The cryptocurrency market ended September on a recovery note, rebounding from a mid-month selloff driven by macroeconomic concerns and liquidations. Bitcoin closed at $114,000, up 3%, while Ethereum surpassed $4,100. On September 17, the U.S. Federal Reserve implemented a quarter-point rate cut-its first in 2025-signaling two more cuts this year to address a cooling labor market and policy uncertainty. However, surveys highlight rising recession fears and shifting trade dynamics. Bitcoin's correlation with the expanding global M2 money supply remains delayed, keeping it within a $108,000–$120,000 consolidation range, with markets eyeing the next U.S. interest rate decision.

Key Charts: Altcoin Season on the Horizon

Bitcoin's 3% gain kept it range-bound, but altcoins show breakout potential after rebounding from a 57.1% support level.

If Bitcoin breaks above its range and Bitcoin Dominance (BTC.D) falls below support, analysts anticipate an explosive altcoin season. Patience is key as risk events unfold.

Perp DEXs Gain Momentum

September saw unprecedented growth in perpetual futures decentralized exchanges (Perp DEXs), fueled by a crypto market recovery and innovative protocol launches. Hyperliquid maintained leadership in open interest, while Aster's high volumes and Lighter's incentives via tech upgrades reshaped rankings. Regulatory scrutiny on centralized exchanges, zero-fee trading, sub-second execution, and airdrop farming drove trader interest.

Stablecoin Wars Heat Up

Ethena's synthetic dollar, USDe, doubled to a $12 billion circulating supply, securing its spot as the third-largest stablecoin globally, with cumulative revenue exceeding $500 million ($61 million in August alone). Hyperliquid's native stablecoin, USDH, was launched on September 24, with Native Markets beating other competitors like Paxos and Ethena. New specialized stablecoins, including Tether's Plasma and Cloudflare's NET Dollar, reflect a shift toward institutional-focused, vertically integrated models.

Ondo Finance Leads Tokenized Stocks

Ondo Finance's Ondo Global Markets launched with over 100 tokenized U.S. stocks and ETFs, achieving a $300 million Total Value Locked (TVL) within a month, surpassing xStocks and Dinari's combined $110 million. Its "instant, atomic minting and burning mechanism" enhances liquidity by aligning with traditional finance markets, covering trading from 8:05 PM ET Sunday to 7:59 PM ET Friday. Investors can compare slippage costs by test-swapping USDT for tokenized AAPL shares across platforms.

Tokenized Trading Cards Surge

The Real-World Asset (RWA) sector, particularly tokenized trading cards, is thriving. August recorded $124.5 million in trading volume for tokenized Pokémon cards, a 5.5x year-over-year increase. Monthly spending in the Card RWA segment rose from $10.4 million in January to $61.1 million in August, driven by platforms like Collector Crypt, Courtyard, and Phygitals.

Stablecoin Inflows Signal Strength

Despite market pullbacks, stablecoin inflows reached $8 billion in September, indicating robust capital inflows. Analysts remain bullish, expecting strong market performance once Bitcoin breaks its consolidation range.

Economic Data & Events to Watch in October 2025

Looking Ahead: A Dynamic Market Poised for Growth

September's recovery highlights the crypto market's resilience amid macroeconomic shifts and Fed policy changes. While Bitcoin consolidates, altcoins, Perp DEXs, stablecoins, tokenized stocks, and RWAs signal growing adoption and innovation. With strong stablecoin inflows and emerging sectors like tokenized collectibles, the market is well-positioned for potential breakouts, provided key technical levels are breached and global liquidity trends align.

About CoinEx

Established in 2017, CoinEx is an award-winning cryptocurrency exchange designed with users in mind. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one of the earliest crypto exchanges to release proof-of-reserves to protect 100% of user assets. CoinEx provides over 1400 coins, supported by professional-grade features and services, for its 10+ million users across 200+ countries and regions. CoinEx is also home to its native token, CET, incentivizing user activities while empowering its ecosystem.

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SOURCE CoinEx Global

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