Latest Crypto News | Bitcoin, Ethereum and Altcoin Updates

Binance will airdrop 150 million Falcon Finance (FF) tokens to BNB HODLers who held BNB in Simple Earn or on-chain yields between September 14 and 16, 2025. This Falcon Finance airdrop distributes 1.5% of the token’s 10 billion fixed supply. Allocation snapshots are available 24 hours before the airdrop. Deposits open on September 26 at 10:00 UTC, and trading goes live on September 29 at 13:00 UTC against USDT, USDC, BNB, FDUSD and TRY. The FF token smart contracts are live on BNB Smart Chain and Ethereum, ensuring multi-chain liquidity. Falcon Finance held a community sale on Buidlpad, raising over $112 million—2,821% of its $4 million target—signaling strong demand. Tokenomics allocate 35% to ecosystem development, 32.2% to the Foundation, 20% to team and contributors (1-year cliff, 3-year vesting), 8.3% to community and launchpad programs, and 4.5% to investors. A “seed tag” warns traders of potential volatility. Looking ahead, the project plans to expand fiat rails, add gold redemption in the UAE, tokenize U.S. Treasury bills, and launch a Real-World Asset engine in 2026. The Binance listing will boost FF token liquidity and visibility, reinforcing BNB Chain’s role as a leading DeFi hub.

UK Finance has launched an 18-month pilot for tokenised sterling deposits with six major banks, including Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander. The programme aims to create a digital pound representation of commercial bank money and tests use cases such as online marketplace payments, remortgaging and wholesale bond settlement. Quant Network will supply the blockchain interoperability infrastructure via its Regulated Liability Network, enabling programmable money features that enhance payment control, reduce fraud and speed up settlement times. The pilot, running until mid-2026, coincides with the Financial Conduct Authority’s planned crypto-asset regulations, highlighting the UK’s push to integrate tokenisation into mainstream banking. By distinguishing tokenised sterling deposits from stablecoins and e-money under existing banking law, the initiative could set new standards for institutional adoption of digital cash and influence future market stability for tokenised sterling deposits.

On September 17, the Federal Reserve delivered a market-anticipated Fed rate cut of 25 basis points to 4.00%–4.25%. However, Fed Chair Powell’s cautious tone and a split dot-plot signaled a ‘hawkish rate cut’ environment. The 10-year Treasury yield jumped, steepening the curve and underscoring persistent inflation concerns as headwinds for risk assets. US equities hit fresh highs, but crypto markets showed mixed momentum. Bitcoin (BTC) failed to clear key mid-range levels and stalled at its 4-hour EMA clusters, hinting at a deeper retest toward range lows. Ethereum (ETH) also remained indecisive, unable to breach its weekly open. Altcoins saw compression breakouts near monthly opens, yet TOTAL3 and ‘Others’ stalled below prior highs. Trading plans now focus on spot-based Fed rate cut scenarios: breakout entries on sustained highs and retest buys into mapped demand zones supported by rising EMAs. Traders should monitor the 10-year Treasury yield as a macro risk gauge. Strict position sizing and no leverage remain crucial ahead of further policy decisions. A sustained BTC reclaim above the mid-range with momentum could unlock broader beta, while deeper retests may present asymmetrical entry opportunities.

Story Protocol (IP) has plunged roughly 50% from its all-time high near $15 to about $7.2 following rapid profit-taking after the Origin Summit in Seoul. Despite a $2.27 billion market cap, on-chain metrics reveal weak value capture: just $29.1 million in TVL and under $700 in daily protocol revenue, while peers of similar size report millions in fees. Fundamental concerns deepened after co-founder Jason Zhao’s departure. On the charts, IP broke down from its August–September ascending wedge and 50-day SMA, testing key support at $7. A breach below could drive prices toward $6.07, $5.40 or lower levels near $4.75 and $2.40. Traders should monitor PCE data, market sentiment and on-chain trends for reversal signals.

YouTube star Mr Beast acquired 538,384 ASTER tokens over three days by depositing 1 million USDT across two wallets for an average price of $1.87 per token. This dip buying strategy followed ASTER’s rally from $0.10 to $2.40 and subsequent pullback to $1.88. Meanwhile, Aster DEX resolved an XPL perpetual trading glitch, reimbursing affected users in USDT and boosting platform transparency. Whale accumulation by Mr Beast has sparked bullish sentiment, with analysts predicting a rebound to $3, a potential 60% gain. Traders should monitor ASTER liquidity, price movements and DEX stability for further market momentum.

