Abstract
Liquid staking is seen as an important bridge connecting PoS and DeFi. As of September 19, 2025, the total locked amount in the sector has exceeded 87 billion USD.
As of September 19, 2025, a total of 12 liquid staking protocols have a TVL exceeding 1 billion USD, with Lido holding a market share of over 45%, accounting for nearly half of the market.
Mainstream liquidity staking protocols generally adopt a dual-token model, corresponding to the two major functions of staking value representation and protocol governance.
With the rapid development of liquid staking protocols on public chains like Ethereum and Solana, while providing users with staking liquidity and capital efficiency, it has also brought about issues such as smart contract risks, ecological risks, and decentralization risks.
From the profitability performance over the past 3 years, Lido is the most stable and outstanding.

Abstract
BTC and ETH are both in a high-level oscillation range, with price structure and volatility performance showing divergence, and overall short-term momentum is relatively weak.
The long-short ratio of BTC continues to decline, while ETH's long-short ratio also decreases during the upward process. Market sentiment has not effectively followed suit, showing signs of divergence in structure.
On the contract level, the position amount of BTC has clearly dropped from its peak, while ETH remains relatively stable, indicating that leveraged funds have not fully exited the market.
On September 22, the amount of long positions liquidated surged to over 1.6 billion dollars, highlighting the market's pressure at high levels, with long positions triggering stop-losses and worsening sentiment.
In terms of quantitative strategies, the reversal strategy based on the Bollinger Bands has performed exceptionally well with the ADA cryptocurrency, achieving an annualized return of over 60%, demonstrating strong short-term trading potential.
Market Overview
In order to systematically present the changes in capital behavior and trading structure in the current cryptocurrency market, this report

encryption asset panorama
BTC (-3.51% | Current price 109,577 USDT)
BTC has recently fluctuated downwards after reaching a peak of $117,100.0, dropping to a low of $108,615.8, and is currently stabilizing slightly around the price of $109,577.6. The short-term moving averages (MA5, MA10) are entangled and consolidating, indicating uncertainty in the short-term trend, while the MA30 remains in a downward trend, suggesting a strong overall bearish atmosphere. Recently, the trading volume has increased alongside the decline, showing that market selling pressure is still quite strong. If the price cannot effectively break through and stabilize above the $110,000 mark, the rebound will be limited, and it may maintain a weak fluctuation trend in the short term. Attention should be focused on support levels between $109,000 and $108,600, as losing this support could further test $108,615.

Crypto market panorama
BTC (-3.51% | Current price 109,577 USDT): BTC has recently peaked and fallen back, currently stabilizing slightly at 109,577 USDT. Short-term moving averages are intertwined and consolidating, with an overall bearish atmosphere prevailing and trading volume increasing. If it fails to break through 110,000 USDT, it may maintain a weak oscillating trend in the short term. Watch for support at 109,000–108,600 USDT; a failure to hold may test the previous low of 108,615.8 USDT.
ETH (-5.18% | Current Price 3,918 USDT): ETH continues to decline, currently stabilizing in a range around 3,870 USD. The short-term moving averages are operating in the bearish zone, and trading volume is increasing. If it fails to hold above 3,950 USD, it may continue to test the support at 3,800 USD, and if it breaks below, we will focus on 3,700 USD. A breakthrough at 4,05

encryption asset panorama
BTC (-0.06% | Current Price 112,996 USDT)
BTC's current price has fallen below the 5MA and 30MA, and the short-term moving averages are showing signs of turning. The originally bullish structure is facing a test. The MACD indicator shows a shortening of the red bars and a death cross at a high position, indicating a significant weakening of bullish momentum. After retreating from the high of 115,656, it is currently trading below 113,000, with short-term support focusing on the range of 112,800 to 112,400. If it cannot stop the decline, it may test the previous low support at 111,000; on the contrary, if it can stabilize and rebound with volume, it needs to regain a foothold at 113,400 to restore a strong structure.
ETH (-0.68% | Current Price 4,101 USDT)
ETH's hourly performance is relatively weak, with prices having declined for several consecutive candlesticks.

