Bitunix Token Pulse Weekly Report: PPI Raises Fed Rate-Hike Bets, BTC Falls Below $77,000, RAY Surges 86%

Reporting Period: September 5–11, 2026

Data as of: September 11, 2026

Market Overview: Hotter-Than-Expected U.S. PPI Pushes Rate-Hike Bets to 70% as BTC Falls Below $77,000

The Federal Reserve’s September rate decision remained one of the key drivers of the crypto market this week. U.S. Producer Price Index (PPI) inflation came in at 5.4% year over year in August, slightly above the market expectation of 5.3%, indicating that inflationary pressure at the producer level remains elevated. However, core PPI rose just 0.2% month over month, below the 0.3% consensus estimate. The mixed data pointed to persistent headline inflation alongside relatively moderate underlying price pressure. As investors await the upcoming U.S. CPI report, markets are reassessing the Fed’s policy path ahead of its September 15–16 meeting, with expectations for a rate hike increasing.

Before the PPI release, markets were pricing in roughly a 65% probability of a 25-basis-point Fed rate hike in September. Following the data, pricing in CME Fed Funds futures indicated that the probability had risen to around 70%. The renewed increase in rate-hike expectations put significant pressure on crypto assets. BTC fell below the key $77,000 level, ETH dropped below $2,500, and SOL slipped under $100, with major cryptocurrencies broadly moving lower as overall risk appetite weakened.

The Bitunix Token Pulse Weekly Report tracks the performance of the top 300 tokens by market capitalization on Bitunix, while also monitoring major U.S. stock perpetual markets to provide investors with market insights and potential trading references.

Crypto Market Performance: Market Momentum Reverses as Major Tokens Decline

The market direction reversed sharply this week compared with last week, when major cryptocurrencies outperformed the broader market. BTC, XRP, and SOL all underperformed the overall market this week. More than 60% of tracked tokens ended the week lower, while the median seven-day return among the top 300 tokens on Bitunix was -1.52%.

BTC fell 4.96% over the week, with the increase in rate-hike expectations following the PPI release adding further downside pressure and pushing the price below $77,000. ETH declined 2.03%, holding up relatively well compared with other major assets. XRP, SOL, and HYPE fell 6.68%, 4.24%, and 9.03%, respectively, all underperforming the broader market.

Top Weekly Gainers: RAY Leads With an 86% Surge as No Clear Market Narrative Emerges

Unlike last week, when PONS gained more than 500% over seven days, the market did not produce a comparable high-flying token this week. RAY led the weekly gainers with an 86% seven-day increase and a 30% gain over the past 24 hours, maintaining strong short-term momentum. At the same time, the market lacked a clear dominant narrative. FF, B, NEAR, and DOT all gained more than 20% over the week, but the four tokens belong to different sectors. Their gains therefore appear to have been driven more by individual catalysts and token-specific momentum than by a single market-wide narrative.

Data Source: Bitunix Note: Price and performance data were recorded at 1:00 a.m. UK time (UTC+0).

Top Weekly Losers: Robinhood Chain Tokens Pull Back From Their Highs as Memecoins Remain Weak

The Meme sector remained under pressure this week, with several Memecoins appearing among the biggest weekly decliners. CASHCAT, one of the leading Meme projects on Robinhood Chain, experienced a sharp pullback after its earlier rally, falling 37.22% over the week. Several Solana-based Memecoins, including FARTCOIN, TRUMP, and BONK, also declined by more than 10%. The broad weakness suggests that investor appetite for highly volatile Meme assets remains subdued.

Data Source: Bitunix Note: Price and performance data were recorded at 1:00 a.m. UK time (UTC+0).

Featured Token Analysis: Raydium — A Leading Decentralized Exchange in the Solana Ecosystem

RAY is the native token of Raydium, a decentralized exchange and liquidity protocol built on Solana. Raydium provides token trading, liquidity provision, and on-chain token-launch infrastructure, making it one of the major DEXs in the Solana ecosystem. The protocol uses automated market maker (AMM) mechanisms to provide liquidity for on-chain token trading and supports features such as liquidity mining. RAY is primarily used for liquidity mining rewards, governance, and selected platform functions. Its value is closely linked to Raydium’s trading volume, liquidity, protocol revenue, and the broader growth of the Solana ecosystem.

RAY Price Analysis: Rally Began on September 6, With Multiple Pullbacks of More Than 10%

RAY began its first major rally on September 6, with the token price climbing rapidly from around $0.82 to $1.39 before entering a consolidation phase and briefly falling back toward $1.18. Because the moving averages were closely clustered during the initial rally, the trend signal was relatively unclear, making it difficult to determine the direction of the move using MACD alone. A second rally began on September 9, when MACD generated a clearer bullish crossover as the short-term moving average moved above the longer-term moving average. RAY subsequently climbed rapidly from around $1.08 to above $1.40.

