Week 3 of September 2026
Statistics Period: September 16 – September 22, 2026
Data Cutoff: September 22, 2026
Over the past week, crypto markets moved through a full cycle of pre-decision pressure, policy confirmation, and a strong rebound. Bitcoin began in the $76,000–$78,000 range, briefly dipped after the Fed announced its rate hike, then rallied on Treasury buybacks and strong ETF inflows. On Sep 21, BTC reached $87,395, its highest level since January 2026, gaining about 11% for the week.
The Fed delivered its first rate hike in three years, with a unanimous 12-0 vote. At 2:00 a.m. Beijing time on Sep 17, the Federal Reserve raised the federal funds target range by 25 bps to 3.75%-4.00%, its first hike since July 2023. The FOMC approved the move unanimously, signaling a clear narrowing of internal divisions. The dot plot showed that among 18 officials submitting projections, 12 expected at least one more hike this year, four expected two more, and two expected no further hikes. None projected a rate cut this year. The median 2026 policy rate forecast was revised up 30 bps from June to 4.1%.
Markets treated the decision as "bad news priced in," with risk assets rebounding broadly. The U.S. Dollar Index returned to the 100 level after the announcement, while Bitcoin quickly recovered from its initial dip. A key catalyst was the U.S. Treasury's expanded buybacks of longer-dated Treasuries, which compressed term premiums and pushed real yields lower, adding an estimated $740 billion in value to the crypto asset class since late August.
ETF inflows neared $1 billion in a single day, amplifying gains through a short squeeze. On Sep 21, U.S. spot Bitcoin ETFs recorded $998.9 million in net inflows, the largest single-day inflow since October 2025. On the same day, more than $920 million in short positions were liquidated, with short covering reinforcing ETF-driven buying.
Overall, the market broke higher this week on three key drivers: the Fed's rate hike, expanded Treasury buybacks, and massive ETF inflows. Bitcoin reclaimed its 50-week moving average, while analysts raised the probability of a cycle bottom to 90%-95%.
In the third week of September, spot Bitcoin ETF flows reversed sharply after the Fed decision.
According to SoSoValue, U.S. spot Bitcoin ETFs recorded $998.9 million in net inflows on Sep 21, the largest single-day inflow since October 2025 and the highest so far in 2026. On Sep 18, Bitcoin ETFs saw $433 million in net inflows for a second consecutive day, led by Fidelity's FBTC with $310.7 million, while BlackRock's IBIT added $108.4 million.
JPMorgan noted that short positions and options hedges in Bitcoin ETFs remain elevated. If these hedges unwind, Bitcoin could receive stronger price support than gold.
From Sep 16 to Sep 22, Bitcoin moved through a full cycle of pre-decision pressure, policy confirmation, and a strong rebound.
Sep 16 (Pre-Fed): Bitcoin came under pressure ahead of the Fed decision, falling as low as $74,913, its weakest level in the visible August-September range. It later stabilized near $76,000 as markets awaited the decision.
Sep 17-19: Bitcoin rebounded after the decision. On Sep 18, BTC gained more than 5%, briefly reaching the $80,700-$80,900 range. However, the rebound was rejected twice between $81,914 and $82,833, indicating notable overhead supply.
Sep 21-22: Bitcoin accelerated higher, reaching $86,332 on Sep 21, its highest level since January 2026. According to Gate market data, BTC later broke above $87,000, gaining 7.25% in 24 hours. During Asian trading on Sep 22, Bitcoin eased from a high of $87,381 to consolidate around $85,500.
Other major cryptocurrencies also strengthened. Ethereum broke above $2,800 on Sep 22, gaining 6.51% in 24 hours. Solana briefly reached the $117 target, up about 15% over seven days. XRP rebounded from around $1.41 to $1.54, gaining about 9% in a day, before extending its rise to around $1.58. Trading Pair | Weekly Change | Price Range |
Bitcoin (BTC) | +11% ~ +13% | $74,913 – $87,395 |
Ethereum (ETH) | +8% ~ +10% | $2,361 – $2,802 |
Solana (SOL) | +10% ~ +12% | $98 – $117 |
Ripple (XRP) | +12% ~ +15% | $1.41 – $1.58 |
Total Crypto Market Cap | +8% ~ +10% | $2.60 – $3.00 Trillion |
Technical Outlook: Bitcoin has reclaimed its 50-week moving average. Nansen analysts identified $84,000 as a key support level. Holding above it could open the way toward $90,000, with further resistance near $92,000. Glassnode data shows dense supply between $83,000 and $86,000. If spot demand remains strong, this zone could flip from resistance into support.
