Crypto State of Play

Bitcoin was $76,224 and Ether $2,416 in the desk's 15 September bake at 17:09 UTC, down 3.2% and 4.3% over 24 hours, with the whole market near $2.62tn on CoinGecko's same-hour global read. These are dated prices, not a live feed.

$76,224

BTC · 15 Sep, 17:09 UTC

$2,416

ETH · 15 Sep, 17:09 UTC

-3.2%

BTC · 24-hour change

1. 15 SepThe desk bake at 17:09 UTC prices Bitcoin at $76,224 and Ether at $2,416, down 3.2% and 4.3% in 24 hours; CoinGecko's global read at 17:13 UTC puts the whole market at $2.615tn. The FOMC decision, with fresh projections, lands on 16 September (federalreserve.gov).
2. 10 SepCoinGecko’s source timestamp is 02:55 UTC: Bitcoin $78,327, Ether $2,474. Prices and 24-hour comparisons can change after this snapshot. Read more →
3. 8 SepCoinGecko’s timestamped price response puts Bitcoin at $78,664 and Ether at $2,492. The figures describe this snapshot and move with the market. Read more →
4. 5 SepBitcoin trades near $79,600 and Ether near $2,453, down about 1.4% and 1.9% in 24 hours (CoinGecko, 02:22 UTC), and the whole market stands near $2.70tn, above its pre-Warsh level. The main chain runs 3,919 blocks past the fork point with hashrate inside its one-month band and the next difficulty change expected at about +1.19% (mempool.space).
5. 29 AugBitcoin trades near $77,700 and Ether near $2,434, down about 2% and 3% in 24 hours (CoinGecko, 13:44 UTC), and the whole market stands near $2.64tn. The main chain runs 2,945 blocks past the fork point with hashrate inside its one-month band (mempool.space).
6. 28 AugKevin Warsh gives his first Jackson Hole keynote as Fed chair, titled 'In Our Time', and commits to no rate path; risk assets sell off and Bitcoin ends the desk's evening snapshot 3.5% down at $77,430. The next FOMC decision is 15-16 September, with fresh projections (federalreserve.gov).
7. 23 AugThe first downward difficulty change since the fork, and an ordinary one: -1.31%, at block 963,648 (mempool.space).
8. 22 AugBitcoin trades near $77,400 and Ether near $2,435, up about 3% and 4% in 24 hours (the desk snapshot at 06:54 UTC), and the whole market stands near $2.69tn. The main chain runs 1,888 blocks past the fork point with hashrate inside its one-month band (mempool.space).
9. 21 AugBitcoin trades near $77,100 and Ether near $2,385, up about 7% and 4% in 24 hours (CoinGecko, 13:04 UTC), and the whole market stands near $2.62tn. The main chain runs 1,827 blocks past the fork point with hashrate inside its one-month band (mempool.space).
10. 19-20 AugThe ETF inflow run accelerates: roughly $517m net on the 19th and $606m on the 20th, the month's heaviest day, IBIT taking $503m of it (Farside data).
11. 17-18 AugThe spot Bitcoin ETFs turn: roughly $298m of net inflows on the 17th and $189m on the 18th, IBIT taking over half of each, after five flat-to-down sessions from 10 August (Farside data).
12. 14 AugSix days after the BIP-110 split at block 961,632, the main chain has extended more than 800 blocks past the fork point with hashrate steady (mempool.space). No disruption inside the network. Read more →
13. 11 AugRevolut's app starts selling $ZAMA, a token with an optional confidential mode, to its 70 million users. The EU's 2027 money-laundering rulebook describes exactly that feature, and the ban catches coins where the privacy is optional. Read more →
14. StandingBitcoin remains well below the October 2025 peak, and no failure inside the network caused it.
15. StandingEther remains more than half below its own peak, and the argument about what Ethereum actually earns has never been louder.

DefiLlama's 15 September record values tracked stablecoin circulation at $311.88bn across all pegs, with the dollar-pegged subset at $310.29bn at market prices; the total has held inside a half-per-cent band since 6 September. Circle's Arc mainnet is slated for 16 September.

