Bitunix Crypto Market Report: SEC Clarifies Rules for Onchain Fundraising as Arc Mainnet Goes Live

Reporting Period: September 1–30, 2026

Data as of: September 30, 2026

Executive Summary

• Bitcoin climbs to $87,000 as perpetual futures funding rates remain positive throughout September

• Solana trading volume declines, while gas fees on Robinhood Chain surge

• Arc mainnet records 7.76 million transactions on launch day, with USDC transfers approaching $1 billion

• Uniswap trading volume surpasses $100 billion, while average daily perpetual DEX trading volume falls more than 50% year over year

• Chainlink launches CCIP 2.0, allowing major crypto applications to customize cross-chain security verification

• SEC Chair: The agency will clarify rules for onchain fundraising within its statutory authority

Bitcoin Price Review and Market Analysis: September 2026

Bitcoin (BTC) followed a volatile trajectory in September 2026, declining early in the month before rebounding sharply and retreating from its highs. BTC briefly climbed to $82,000 at the end of August but entered a sustained correction in early September, falling to a monthly low of $75,000 by mid-month, representing a maximum drawdown of nearly 10%.

The market rebounded after the Federal Reserve announced its interest rate decision on September 16, as the anticipated policy news was absorbed by investors. BTC subsequently embarked on a sustained rally, reaching a high of $87,000. However, the rapid advance brought increased profit-taking pressure, sending prices lower from their peak. By the end of September, BTC was consolidating around $83,000, with the broader market still trading in a relatively elevated range.

Source: Bitunix

Bitcoin Futures Trading: $558 Million in Short Positions Liquidated on September 21

Because BTC's decline from early to mid-September remained below 10%, the overall downturn was relatively limited, and no major wave of long liquidations occurred during that period. September 15 recorded the month's highest daily liquidation total at approximately $195 million. The subsequent rebound, however, triggered a concentrated wave of short liquidations. On September 21, liquidations of BTC futures short positions reached $558 million, making it the largest single-day liquidation event of the month. It was also a significant short squeeze, following an August session in which total daily liquidations exceeded $1 billion.

Source: CoinGlass

BTC futures funding rates remained positive throughout September. Between September 10 and September 22, funding rates repeatedly reached 0.009%. Positive funding rates indicate that long-position holders were paying short-position holders, reflecting a persistent bias toward long positions in the futures market during this period.

Source: CoinGlass

Institutional Bitcoin Holdings: IBIT Adds More Than 20,000 BTC in September

Exchanges, spot Bitcoin ETFs, and corporate treasuries extended their accumulation trend from August, purchasing additional BTC in September. BlackRock's iShares Bitcoin Trust (IBIT) added more than 20,000 BTC during the month, indicating continued capital inflows into Bitcoin-related investment products from traditional financial markets. Strategy added 2,616 BTC in September, bringing its holdings to 4.21% of Bitcoin's total supply and maintaining its position as the largest corporate holder of BTC. Meanwhile, Binance's Bitcoin reserves increased by 7,555 BTC, indicating an expansion in the exchange's BTC reserves during the month.

Source: Bitbo

Ethereum Price Review and Market Analysis: September 2026

Ethereum (ETH) largely tracked Bitcoin's price movements in September. At the beginning of the month, ETH traded around $2,400. Following the Federal Reserve's interest rate announcement on September 16, the market rebounded as investors digested the policy decision. ETH reached a monthly high of $2,800 on September 23 but failed to sustain that level, retreating to approximately $2,600 by the end of September.

Source: Bitunix

Ethereum Futures Trading: Two Major Short Liquidation Events Highlight a Tug-of-War Between Bulls and Bears

Ethereum's futures market remained relatively subdued in September, with no widespread liquidation cascade. However, short positions suffered significant liquidations on September 11 and September 21, totaling $215 million and $198 million, respectively. These events highlight the pressure that upward price movements placed on ETH short sellers at two key points during the month.

Source: CoinGlass

ETH futures funding rates turned negative from positive on two occasions in mid-September, signaling temporary shifts in market sentiment and suggesting that long positions did not maintain consistent dominance throughout the month. Overall, the ETH futures market remained characterized by a tug-of-war between bullish and bearish positions, without either side establishing a clear and sustained advantage.

Source: CoinGlass

Institutional Ethereum Holdings: ETHA Adds 177,100 ETH as Binance Reserves Fall by 183,600 ETH

Institutional flows into spot Ethereum ETFs have become an increasingly important factor influencing ETH market supply, demand, and price movements. In September, the iShares Ethereum Trust ETF (ETHA) accumulated approximately 177,100 ETH, increasing its share of the total ETH supply from 2.90% to 3.01%. This reflects continued growth in ETF exposure to Ethereum.