In the third week of September, the stablecoin market contracted slightly, while structural divergence continued.
According to CoinW Research Institute's weekly report, total stablecoin market capitalization stood at $307.0 billion as of Sep 20, down about 0.36% from $308.1 billion a week earlier and accounting for roughly 10.74% of the total crypto market cap.
USDT and USDC continued to dominate the market. USDT's market cap stood at about $183.35 billion, representing 59.72% of the stablecoin market, down 0.02% from the previous week. USDC's market cap reached about $74.27 billion, accounting for 24.19%, up around 0.07% week over week. Together, USDT and USDC accounted for more than 83% of the market, highlighting the high concentration of liquidity in the two leading dollar stablecoins.
USDC received a major strategic boost. On Sep 17, Circle signed a five-year USDC promotion agreement with the world's largest crypto exchange, which invested $100 million in Circle by purchasing about 1.24 million Class A shares at $80.84 each. Under the agreement, Circle will pay monthly incentives, while the exchange will promote USDC across its platform. The partnership strengthens ties between the world's largest crypto trading platform and the second-largest stablecoin issuer, supporting USDC's long-term circulation and adoption.
On the issuance front, Whale Alert data showed that the USDC Treasury minted a total of 2.7 billion USDC this week, while the Tether Treasury recorded no new issuance. Total stablecoin issuance rose about 14.4% from the previous week.
Structural Signal: Despite a slight decline in total stablecoin market capitalization, USDC edged higher on the back of strategic partnerships, suggesting capital is shifting toward stablecoins with stronger compliance profiles and institutional adoption. USDT and USDC together still account for more than 83% of the market, keeping concentration near historical highs.
From Sep 16 to Sep 22, U.S. equities moved from declines to stabilization around the Fed's rate hike, with tech stocks leading the rebound.
Sep 16 (Pre-Fed): All three major indexes closed lower. The Dow fell 1.21% to 51,461.90, the S&P 500 lost 0.45% to 7,551.81, and the Nasdaq edged down 0.01% to 25,978.43.
Sep 17 (Post-Fed): U.S. stocks opened higher but reversed after the Fed raised rates by 25 bps. The Dow fell 1.21% to 51,778.04, the S&P 500 lost 0.44%, while the Nasdaq was nearly flat. Warsh's remark that "inflation is too high and has remained so for too long" fueled concerns that the Fed could be entering a rate-hike cycle.
Sep 18: Markets stabilized. The S&P 500 rose 0.17% to 7,650.50, the Nasdaq gained 0.39% to 26,522.55, while the Dow edged down 0.18% to 51,682.64.
Sep 21: Risk appetite improved sharply. The Nasdaq Composite surged 2.26% to a record high of 27,122.09, the S&P 500 rose 1.49% to 7,764.70, and the Dow gained 0.71% to 52,048.83. The Philadelphia Semiconductor Index rose for a fifth consecutive session, gaining 4.3% on the day.
Sep 22 (Tuesday): The three major indexes were mixed. The Nasdaq hit another record high, rising 0.5% to 27,244.28. The S&P 500 was nearly flat at 7,764.64, while the Dow fell 0.4% to 51,863.69.
Index Name | Weekly Change | Key Drivers | On-Chain Mapping |
Nasdaq Composite Index | Approx. +2.7% | Led by semiconductor and AI sectors, driving the index to consecutive record highs | |
S&P 500 Index | Approx. +1.5% | Recovery in risk appetite following key announcements, supported by strong tech stock performance | |
Dow Jones Industrial Average | Approx. +0.4% | Relative underperformance in value stocks, though the index still secured a modest weekly gain | |
Sector and stock performance: Semiconductors were the week's main theme. AMD's market cap topped $1 trillion for the first time, while Intel, Micron, and other chip stocks also gained. HPE and Dell Technologies, both seen as AI hardware beneficiaries, rose 12.4% and 12%, respectively. Utilities were the worst-performing sector, falling 3.0% for the week as elevated long-term yields weighed on high-dividend stocks.
