Ethereum ETF Mania Meets Market Crosscurrents

Spot Ether ETFs just notched their strongest week since launch, pulling in nearly $3 billion in just days as ETH hit a yearly high.

Circle is capitalizing on its own momentum, launching a secondary share sale at more than four times its IPO price from June. 

And the SEC has set an October deadline for deciding whether Solana ETFs will make it to market, a move that could set a precedent for the next wave of altcoin-linked products.

The common thread is capital in motion, from ETFs drawing institutional money, to equity raises at sky-high valuations, to regulatory timelines that could define the next phase of crypto’s evolution.

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Market-Moving News

Here’s what’s shaping the crypto landscape today:

• Spot Ether ETFs took in more than $2.9 billion this week, the largest weekly inflow on record, pushing total assets to a new peak above $29 billion.

• Circle will sell 10 million shares at $130 each, more than quadruple its June IPO price of $31, raising cash for growth while early shareholders take profits.

• The SEC delayed its decision on multiple Solana ETF applications until October 16, the final allowable extension, setting up a high-stakes call for altcoin ETFs.

Capital is being redeployed across asset classes, valuations are being tested, and regulatory windows are narrowing, and each factor could drive volatility into Q4.

Markets

Ether ETFs Pull in $3B as Yearly High Spurs $15K Calls

Spot Ether ETFs are riding their hottest streak since launch, pulling in $2.9 billion in net inflows this week alone and topping $3 billion for August with more than two weeks still to go.

BlackRock’s iShares Ethereum Trust (ETHA) dominated Thursday’s flows with $519.68 million, followed by Grayscale’s Ethereum Mini Trust ($60M) and Fidelity’s Ethereum Fund ($57M). 

This pace of buying has pushed total net assets across all spot ETH ETFs to a record $29.22 billion.

The rally is tracking ETH’s own surge to a yearly high of $4,765 before a quick pullback to the $4,600 range, still up nearly 20% for the week.

Fundstrat’s Thomas Lee called ETH the “biggest macro trade” of the next decade, with the firm projecting a $12,000 to $15,000 target by year-end.

The bullish momentum has cut Bitcoin’s market dominance to 59% as traders rotate into altcoins. Yet not all flows are staying within Ethereum’s ecosystem.

Data from CryptoQuant shows an uptick in stablecoin migration to TRON, raising questions about whether DeFi activity and staking rewards could face long-term headwinds if capital continues shifting to rival networks.

For now, ETF demand and rate cut optimism are giving bulls control, but liquidity retention will be the key metric to watch.

Equities & Corporate Moves

Circle Taps Market for $1.3B in Secondary Share Sale

Circle is taking advantage of its hot streak in public markets, announcing a secondary stock sale of 10 million shares at $130 each, valuing the deal at $1.3 billion.

The company itself will offer 2 million shares, while existing shareholders will sell the other 8 million. 

The sale price is more than quadruple the $31 IPO price from June, when Circle shares debuted on the New York Stock Exchange before rocketing as much as 235% in their first trading day.

The USDC stablecoin issuer’s valuation has been fueled by surging demand for regulated stablecoin exposure, growing adoption in payments and DeFi, and a strong position as the number-two player in a $280 billion market. 

Shares hit a record $298.99 in late June before settling near $139 on Thursday.

Proceeds from the company’s own portion of the sale will go toward general corporate purposes, potentially funding new product development, expansion into global markets, and deeper integration with financial institutions. 

While Circle will not benefit from the bulk of the sale, the move signals confidence from insiders and positions the company to leverage its public profile for strategic growth in the second half of the year.

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Policy & Regulation

SEC Delays Solana ETF Decision Until October 16

The SEC has exercised its final 60-day extension for reviewing Solana ETF applications, setting a hard deadline of October 16 for rulings on proposals from Bitwise, 21Shares, Canary Funds, and Marinade Finance.

No further procedural delays are possible, making this the decisive window for whether spot Solana ETFs will become reality.

Analysts say the stakes go beyond Solana itself.

Approval could open the door for other altcoin ETFs, while a rejection could slow momentum for non-Bitcoin, non-Ethereum products. 

Even as Solana’s network has matured in liquidity, custody infrastructure, and institutional use cases, the SEC continues to weigh unresolved questions around its regulatory classification, market surveillance mechanisms, and potential centralization risks.

Traders are already positioning ahead of the decision, with expectations of increased volatility in SOL and related tokens as the deadline approaches.

Bloomberg ETF analyst James Seyffart has suggested that standard Solana ETFs could win approval by mid-October if the SEC is satisfied with market oversight arrangements similar to those used for spot BTC and ETH products. 

Until then, the countdown is on, and the outcome may set the tone for the next wave of ETF innovation.

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Future Forward

In crypto, the next leg higher often builds before headlines hit. Here are some upcoming catalysts on the horizon:

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Crypto Know-How: How Prediction Markets Like Myriad Turn Speculation Into Signals

Prediction markets allow participants to bet on the outcome of future events, from elections to sports to economic indicators.

Prices of “shares” in each outcome reflect the market’s estimated probability, as the higher the perceived chance of success, the higher the share price.

On-chain platforms such as Myriad have taken this concept into the crypto era, adding transparency, global access, and programmable liquidity.

These markets can move faster than traditional forecasts, updating odds in real time as events unfold.

How it works:

• Shares = odds: Each share trades between $0 and $1. If the outcome wins, it settles at $1; if not, it drops to $0.

• Trade anytime: Participants can buy or sell shares before the event ends to capture gains or cut losses.

• AMM-powered liquidity: Myriad uses automated market makers, so anyone can provide liquidity, even in low-volume markets.

• Types of markets: Binary (yes/no), categorical (multiple outcomes), and scalar (above/below a set threshold).
  

Myriad’s integration with outlets like Decrypt and Rug Radio turns market data into part of the news cycle.

By letting readers participate directly in markets tied to stories, Myriad blurs the line between consuming news and influencing it.

Why it matters:

• Faster signals: Odds shift instantly with breaking developments.

• Global accessibility: Anyone with internet and crypto can join, bypassing traditional geographic barriers.

• Regulatory watch: U.S. regulators have fined past operators (e.g., Polymarket in 2022), but recent cases suggest a softer stance, with investigations closing in 2025.

As decentralized prediction markets mature, they’re evolving from niche betting venues into crowd-powered forecasting systems, a blend of speculation and information discovery that could reshape how people anticipate and interpret world events.

Everything Else

• Hong Kong’s securities regulator has ordered licensed crypto exchanges to tighten custody standards, mandating clearer asset segregation and daily reconciliations.

• A hotter-than-expected U.S. inflation reading is clouding the Fed’s rate-cut path, but some crypto analysts still see a Q4 liquidity boost on the horizon.

• A $1 billion leverage flush followed Thursday’s market drop, which analysts describe as a healthy pullback after weeks of overextended positioning.

• Coinbase Institutional says an altcoin season could kick off in September as Bitcoin’s market share weakens and capital rotates into high-quality projects.

• The U.S. Treasury is still exploring a plan for budget-neutral Bitcoin purchases, according to comments from Treasury Secretary Scott Bessent.