In contrast, Binance's ETH reserves declined from 3.98 million ETH to 3.79 million ETH during September, a decrease of approximately 183,600 ETH. This reduction may indicate that some traders withdrew ETH from the exchange. However, exchange reserve data alone cannot establish the specific purpose of these withdrawals or confirm where the assets were transferred.

Meanwhile, Bitmine continued to expand its ETH holdings, accumulating approximately 100,000 ETH during September. Its share of the total ETH supply rose to 4.92%. Taken together, continued accumulation by ETFs and corporate treasuries, alongside declining exchange reserves, points to changing allocation patterns among different types of Ethereum market participants.

Source: strategicethreserve.xyz

Onchain Data Review

Robinhood Chain and Arc, two blockchains backed by established institutions, emerged as notable developments in the crypto market in September. On Robinhood Chain, gas fee revenue reached $8.2 million on September 4, surpassing Hyperliquid to become the highest among blockchains that day. Arc, meanwhile, recorded 7.76 million transactions on its mainnet launch day, although daily gas fee revenue has remained between $50,000 and $100,000. This highlights a gap between transaction activity and fee generation. Solana, which has historically maintained high transaction volumes, saw its average daily transaction count fall to 157 million in September, down 6.54% from August, indicating a slowdown in onchain activity.

Source: Artemis

DEX and Perp DEX: Uniswap Trading Volume Surpasses $100 Billion as Daily Perp DEX Volume Falls More Than 50% Year Over Year

According to Artemis data, Uniswap's trading volume surpassed $100 billion toward the end of September, supported by its collaboration with Robinhood Chain. This placed Uniswap among the leading platforms in the spot decentralized exchange (DEX) sector. By contrast, activity across perpetual decentralized exchanges (Perp DEXs) continued to cool. Hyperliquid recorded average daily trading volume of approximately $7.9 billion in September, while the Perp DEX sector as a whole averaged around $12.4 billion per day. This represented a decline of more than 50% from September 2025, indicating a substantial year-over-year contraction in onchain perpetual futures trading activity.

Source: Artemis

Prediction Markets: Kalshi Trading Volume Rebounds Strongly as HIP-4 Growth Slows

Kalshi's trading volume declined in August following the conclusion of the World Cup. Activity recovered significantly in September, with average daily trading volume reaching $2.028 billion, an increase of more than 50% from the previous month. On the business development front, Kalshi filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) on September 23, seeking to introduce perpetual stock futures and expand its financial derivatives offerings. Meanwhile, trading growth on HIP-4, Hyperliquid's prediction market protocol, slowed considerably in September. By the end of the month, transaction volume had fallen to 2.2 million trades, down more than 50% from the beginning of September, indicating weaker market activity in the latter part of the month.

Source: Artemis

Product and Protocol Developments: Arc Mainnet Launches as Chainlink Introduces CCIP 2.0

Arc Mainnet Records 7.76 Million Transactions on Launch Day, with USDC Transfers Nearing $1 Billion

Arc officially launched its mainnet on September 16. According to Dune data, the network processed 7.76 million transactions on its first day, generating approximately $280,000 in fees. Uniswap recorded more than $410 million in daily trading volume on Arc on the same day. Arc uses USDC as its native gas token. Daily USDC transfer volume approached $1 billion, while the total amount of USDC on the network reached $650 million. More than 700,000 new addresses were created on launch day, bringing the total number of addresses above 840,000. In addition, multiple exchanges, wallets, decentralized applications (DApps), and DeFi protocols had already integrated with Arc.

Source: Arc

Aave V4 Launches Tokenized U.S. Stock Collateral Lending on Base, Allowing Eligible Non-U.S. Users to Borrow USDC

On September 25, Aave V4 launched Equities Hub on Base, enabling eligible non-U.S. users to use seven tokenized U.S. stocks issued by Coinbase as collateral to borrow USDC. The supported stocks include Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla. Chainlink supplies the onchain price data for these tokenized equities. At launch, the seven stocks had a combined collateral cap of approximately $29 million. The USDC supply cap was set at $32 million, while the borrowing cap was $21 million. Collateral factors varied by stock, ranging from 65% to 79%. For now, these tokenized stocks can only be used as collateral. Aave stated that it may add more Coinbase-issued tokenized equities in the future and potentially include GHO among the available borrowing assets.

