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  • Kraken launches xStocks, Binance record inflow, Gemini raises IPO price range,

Kraken launches xStocks, Binance record inflow, Gemini raises IPO price range,

Linea fix, BBVA partnership, Sharplink buyback, Hyperliquid’s USDH, Metaplanet raise, Upbit launches Giwa

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Crypto’s been busy, headlines are hitting hard. Don't worry we got you. The market has been brewing, here's what's currently happening:

Kraken has launched xStocks in Europe, allowing users to trade tokenized certificates of popular US equities. The move expands its May rollout with 24/5 trading access, self-custody, and cross-platform transfers. It follows similar offerings from Gemini and Robinhood, while Nasdaq is seeking entry into the space.

Binance saw a record $6.2B stablecoin inflow on Sept. 8, pushing its reserves to $39B, the highest in 2025. The surge comes just ahead of the FOMC meeting, as traders position funds for potential market moves. Analysts say it signals rising liquidity and readiness for volatility in Bitcoin and altcoins.

Gemini has raised its IPO price range to $24-26/share, targeting a $3.1B valuation and up to $433M raised, with Nasdaq set to invest $50M. The exchange plans to debut Friday under ticker GEMI, becoming the third U.S.-listed crypto exchange. Meanwhile, Figure also lifted its IPO range, seeking $693M at a $4.7B valuation, highlighting strong momentum in crypto IPOs.

Linea quickly fixed a temporary sequencer bug on its Ethereum L2, restoring stability within an hour. The incident coincided with the project’s massive token airdrop, 9.36B LINEA tokens going to ~749K wallets. Trading launches today, with Binance and other exchanges already on board.

Polygon PoS is facing a 10-15 minute delay in transaction finality, though block production remains unaffected. A patch has been identified and is being rolled out to validators and service providers. The issue caused POL to drop ~4% as users await a full resolution.

BBVA has partnered with Ripple to offer Bitcoin and Ethereum custody for retail clients in Spain under MiCA. The deal extends Ripple’s custody services already live with BBVA Switzerland and Garanti BBVA in Turkey. Separately, Binance is also working with BBVA to safeguard Spanish customer assets off-exchange.

Sharplink, the second-largest Ether treasury firm, launched a $1.5B share buyback after its stock fell below net asset value. The move, seen as immediately accretive, lifted shares 6% even as they remain down 25% over the past month. Sharplink holds 837K ETH (~$3.6B), nearly all staked to generate revenue.

Paxos pitched itself to issue Hyperliquid’s USDH stablecoin with a PayPal and Venmo partnership to drive adoption. The plan includes $20M in PayPal incentives, free on/off-ramps, and reinvesting revenue into growth until USDH hits $1B TVL. Paxos faces rival bids from Frax, LayerZero coalition, Ethena, and Sky in a hot contest.

Japan’s Metaplanet will raise $1.4B by issuing 385M new shares to fund its aggressive bitcoin treasury strategy. The firm now holds over 20,000 BTC, making it the 6th-largest public BTC holder, and also earns revenue through bitcoin options trading. The move comes amid Japan’s weak yen and negative real interest rates, with BTC adopted as its primary reserve asset.

South Korea’s largest exchange, Upbit, has launched Giwa, an Ethereum L2 testnet built on Optimism’s OP Stack with one-second block times. Giwa aims to make Web3 infrastructure seamless while inheriting Ethereum’s security, with tools already live on Giwa Sepolia. The move positions Upbit alongside Coinbase and Binance in building exchange-backed blockchains.

🪙Bearish or Bullish

With August officially closing red for BTC, my lean has shifted toward the seasonal correction being pulled forward. This means the bulk of the correction may already be behind us, or is at least nearing its end. If this proves true, I expect September to now close green, contrary to what I had previously projected.

As of now, we are in the zone where BTC has historically begun recovering after prior cycle corrections. And while some downside potential still remains in line with average drawdowns, structural strength continues to persist, particularly at the 4hr FibMa Blue Band, which has proven reliable throughout this cycle.

BTC/USD

A few weeks ago I noted that the Blue Band on the 4hr FibMa would be a key zone to monitor. So far, that has proven accurate. Price continues to hold the Blue Band as support, making this one of the more reliable signals of accumulation during this bull cycle.

Context:

  • In the 9 times BTC has tested the Blue Band this cycle, 5 instances were short-lived with swift recovery following.

  • That context adds strength to the argument that this is a key area to defend, especially with current price structure aligning to historical corrective behavior.

