16.8 million in preferred stock. The same trend was observed last week when the firm raised 90% of its Bitcoin purchase fund through MSTR.

Notably, the latest Bitcoin purchase comes days after Strategy failed to secure a place in the S&P 500 index. Instead, the index committee added Robinhood, AppLovin, and Emcor Group stocks to its list.

Metaplanet strengthens presence in Asia

While smaller in scale, Metaplanet’s latest buy reinforced its reputation as Asia’s counterpart to Strategy.

The Tokyo-listed firm acquired 136 BTC for $15.2 million at an average price of $111,666. That raised its year-to-date yield to 487% in 2025, emphasizing its aggressive accumulation strategy.

The company now holds 20,136 BTC, purchased for $2.08 billion at an average of $103,196. As of Sept. 8, that stash was worth roughly $2.26 billion, giving Metaplanet a 9.3% unrealized profit.

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Bitcoin (BTC) starts the second week of September facing crucial resistance as traders maintain downside targets.

• Bitcoin price action coils below $112,000 over the weekend, but fears of a 10% correction or worse are mounting.

• CPI week is here again, and markets are wondering how large next week’s Federal Reserve interest-rate cut will be.

• Data is starting to hint that the institutional “rotation” from BTC to Ether exchange-traded products is over.

• Bitcoin whales bring back the 2022 bear market with mass selling over the past month.

• Binance is in the spotlight over a potential BTC price top warning from market takers. 

BTC price worries include sub-$100,000

Bitcoin managed to avoid volatility around its latest weekly close, data from Cointelegraph Markets Pro and TradingView shows.

$112,000 remains a key target among traders hoping for a resistance/support flip.

Analyzing exchange order-book liquidity, popular trader CrypNuevo flagged $106,700 as an important level to the downside.

“If the previous range lows continue to be resistance, price will attempt to hit the liquidation at $106.7k,” he wrote in part of a thread on X Sunday.

As Cointelegraph reported, attention is now focused on how low BTC/USD could drop in a potential capitulation event.

$100,000 is a favorite line in the sand, with Fibonacci retracement levels now confluent with a retest of that level as a “worst case scenario.”

Telegram analytics channel Coin Signals, meanwhile, contributed another, more concerning bottom target of 30% versus Bitcoin’s latest all-time highs.

“Based on cycle’s default correction % and time taken to hit lows from a local top, BTC could see a -30% correction from local top $124k, Bottoming in the last week of SEP or first week of OCT,” part of an X post stated.

Such a scenario would put BTC/USD at around $87,000.

CPI week comes with Fed behind the curve

Some classic US economic data prints are due this week — at a time when markets are already convinced about what lies ahead.

The Producer Price Index (PPI) and Consumer Price Index (CPI) will be released on Wednesday and Thursday, respectively. 

Inflation is on the rise, while signs of labor-market weakness are increasing — a headache for the Federal Reserve, but one that markets believe they already know the response to.

Data from CME Group’s FedWatch Tool shows that the odds of the Fed cutting interest rates at its September meeting next week are fully priced in. There is even a fledgling chance of the cut being larger than the minimum 0.25%.

This comes amid growing criticism of Fed policy, which has kept rates steady throughout 2025 while other central banks cut.

“The European Central Bank and the Bank of England have cuts rates 4 and 3 times this year, respectively. The Bank of Canada has cut rates 2 times, as has the Swiss National Bank, which became the first major central bank to bring rates back to 0%,” trading resource The Kobeissi Letter noted on X Monday. 

“Meanwhile, the Federal Reserve remains on hold with 0 rate cuts in 2025. US monetary policy is in its own world.”

Recession fears are also swirling, with Kobeissi reporting on a dip in construction spending — something it describes as a “key recession signal.”

“While seasonal trends point to weakness ahead, the longer-term path for the S&P 500 will come down to the economy once the Fed starts cutting rates again,” trading firm Mosaic Asset Company continued in the latest edition of its regular updates series, “The Market Mosaic.”

Mosaic explained that the US needs to avoid recession to fuel stocks, which, together with gold, are currently gaining while Bitcoin lags behind.

“Over the long run, stock prices ultimately follow earnings which is why the economic outlook is critical,” it stressed.

