Unicornの‌価格

$GRVT Bitcoin recorded its best third quarter in nine years with a 42.71% growth over the three months, according to CoinGlass data. Meanwhile, Ethereum went a step further by posting the best Q3 in its history by gaining 70.8% between July 1 and September 30. This rally comes after a weak start to the year and two straight losing quarters.  The broader altcoin market also had a very strong quarter. Using the TOTAL3ES chart, which tracks total crypto market cap excluding Bitcoin, Ethereum and stablecoins, we can see that about $183 billion was added over the quarter, growing around 50% from roughly $364 billion to around $547 billion at the close.  Some of the standout alts in Q3 included Zcash, which saw an over 260% rally, and Uniswap, which gained over 200%. Chainlink almost doubled, while Hyperliquid reached new highs. Solana staged its strongest three months after a brutal stretch of ten consecutive red months, while Quant posted a remarkable rally, albeit in the final stretch of the quarter.  ETF Money Returned After a Brutal June  The quarter saw institutional demand flood back into the market. Spot Bitcoin ETFs drew in $6.49 billion in Q3, per SoSoValue, with $3.52 billion inflows in August alone. In June, the same funds bled $4.51 billion. Q3 broke a losing streak as it was the first positive quarter after three consecutive quarters that saw net outflows. Total net assets across the products grew from $70.95 billion to nearly $108 billion.  Ethereum spot ETFs saw a similar trajectory with net inflows at $3.11 billion over the three months making it the third best quarter on record. Their combined net assets more than doubled to $17.79 billion.  Corporate treasury buying picked up again too, with Strategy resuming its Bitcoin purchases during the quarter.  Treasury Buybacks and the SEC Helped Lift Sentiment The US Treasury expanded its buybacks of long-dated bonds in August, which helped ease pressure on yields. The SEC’s new “Innovation Exemption” for tokenized stocks gave sentiment another push, even with the CLARITY Act stalled in Congress. Traders now turn to the Oct. 27-28 Fed meeting A softer-than-expected PCE print on Sept. 30 led traders to scale back bets on an October rate hike. That relief could be short-lived. The Federal Reserve’s Oct. 27-28 meeting will likely set the tone for the rest of the quarter. Persistent inflation or a strong jobs report would keep Treasury yields and the dollar elevated, and that has rarely been a good backdrop for crypto. Whether ETF inflows hold up is the other open question. Spot Bitcoin ETFs took in $2.80 billion in September, down from August’s total. Ether funds slowed more sharply, drawing $892 million last month after $1.85 billion the month before. Bitcoin’s $80,000 support is the line to watch On the charts, $80,000 is the level Bitcoin needs to defend heading into Q4. Holding it keeps $87,400 and then $90,000 in play as upside targets. A break lower would hand momentum back to sellers after a quarter in which they had very little of it.  Seasonality leans bullish for Bitcoin, at least on paper. Its median Q4 return since 2013 sits at 26.59%, the best of any quarter on CoinGlass’s table. Ethereum’s Q4 track record looks far weaker, with a median return of just 0.15%. Regulation is still the unresolved piece. With the CLARITY Act stuck, any movement on US crypto legislation in the coming weeks could decide how much of this quarter’s institutional demand carries into year-end. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.

$UNI UNI is struggling below the $9.20 resistance after failing to hold the recent breakout. Fresh data shows UNI down ~4.3% over 7D with ~$889M futures OI, while elevated leverage keeps rejection risk high. The $9.20 zone remains the key barrier. Short setup. Entry: $8.95 - $9.15 TP: $8.75 - $8.55 - $8.30 - $8.00 SL: $9.28

Bitwise CIO Matt Hougan says the crypto market’s rally following the failure of the Clarity Act reflects a view that the industry may have traded long-term legislative certainty for more favorable rules in the near term. In his latest weekly memo, Hougan pointed to Bitcoin gaining roughly 8% and Ether 7% since the Senate vote, while tokens including $NEAR, Uniswap and Avalanche posted substantially larger gains. The Senate failed to advance the crypto market structure bill on September 15. The procedural vote fell short of the 60 votes required to move forward, effectively stalling one of the industry’s biggest legislative priorities ahead of the midterm elections. Hougan argues that the market’s response makes more sense when looking at what happened after the legislation stalled. In his view, several compromises included in the bill would have been less favorable to parts of the crypto industry than regulatory actions subsequently taken by federal agencies. One example is stablecoins. The GENIUS Act prohibits stablecoin issuers from paying interest or yield, but it does not impose the same explicit restriction on rewards offered by intermediaries such as exchanges. The Clarity Act negotiations had sought to address that gap amid concerns from banks over competition for deposits. Hougan argued that the bill’s failure therefore benefits platforms such as Coinbase that use stablecoin rewards to attract customers. He also sees established crypto exchanges as potential beneficiaries. The Clarity Act was designed to create a more comprehensive federal market structure for digital assets, which could have reduced some of the regulatory barriers facing new competitors. With the legislation stalled, Hougan argues incumbents retain advantages built through their existing state licenses and infrastructure. Tokenization is another area where he says regulators have moved faster than Congress would have. Two days after the Senate vote, the SEC approved a five-year conditional “innovation exemption” allowing qualifying venues to trade tokenized US-listed stocks through permissioned automated market makers and liquidity pools without registering as traditional exchanges. Certain liquidity providers also received conditional relief from dealer registration. Hougan argued that immediate experimentation under the exemption could prove more useful to tokenization companies than waiting years for studies and subsequent rulemaking contemplated by legislation. His fourth area is revenue-generating tokens, particularly protocols that use revenue to repurchase their own tokens. SEC staff clarified on September 25 that when a crypto network is functional, announcing a buyback program for a non-security crypto asset does not by itself constitute a promise of the “essential managerial efforts” used in determining whether an investment contract exists under the Howey test. The guidance is staff guidance rather than an SEC rule and does not carry the force of law. Hougan said that clarification reduces uncertainty for protocols including Hyperliquid, $NEAR and Uniswap that use or have adopted mechanisms tied to protocol revenue and token supply. The tradeoff, he acknowledged, is durability. Agency interpretations and exemptions can be changed by future regulators, while legislation would provide rules that are more difficult for a future administration to reverse. That concern has also been raised by market observers following the Clarity vote. JPMorgan analysts said agency action could fill some of the regulatory gap but noted that rules created by the SEC and CFTC are less durable than legislation because future administrations can modify them and courts can challenge them. Hougan nevertheless argues that growing adoption by major financial institutions could make a broad reversal increasingly difficult over time. “Crypto sacrificed long-term certainty and got better rules, faster,” Hougan wrote. $GRVT

Top 10 Performing Altcoins this month: 1. $QNT: +336% 3. $AKE: +300% 3. $BTW: +211% 4. $NEAR: +154% 5. $ARB: +138% 6. $UNI: +85.7% 7. $AERO: +73.6% 8. $VVV: +71.3% 9. $PYTH: +68.9% 10. $KAS: +68.5% Which do you own?