World Liberty Financial’s community has approved a 100% WLFI buyback & burn program. All treasury liquidity fees on Ethereum, BNB Chain and Solana will fund on-chain purchases and burns. The protocol collects a 0.125% fee on roughly $3.5 billion in daily trading volume, removing about 4.375 million WLFI tokens each day. At this pace, burning 10% of the circulating 24.66 billion supply will take around 564 days. WLFI has slid over 36% since its September launch and trades near $0.192, close to the lower Bollinger Band at $0.189. The RSI stands at 38.8 and the MACD shows weak momentum. A rebound above $0.197 could target $0.205 and $0.22, while a break below $0.189 risks a drop to $0.18. Supporters say the WLFI buyback & burn will cut supply, reward holders and curb selling pressure. Critics argue burns alone don’t add intrinsic value and call for stricter presale unlocks or vesting. Separately, WLFI plans a USD1 stablecoin-powered retail app and an Apple Pay debit card. A Bithumb MOU aims to boost adoption in South Korea. Robinhood’s listing briefly lifted WLFI above $0.20 and pushed market cap close to $5 billion.

Ethereum accumulator addresses absorbed nearly 400,000 ETH on September 24, following a historic 1.2 million ETH inflow on September 18. These Ethereum accumulator addresses, known for their strict buy-and-hold strategy, likely represent institutional or ETF-related players, underscoring growing institutional demand for ETH. Ethereum’s price slipped below $3,900 amid broader macroeconomic concerns and is testing key support in the $3,800–$4,000 range, with $4,060 identified as critical resistance. CryptoQuant data and the Fear & Greed Index at “fear” indicate a risk-off environment. Analyst Ted Pillows expected the $3,800 liquidity zone test, while Arthur Azizov of B2 Ventures attributes the drop to deleveraging and thinning liquidity. Despite short-term pressure, Ethereum fundamentals in staking, DeFi, and Layer 2 scaling remain robust. Market strategists like Trader Tardigrade and Michaël van de Poppe view current levels as an ideal accumulation area. A decisive reclaim of $4,060 could trigger a rally toward $4,500–$5,000. Conversely, failure to hold support may result in consolidation around $3,500–$4,500 or a deeper slide toward $3,600.

Moody’s warns that crypto adoption in emerging markets is undermining monetary policy and financial resilience. Rising use of dollar-pegged stablecoins for savings and remittances weakens domestic monetary transmission. Adoption now extends beyond investment into savings, remittances and payments. This escalates cryptoization pressures akin to unofficial dollarization but with less oversight. Anonymous wallets and offshore exchanges facilitate capital flight and erode exchange rate stability. Crypto adoption is concentrated in Southeast Asia, Africa and Latin America, driven by high inflation, currency depreciation and limited banking access. Global crypto users reached 562 million in 2024, up 33% year-on-year. Policymakers must balance financial innovation with safeguarding monetary sovereignty and market stability, unlike developed economies that favor institutional integration and clearer regulation.

CryptoQuant warns crypto treasury firms using PIPE financing may see their stocks slump over 50% when discounted shares hit the market after lock-up expiries. PIPE financing provides rapid liquidity but increases share count and fuels dilution. Citing examples: healthcare firm Kindly MD plunged 97% toward its $1.12 PIPE price post-lock-up; SPAC Strive’s $1.35 PIPE implies a potential 55% drop; Cantor Equity Partners could fall back to its $10 PIPE level, halving its value. Next Technology Holding’s proposed $500 million PIPE deal adds further sector concern. Traders should monitor PIPE financing terms—issuance price, lock-up periods, tranche schedules—and track upcoming expiries, comparing market prices with PIPE prices and on-chain asset valuations to manage risk.

XRP Tundra has launched a dual-token presale on Solana and the XRP Ledger. The project is offering TUNDRA-S at $2.50 and TUNDRA-X at $1.25, implying potential 25× returns for early buyers. A 40% token allocation is reserved for presale participants, with a 17% bonus on TUNDRA-S and free TUNDRA-X tokens valued at $0.0205. Staking is enabled via Cryo Vaults, allowing traders to lock XRP for 7–90 days and earn up to 30% APY without moving funds off-ledger. Frost Keys NFTs act as yield multipliers or reduce lockup periods. The presale and token contracts passed audits by Cyberscope, Solidproof, and Freshcoins, and the team completed KYC with Vital Block. By contrast, Cardano price forecasts vary, with Finder projecting ADA at $1.60 by 2026 and VanEck eyeing $6–8 by 2030. XRP Tundra’s fixed pricing, clear tokenomics, and audit-backed framework offer traders a transparent entry point. This update may reshape how early-stage crypto presales and staking opportunities are evaluated.

