Arp's Crypto Digest

Author

ARP Digital
September 15, 2025

General Digital Asset Market View:

On Friday, spot Bitcoin ETFs recorded $642.35 million in net inflows, marking the fifth straight day of gains, according to data from SoSoValue. This pushed cumulative net inflows to $56.83 billion, with total net assets now standing at $153.18 billion, roughly 6.62% of Bitcoin’s total market cap.

Fidelity’s FBTC led the day with $315.18 million in fresh capital, while BlackRock’s IBIT followed with $264.71 million. Trading volumes across all spot Bitcoin ETFs topped $3.89 billion, signaling robust activity and growing institutional positioning. Market leaders like IBIT and FBTC posted daily gains of over 2%.

The uptick comes after a quieter start to the month, suggesting a shift in sentiment as macroeconomic conditions stabilize and the crypto market shows signs of strength. In total, Bitcoin spot ETFs saw $2.34 billion in cumulative net inflows over the past five days.

Macro:

The focus will be on rate decisions from the Fed, the BoE and the BoJ next week. Highlights in economic indicators include August retail sales and IP data in the US and the monthly data dump in China, as well as inflation prints in the UK and Japan.

More Crypto:

Source: Ally — Dune

Despite dwindling activity, Solana DEXs are still generating ~$2M in daily revenue.

Even in decline, volatility keeps the cash flowing.

Stablecoin-related companies captured around 25% of all crypto fundraising in Q3 so far — a record share for the category.

This week, DeFi reclaimed the spotlight, surpassing L1s in mindshare for the first time in a while.

The long-standing L1 dominance has been disrupted.

What Happened This Week:

  • Tether launches USA₮, a U.S.-regulated dollar stablecoin, appointing Bo Hines as CEO.

  • Polymarket adopts Chainlink oracles to settle price-based bets.

  • BlackRock confirms its Ethereum spot ETF will not include ETH staking, per amended S-1.

  • Nasdaq to invest $50M in Gemini crypto exchange.

  • Eric Trump removed from ALT5 Sigma board over Nasdaq rules.

What to Look Out For:

  • BlackRock plans to tokenize ETFs following its Bitcoin fund success.

  • Traders fully expect three Fed rate cuts by end-2025.

  • Forward Industries closes $1.65B private placement to fund Solana treasury strategy.

  • Avalanche aims to raise $1B for Digital Asset Treasury firms.

  • SEC to host public crypto roundtable on Oct 17.

What we enjoyed reading and listening to:

  • Bullish Macro & Crypto Outlook — Link

  • The problem in RWA Metrics — Link

  • The Business of Risk: Insurance vs Prediction Markets — Link

  • Q2 2025: The State of Local Stablecoins (Non-USD) in Southeast Asia — Link

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