From Sep 16 to Sep 22, commodity markets diverged. The rapid unwinding of geopolitical risk premiums drove the pullback in crude oil, while precious metals came under pressure from a stronger dollar and shifting rate expectations.
Crude Oil: Diplomatic signals triggered a sharp unwind in geopolitical risk premiums. Oil prices swung from geopolitical panic to diplomatic optimism this week. Brent briefly hit a one-month high of $108.75 per barrel on Sep 16, before signals that Trump was willing to meet with Iran's president quickly eased geopolitical concerns. By Sep 22, spot Brent had fallen 8.93% week over week to $96.24 per barrel, while spot WTI dropped 8.90% to $92.37. On Sep 21, October WTI futures plunged 4.51% to $95.78 per barrel, falling below $100. Supply-side developments added to the pressure. Satellite data showed crude exports through the Strait of Hormuz rose more than 40% from 5.4 million barrels per day in August to 7.64 million in September, as Saudi Arabia shifted exports back to the strait after the East-West Pipeline was shut. However, Capital Economics warned that major differences between the U.S. and Iran remain, leaving the outlook for substantive progress uncertain and suggesting the decline in risk premiums may prove temporary.
Gold: A stronger dollar kept prices under pressure. Gold weakened this week as the U.S. Dollar Index returned above 100 and Treasury yields remained elevated. China's spot gold benchmark Au9999 closed at RMB 934.22 per gram on Sep 22. After the Fed's rate hike, gold failed to sustain its earlier safe-haven momentum, as higher real yields reduced the appeal of non-yielding assets.
Silver: Silver followed gold lower, with greater volatility. China's spot silver benchmark AG9999 traded around RMB 16,150 per kilogram on Sep 22. Silver was pressured by both deleveraging in precious metals and weaker industrial-metal sentiment, resulting in larger price swings than gold.
Asset | Weekly Performance | Key Events | On-chain Mapping |
WTI Crude Oil | 92 – 100 USD/barrel | Geopolitical premium faded amid diplomatic signals, resulting in a nearly 9% weekly decline | |
Brent Crude Oil | 96 – 109 USD/barrel | Retracted from the 108.75 high as Strait of Hormuz export volumes surged by 40% | |
Gold | 4,300 – 4,450 USD/ounce | Stronger dollar and elevated Treasury yields weigh after rate hike | |
Silver | 62 – 67 USD/oz | Followed Gold's pullback, demonstrating superior price elasticity compared to Gold | |
From Sep 16 to Sep 22, the key theme in U.S. Treasuries was a catch-up move in short-term yields after the rate hike, accompanied by further curve flattening.
As of Sep 18, the 2-year Treasury yield stood near 4.74%, up 10 bps for the week. The 5-year yield was around 4.86%, up 7 bps, while the 10-year rose about 2 bps to 5.00%. The 30-year yield fell roughly 3 bps to 5.33%. The 2s10s spread narrowed to about 26 bps, shifting the curve from steepening to flattening.
The key driver was a shift in market focus. Earlier gains in long-end yields were driven mainly by fiscal concerns and higher term premiums. After the rate hike, pricing shifted toward the near-term policy path. The 10-year yield climbed as high as about 5.04% this week, its highest level since 2007, with 5% gradually moving from a psychological threshold toward a new trading range. Meanwhile, 5-year inflation expectations fell after the FOMC decision, suggesting markets viewed the hike more as a reinforcement of the Fed's inflation-fighting credibility than a reactive response to uncontrolled inflation.
As of the New York close on Sep 21, the 10-year U.S. Treasury yield stood at 4.9630%, the 30-year at 5.2960%, and the 2-year at 4.7550%. The 10s2s spread narrowed further to about 20.8 bps, its lowest level since March 2025.