Abstract
1. This week BTC dropped by 1.99%, ETH dropped by 7.69%, while some DeFi sectors rose against the trend.
2. Gate launches Gate Layer, a second-layer network, to comprehensively upgrade the GT ecosystem and deflationary mechanism.
3. SUI Group discloses heavy investment in SUI and stock buybacks, demonstrating capital strength and market confidence.
4. SOL Strategies completed a $25 million private placement financing to accelerate the expansion of digital assets and treasury allocation.
5. The crypto market faces its largest liquidation of the year, with $1.8 billion being sold off.
6. Ethena TVL突破 16 billion USD, setting a new record.
7. AVNT has surged 117% in the past week, with a daily trading volume exceeding 7 billion dollars.
Market Interpretation
Market Commentary
BTC

encryption asset panorama
BTC (+0.06% | Current Price 112,462 USDT)
After falling from the high of 116,113 USD, the BTC price has dipped to a low of 111,470 USD and is currently slightly rebounding to 112,462 USD. The short-term moving averages (MA5, MA10) have turned upward from a low position but remain below MA30, indicating limited rebound momentum and a generally weak trend. The trading volume has significantly increased during the decline, while the rebound volume has not kept pace, suggesting that buying confidence is still lacking. If it can break through and stabilize in the range of 112,800 to 113,000 USD, there is hope for further recovery above 114,500 USD; however, if the price breaks below 111,800 USD again, it may accelerate the drop to the support at 111,000 USD. Overall, BTC is currently in a weak position.

crypto market panorama
BTC (+0.06% | Current Price 112,462 USDT): After falling from a high of 116,113 USD, the BTC price dipped to a low of 111,470 USD and has currently slightly rebounded to 112,462 USD. The trading volume significantly increased during the decline, while the rebound volume failed to follow suit, indicating that buyer confidence remains insufficient. If it can break through and stabilize in the range of 112,800 to 113,000 USD, there is hope for further recovery above 114,500 USD; however, if the price falls below 111,800 USD again, it may accelerate the decline towards the support at 111,000 USD. Overall, BTC is currently in a weak rebound phase, and attention should still be paid to changes in trading volume and key support defenses.
ETH (+0.27% | Current Price 4,192 USDT): ETH

Highlights of Last Week's Market Overview
Alpha Mining: BTC has been fluctuating downward after rising to $117,902, showing a weak consolidation pattern in the short term; ETH has continued to weaken after falling from a high of $4,766, recently experiencing a significant drop and breaking below the box support, touching a low of $4,283, close to the previous low of $4,211.

crypto market panorama
BTC (-1.79% | Current Price 112,336 USDT): The BTC price maintained a sideways movement above 114,000 USD around the morning of September 22, and then quickly dropped in a short period, reaching a low near 111,700 USD, with a daily decline of over 2%. After that, the price entered a consolidation phase, with multiple rebound attempts failing to effectively hold above the 113,000 USD level. Overall, the trend after a volume increase in the decline shows that bears are dominant, putting significant pressure in the short term. If the price cannot quickly recover the 112,500–113,000 USD range, there is a risk of further declines. Conversely, if it can stabilize above 112,800 USD and break through with volume, a corrective rebound is expected.
ETH (-2.78% | Current Price 4,180 USDT): Ethereum price

encryption assets panorama
BTC (-1.01% | Current Price 114,361 USDT)
Recently, the BTC price has continued to fall after encountering resistance around 117,900 USD. The moving average system (MA5, MA10, MA30) has formed a bearish arrangement, indicating a weak short-term trend. The current price has dropped to around 114,300 USD and briefly tested a low of 114,250 USD. The trading volume has significantly increased during the decline, indicating that the bearish forces are dominant.
If the short-term cannot quickly recover the range of 115,000 USD, BTC may continue to trend downwards, with the next support focusing on the range of 113,800–114,000 USD; the upper resistance levels are around 115,500 USD and 116,200 USD. Overall, the short-term trend is bearish, and further pullback risks should be monitored.
In addition, September

crypto market panorama
BTC (-1.01% | Current Price 114,361 USDT): Recently, the BTC price has continued to decline after encountering resistance near 117,900 USD. The moving average system (MA5, MA10, MA30) has formed a bearish arrangement, indicating a weak short-term trend. The current price has dropped to around 114,300 USD, and it once dipped to 114,250 USD. The trading volume has significantly increased during the decline, indicating that the bearish forces are dominant. On September 19, the net inflow for BTC ETF reached 222 million USD in a single day, with BlackRock's IBIT inflow being 246 million USD.