Institutions “re-rotating” into Bitcoin

Buzz around an institutional capital “rotation” from Bitcoin into the largest altcoin Ether (ETH) already appears to be cooling.

LATEST: US spot ETH ETFs saw its largest weekly outflows last week with $787.7M while BTC ETFs saw a total weekly inflows of $246.4M. pic.twitter.com/jWe4Ach9KJ

— Cointelegraph (@Cointelegraph) September 8, 2025

Last week, inflows to BTC-denominated exchange-traded products (ETPs) ended in positive territory, sharply contrasting with ETH equivalents.

Figures uploaded to X Monday by Andre Dragosch, European head of research at crypto asset manager Bitwise, show Bitcoin ETPs added $444 million in the five days through Sept. 5.

In the same period, Ether ETPs saw net outflows of over $900 million.

“Interesting to see a renewed ‘re-rotation’ from $ETH back to $BTC in terms of global ETP flows last week,” Dragosch commented.

Meanwhile, the US spot Bitcoin exchange-traded funds (ETFs) ended the four-day trading week up around $250 million. 

Data from UK investment firm Farside Investors captured four straight days of net outflows for spot Ether ETFs, totaling more than $750 million.

Bitcoin bear whales are back

When it comes to the largest Bitcoin investors, the trend is giving onchain analytics platform CryptoQuant cause for concern.

Whales are reducing their BTC exposure, and recent market distribution rivals the last bear market in 2022.

“In the last thirty days, whale reserves have fallen by more than 100,000 BTC, signaling intense risk aversion among large investors,” contributor Caue Oliveira wrote in one of CryptoQuant’s “Quicktake” blog posts.

The 30-day whale balance drawdown through the end of last week was the largest since mid-2022. At the time, BTC/USD was around halfway through its most recent bear market, which bottomed out in November that year at $15,600.

“At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks,” Oliveira added.

As Cointelegraph reported, shifts in whale behavior have had a noticeable impact on short-term price action as large chunks of liquidity come and go from exchange order books.

Taker Buy/Sell Ratio raises alarm

The Bitcoin futures market on the largest global exchange, Binance, is under scrutiny as liquidity tails off across perp markets.

Related: Bitcoin may sink ‘below $50K’ in bear, Justin Sun’s WLFI saga: Hodler’s Digest, Aug. 31 – Sept. 6

New research from CryptoQuant this week flags a classic signal corresponding to bull market corrections.

The Taker Buy/Sell Ratio, which is the ratio of buy volume divided by taker sell volume, is currently making lower lows while the price itself expands.

“Bullish divergence of the Taker Buy/Sell Ratio has repeatedly occurred during the price bottom or sideways consolidation phases of this Bitcoin bull cycle, which has been ongoing since 2023,” contributor Mignolet summarized in another “Quicktake” post.

Mignolet notes that such behavior was characteristic of the market peak during the 2021 bull run. Volume this time, however, is different thanks to the presence of institutional activity.

The situation could still become precarious if the trend continues.

“To be blunt, all liquidity is weakening,” the post concludes. 

“If this liquidity recovers, the market likely isn’t over yet. However, if liquidity doesn’t recover despite numerous positive catalysts, the situation could become serious.”

Binance Bitcoin futures have traded since 2019, and since then have seen “colossal” volumes of over $700 trillion.

“This staggering number surpasses the estimated value of the global real estate market and is five times larger than the combined capitalization of global equities or bonds,” CryptoQuant contributor Darkfost noted Sunday.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

What follows is an expanded version of a tweet I posted to X on Wednesday August 27th prior to the much-awaited Nvidia’s earnings release and call after the market closed. I had stopped for a late breakfast at the River View Diner in Edgewater NJ on the west side of the Hudson River. The Diner is 30 years old and likely had a view of New York at one time, but it now is a misnomer with the massive construction in that area. There were two ancient men two booths away from me. They were griping about rising medical costs, Medicare, food prices and their “pain in the ass near death wives. Then one of them drops this gem: “Good thing I held on to my NVIDA after I sold my government bonds in April, I’m told earnings should crush it this afternoon, or so my grandson says, and he and his friends are long up the ass”.