$311.88bn

all pegs · market value

$310.29bn

USD pegs · market value

15 Sep

dataset date

1. 15 SepSumming all currency categories in DefiLlama’s totalCirculatingUSD field gives $311.88bn, with the dollar-pegged category at $310.29bn. Tronscan reads USDT total supply on Tron at $94.26bn and DefiLlama the Ethereum side at $88.31bn, both level with the 4 September reads. Read more →
2. 8 SepCircle agrees to acquire Tazapay, the Singapore-based cross-border payments platform, extending its payments infrastructure into merchant collections across Asia. Terms undisclosed (Circle's own release). Read more →
3. DiaryCircle's Arc mainnet is slated to launch on 16 September, with a founding validator cohort naming BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa (Circle's own release). Read more →
4. 10 SepSumming all currency categories in DefiLlama’s totalCirculatingUSD field gives $311.82bn. Its USD-pegged category accounts for $310.24bn. These market values differ from tokens’ face-value supply. Read more →
5. 8 SepSumming every currency in DefiLlama’s totalCirculatingUSD field gives $311.69bn. Its dollar-pegged tokens account for $310.11bn; the remaining value includes other currency pegs. Read more →
6. 4 SepTron holds $94.27bn of USDT total supply against Ethereum's $88.31bn, read off both contracts; DefiLlama's same-day snapshot matches Tronscan to the dollar and puts Tron's net circulating figure near $92.3bn (Tronscan; DefiLlama). Read more →
7. 28 AugCircle becomes Chelsea FC's principal partner and front-of-shirt sponsor from the 2026/27 season, with Circle and USDC branding on the men's, women's and academy shirts, first worn at home to Brighton on 30 August. Terms undisclosed (club and company announcements).
8. 21 AugFinCEN's proposed customer identification rule for permitted stablecoin issuers closes its comment period. Elsewhere in the GENIUS rulebook, the OCC's licensing forms take comment to 25 September and Treasury's first rule to 19 October (Federal Register).
9. 17-18 AugThe US Treasury proposes its first rule under the GENIUS Act, covering who may issue, offer and sell payment stablecoins; it reached the Federal Register on 18 August and comment runs to 19 October.
10. 15 AugThe OCC gives World Liberty's trust bank preliminary conditional approval, on the same terms seven other crypto firms have already been given since December 2025. Read more →
11. 13 AugTether says KPMG has completed the first full audit of its 2025 financial statements with an unqualified opinion, reserves exceeding liabilities by $6.8bn on the company's figure, gold bars physically inspected.
12. 12 AugCircle's cirBTC goes live on Ethereum: an institutional wrapped bitcoin, 1:1 backed, held at Circle National Trust Bank, the company says.
13. 5 AugCircle reports Q2: USDC circulation at $73.3bn, up 19% in a year, and final OCC approval for Circle National Trust, one of the first national trust charters for a stablecoin issuer.
14. 4 AugWestern Union launches Stablecard: a wallet and Visa card spending its USDPT stablecoin, issued by Anchorage Digital Bank and built on Solana, live in 37 markets at launch.
15. StandingAround $310bn of digital dollars are in circulation, $310.7bn on DefiLlama's 29 August count, though June's $7.7bn fall was the largest monthly drop since Terra collapsed in 2022.
16. StandingThe US GENIUS Act is law, and its rulebook has moved from drafting to formal proposals at Treasury and the OCC.

Liquid's bridge is back in service: Blockstream's status page lists the Public Bridge Nodes operational at the 15 September check, with no incidents reported between 11 and 15 September. The 3,400 BTC return was confirmed in block 965,950.

Operational

bridge nodes · checked 15 Sep

3,400 BTC

returned on 7 Sep

~598.5 BTC

retained in the reported recovery

1. 15 SepBlockstream’s status page lists the Liquid Public Bridge Nodes operational, with no incidents reported between 11 and 15 September; the outages still shown on the page belong to other Blockstream products. Read more →
2. 10 SepBlockstream’s status page continues to list an active Liquid security incident affecting Public Bridge Nodes. Its notice says the bridge nodes were disabled; the reported reserve return does not by itself establish resumed redemptions. Read more →
3. 8 SepThe Bitcoin return transaction is confirmed in block 965,950. SideSwap attributes the L-BTC used for the peg-out to an Elements software bug. Recovery of reserves and resumption of redemptions are separate milestones. Read more →
4. Early AugThree further fee-activation proposals, covering v2 and v3 deployments across Ethereum, Base, Arbitrum and more, enter Uniswap governance to feed the same burn.
5. 27 JulProposals 99 and 100 execute: v4 protocol fees go live on seven chains including Robinhood Chain, 46.6M UNI voting for against 1.3M opposed.
6. StandingRobinhood Chain pushed $6bn of swaps through its first fortnight.
7. JuneUniswap's fee switch is live: protocol fees buy and burn UNI, a record 186,000 of them in a single day.

The UK Financial Services and Markets Bill completed Lords report stage on 9 September, adding a Treasury digital-assets strategy duty by 194 votes to 138 and agreeing the Bank of England's innovation objective. Third reading was listed for 15 September, and Commons stages follow; the bill remains before Parliament.

