Viral Meme Coin Pudgy Pandas Sparks Maxi Doge Presale to Soar Beyond $2M

0735 GMT - Bitcoin rises to a nearly four-week high as markets bet on the Federal Reserve kick-starting consecutive interest-rate cuts ahead of Wednesday's policy decision. The Fed is widely expected to cut rates by 25 basis points in a decision at 1800 GMT followed by further cuts. The prospect of policy easing supports risky assets, including cryptocurrencies. The market is focused on how much weight Fed Chair Jerome Powell puts on the recent slowdown in the labor market versus inflation risks and uncertainty surrounding economic projections, Jefferies economist Mohit Kumar says in a note. There could also be some policymakers calling for larger rate cuts, he says. Bitcoin rises to a high of $117,308, LSEG data show.(renae.dyer@wsj.com)

0732 GMT - Yields on U.K. government bonds fall after U.K. data showed inflation remained high but services inflation decelerated. The annual headline inflation for August remained unchanged at 3.8% while annual services inflation slowed to 4.7% from 5.0% in July. Although inflation remains relatively elevated, the downward movement raises the possibility of the Bank of England cutting interest rates in the last quarter of 2025, EFG Asset Management's Joaquin Thul says in a note. The 10-year gilt yield falls 2 basis points to last trade at 4.626%, Tradeweb data show. (miriam.mukuru@wsj.com)

0723 GMT - The dollar edges higher but hovers near two-and-a-half-month lows as investors brace for a widely-anticipated interest-rate cut from the Federal Reserve. The market prices a 97% chance of the Fed cutting rates by 25 basis points and a 3% chance of a 50bp cut in a decision at 1800 GMT, LSEG data show. A larger rate cut would put significant pressure on the dollar, Commerzbank's Thu Lan Nguyen says in a note. This is because inflation is rising and a larger rate cut could raise concerns that aggressive monetary easing is being pursued due to political pressure, she says. The DXY dollar index rises 0.1% to 96.745 but stays near a low of 96.556 reached Tuesday. (renae.dyer@wsj.com)

0712 GMT - Eurozone government bond yields edge marginally lower after market opening with focus on German and Greek bond issuance and the Federal Reserve's policy decision. Germany will tap 2048- and 2056-dated Bunds, while Greece will reopen a 2035-dated bond. The 10-year German Bund yield falls 0.7 basis points to 2.690%, while Greece's 10-year bond yield declines 1.9 basis points to 3.338%, according to Tradeweb. For German bonds, markets also await the German Finance Agency's quarterly borrowing revision on Thursday, with a potential upward revision of the preliminary quarterly issuance target. (emese.bartha@wsj.com)

0658 GMT - Sterling falls marginally against the dollar and stays higher versus the euro, showing little reaction after U.K. inflation data came in slightly lower than expected. Inflation held at 3.8% year-on-year in August, below the 3.9% expected by economists in a WSJ survey but well above the Bank of England's 2% target. Core inflation eased to 3.6% from 3.8%, as anticipated. There's still "little doubt" the BOE will leave interest rates unchanged on Thursday, Aberdeen economist Luke Bartholomew says in a note. Food price growth remains elevated and inflation could rise in the near term, he says. Sterling falls to $1.3637 against a stronger dollar, compared to $1.3647 before the data. The euro falls 0.1% to 0.8688 pounds, little changed after the data. (renae.dyer@wsj.com)

0604 GMT - Yields on U.S. Treasurys are stable in Asian trade as markets await the Federal Reserve's rate decision, most likely a 25-basis-point reduction. "The probability is very high that the Fed will cut by 25 basis points tonight, and a 50-basis point cut cannot fully be ruled out," says SEB Research's FX and fixed income strategist Amanda Sundstrom in a note. SEB expects the majority of FOMC to vote for 25-basis-point steps and that Fed Chair Jerome Powell will signal that there is scope for another cut at the next meeting, in October, the strategist says. The two-year Treasury yield trades at 3.507%, the 10-year yield is at 4.023%, while the 30-year yield trades at 4.643%, according to Tradeweb. (emese.bartha@wsj.com)

0559 GMT - There are worries about a repeat of September 2024 when longer-maturity Treasurys yields rose after the Federal Reserve's larger-than-usual 50-basis point rate cut, says Julius Baer's Dario Messi in a note. However, the risks of that repeating are limited this time around, says the head of fixed income. Despite some valid arguments, the current starting point offers more cushion against such a development and risks are more limited at this point, Messi says. The 10-year Treasury yield is currently higher than it was in Sept. 2024 when the Fed started its rate cuts. (emese.bartha@wsj.com)