Hearing that reminded me of another incident back in 2000 when the burst in the Tech Bubble was just beginning to deflate. I had left my office on Broad Street after the close and walked down the steps to grab the #4 train uptown to meet clients. As I stood on the crowded platform waiting for the train, I overheard two young Brokers I recognized from Harry’s a few nights before chatting it up. “I sold my tech stocks” said one, “but I’m hanging onto my Biotech stocks”. “Yeah, I agree, they should weather the storm”. What these young bucks failed to consider was Biotech was just as over owned as Beenie Babies in the early 1990’s. Day’s later the CEO and I wrote a one-off published piece that discussed the crazy projected earnings and revenue assumptions that would follow and my technical concerns regarding several of them. The piece was picked up by Barrons and on Monday morning the phones lit up like Christmas trees. One client (who had sizeable Biotech position) screamed, YOU! No More Business for you. The chart below of Biogen shows what happened over the months that followed. I am not even being to say that my partner and I predicted or were responsible for the carnage that followed, only that when everyone owns it who’s left to buy? Very similar to when everyone at the cocktail party is touting something it’s best to run away.

Charts and price data are courtesy of Optuma.

Ethereum advocacy firm Etherealize has closed a $40 million funding round to help it pitch the blockchain to Wall Street in a week that’s already seen public firms add over $1.2 billion worth of Ether to their treasuries. 

Etherealize said on Wednesday that the crypto-focused venture firms Electric Capital and Paradigm led the round, which it would use to “continue driving institutional adoption of Ethereum.”

The company launched in January with funding from the Ethereum Foundation and Ethereum co-founder Vitalik Buterin to educate institutions on the blockchain and the Ether (ETH) token.

Wall Street has yet to embrace ETH as deeply as it has Bitcoin (BTC) when comparing the trading volumes and inflows to related exchange-traded funds.

Etherealize co-founder Grant Hummer said in January that amid the ETF launches, he noticed institutions lacked education on ETH, which the company wanted to address.

Etherealize to use funds for institutional tools 

Etherealize said the $40 million would be put toward developing crypto-based financial tools aimed at institutions.

The firm wants to build infrastructure for privately trading and settling tokenized assets, a settlement platform geared to “institutional tokenization workflows,” and applications aimed at markets for tokenized fixed income products, such as tokenized bonds.

“Over the past decade, Ethereum has gone from an experiment to the world’s most battle-tested, open financial network,” said Etherealize co-founder Danny Ryan, adding the raise would help upgrade “institutional finance to modern, safer, globally accessible rails.”

Public firms add $1.26 billion worth of ETH this week

Etherealize’s raise comes after public firms globally have added $1.2 billion worth of ETH to their holdings so far this week, according to data from the website Strategic ETH Reserve.

The Ether Machine, a so-called crypto treasury company that is planning to go public soon, made the week’s largest addition with a 150,000 ETH raise on Tuesday, valued at $654 million.

The same day, the largest ETH holding firm, BitMine Immersion Technologies, said it scooped up over 150,000 ETH over the previous week, with data from Arkham showing it bought an additional $65 million worth on Wednesday.

Related: Ether exchange reserves fall to 3-year low as ETFs, corporate treasuries soak up supply 

Sharplink Gaming and the Hong Kong-listed Yunfeng Financial announced they bought more ETH on Tuesday, making respective purchases worth $176 million and $44 million.

ETH at nearly 50% odds of $6,000 this year 

Nick Forster, the founder of crypto options platform Derive, said in a note on Wednesday that a possible Federal Reserve rate cut this month and the ETH buys by public companies have set it up “for explosive potential heading into Q4.”

He said ETH-buying firms now hold nearly 4% of the token supply, and a rate cut could see such companies “holding 6-10% of ETH’s supply by year-end, positioning them as a major force behind ETH’s price action.”

Forster predicted there was a 44% chance that ETH reaches $6,000 by the end of the year, and gave 30% odds of it hitting that price by the end of October.

Ether is currently trading for just under $4,400, up 1.8% on the day, but it has fallen 11.5% since its peak of around $4,950 on Aug. 24.

Trade Secrets: Ether could ‘rip like 2021’ as SOL traders brace for 10% drop 

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