194-138

digital-assets strategy clause · 9 Sep

15 Sep

Lords third reading · listed

20 Oct

SEC comment closes

1. 14 SepSEC chairman Paul Atkins tells the Solana Policy Institute summit that Congress should pass the CLARITY Act 'as soon as possible', and frames Project Crypto as the agency's own rulebook effort, 'built rule by rule on a lawful foundation' (sec.gov). Read more →
2. 14 SepLummis, Boozman and Scott release the final CLARITY Act substitute text ahead of the cloture vote: 126 changes made at Democrats' request, with the Tillis-Gallego ethics language folded in and a role for state attorneys general in enforcement. Read more →
3. 10 SepESMA's second 2026 risk report holds market, contagion and operational risk at their highest classification and flags 'the growing linkage between increasingly vulnerable crypto-asset markets and the broader financial system', with recent DeFi exploits renewing spillover concerns. Read more →
4. 9 SepThe Lords complete report stage: a new clause requiring the Treasury to publish a digital-assets strategy within 12 months of Royal Assent passes 194 to 138, and the government amendments creating the Bank's secondary innovation objective are agreed without a division (Hansard). Read more →
5. 10 SepParliament’s stage record lists Lords third reading for 15 September following report stage from 7 September. The proposed legislation remains subject to the remaining parliamentary process. Read more →
6. 7 SepParliament records the start of report stage on 7 September, following committee stage from 22 June. The earlier calendar entry is now a completed stage-start milestone. Read more →
7. 27 AugHM Treasury announces a new secondary statutory objective for the Bank of England: supporting innovation in payment systems and digital money, stablecoins included, via government amendments to the Financial Services and Markets Bill. The Lords debate them on 7 and 9 September, financial stability stays primary, and the Bank will report annually to Parliament (gov.uk).
8. 21 AugRegulation Crypto Assets is published in the Federal Register; public comment closes 20 October 2026 (SEC's own rulemaking page).
9. 20 AugThe CFTC's Innovation Advisory Committee holds its inaugural meeting: 43 industry members in Washington, the commodities regulator moving while Congress waits, with Mike Selig styled chairman in the commission's own follow-up release. Read more →
10. 18 AugThe SEC proposes Regulation Crypto Assets: 402 pages, approved 3-0 by Atkins, Peirce and Uyeda, the full current roster of a five-seat commission, five days after cancelling the meeting called to vote on it. Two fundraising tiers at $20m and $75m a year, a one-time $5m startup exemption, and a safe harbour once an issuer's promised work is finished or ceased. Read more →
11. 15 AugThe SEC pulls its 14 August open meeting the day before, cancelling the vote on proposing Regulation Crypto Assets; the tokenisation exemption is reported delayed again. Read more →
12. 11 AugCoinbase opens crypto derivatives to UK professional investors: futures, perpetuals and options across more than 170 contracts at up to 50x leverage, on the MiFID permission won in July. The 2021 ban still keeps every retail saver out. Read more →
13. 8 AugSenate Majority Leader Thune files cloture on the motion to proceed to the CLARITY Act, and the chamber leaves for recess without voting. The motion ripens at 2:15pm on 15 September.
14. DiaryThe FCA's application window for the full UK crypto regime opens 30 September and runs to 28 February 2027, with full commencement on 25 October 2027. A perimeter policy statement is expected in September.
15. DiaryThe Bank of England's systemic stablecoin consultation closes 22 September: individual holding limits are dropped in favour of a temporary £40bn per-coin issuance guardrail, with the Code of Practice finalised by end-2026. The innovation objective announced on 27 August will sit above the same regime once the Bill passes. Read more →
16. DiaryEurope's MiCA review consultation, covering scope, stablecoin rules and DeFi, now closes 30 September, extended from 31 August (European Commission).
17. StandingRegulation Crypto Assets is a proposal rather than law until comment closes and a final rule is voted. Europe's MiCA is fully in force.

The latest complete rows in Farside's tables are 14 September: US spot Bitcoin ETFs took a net $159.9m and Ether ETFs $121.1m, ending a four-session Bitcoin outflow run that peaked at $282.7m on 10 September. Strategy's 14 September 8-K records a week with no bitcoin bought or sold.

