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Happy Monday, TM Family!
Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors.
Let's dive in!
In Today's Edition
Crypto Carnage: $1.7B Liquidations as BTC Dips Below $112K
FTX Rises from Ashes: $1.6B Creditor Payout Starts Sept 30
Bulls in Charge: $1.9B Inflows, Metaplanet Stacks $633M BTC, CZ Deepens Bets
ETH's Big Leap: Fusaka Dec Launch, Vitalik's 'Google Moment' Fuels $5K Rally Hopes
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Now let's get back to the top stories of the day.
1. Crypto Carnage: $1.7B Liquidations as BTC Dips Below $112K
We've just witnessed one of the most brutal shakeouts this cycle, with over $1.7B in leveraged positions wiped out in a single day, mostly longs getting rekt as Bitcoin plunged to $112,000 and Ethereum led the altcoin bloodbath with an 8% drop.
This isn't your average dip; it's a classic leverage purge triggered by fading FOMC euphoria, where the Fed's 25 bps rate cut last week failed to sustain the rally amid rising bond yields and macro jitters.
Ethereum, Solana, and Dogecoin bore the brunt, with cascading liquidations in 24 hours. On X, traders are calling it a bear trap, perfect for scooping discounts before the next leg up, but beware: with OI still elevated at $220B, more volatility could loom if we don't reclaim $115K support.
2. FTX Rises from Ashes: $1.6B Creditor Payout Starts Sept 30
In a rare win for the battered FTX community, the bankruptcy estate is gearing up for its third major repayment wave, distributing $1.6B to creditors starting September 30 via platforms like BitGo and Kraken.
This brings total recoveries to around 78-120% of claims (valued at 2022 prices), a far cry from the zero most feared post-collapse, with U.S. creditors hitting 95% payback.
Expect funds in 1-3 business days, but here's the investor angle: this influx could inject fresh liquidity into crypto, potentially sparking buys in BTC and alts, or trigger sell pressure if recipients cash out en masse. X chatter highlights tax headaches for UK holders, as these payouts might count as disposals under HMRC rules.
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Now, let's continue with the top stories of the day.
3. Bulls in Charge: $1.9B Inflows, Metaplanet Stacks $633M BTC, CZ Deepens Bets
Institutional money is flooding back with vengeance: Crypto funds raked in $1.9B last week after the Fed cut, pushing AUM to a 2025 high of $40.4B.
Metaplanet stole the show, snapping up 5,419 BTC for $633M. This vaulted them to the fifth-largest corporate holder with 25,555 BTC worth $2.71B, echoing MicroStrategy's playbook amid their $1.4B raise.
Meanwhile, CZ's YZi Labs doubled down on Ethena, boosting USDe to $14B TVL and backing new stables like USDtb, while BNB hit $1,000 ATH on rumors of his Binance return and DOJ deal closure.
Even Trump-backed WLFI surged 10% after 99.8% approval for full treasury fee buybacks and burns, potentially squeezing supply as protocol revs grow. X is buzzing with whale accumulations and DEX launch whispers.
4. ETH's Big Leap: Fusaka Dec Launch, Vitalik's 'Google Moment' Fuels $5K Rally Hopes
Ethereum is priming for liftoff: devs locked in December 3 for the Fusaka mainnet upgrade, accelerating from Hoodi with PeerDAS to double blob capacity, pushing TPS to 12,000, and slashing L2 costs.
Vitalik calls low-risk DeFi Ethereum's "Google moment", think collateralized lending and synthetics generating sustainable yields like search ads did for Alphabet, with DeFi losses dropping from 5% in 2019 to near-zero today.
On-chain metrics back it: surging activity, whale buys, and ETF inflows hint at ETH blasting to $5K, especially with TradFi adoption ramping.
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That's all for today. Let's talk tomorrow.