This report points out that by August 2025, the global stablecoin market capitalization will reach 280 billion USD, with on-chain annual settlement exceeding 30 trillion USD. Stablecoins are upgrading from a medium of exchange in crypto trading to a global financial infrastructure. This explosive growth is driven by the implementation of compliance policies and the entry of corporate giants. The "GENIUS Act", "Stablecoin Regulation", and MiCA legislation mark the entry of stablecoins into the era of compliance sailing. The stablecoin model has evolved into "anchoring + yield + application", expanding comprehensively in terms of payment, yield, and application layer. Meanwhile, competition in the sector has upgraded from the "token battle" to the "infrastructure battle", with Tether, Circle, Stripe, Alchemy Pay, and others vying for payment settlement dominance through building their own public chains.

Encryption Market Overview
According to CoinGecko data, from September 2 to September 15, 2025, the encryption market continued its diversified development pattern. In terms of market performance, BTC fluctuated upward along the upward trend line, testing the resistance level of $117,400 multiple times; ETH once surged to $4,950, but after encountering resistance at a high level, it entered a consolidation phase. [1]
In terms of performance for altcoins, small to mid-cap assets have become the main line of capital rotation in this round, with MYX and CONSCIOUS recording increases of over 900%, showing the most outstanding performance and clear volume characteristics; PUMP rose over 120% during the same period, strongly advancing under the combined push of community enthusiasm and trading momentum, significantly driving the short-term speculative sentiment in the market. Overall, narrative clarity and outstanding flexibility in thematic tokens have received concentrated capital support, becoming a feature of the volatile market.

encryption asset panorama
BTC (+0.74% | Current Price 117,430 USDT)
BTC has recently maintained a volatile consolidation around the $117,400 mark, with multiple attempts to break through the $117,900 high during the day but failing, indicating that upward pressure still exists. Currently, the price is running near the short-term moving averages (MA5, MA10), which are temporarily in a converging state, while MA30 ($117,133 USDT) has formed support below, suggesting an overall structure that is leaning towards strong volatility. Trading volume expanded on the 18th but then shrank immediately, indicating that buying power has weakened and the market is in a wait-and-see state. If it can effectively break through $117,900 in the future, it is expected to open up further upward space; however, if it falls below the $117,100 support, it may trigger a short-term pullback. Overall, BTC maintains a strong volatility trend within a range, and attention should be paid to operations.

crypto market panorama
BTC (+0.74% | Current price 117,430 USDT): BTC has maintained a fluctuation around 117,400 USD in the past two days, with multiple attempts to break through 117,900 USD failing, showing clear upward pressure. Short-term moving averages are converging, with MA30 (117,133 USDT) providing support, indicating a strong oscillation structure. If it can break through 117,900 USD, it is expected to move higher; however, if it falls below 117,100 USD, it may trigger a short-term correction. It is recommended to sell high and buy low, paying attention to key support and resistance levels.
ETH (+0.18% | Current Price 4,610 USDT): After encountering resistance at 4,767 USDT, ETH has pulled back and is currently consolidating around 4,600 USDT, with MA30 (4,590 USDT) providing support. Overall, it remains in a state of oscillation and accumulation. Trading volume is low, and funds.

encryption asset panorama
BTC (+0.96% | Current price 117,668 USDT)
BTC maintains a bullish structure in the short term, currently stabilizing above the 5MA, 10MA, and 30MA lines, with short-term moving averages showing a bullish arrangement. The MACD indicator continues to rise in volume, with the momentum red bars expanding, indicating that bullish momentum is continuously strengthening. The current price has broken through the short-term consolidation range and briefly touched a high of 117,793 dollars. If buying momentum continues, it is expected to challenge the resistance level above 118,000 dollars, with short-term support to watch around 116,300 dollars.
ETH (+2.30% | Current price 4,629 USDT)
ETH maintains a fluctuating upward trend, with the K-line stabilizing above the short-term moving averages. The 5MA and 10MA show a clear upward curve, indicating that the price is in a recovery channel. MACD bullish.

Abstract
1. The cryptocurrency market as a whole maintained a slightly strong fluctuation this week, with BTC and ETH both rising slightly.
2. Tokens such as EIGEN, KMNO, and DRIFT have performed remarkably well, each recording double-digit increases.
3. DeFi Development further increases holdings by 60,000 SOL, total holdings exceed 2 million.
4. Benefiting from multiple treasury programs, Solana has seen an increase of over 10% in the past 7 days.
5. The altcoin season index has risen to 73, indicating a significant warming of the altcoin market.
6. Forward Industries completes $1.65 billion financing and establishes a treasury reserve strategy centered around SOL.
Market Interpretation
Market Commentary
BTC Market —— This week BTC has risen by 2.10%. BTC is maintaining a bullish structure in the short term, currently priced at