Glassnode data show that long-term Bitcoin holders have begun profit-taking at levels seen near past cycle peaks. After the Fed’s rate cut, ETF inflows into Bitcoin paused, removing a key support. On September 25, Bitcoin slipped below its $112,000 support level to a four-week low of $108,700. The subsequent rebound quickly faded, hinting at a deeper correction. The Spent Output Profit Ratio (SOPR) has climbed above 1.0, indicating some traders selling at a loss. Meanwhile, the Short-Term Holder Net Unrealized Profit/Loss (NUPL) is approaching zero, raising the risk of further liquidations by newer investors. Analysts at 10x Research remain neutral until Bitcoin reclaims $115,000. Without renewed institutional demand, selling pressure may extend toward nearby stop-loss zones around $107,500. In contrast, Michael Saylor of MicroStrategy remains optimistic about a potential Bitcoin rally by late 2025.

Plasma launched its Layer-1 stablecoin blockchain on September 25, distributing a 9,304-token XPL airdrop that saw the native token surge from its $0.05 ICO price to a peak of $1.54, boosting FDV to about $120 billion and market cap to nearly $1.6 billion. Futures volume spiked over 1,500%. In pre-sales, Plasma raised $1.6 billion, rewarding early whales with returns up to 30×. Plasma’s EVM-compatible chain uses PlasmaBFT consensus for zero-fee USDT transfers and has secured over 100 DeFi partners, including Aave and Chainlink. Its official vaults hold $1.5 billion USDT at 31.64% APY, with phased funding to stabilize liquidity and incentivize staking. Advisors such as Tether CEO Paolo Ardoino and Peter Thiel add credibility. Looking ahead, Plasma targets high-demand markets in Southeast Asia, Turkey and South America, plans a Plasma One prepaid card with up to 4% cashback and 10% stablecoin yield, and faces a 25% token unlock in mid-2026. Traders should watch unlock schedules, regulatory shifts and real-world adoption to gauge XPL’s market resilience.

Ethereum price on OKX dipped below the key $3,900 mark on September 26, trading around $3,899 and registering a 2.6% intraday decline. This slide highlights heightened market volatility, as weakness in Bitcoin and other digital assets spreads across major cryptocurrencies. Traders are closely watching support at $3,900 and the next floor near $3,800, using technical indicators and on-chain data to gauge momentum and identify potential rebound opportunities amid bearish short-term sentiment.

WLFI token holders overwhelmingly approved, with 99% support, a buyback and burn program to stabilize price after a 41% September drop. The governance vote authorizes World Liberty Financial to convert fees from WLFI-controlled liquidity pools on Ethereum, BNB Chain and Solana into WLFI on the open market. Purchased tokens will be sent to a burn address to reduce circulating supply and absorb sell pressure. While exact daily burn volumes remain unconfirmed, community estimates suggest up to 4 million tokens could be burned per day. Each buyback and burn transaction will be publicly disclosed on-chain, enhancing transparency in the protocol’s DeFi governance.

PunkStrategy’s native token PNKSTR surged 160% in two days, lifting its market cap to about $43 million. The protocol charges a 10% transfer fee on PNKSTR trades. Eight percent of each trade flows into a pool that automatically buys floor-priced CryptoPunks on Ethereum, relists them at 1.2× cost and uses the proceeds to repurchase and burn PNKSTR tokens. To date, the mechanism has accrued nearly 700 ETH in fees, completed 12 trade cycles and burned 2.8% of the PNKSTR supply. Developed by TokenWorks—also behind Shape Network’s $O token—PunkStrategy inspired the NFTStrategy series for BAYC, Pudgy Penguins, Moonbirds, Meebits and CryptoDickbutts. An initial fee-schedule bug let an arbitrage bot extract 181.7 ETH in hours but was swiftly patched by the community and Yuga Labs. The Meebits strategy now leads with $1.6 million in daily volume. TokenWorks plans seven more NFTStrategy launches this week, covering Chromie Squiggles, Milady and other collections. Traders should watch PNKSTR’s token burn dynamics and upcoming NFTStrategy launches for further yield opportunities.