Source: X

Chainlink Launches CCIP 2.0, Allowing Major Crypto Applications to Customize Cross-Chain Security Verification

On September 28, cross-chain protocol Chainlink introduced CCIP 2.0, allowing enterprises to add their own security checks to cross-chain transfers on top of the existing network of 16 independent operator validation networks. The upgrade followed the $292 million Kelp DAO exploit in April. The incident was attributed to Kelp DAO's use of a LayerZero bridge architecture with a single verifier. Kelp DAO subsequently migrated its rsETH token to Chainlink. Under the CCIP 2.0 architecture, Chainlink's Risk Management Network no longer operates as a separate, additional layer of security. For users who do not configure their own verifiers, cross-chain transactions will rely on a single validation network rather than the previous dual-validation architecture.

Source: Chainlink

Pump.fun Introduces Holder Rewards and Discontinues Its Cashback Model

On September 12, Pump.fun announced two major changes on X: the introduction of Holder Rewards and the discontinuation of its Cashback model. Under Holder Rewards, users can earn rewards simply by holding a token, with longer holding periods allowing for higher potential reward limits. When launching new tokens, creators can choose between the standard Creator Fee model and Holder Rewards. Existing Cashback and Creator Fee tokens can also apply to switch to Holder Rewards, but the selected model cannot be changed again after the switch is completed. Under the Holder Rewards model, the relevant fees flow into Pump.fun's distribution wallet and are automatically distributed to eligible holders multiple times per hour according to their share of the token supply. Users holding positions worth more than $20 are eligible to receive rewards.

Source: Dune

Trading Signals: Bitcoin Returns to Profitability as Capital Flows into Altcoins

Bitcoin Long-Term Holder MVRV Recovers to 1.35, Returning the Cohort to Aggregate Profitability

On September 29, CryptoQuant analyst Zizcrypto stated on X that the adjusted long-term holder MVRV ratio had recovered from a shallow stress zone to approximately 1.35. This indicated that Bitcoin holders with holding periods ranging from six months to ten years had returned to aggregate profitability. As of September 27, BTC was trading at approximately $84,500, while the realized price for long-term holders stood at around $62,700. The spot price was therefore approximately 35% above their cost basis. The indicator had fallen below 1.0 on five occasions between June and August, reaching a 2026 low of approximately 0.94 on June 30.

Source: CryptoQuant

ETH Forms a Short-Term Bullish Structure; A Break Above $2,700 Could Open the Way Toward $3,000

On September 28, crypto analyst Ali stated on X that ETH appeared to be forming a bullish structure on lower time frames. As long as $2,640 continued to hold as support, the short-term outlook would remain tilted toward the bulls. Ali identified $2,700 as the key level to watch. If ETH could secure hourly closes above $2,700, it could confirm an upside breakout and open the way for a potential move toward $3,000.

Source: X

87% of Altcoins on Binance Trade Above Their 200-Day Moving Average as Capital Continues to Shift Toward the Sector

Onchain analyst Darkfost stated on X that the total market capitalization of altcoins, including ETH, represented by Total2, had attracted more than $371 billion in cumulative capital inflows since June 2026, with its market capitalization expanding by approximately 45%.

Meanwhile, around 87% of altcoins listed on Binance were trading above their 200-day moving averages, compared with approximately 80% trading below that level in August. Darkfost argued that the shift reflected a significant concentration of capital in the altcoin market and an improvement in risk appetite. However, with a large number of altcoins now trading above their long-term moving averages, signs of excessive optimism have also begun to emerge. The sustainability of capital inflows and market momentum will remain important factors to watch.

Source: X

Regulatory Outlook: U.S. Signals Progress on Onchain Fundraising as Europe and Japan Advance Crypto Regulatory Frameworks

SEC Chair: Agency Will Clarify Onchain Fundraising Rules Within Its Statutory Authority

On September 29, SEC Chair Paul Atkins stated that the agency would further clarify the rules governing onchain fundraising within its existing statutory authority, even though the CLARITY Act had not yet been passed by Congress. On September 15, the U.S. Senate failed to advance the CLARITY Act in a 49–50 vote, falling short of the 60 votes required. Atkins has not yet specified whether the forthcoming regulatory guidance will take the form of exemptions, registration pathways, or staff guidance.

Previously, on September 17, the SEC took further steps to facilitate tokenized equity-related activities. On September 25, it also published nine frequently asked questions explaining how commitments made by token issuers could affect the determination of whether a token qualifies as a security. Taken together, these developments suggest that the SEC is gradually working to clarify the regulatory framework for onchain finance using its existing authority.