0534 GMT - A rate-cutting environment is potentially good news for those invested in U.S. bonds through globally diversified fixed income portfolios, says Insight Investment's Harley Bradley in a note. The Federal Reserve is set to cut interest rates on Wednesday, even as tariffs could still lead to higher inflation, the co-head of global rates says. Given relatively stubborn inflation in the U.S., markets will be closely watching the Fed's latest 'dot plot' projections for future rate cuts beyond September, he says. "In our view, while inflation could complicate the outcome, we believe [the] central bank will be prepared to 'look through' higher than target inflation to protect the labor market." (emese.bartha@wsj.com)

0503 GMT - The Malaysian government is expected to narrow the fiscal deficit to 3.6% of GDP in its 2026 budget, from an estimated 3.8% in 2025, UOB economists Julia Goh and Loke Siew Ting say in a note. No new broad-based taxes are expected, but selective increases in indirect taxes, such as sin taxes and stamp duties, are possible, and a carbon tax is set to be introduced in 2026, they say. Higher government spending to ease living costs will offset the revenue gains, they reckon. The expansionary fiscal stance will continue, supported by fiscal reforms, alongside accommodative monetary policy, they add. UOB expects a GDP growth target of 4.5%-5.5% for 2026, compared with an estimated 4.0%-4.8% in 2025. The budget is due to be presented to the Parliament on Oct. 10. (yingxian.wong@wsj.com)

0320 GMT - Indonesia's recent fiscal measures could lead to BofA Securities raising its growth estimates if executed effectively. BofA Securities currently projects growth of 5% for Indonesia in 2025 and 5.2% for 2026. A special ministerial team is fast-tracking flagship programs, alongside fiscal measures worth 16 trillion rupiah targeting low-income households, gig workers and the tourism sector in 4Q, economists Kai Wei Ang and Rahul Bajoria say in a note. The finance ministry has deployed 200 trillion rupiah of excess cash to five state-owned banks. Combined with Bank Indonesia's rate cuts, this could lower lending rates, though overall loan growth may take time to pick up as companies remain cautious. Plans for a separate revenue agency are advancing and fiscal legislation could be updated next year, keeping investors and credit rating agencies closely watching fiscal developments, they add. (yingxian.wong@wsj.com)

0306 GMT - August's export slump is unlikely to push the Monetary Authority of Singapore into further easing, Barclays economist Brian Tan writes in a note. The August print "remains one data point in a year when the NODX data has been quite volatile," Tan says. With the October policy review approaching, the data doesn't provide enough evidence that the output gap will turn significantly negative in 2026 unless the global economic outlook worsens. Barclays expects MAS to leave policy unchanged in October.(amanda.lee@wsj.com)

0247 GMT - The Bank of Japan's communication at this week's meeting may stoke expectations of a rate increase in October, SMBC Nikko Securities' Financial Market & Economic Research team says in a recent note. Although a change in the policy rate is unlikely at this week's meeting, the BOJ could structure its communication to instill such rate-hike prospects, while noting that it's monitoring factors including downward pressure on the yen from U.S. policy developments, the team says. Meanwhile, the press conferences by candidates for the Liberal Democratic Party's leadership election are expected, which may set the stage for further steepening of the JGB yield curve if candidates signal potential for future fiscal expansion, the team adds. (ronnie.harui@wsj.com)

Bitcoin is trading around $116,364, up about 1% over the past 24 hours. Ethereum is slightly down, near $4,486, reflecting softer investor confidence for now. Solana dropped 0.9%, but Cardano gained 1.1%. 

In meme coins, Dogecoin dipped 0.8%, while TRUMP ticked up 0.2%. Despite the gains, altcoins are reacting mixed, with some rising, others lagging. Overall, traders are on alert ahead of major policy and macroeconomic decisions. 

Why Are Crypto Prices up Today?

One of the main drivers of optimism is the expectation that the U.S. Federal Reserve will announce an interest rate cut of about 25 basis points. Lower borrowing costs often push investors toward riskier assets, including Bitcoin and other cryptocurrencies. 

Adding to this bullish sentiment, crypto investment products attracted $3.3 billion in inflows last week, with Bitcoin-focused funds pulling in $2.4 billion. This brought total digital asset assets under management to nearly $239 billion, showing strong institutional appetite for exposure to Bitcoin.

FOMC Expectations 

The Fed’s policy announcement is the single most important short-term event for markets right now. According to the CME FedWatch Tool, traders see a 96% chance of a 25-basis-point cut. 

Some analysts, like Fundstrat’s Tom Lee, believe this could fuel a “monster move” for both Bitcoin and Ethereum in the coming months. But others are cautious. 