President Trump has asked the Supreme Court to allow him to remove Federal Reserve Governor Lisa Cook over unsubstantiated fraud claims, challenging Fed independence. Lower courts have blocked his effort, ruling the allegations fail to meet the “for cause” standard under the Federal Reserve Act. Cook warned that firing her would disrupt monetary policy, undermine Fed independence and trigger market volatility. A bipartisan amicus brief by former Fed chairs and Treasury secretaries, including Greenspan, Bernanke and Yellen, argued that preserving Fed independence is vital for stable inflation expectations and long-term interest rates. Traders should monitor how the Court’s ruling could affect US dollar strength, Treasury yields and risk sentiment, potentially influencing cryptocurrency flows as investors seek alternatives amid central bank uncertainty.

Two Texas brothers, Raymond Christian Garcia (23) and Isiah Angelo Garcia (24), were federally indicted for an $8 million crypto kidnapping. On September 19, the pair used an AR-15-style rifle and a shotgun to hold a Minnesota family hostage for nine hours in their garage. Under duress, the victim first transferred $36,000 in cryptocurrency. Investigators say the brothers then drove the victim to a remote cabin, seized his hardware wallet and completed the transfer of the remaining funds. Police traced Wendy’s receipts and motel surveillance to arrest the suspects in Waller, Texas, on September 22. They now face charges including kidnapping, first-degree burglary, aggravated robbery and weapons offenses, carrying sentences up to 40 years. This crypto kidnapping case underscores growing risks to digital assets. Traders are urged to strengthen security by using cold wallets, multi-signature setups and distributed custodial solutions. The incident may also pressure exchanges to tighten protocols against wrench attacks.

US regulators, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), have launched probes into more than 200 firms after spotting unusual trading patterns ahead of crypto treasury announcements. The investigations focus on potential Regulation Fair Disclosure (Reg FD) breaches and insider trading linked to leaked crypto plans. Many companies issued weak non-disclosure agreements (NDAs) to select investors before publicizing strategies to raise over $102 billion for bitcoin and other tokens, triggering pre-announcement stock spikes. FINRA inquiry letters often mark the start of formal investigations. While no enforcement actions or named targets have emerged, executives are on high alert. The probes coincide with SEC Chair Paul Atkins’s pledge to deliver clear, predictable crypto rules, contrasting with past aggressive enforcement. Several firms have emulated MicroStrategy’s model of selling stock or debt to fund crypto treasury purchases, but volatility in share prices before disclosures could disrupt pricing and execution. Traders should monitor regulatory filings, disclosure practices, and unusual trading trends as increased scrutiny may curb rapid crypto treasury moves, affecting trading volumes, volatility, and market sentiment. Firms must strengthen NDAs and compliance to avoid SEC and FINRA actions.

US spot Bitcoin ETFs suffered a $253.4 million net outflow on Thursday, pushing weekly redemptions to $480 million as Bitcoin (BTC) slid below $109,000, a four-week low. Major funds including Fidelity’s FBTC, Bitwise’s BITB, ARK 21Shares ARKB, Franklin, VanEck and Grayscale’s GBTC saw significant withdrawals. In contrast, BlackRock’s IBIT attracted $78 million, marking its third consecutive week of inflows. Parallel to this trend, spot Ethereum ETFs recorded $251 million in outflows Thursday, taking weekly losses to $547 million amid a double-digit ETH price correction. The US Securities and Exchange Commission (SEC) met with VanEck to discuss ETF tokenization and issuer roles, a step that could benefit Ethereum-based products. This week also saw the launch of REX-Osprey’s Ether Staking ETF, Bitwise’s filing for a Hyperliquid (HYPE) ETF, approval of Hashdex’s Nasdaq Crypto Index US ETF and BlackRock’s registration of the iShares Bitcoin Premium ETF, a covered-call strategy designed to generate yield on BTC. Traders should monitor weekly ETF flow trends, macroeconomic indicators and individual fund dynamics for market sentiment clues. Large daily outflows may signal near-term selling pressure, but sustained demand for products like IBIT suggests continued institutional appetite for regulated Bitcoin exposure.

