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Bitcoin Leads Crypto Back Above $3 Trillion as Risky Bets Grow

Digital assets have reclaimed $3 trillion in market value for the first time since January after Bitcoin’s stunning rally, but traders are also piling into leveraged bets in perpetual futures, increasing the risk of rapid price swings.

The market has added more than $740 billion in value since the US Treasury’s announcement last month that it would increase buybacks of long-dated bonds, according to CoinGecko data.

Leverage is building alongside the gains. Open interest in perpetual futures across tokens has climbed to nearly $160 billion, the highest since late October last year.

Binance buys $100 million Circle stake in five-year USDC promotion deal

Binance bought $100 million of Circle shares as the companies signed a five-year deal that pays the crypto exchange to promote the USDC stablecoin on its platform.

Circle issued Binance 1.24 million Class A shares at $80.84 each in a private placement that closed Sept. 17, according to an SEC filing published Tuesday. The price reflected a discount to Circle’s market value before the sale, the company said.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $714.75 million. The total net asset value of Bitcoin spot ETFs is $110.84 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.40%.

The Bitcoin spot ETF with the highest net inflow on September 22 was iShares Bitcoin Trust (IBIT), with a net inflow of $350.35 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Tuesday was $162.31 million. The total net asset value of Ethereum spot ETFs is $17.92 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.34%.

The Ethereum spot ETF with the highest net inflow on September 22 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $88.13 million, according to SoSoValue.

Source: SoSoValue