+$159.9m

BTC ETFs · 14 Sep net flow

+$121.1m

ETH ETFs · 14 Sep net flow

845,050 BTC

Strategy holdings · 14 Sep 8-K

1. 15 SepFarside's completed rows for 8-12 September show Bitcoin net flows of -$46.6m, -$120.2m, -$282.7m and -$13.2m, then +$159.9m on the 14th; Ether funds run -$24.3m, +$34.7m, -$29.9m, +$216.4m and +$121.1m over the same sessions. Read more →
2. 14 SepStrategy's 8-K for 8-13 September records no bitcoin purchases or sales and no ATM share sales: holdings hold at 845,050 BTC at an average $75,412, with $5.10bn in the USD reserve, $1.30bn of cash and $139.3m spent repurchasing 1.42 million STRC preferred shares (SEC EDGAR). Read more →
3. 6 SepHyperliquid's HYPE sets a new record $89.60, CoinGecko's dated all-time high, nine days after the $86.71 mark; at the 15 September check it trades near $76.60, about 15% below the record.
4. 10 SepFarside records $46.6m of Bitcoin ETF net outflows on 8 September. The 9 September row still has an unreported IBIT cell, preventing a complete daily comparison. Read more →
5. 10 SepEther ETFs recorded $24.3m of net outflows on 8 September. The 9 September ETHA and ETHB cells were still unreported at the check; a dash is not a confirmed zero. Read more →
6. 8 SepEther funds recorded $87.6m, $8.6m, -$48.2m, $141.4m and $25.9m over the same five sessions, a net $215.3m. Read more →
7. 8 SepFarside lists BTC net flows of $216.7m, -$236.5m, $101.1m, $730.8m and $174.6m across 31 August–4 September. The $730.8m day is the largest in that window. The unreported 8 September row is excluded. Read more →
8. 3 SepFarside records net inflows of $730.8m into US spot Bitcoin ETFs and $141.4m into Ether ETFs for this session.
9. 31 AugStrategy's 8-K records 4,603 BTC bought between 24 and 30 August for $369.7m at an average of $80,318, the first purchases in three weeks, taking holdings to 845,050 BTC at an average cost of $75,412, with about $6.7bn of dollar liquidity (SEC EDGAR).
10. 29 AugBitcoin trades near $77,700 and Ether near $2,434, down about 2% and 3% in 24 hours (CoinGecko, 13:44 UTC); the total market stands near $2.64tn, down from $2.69tn a week earlier.
11. 28 AugThe run ends on the day of the Warsh speech: $201.9m net leaves the spot Bitcoin ETFs, the first outflow day since 14 August, with ARKB leading the selling; the spot ETH funds still add $102.1m (Farside data).
12. 27 AugHyperliquid's HYPE sets a record $86.71 before retracing to about $81.57, below the old $82.43 mark, while the spot ETH funds take $225.8m, their heaviest day of August (CoinGecko; Farside data).
13. 24-27 AugFour more inflow days, $337.6m, $314.3m, $232.2m and $242.3m, stretch the spot Bitcoin ETFs' run to nine straight sessions and about $3.04bn since 17 August (Farside data).
14. 24 AugStrategy's weekly 8-K shows a second straight week without bitcoin purchases: 840,447 BTC held at an average cost of $75,385, $2,006.5m raised selling MSTR shares, and $6.69bn of dollar liquidity across two designated pools (SEC EDGAR).
15. 24 AugBitMine says its Ether treasury has reached 5,847,611 ETH, 4.8% of the whole supply on the company's own figures, inside $14.9bn of total crypto and cash as of 23 August; more than 5 million of those ETH are staked (SEC exhibit).
16. 22 AugBitcoin trades near $77,400 and Ether near $2,435, up about 3% and 4% in 24 hours (the desk snapshot at 06:54 UTC); the total market stands near $2.69tn.
17. 21 AugThe 21st finalises far higher than its early tally once IBIT posts: $307.5m net into the spot Bitcoin funds, $239.3m of it IBIT, and $184m into the spot ETH funds (Farside data).
18. 21 AugGrayscale files its fifth S-3 amendment for the Grayscale Zcash Trust, renaming it The Zcash ETF for a planned NYSE Arca listing under ZCSH, with a Coinbase entity as custodian. A filing, not an approval, and no listing date is set (SEC EDGAR).
19. 21 AugBitcoin trades near $77,100 and Ether near $2,385, up about 7% and 4% in 24 hours (CoinGecko, 13:04 UTC); the total market stands near $2.62tn.
20. 19-20 AugTwo more inflow days, and heavier: roughly $517m net into the spot Bitcoin ETFs on the 19th and $606m on the 20th, the heaviest day of the month, IBIT taking $503m of the 20th's total (Farside data).
21. 19 AugThe US Treasury says it will at least double its long-end buyback operations, to at least $4bn per operation from 9 September; long yields fell and the crypto rally accelerated the same week (Treasury's own release).
22. 18 AugA second straight inflow day: $189m net into the spot Bitcoin ETFs, IBIT taking about three quarters, while the spot ETH funds add $71m with ETHA dominant (Farside data).
23. 17 AugInflows return: roughly $298m net into the spot Bitcoin funds, over $160m of it IBIT, ending a five-session flat-to-down run that began 10 August (Farside data).
24. 15 AugGoldman Sachs agrees to pay up to $2.25bn for NEOS Investments, whose 19 options-income ETFs hold $30bn, including the largest bitcoin and ether income funds. Read more →
25. 15 AugUBS's 13F shows 1.95 million IBIT call underlying shares at 30 June against 80,000 three months earlier, while its put line more than halved. Read more →
26. StandingIBIT dominates the traffic in both directions.
27. StandingTokenised real-world assets stand near $38.8bn on RWA.xyz's live distributed-asset-value counter at the 15 September check.