TeraWulf has secured support from Google and Morgan Stanley to raise $3 billion in debt funding for Bitcoin mining expansion. The financing, arranged through high-yield bonds or private debt placements, will fuel new data center builds and enhance mining capacity. Google Cloud will host the new facilities and guarantee the debt, boosting credibility among institutional investors. The Bitcoin mining expansion by TeraWulf aims to increase its hash rate, operational footprint, and energy efficiency amid rising Bitcoin prices and network difficulty. Traders should monitor changes in Bitcoin supply, mining market dynamics, energy costs, and regulatory policies.

Crypto exchanges use three main CEX token burn mechanisms: profit-linked, formula-driven, and governance-driven. Profit-linked burns allocate a fixed share of exchange revenue for token repurchases and burns, providing a predictable cadence and on-chain auditability. Formula-driven burns, adopted by Binance and OKX under automated fee rules (including BEP-95 gas fee burns), can scale destruction but lack direct ties to exchange health and transparency. Governance-driven burns (Bybit, HTX) decentralize control via community voting but risk politicization and inconsistent timing. Major exchanges like Gate (20% revenue allocation since 2019), KuCoin (10% monthly) and MEXC (40% quarterly) have built trader trust with stable profit-linked models. In contrast, Binance’s shifting formulaic and large quarterly burns, though sizeable, introduce uncertainty. Emerging platforms such as Bitget and Hyperliquid emphasize continuous, marketing-driven burns with transparent protocols, yet their long-term burn rhythm remains untested. Regulatory scrutiny classifies profit-linked token buybacks as crypto buybacks, elevating legal risk, whereas formula-driven burns reduce securities exposure but offer lower visibility for holders. Traders should monitor CEX token burn cadence and mechanism design: consistent, transparent profit-linked burns best align token scarcity with exchange health, supporting long-term value and offering clearer signals for trading strategies.

Taiko launched its new Hoodi testnet on September 25, replacing the Hekla testnet which will sunset on September 30. The Layer 2 rollup uses Alethia and introduces preconfirmations to speed transaction testing and simulate mainnet conditions. Integration with Ethereum’s validator and staking infrastructure ensures compatibility, while Taiko’s bridge and faucet tools grant easy access. Developers must migrate assets from Hekla by September 30 to avoid disruptions. The Hoodi testnet targets Ethereum scalability by boosting throughput, lowering latency, and reducing gas fees. Its underlying Layer 1 network will remain active until 2028, offering long-term stability for infrastructure providers and staking operators. Taiko’s roadmap includes a Q4 2025 Shasta hard fork and a Gwyneth testnet launch, aiming for fee cuts, lower transaction costs and a full shift to zero-knowledge proofs. Mainnet preconfirmations are also scheduled later this year. Traders should monitor adoption rates and on-chain metrics, as the upgrade may influence gas markets and dApp performance.

At 08:00 UTC this Friday, Deribit’s end-Q3 crypto options expiry will see $22.4 billion in contracts lapse, including roughly $17 billion in Bitcoin and $5.3 billion in Ethereum options. Bitcoin’s put/call ratio stands at 0.76 with a max pain level of $110,000. Ethereum’s ratio is 0.80 and its max pain price is $3,800. Open interest for Bitcoin concentrates at the $140,000 (2.7 billion) and $120,000 (2.2 billion) strikes, with total options OI near $60 billion and futures OI around $80 billion. Ethereum options OI sits at about $18 billion, tilted toward puts at the $95,000 strike (1.9 billion). September’s market correction (BTC -12%, ETH -20%) underlines traders’ expectations of heightened volatility. This crypto options expiry could intensify sell-pressure around key support and drive sharp price swings ahead of settlement.

Five dedicated stablecoin chains are racing to deliver low-cost, high-speed and compliant global payments. Plasma, backed by Bitfinex and Tether, launched its beta mainnet in September 2025, attracting $1 billion in USDT deposits and offering gasless, zero-fee transfers with 1,000+ TPS and sub-second finality. Stablechain, incubated by Tether/Bitfinex with $28 million in seed funding, will enable USDT gas payments and open its public testnet in late 2025. Codex, an Optimism-based Ethereum Layer 2, integrates native USDC settlement via CCTP v2 and Fireblocks custody, processes around $1.7 million in daily flows and charges under $0.001 per gas transaction. Noble, built on Cosmos, issues native USDC via IBC and introduced USDN, a yield-bearing stablecoin backed by U.S. Treasuries. 1Money, founded by Binance.US’s ex-CEO, runs on a Layer 1 chain with direct stablecoin gas payments and reached 250,000 TPS in recent testnet trials. As these stablecoin chains mature, traders should monitor TVL growth, partner integrations, transaction fees and finality speeds—key factors that could reshape stablecoin rails and trading strategies.