Key Levels I’m Watching:

  • Short Term Uptrend: Still intact. However, any signs of weakness could signal a short lived revisit to the lower band or even 100k, if the average drawdown fully plays out.

  • $112K: This remains the critical pivot. Holding this opens the door for a reclaim of the prior trading range.

  • Cycle Correction Context: Prior corrections have averaged ~20%. So far, this pullback has only reached 13.5%. If a full 20% correction plays out, BTC could retest the $100K–$103K range. That said, price would still be well within bullish structure.

At the moment, momentum remains constructive unless price fails to hold $111K–$109K and breaks the short-term uptrend.

BTC Bull/Bear Levels:

  • HD: $118,377

  • H4: $113,107

  • BB: $111,144

  • L4: $109,183

  • LD: $103,953

ETH/USD

ETH remains in a strong posture, consolidating within a defined structure between $4,900 and $4,090. Local support around $4,220 is currently being defended, and so far price has maintained composure despite BTC’s corrective behavior.

While it’s still ETH Season, this month tends to favor BTC strength, which means we should expect ETH to either consolidate or lose short term ground.

That said, ETH remains structurally bullish and could easily play catch-up once BTC finishes reclaiming lost dominance. We must still acknowledge that if BTC completes a full cycle correction, ETH could experience a 25–30% pullback from its recent ATH, a possibility that should not be ignored.

Base Case: BTC likely leads for the next 2–4 weeks before ETH reclaims its leader role, resuming full-blown ETH Season.

ETH/BTC

ETH/BTC continues to consolidate and build strength under resistance. The macro downtrend was tested a couple weeks ago, and the prior high at 0.04324 remains the critical level to watch.

A break of this level would almost certainly initiate the next major expansion phase for ETH/BTC, and potentially spark broader altcoin rotation as well.

Until then, ETH/BTC will likely remain rangebound, especially if BTC continues to lead the market recovery in the short term.

Altcoin Market 

Across the board, altcoin pairs are testing local highs against BTC and showing signs of life. However, I believe BTC is preparing to reclaim some ground, meaning any strength from altcoins could be short-lived in the near term.

Key observations:

  • BTC Dominance is positioned to make another run at 60%.

    • If it does, it could either confirm the cycle high is in (and this is a dead cat bounce), or it could be one final expansion leg for BTC before a broader alt rally resumes.

  • If BTC consolidates its gains while ETH and alts stabilize, September could be the last real accumulation window for high conviction alt positions.

  • Total3/ETH remains in a downtrend, but we are seeing signs of potential inflection. If alts are going to make a relative move, this is likely the short window for it to happen before ETH kicks into higher gear and resumes dominance.  

    Final Thought: Regardless of how this short term plays out, I continue to believe the window to finish building alt positions is closing. Once the current correction is fully resolved, it’s time to let positions ride into the final phase of the bull market.

    Macro & Market News to Watch

    Tuesday

    • Non-Farm Payrolls (Annual Revision): Prior -818K

    Thursday

    • Continuing Jobless Claims: Expected 1.942M (Prior 1.940M)

    • Initial Jobless Claims: Expected 240K (Prior 237K)

    • CPI YoY: Expected 2.9% (Prior 2.7%)

    • Core Inflation Rate YoY: Expected 3.1% (Prior 3.1%)

🤑Airdrop Alpha

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SwitchBoard Airdrops on 9 Sep

If you made deposits in Kamino, MarginFi or any DeFi protocols on Solana that uses SwitchBoard as the oracle, you would have earned Orbs in the background and eligible for the $SWTCH airdrop, check here: https://claim.switchboard.foundation/

If you restaked $SOL with Fragmetric, you are eligible separately and should claim here:
https://app.fragmetric.xyz/rewards/staking/

Linea TGE on 10 Sep

Claims go live on 10 Sep 12 pm UTC. Looking to jeet your $LINEA airdrop instantly at claim? 

720K wallet addresses are eligible for the airdrop. The claim site might crash as everyone rushes to claim at the same time. 

How to skip the claim page altogether by claiming directly from smart contract:

  1. Go to the contract page: https://lineascan.build/address/0x87baa1694381ae3ecae2660d97fe60404080eb64

  2. Open the “Contract” tab.

  3. Click “Write Contract.”

  4. Connect your wallet.

  5. Find and click the “Claim” function.

  6. Click “Write.”

  7. Confirm the transaction in your wallet popup.

    100+ Airdrop Opportunities in my Notion Airdrop Tracker: https://bit.ly/droptime

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