Analyst Ted warned that Bitcoin could first drop to $104,000, or even as low as $92,000, before bouncing to new highs. This split view highlights how unpredictable the market could be, even under favorable conditions.

Crypto Market Predictions

Bitcoin’s battle with the $116K resistance level remains central. A decisive break above could set the stage for another leg higher if the Fed delivers the expected rate cut. 

Ethereum, meanwhile, is under close watch for how it handles DeFi adoption, staking demand, and tokenization. 

Citi recently projected ETH could finish the year near $4,300, supported by its growing role in stablecoins and blockchain-based finance.

Solana continues to attract institutional interest despite short-term weakness. Strong inflows into ETFs and its developer momentum keep it on the radar of big investors. XRP is also riding market speculation around potential ETF approvals and renewed interest in altcoins.

FAQs

Crypto prices are rising due to expectations of a Fed rate cut, which boosts risk assets, and strong institutional inflows of $3.3B into crypto investment products last week.

A 25 bps rate cut could fuel a “monster move” upward for Bitcoin, though short-term volatility may cause dips to $104K-$92K before potential new highs.

Institutions are attracted to crypto as a hedge and growth asset, with Bitcoin ETFs alone drawing $2.4B last week, pushing total crypto AUM to $239B.

Bitcoin leads with 1% gains, while Cardano rose 1.1%. Ethereum and Solana dipped slightly, showing mixed altcoin performance ahead of key macro events.

According to ETF analyst Nate Geraci, ETF floodgates are now opening with a wave of new filings.

Wave of ETF filings 

The list of new ETF filings includes the Bitwise Avalanche ETF, the Defiance Bitcoin & Ethereum Basis Trade ETFs, which go long on BlackRock's IBIT and Ethereum while shorting corresponding futures contracts, as well as Tuttle's Income Blast' ETFs that offer exposure to the Bonk (BONK) meme coin as well as several alternative cryptocurrencies. 

On top of that, Bitwise has also filed an ETF application targeting stablecoins and tokenized assets. 

Finally, REX Shares, which is known for its unorthodox ETF offerings, also offers daily exposure to Orbs (ORBS), utilizing swaps and options.

Upcoming ETF launches 

As reported by U.Today, REX Shares confirmed that it would launch the first "spot" XRP exchange-traded fund (ETF) as a "40 Act" fund as soon as this week in collaboration with the Osprey Funds.

Some analysts, including Geraci, believe that the offering will be a key gauge for the level of demand for the controversial token among institutional investors. 

Moreover, the first spot Dogecoin ETF is also scheduled to start trading this week, further pushing the token into the mainstream.

The SEC has also postponed its rulings on various standalone spot-based altcoin ETFs from such issuers as Biwise, Franklin Templeton, Fidelity, and so on. 

The crypto market never fails to surprise, and this time it was JuCoin’s turn in the spotlight. The platform’s native token, JU, shocked traders when its price suddenly dropped from a high of $24 to $7 in just a few minutes.

That’s a stunning 70% crash that has shaken investor confidence and wiped billions from its market cap.

$1 Billion Sell-Off and Liquidations

JU token markets were shaken by a wave of heavy sell orders and liquidations that quickly dragged prices lower. In just one day, more than $1.39 billion worth of JU was traded, as holders rushed for the exits in reaction to mounting regulatory scrutiny.

The panic didn’t stop there. JU’s 24-hour trading volume dropped by 23.9% to $1.03 billion, showing how quickly demand dried up once fear took over.

Following an all-time high (ATH) reached last August, Ethereum (ETH), the market’s second-largest cryptocurrency, has found itself in a consolidation phase, trading between $4,200 and $4,700. 

This price range reflects a broader stagnation in the cryptocurrency market, as various digital assets, including Bitcoin (BTC), struggle to regain the momentum that led both BTC and ETH reach new records above $124,000 and $4,9000 respectively. 

Notably, Citigroup, the third-largest investment bank in the United States, has tempered expectations for the Ethereum price, forecasting a year-end price target of $4,300 for the altcoin.

Citi Forecasts Moderate ETF Inflows Into Ethereum

According to a report by Reuters, Citigroup’s analysis attributes the current demand for Ethereum to burgeoning interest in Ethereum-based applications, including stablecoins and tokenization. 

However, the bank cautions that the recent price strength may be more a reflection of market sentiment than underlying fundamentals. 

In a note released on Monday, Citi remarked, “Current prices are above activity estimates, potentially driven by recent buying pressure and excitement over use-cases.”

Ethereum’s appeal has grown among investors looking for more than just price appreciation. Analysts forecast increased price growth for the altcoin due to the recent passage of bills, including the GENIUS Act, which aims to provide a new framework for stablecoins, as well as the surge in interest in tokenization. 