Germany Proposes a Flat 25% Tax on Bitcoin Purchased After 2026, with Exchange Withholding Expected from 2028

On September 10, Germany's Finance Ministry, led by Lars Klingbeil, proposed applying a flat 25% capital gains tax to Bitcoin acquired after December 31, 2026. Including the solidarity surcharge, the effective tax rate would rise to 26.375%. Beginning in 2028, trading platforms would be expected to withhold and remit the relevant taxes. Under the proposal, if Bitcoin is transferred to another exchange without documentation of its acquisition cost, the 25% tax could apply to the entire sale proceeds rather than only the actual profit. Bitcoin acquired before the new rules take effect would remain eligible for the existing tax exemption after a holding period of more than one year. Under Germany's current rules, individuals generally do not pay capital gains tax on Bitcoin sold after holding it for more than 12 months.

Japan's FSA Supports Stablecoin Trade Settlement Pilot, with Launch Planned for September 2026

On September 29, Japan's Financial Services Agency (FSA) announced that its Payment Modernization Project, operated through its fintech proof-of-concept hub, would support a fourth pilot project. Participating applicants include TradeWaltz, NTT DATA, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Trust and Banking Corporation. The pilot is scheduled to begin in September 2026 and will primarily assess the practical feasibility of using stablecoins for fund settlement in trade transactions, while examining related legal and compliance issues. Following the experiment, the FSA plans to publish its findings and conclusions on its official website. These are expected to cover compliance requirements, regulatory responses, and legal interpretations relevant to offering such services to the general public.

Security Watch: Crypto Industry Losses Exceed $750 Million in September as Major Security Incidents Mount

According to SlowMist, the crypto industry experienced 51 security incidents in September 2026, resulting in total losses of $750 million. This was approximately 10 times the loss total recorded in August, highlighting a sharp deterioration in security conditions.

The largest incident involved Bitget. On September 24, unauthorized transfers from some of the exchange's hot and warm wallets resulted in losses of approximately $387.5 million. The attacker reportedly exploited a vulnerability in a third-party security product to obtain highly privileged internal credentials, forged withdrawal instructions, bypassed authorization procedures, and transferred funds to addresses under the attacker's control.

The Bitcoin sidechain Liquid Network also suffered a major security incident during the month, with losses exceeding $300 million. Two security incidents each resulting in losses above $300 million in a single month are exceptionally rare in the crypto industry's nearly decade-long history.

Major Crypto Security Incidents in September 2026

September saw a significant deterioration in crypto security, with 51 incidents resulting in $750 million in losses, approximately 10 times August's total. Bitget and Liquid Network each suffered incidents involving losses exceeding $300 million, an exceptionally rare occurrence within a single month. Security incidents continued to affect multiple critical areas of the crypto ecosystem, including exchange wallets, blockchain infrastructure, DeFi protocols, and multi-chain wallets. As the value of onchain assets continues to grow, access control, wallet security, and smart contract vulnerabilities remain key risk areas for the industry.

Looking Ahead: Policy, Technology, and RWA Developments Set the Stage for October

Key Events to Watch in October 2026

October will bring several important technology and industry events to the crypto market. Ethereum's Glamsterdam testnet upgrade, the Bitcoin Core 32.0 release, and TOKEN2049 Singapore will be among the key developments to watch. On the macroeconomic front, the U.S. September CPI release and the October FOMC rate decision will directly influence expectations for the Federal Reserve's future policy and the trajectory of risk assets. Meanwhile, MERGE Madrid 2026 will focus on compliant asset tokenization and institutional participation under the MiCA framework. The convergence of RWAs and traditional finance is likely to remain an important theme for Europe's crypto market.

Conclusion

In September 2026, the crypto market staged a volatile rebound. Bitcoin briefly reached $87,000, while Ethereum climbed to $2,800, but both subsequently retreated from their highs, reflecting continued disagreement between bullish and bearish market participants. Institutional investors continued accumulating BTC and ETH, while emerging blockchains such as Robinhood Chain and Arc attracted attention. Arc processed 7.76 million transactions on its mainnet launch day, and Uniswap's trading volume surpassed $100 billion. However, overall Perp DEX trading volume declined by more than 50% year over year, while activity on Solana and HIP-4 also weakened.

Across the broader industry, Aave V4 introduced collateralized lending against tokenized U.S. equities, Chainlink launched CCIP 2.0, and the SEC signaled further efforts to clarify onchain fundraising rules. These developments underscore the continued convergence of onchain finance and traditional financial markets. Security remains a major challenge. The crypto industry recorded 51 security incidents in September, resulting in $750 million in losses and highlighting persistent vulnerabilities in wallet management, infrastructure, and smart contracts.