MEXC's tokenized Treasury product TLTON/USDT, which tracks the TLT ETF, provides convenient exposure to expectations for long-term U.S. Treasury yields. International ETF token pairs including EEMON/USDT, EFAON/USDT, and INDAON/USDT are also available on MEXC. Instrument | Weekly Change | Key Drivers |
2-Year Treasury Yield | 4.64% → 4.74% (+10BP) | Core CPI beat pushes rate hike odds above 90%, with short-end yields most sensitive to the policy path and hitting a 52-week high. |
10-Year Treasury Yield | 4.81% → 5.04% (+23BP) | Sticky inflation, oil above $100, and heavy Treasury supply pushed yields briefly above 5%, the highest since 2007. |
30-Year Treasury Yield | 5.27% → 5.36% (+9BP) | Long-end supply pressure and inflation expectations drove yields to a 52-week high. |
Institutional Views: According to TD Economics, of the roughly 80 bps rise in the 10-year U.S. Treasury yield, about 50 bps came from higher expected short-term rates and around 20 bps from a higher term premium. Steven Barrow, Head of G10 Strategy at Standard Bank, raised his year-end 10-year yield forecast to 5.2% and expects it to reach 5.3% in Q1 2027. Deutsche Börse also cited Commerzbank analyst Pascal Reichert as saying that "the Fed's demonstrative rate hike has helped calm the U.S. bond market."
On Sep 17, the Fed voted unanimously 12-0 to raise rates by 25 bps to 3.75%-4.00%, marking its first rate hike since July 2023.
Key Takeaways From the Statement and Dot Plot:
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Target rate range: 3.75%-4.00%
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Median dot plot: 4.1% for 2026, up 30 bps from June, and 4.1% for 2027
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Of 18 officials, 12 expect at least one more rate hike this year, while 16 expect at least one additional hike overall. None expect a rate cut this year
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The statement added a key line: "Today's policy action will help the Committee return inflation to its 2% goal in a more timely manner"
Warsh's Key Remarks: "Inflation is too high and has remained so for too long. The economy is resilient and can absorb this tightening." He declined to offer fixed forward guidance, stressing that "all future decisions will depend on the data."
Impact on crypto assets: Before the decision, CME FedWatch showed a 92% probability of a rate hike. CICC noted that the hike was highly anticipated and broadly neutral, and that markets often reverse once such expectations are realized, potentially creating a buying opportunity. For crypto assets, the decision removed near-term uncertainty and triggered a "bad news priced in" rebound.
A key macro catalyst for this week's crypto rebound was the U.S. Treasury's expansion of buybacks in longer-dated Treasuries.
According to the U.S. Treasury, the per-operation buyback cap for 10-20-year and 20-30-year Treasuries was raised from $2 billion to at least $4 billion. The new limits took effect on Sep 9 and will remain in place through Nov 4. At a Treasury market conference on Sep 21, Deputy Treasury Secretary Francis Brooke said the program had repurchased nearly $500 billion in Treasuries, including about $300 billion in securities with maturities under two years. Liquidity-support operations have become an important tool for improving Treasury market liquidity.
Transmission Chain: Treasury buybacks → Term premium compression → Real yield decline → High-beta asset valuation recovery → Strong BTC breakout.
Key Signals: Bitcoin dominance remained below 60% while total crypto market capitalization rose, indicating that marginal capital is moving down the risk curve into altcoins such as Ethereum, Solana, and XRP.
On Sep 21, Bitcoin saw a classic combination of strong ETF inflows and a short squeeze.
ETF Flows: According to SoSoValue, U.S. spot Bitcoin ETFs recorded $998.9 million in net inflows in a single day, the largest since Oct 6, 2025 and the ninth-largest daily inflow since launch. BlackRock's IBIT led with $381 million, followed by ARKB with $289 million and Fidelity's FBTC with about $239 million. Total ETF net assets rebounded to around $110.1 billion, equivalent to 6.3% of Bitcoin's total market capitalization.
Derivatives: According to CoinGlass, about $750 million in short positions were liquidated as Bitcoin broke above $82,000. Other reports showed $648 million in short liquidations over 24 hours. Total perpetual futures open interest rose to around $156 billion, while 24-hour trading volume surged 39% to $224 billion, suggesting traders were replacing liquidated shorts with new positions rather than exiting the market.
Key Takeaway: eToro market analyst Javier Molina noted that "part of the rally was driven by a short squeeze, but forced buying does not equal sustained new demand." The rally's durability will depend on continued Spot buying and ETF inflows, rather than derivatives momentum alone. Nansen analysts identified $84,000 as key support, with $90,000 as the next target if that level holds.
