Opinion: This Downtrend is a Cryptocurrency Market's Manageable Deleveraging Event
September 23rd. In response to the sharp decline in the crypto market yesterday, several institutional analysts hold the view that this was an indication of market deleveraging.
Griffin Sears, the Global Head of Derivatives at FalconX, stated that the recent downturn was a controlled deleveraging event in the cryptocurrency market. Nevertheless, compared to a year ago, the increased leverage in the cryptocurrency market still provides significant room for substantial fluctuations.
Chris Newhouse, the Research Director at the decentralized finance research firm Ergonia, suggested that the sharp decline of Ethereum reflects that excessive leverage has encountered illiquidity rather than any fundamental catalyst.
Caroline Mauron, the Co-Founder of Orbit Markets, believes that the market is consolidating after yesterday's significant pullback, but the sentiment still appears rather tense. If Bitcoin falls below $110,000 or Ethereum falls below $4,000, it may trigger further selling pres
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Deribit Platform Sees One of the Largest-Ever Options Expiry Values on Friday, Traders Expect Market Volatility
September 23rd. Yesterday afternoon, the crypto market witnessed a significant decline and fell below the $4 trillion market cap threshold. According to Deribit's data, in the options contracts set to expire at the end of this month, the largest wagers are concentrated at two opposite ends: protective put options aiming for a price drop to be below $95,000 and call options betting on a price surge to be above $140,000. The scale of these two positions is considerable, suggesting that traders anticipate market volatility rather than stability.
Deribit data indicates that approximately $23 billion worth of Bitcoin and Ethereum options contracts will expire on Friday, which makes it one of the largest expiration dates in history, further intensifying the cautious sentiment in the market.
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Binance HODLer Airdrop Launched for Hemi (HEMI), Spot Trading to Open on September 23rd at 20:00
September 23rd. As per an official announcement, the Binance HODLer Airdrop has now initiated its 43rd project - Hemi (HEMI), which is a modular Layer 2 protocol supported by Bitcoin and Ethereum and boasts remarkable scalability, security, and interoperability.
From 08:00 on September 17th to 07:59 on September 20th (in UTC+8 time zone), users who used BNB to subscribe to Yield Farming (fixed-term and/or flexible-term) or on-chain Yielding products will receive an airdrop allocation. The HODLer airdrop information is anticipated to be launched within 24 hours, and the new token will be delivered to users' spot wallets at least 1 hour prior to the start of trading.
Binance will list HEMI at 20:00 (in UTC+8 time zone) on September 23rd and open trading pairs for USDT, USDC, BNB, FDUSD, and TRY in accordance with the Seed Label Trading Rule. The HEMI deposit channel will open at 15:00 on September 23rd, 2025 (in UTC+8 time zone).
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The U.S.-based crypto mining firm CleanSpark has secured a $100 million credit line from Coinbase Prime.
On September 23rd, the American Bitcoin miner CleanSpark announced on Monday that it has enlarged its Bitcoin support loan agreement with Coinbase's institutional branch, Coinbase Prime, and has obtained an extra $100 million credit line.
In a statement issued on Monday, CleanSpark stated that the company intends to utilize the additional funds for capital expenditures in three crucial areas: expanding its energy infrastructure, growing its Bitcoin mining business, and developing high-performance computing capabilities at specific facilities. (The Block)
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Cryptocurrency Fear and Greed Index Drops to 43, "Fear" Sentiment Reaches Near One-Month High
On September 23rd, according to alternative data, the Crypto Fear and Greed Index for today dropped to 43 (compared to 45 yesterday), with a weekly average of 52. The "fear" sentiment has reached a high point in nearly a month.
Note: The Fear Index has a threshold ranging from 0 to 100 and consists of the following indicators: Volatility (25%) + Market Trading Volume (25%) + Social Media Activity (15%) + Market Surveys (15%) + Bitcoin Dominance (10%) + Google Trends Analysis (10%).
2 minutes ago
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