Momentum liquidity campaign launched on Sept 26 and runs until Oct 19. It offers up to 155% APY and double rewards for staking SUI, BTC and stablecoins. The campaign drew $30 million in the first hour, underscoring strong DeFi demand on the Sui ecosystem. Participants lock tokens under the ve(3,3) governance model on Momentum DEX. This boosts liquidity depth, reduces trading slippage and attracts new users. Momentum’s joint initiative with BeadlePad highlights DeFi innovation and strengthens SUI trading efficiency. Traders should weigh high yields against risks like impermanent loss and smart contract vulnerabilities. The Momentum liquidity campaign promises significant short-term returns and supports long-term ecosystem growth.

OpenAI has rolled out ChatGPT Pulse, an AI-driven feature delivering personalized crypto market updates via visual topic cards. Combining users’ chat histories, feedback and connected apps like Gmail or Google Calendar, Pulse curates daily insights—from price alerts and portfolio analysis to local news. Initially available in preview for ChatGPT Pro mobile users, OpenAI plans to expand access to Plus subscribers. According to Finder, 15% of UK investors use AI for crypto advice and 40% for personal finance tips, but past tests show ChatGPT’s allocation recommendations can vary widely. OpenAI cautions against treating Pulse as professional financial advice. As robo-advisory assets are forecast to surge from $61.75 billion in 2024 to $470.91 billion by 2029, ChatGPT Pulse streamlines market intelligence for traders, potentially accelerating AI adoption in crypto, though automated suggestions warrant caution.

Analysts identify several Q4 crypto market drivers, led by stablecoin growth supported by new legislation like the GENIUS Act and the US CLARITY Act. These measures, along with pending SEC guidelines for commodity-based ETP approvals, aim to broaden institutional tokenization of money market funds, bank deposits and ETFs. A September Fed rate cut and potential future easing are expected to bolster asset prices, though some, such as JPMorgan’s Jamie Dimon, remain cautious on further cuts without lower inflation. Industry voices highlight momentum across Ethereum Layer-2, Solana, Tron and BNB Chain stablecoins. High demand for Bitcoin ETFs—averaging over 1,700 BTC daily—could fuel a year-end rally and altcoin rotation into memecoins and DeFi projects. Expected US approvals for staking and asset-backed ETPs may also enhance DeFi income streams and real-world asset tokenization. Traders should monitor these Q4 crypto market drivers for short-term opportunities and long-term portfolio diversification.

SharpLink Gaming Inc has partnered with Superstate to tokenize its SEC-registered Nasdaq shares on the Ethereum blockchain. The fully compliant Open Bell platform issues legally equivalent stock tokens that can be held in self-custody wallets. On-chain tokenization enables these shares to serve as collateral in DeFi protocols, trade on automated market makers, and potentially reduce settlement times while boosting liquidity. The project aligns with the SEC’s Project Crypto and marks the first public company stock tokenization on Ethereum via Open Bell. SharpLink holds 838,000 ETH (worth $3.3B) and earns staking rewards, reinforcing its DeFi integration strategy. Despite this innovation, the company’s stock fell over 7.8% in a week amid operating losses, $5M cash reserves, and $206.7M in preferred dividend obligations. Short-term traders should remain cautious given volatility and weak fundamentals. Long-term investors may find potential if tokenization succeeds, Ethereum asset value is realized, and core business profitability improves.

Bitcoin fell to a two-week low of $108,865 amid Asian trading pressure and intensified liquidation risk. Hyblock’s heatmap shows leveraged long positions clustered between $111,000 and $107,000, signaling potential downside to $107,000. Institutional cohorts in perpetual futures (1,000–10 M USDT) led heavy selling that outweighed retail spot buying (100–1,000 USDT). However, spot buyers increased allocations as prices dipped, pushing the 10% depth bid-ask ratio back above zero. Anchored 4-hour cumulative volume delta data recorded a spike in net buy volume. This buyer tilt was last seen on September 5–7, before the rally from $107,500 to $118,200. Traders should monitor liquidation heatmaps and order book depth for further downside risk or a potential recovery.