Despite these developments, Citigroup predicts that the inflow of exchange-traded funds (ETFs) into Ethereum will be less robust compared to Bitcoin. In contrast, Standard Chartered has recently revised its year-end target for Ethereum significantly upward, from $4,000 to $7,500. 

Bearish And Bullish Scenarios For ETH

This adjustment reflects stronger engagement within the industry and increasing corporate investments. The bank anticipates that the stablecoin sector could grow eightfold by 2028, which would likely drive up Ethereum network fees and demand.

Citi also presented a more optimistic bull case, projecting a potential price of $6,400 if activity and adoption of Ethereum-based applications continue to rise. This would represent a major 42% uptrend ahead for the leading altcoin. 

Conversely, the bank outlined a bearish scenario in which the Ethereum price would drop to $2,200 in the event of a macroeconomic downturn or a decline in the equity market. If this scenario plays out, it could spell major trouble for bulls, as it would represent a 50% drop from current levels. 

Interestingly, a recent report from Sygnum, a digital asset bank, has painted a more favorable outlook for Ethereum. The bank highlights Ethereum’s upgrades and increasing institutional interest as significant factors that could position ETH to benefit from anticipated trends in stablecoin issuance and broader adoption. 

Furthermore, the digital asset bank highlighted that as liquid Ethereum reserves on exchanges diminish and demand intensifies, the possibility of a supply squeeze arises, potentially sending the altcoin into a new leg up to retest all-time high levels. 

As of this writing, ETH is trading at $4,480, which is up 5% on the weekly time frame. Compared to record prices, the altcoin is trading nearly 10% below all-time high levels. 

Featured image from DALL-E, chart from TradingView.com 

September is showing an uneasy mood across digital asset treasuries (DATs).

What began as a year of aggressive accumulation by corporate players has now run into the harsh reality of collapsing market net asset values (mNAVs), investor caution, and punishing stock declines.

DATs Holding Top Crypto Assets Are Losing Purchasing Power as September Mutes the Rally

According to Kaiko’s latest report, digital asset treasury companies have been central to crypto’s 2025 rally.

Firms like Strategy (MSTR), BitMine, and SharpLink have been steadily accumulating Bitcoin, Ethereum, and Solana, helping to support spot prices and attracting new inflows.

Strategy has been the most visible example. In less than nine months, it has added 190,000 BTC, bringing total holdings to over 638,000, almost on pace with its record 2024 purchases.

BitMine and SharpLink have mirrored this strategy with Ethereum , while new entrants are diversifying into XRP, SOL, and even smaller coins like HYPE and ENA.

This activity has fueled enthusiasm around listed crypto treasury firms, particularly in Asia-Pacific, where the model has taken off.

mNAV Collapse Signals Investor Caution

However, risks are piling up beneath the surface. Artemis Analytics data shows that the mNAV of companies holding BTC, ETH, and SOL has dropped sharply for three consecutive months, hitting a fresh low in September.

The numbers suggest that, despite accumulation, DATs are bleeding purchasing power as underlying assets fail to offset equity declines.

The pressure has been visible in stock performance. BeInCrypto previously reported that Next Technology Holding’s shares (NXTT) fell nearly 5% after the firm filed to raise $500 million for additional Bitcoin purchases.

The firm already holds 5,833 BTC, valued at $673 million, but the announcement triggered skepticism rather than confidence.

The sharpest losses came from KindlyMD’s NAKA stock, which plunged 55% after PIPE shares entered the market, adding to a 90% monthly drop.

CEO David Bailey told shareholders that volatility was expected and framed the turbulence as an opportunity to align with long-term backers. However, the severity of the crash reflects the structural risks critics have long warned about.

Similarly, MicroStrategy’s NAV compression has limited new BTC buys. Its net asset value (NAV) multiple fell from 1.75x in June to 1.24x in September, curbing new purchases.

Innovation or Recklessness?

Amid the turbulence, some in crypto circles are floating unconventional fixes. DeFi analyst Ignas argued that tokenizing DAT stocks could create arbitrage opportunities, bring liquidity on-chain, and re-engage crypto-native investors.

While tokenization could widen access, it would also add another layer of speculation to already volatile instruments.

ETH-based treasuries, Ignas added, have yet to explore debt financing, leaving more potential stress ahead.

Nevertheless, the September downturn highlights a paradox. DATs support crypto spot markets through heavy accumulation.

Yet, their equities are collapsing as investors question sustainability. The model appears caught between its promise as a new corporate treasury strategy and the brutal reality of public market scrutiny.