Compared with several tokens analyzed in previous Token Pulse reports, RAY’s price action has been more difficult to trade because each major rally has been followed by a rapid correction of more than 10%. On September 8, for example, RAY fell roughly 10% in a single day before recovering again. Such sharp short-term volatility can make investors mistakenly assume that the rally has ended and exit their positions during a pullback. As a result, investors should pay close attention not only to the magnitude of the rally but also to the depth of corrections and whether the price can reclaim and hold key levels.

Data Source: Bitunix

Raydium Fundamentals: StonkFun Integrates With Raydium LaunchLab

According to The Block, tokenized-stock platform StonkFun has integrated with Raydium’s LaunchLab infrastructure, enabling permissionless token launches and liquidity pool creation. The integration also reduces the cost of deploying a token from 0.29 SOL to just 0.03 SOL.

Following the announcement, the STONK token surged 250% on September 6, pushing its market capitalization to approximately $140 million. RAY also gained more than 40% on the same day, while Raydium’s daily protocol revenue approached $440,000, the highest level since July 2025.

The deeper integration between StonkFun and Raydium LaunchLab has increased market attention toward Raydium’s token-launch and liquidity infrastructure, becoming one of the key catalysts behind RAY’s recent rally. StonkFun had previously generated approximately $219 million in trading volume through Raydium routing and contributed around 21.7% of Raydium’s revenue in Q2. As demand for tokenized stocks and on-chain asset issuance grows, investors are reassessing the potential trading volume and revenue that LaunchLab could generate, providing additional support for RAY in the short term.

Data Source: Defillama

RAY Smart Money Activity: @bholu_eth Continues Accumulating RAY and Moves Tokens to the “Hbb3np” Wallet

According to Arkham data, crypto KOL @bholu_eth purchased RAY continuously over the past 24 hours through multiple trading platforms and routing services, including Raydium, Jupiter, and Dex Router. The tokens were subsequently transferred to a wallet identified as “Hbb3np.” @bholu_eth has previously been active primarily across Ethereum and various Layer 2 ecosystems and has also publicly promoted RAY through their X account.

Data Source: Arkham

Data Source: X

Is RAY Still a Buy?

From a fundamental perspective, RAY’s value is closely linked to Raydium’s trading volume, protocol revenue, and on-chain token-launch activity. Raydium is not solely dependent on market sentiment to support the value of its native token. A portion of protocol revenue is used to create demand for RAY through buybacks: certain trading pools allocate part of their fees to RAY buybacks, while a portion of LaunchLab protocol fees is used to buy back and burn RAY. This creates a relatively direct value-capture mechanism. If Raydium’s trading volume and protocol revenue continue to grow, demand generated through token buybacks could theoretically provide additional fundamental support for RAY.

RAY’s previous price performance also highlights the importance of ecosystem activity. Its rally from late 2024 into early 2025 was closely linked to the rapid expansion of the Solana Meme ecosystem. Pump.fun relied heavily on Raydium as a liquidity venue for tokens that completed its bonding-curve process. Once a Pump.fun token reached the required market-cap threshold, it was migrated to Raydium to establish a liquidity pool, generating additional token trading activity and protocol revenue for Raydium. This mechanism became an important fundamental driver of RAY’s rally at the time.

However, Pump.fun later launched its own AMM, gradually reducing its reliance on Raydium. This weakened market expectations for Raydium’s future trading volume and revenue growth, contributing to sustained pressure on RAY. Against this backdrop, StonkFun’s integration with Raydium LaunchLab can be viewed as similar to the incremental trading activity that Pump.fun previously brought to Raydium. If StonkFun continues launching tokens through LaunchLab and directing trading activity to Raydium, it could generate additional trading volume, protocol revenue, and demand for RAY through the buyback mechanism.

Importantly, LaunchLab has already become a meaningful source of protocol revenue, with a portion of its fees directly allocated to RAY buybacks and burns. As a result, StonkFun’s ability to maintain activity on LaunchLab will be an important fundamental factor in determining whether RAY’s current rally can continue.