Rank | Keyword | Core Driver | On-Chain Mapping |
1 | Fed delivers first rate hike in three years with unanimous 12-0 vote | Rates raised to 3.75%-4.00%, with 16 officials expecting at least one more hike this year |
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2 | Total crypto market cap returns above $3 trillion | Up about $740 billion since late August, while Bitcoin dominance falls below 60% | BTC/USDT, ETH/USDT |
3 | Bitcoin hits 8-month high of $87,395 | Up about 11% for the week and back above its 50-week moving average | BTC/USDT |
4 | Bitcoin ETF inflows near $1 billion in a single day | Largest daily inflow since October 2025, led by BlackRock's IBIT | |
5 | $920 million in short positions liquidated | Short squeeze reinforces ETF inflows, with perpetual futures open interest reaching $160 billion | OIL(BRENT)USDT |
6 | Treasury expands long-term bond buybacks | Compresses term premiums and adds about $740 billion in liquidity since late August | TLTON/USDT |
Economic Calendar (September 23 – September 29, SGT)
Date | Event/Indicator | Market Impact | Tokenized Target |
September 23 (Wednesday) | Heavy Fed speaker schedule | Kashkari said there could be two more hikes this year, while comments from other key officials may drive swings in rate expectations | |
September 24 (Thursday) 20:30 | U.S. initial jobless claims for week ending Sep 19 | High-frequency labor market indicator; previous reading of 196,000 was the lowest since 1969 | BTC/USDT |
September 25 (Friday) | U.S. August PCE Price Index | The Fed's preferred inflation gauge; core PCE YoY and MoM readings will be key references for the October policy meeting | BTC/USDT
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Ongoing Monitoring | Bitcoin ETF flows | Whether inflows can sustain the recent pace of nearly $1 billion per day | BTC/USDT |
Continuous Monitoring | BTC support at $84,000 | Holding this level could open the way toward $90,000-$92,000 | BTC/USDT |
Continuous Monitoring | U.S.-Iran tensions around the Strait of Hormuz | Oil prices will remain a key driver of inflation expectations | |
Data Preview: After the September FOMC meeting, market focus shifts to PCE inflation and Fed commentary. Goldman Sachs and Bank of America both expect another rate hike in October, making the Aug PCE report due on Sep 25 the most important inflation release before the next decision. If PCE remains elevated, rate hike expectations could strengthen further. If inflation cools, the "bad news priced in" narrative may continue.
On Sep 16, MEXC launched the Discover Your Wall Street DNA campaign, running through Oct 16. At its core is a Wall Street DNA test featuring five either-or questions. Completing the test unlocks one of six investor personas: Long-Term Investor, Trend Hunter, Blue-Chip Believer, Dip Buyer, Defensive Investor, or Future Visionary. The $1 million prize pool is divided into three parts: new users who complete their first deposit can receive a $100 Stock Futures position mystery box on a first-come, first-served basis; users who complete the DNA test receive a free draw, with additional draws available through deposits, trading, and referrals; and a separate $100,000 prize pool is available for the referral leaderboard.
At 16:00 on Sep 18 (UTC+8), MEXC launched Meme Token Trading Battle, running through 16:00 on Sep 27. The campaign features three prize tiers: reaching 100,000 USDT in cumulative trading volume unlocks a 50,000 USDT base pool; reaching 500,000 USDT unlocks an additional 50,000 USDT pool, with both rewards stackable; and the top 50 traders by volume will share a separate 100,000 USDT leaderboard pool. Eligible pairs include popular meme tokens across the Robinhood Chain and Solana ecosystems. Early in the campaign, HOOKR/USDT gained 79.41% in 24 hours, PONS had burned more than 29% of its initial supply, and USELESS surpassed a $300 million market cap.
MEXC announced support for the Worldcoin (WLD) network upgrade and suspended deposits and withdrawals on the WLD network from 18:00 on Sep 21 (UTC+8). The upgrade was scheduled for 20:00 on Sep 21, with deposit and withdrawal services paused two hours in advance to ensure a smooth process. WLD trading remained unaffected, and no hard fork was expected. Deposits and withdrawals will reopen once network operations stabilize, without further notice. Users were advised to deposit in advance, while MEXC will handle any technical issues related to the upgrade.
Disclaimer: This report is for research purposes only and does not constitute investment advice. Crypto assets are highly volatile, and geopolitical events or macroeconomic developments may significantly affect market conditions. Investors should make independent decisions based on their own risk tolerance. Any platform products or trading pairs mentioned in this report are presented solely for informational purposes and do not constitute a recommendation to buy or sell.