Data Source: Blockworks — Raydium LaunchLab Analytics

RAY Outlook: Strong Momentum, but Pullback Risk Remains High

RAY began its latest rally on September 6, climbing from around $0.82 to above $1.40 and gaining 86% over seven days. However, the token experienced several rapid corrections of more than 10%, resulting in significantly higher short-term volatility. StonkFun’s integration with Raydium LaunchLab, together with expectations for higher trading volume and protocol revenue, has been one of the key catalysts behind RAY’s rally. Meanwhile, continued accumulation by @bholu_eth has added to short-term bullish sentiment. Whether RAY can extend its gains will ultimately depend on whether StonkFun and LaunchLab can generate sustained growth in trading volume and revenue and translate that activity into fundamental support through RAY buybacks. Given RAY’s substantial recent gains and frequent pullbacks, investors should remain alert to short-term profit-taking and elevated volatility.

U.S. Stock Perpetual Performance: Crypto Stocks Retreat From Highs While Semiconductor Stocks Outperform

U.S. equities broadly weakened this week, with higher rate-hike expectations following the PPI release putting pressure on global risk assets. Crypto-related stocks that had posted strong gains previously experienced notable pullbacks, with MSTR and CRCL both falling more than 10%, making them among the weaker performers this week. Semiconductor stocks, by contrast, performed relatively well after undergoing significant corrections previously. SNDK gained 8.88%, while INTC rose 9.89%. As overall risk appetite weakened, investors appeared to rotate toward technology and semiconductor stocks that had experienced larger previous declines, helping some chip stocks rebound.

Featured Stock Analysis: INTC Rebounds More Than 9%

Intel (INTC) was one of the stronger performers this week, gaining 9.89% and emerging as one of the standout names in the semiconductor sector. One of the key catalysts behind the rebound was market speculation surrounding potential price increases and changes to Intel’s product strategy. According to technology media outlet DIGITIMES, Intel is reportedly planning to raise the prices of its PC CPUs by as much as 10% in October and may also discontinue the production and sale of its Small Core products. If implemented, these changes could improve market expectations for Intel’s product pricing and profitability, providing an important near-term catalyst for the stock’s rebound. However, whether INTC can sustain its gains will ultimately depend on product competitiveness, progress in its AI chip business, and improvements in overall profitability.

Data Source: Bitunix

Commodity Perpetual Analysis: Brent Crude Breaks Above $100 as Precious Metals Continue to Decline

Bitunix offers perpetual contracts on a range of commodities, including Gold, Silver, Crude Oil, and Natural Gas, giving users access to a broader range of cross-market trading opportunities. Precious metals remained under pressure this week, with gold, silver, and platinum continuing to decline. Gold fell back toward $4,300, down 2.38% over the past 24 hours. Silver and copper recorded even steeper declines, falling 6.37% and 4.68%, respectively, over the same period. Brent crude, by contrast, maintained its strong momentum and broke above the $100 psychological threshold during the week, gaining more than 10% from the previous week.

Data Source: Bitunix

Key Macro Catalyst for Next Week: Fed FOMC Meeting on September 15–16

The Federal Reserve’s September 15–16 FOMC meeting will be the key macro event for markets next week. Investors will closely monitor the interest-rate decision, updated economic projections, and the Fed Chair’s comments on the future path of monetary policy.

Recent U.S. inflation data continue to create uncertainty for markets, while expectations for a September rate hike have increased. CME FedWatch at one point showed the market pricing in roughly a 60% probability of a 25-basis-point rate hike, highlighting the uncertainty surrounding the upcoming decision.

If the Fed ultimately raises rates, tighter monetary policy could strengthen the U.S. dollar, push Treasury yields higher, and reduce global liquidity, potentially creating additional pressure on risk assets such as BTC, cryptocurrencies, and high-valuation technology stocks. If the Fed keeps rates unchanged, markets could instead begin pricing in renewed expectations for future rate cuts, potentially providing some support for risk assets.

Conclusion

Crypto assets came under broad pressure this week, with BTC falling 4.96% and breaking below $77,000. RAY bucked the trend, gaining 86.70% as StonkFun’s integration with Raydium LaunchLab provided a major catalyst, making RAY one of the strongest-performing tokens of the week. U.S. equities also faced pressure from rising rate-hike expectations. Crypto-related stocks retreated from recent highs, with MSTR and CRCL both falling more than 10%, while previously underperforming semiconductor stocks showed greater resilience, with SNDK and INTC gaining 8.88% and 9.89%, respectively. In commodities, precious metals remained weak, with gold falling back toward $4,300 and silver and copper declining 6.37% and 4.68%, respectively, over the past 24 hours. Brent crude moved in the opposite direction, breaking above $100 and gaining more than 10% on the week. Looking ahead, the Fed’s September 15–16 meeting will remain the market’s primary macro focus, with the rate decision and subsequent policy guidance likely to determine the direction of BTC, crypto assets, technology stocks, and other risk-sensitive markets.