Bitunix Token Pulse Weekly Report: Crypto Market Broadens Rally as Privacy Tokens Lead the Upside

Reporting Period: September 19–24, 2026

Data as of: September 24, 2026

Market Overview: BTC Rises to $87,000 as Falling Oil Prices and Improving U.S.-China Relations Support Risk Assets

The crypto market staged a strong recovery this week. On September 21, BTC briefly climbed above $87,000, gaining around 8% from the same time the previous day and reaching its highest level since late January. BTC had previously come under pressure amid expectations for higher interest rates and uncertainty surrounding the progress of U.S. crypto regulatory legislation. As risk aversion eased, however, capital gradually flowed back into risk assets. At the same time, tensions surrounding Iran showed signs of easing after U.S. President Donald Trump signaled that he was open to dialogue with Iran. The shift pushed oil prices lower, with front-month WTI crude futures briefly falling to around $94 per barrel on September 21, providing additional support for the broader rebound in risk assets.

Markets are also closely watching expectations for improving U.S.-China relations and their potential impact on global risk appetite. The U.S.-China leaders' meeting expected on September 24 has been viewed as a potentially important event for market sentiment as expectations for improved bilateral relations have increased. Meanwhile, BTC has broken above the key $82,000 resistance level. Whether it can hold above this level over the coming days will be an important indicator of whether the current rally can extend further.

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 a broader view of cross-market trends.

Crypto Asset Performance: Privacy Sector Leads as Nearly 90% of Top 300 Tokens Rise

The crypto market saw an unusually broad-based rally this week. Nearly 90% of the top 300 tokens by market capitalization on Bitunix posted gains, with the median return reaching 13.01%. Major crypto assets including BTC, ETH, and SOL all gained more than 10% during the week. Privacy-focused tokens emerged as the leading sector, with several tokens including ZAMA, NEAR, and ZRO gaining more than 50% as market attention shifted toward the sector.

Weekly Top Gainers: ZAMA Surges 94%, While ZRO Gains 10% in 24 Hours

Privacy-focused tokens were the primary leaders of this week's rally. ZAMA gained 94% over the past seven days, although the token has experienced a notable pullback over the past 24 hours. ZRO, another major project in the privacy sector, gained 10% over the past 24 hours, bringing its weekly gain to 54%. NEAR, which was also one of the strongest-performing privacy-related tokens last week, extended its rally with a nearly 60% weekly gain.

Note: Price and performance data were recorded at 1:30 a.m. UK time (UTC+0).

Weekly Top Losers: Few Tokens Decline as Memecoins Underperform

With the broader market moving higher, relatively few tokens appeared on the weekly losing list. Memecoins generally lack clear fundamental support, making their price performance more dependent on capital flows and market sentiment. As a result, they can diverge from the broader market even during a broad-based rally. H, CASHCAT, and SPX all posted losses despite the broader market advance, while DeFi-related tokens including EDGE, WLFI, and FF also underperformed the market.

Note: Price and performance data were recorded at 1:30 a.m. UK time (UTC+0).

Featured Token: ZAMA — A Privacy Computing Infrastructure Project

ZAMA is a blockchain infrastructure project focused on privacy-preserving computation. It aims to address the tension between blockchain transparency and data privacy through fully homomorphic encryption (FHE). Its core technology, fhEVM, enables smart contracts to perform computations on encrypted data, allowing developers to build applications for private transactions, DeFi, AI, and on-chain identity management while keeping sensitive data confidential.

Beyond providing privacy computing infrastructure, ZAMA is also focused on expanding the adoption of cryptographic technology across the Web3 ecosystem. Its goal is to enhance data security while preserving the decentralization and verifiability of blockchain networks, potentially opening up additional application scenarios. ZAMA gained 94% this week to rank as the top gainer among the tokens tracked in this report, marking its second appearance in the Featured Token section.

ZAMA Technical Analysis: Second Rally Underway as Trading Volume Expands

On July 27, ZAMA was first featured in the Bitunix Token Pulse Featured Token section. At the time, the token was experiencing its first major rally following its TGE, with the price rising rapidly from $0.035 to $0.05. The current move represents ZAMA's second major rally, with token climbing from $0.05 to around $0.092. Trading volume also increased significantly during the week. From a technical perspective, the $0.087 area could become an important short-term support level.

Source: Bitunix

ZAMA Fundamental Analysis: TVS Up 76% Since July as Demand for Privacy Computing Expands

As a project focused on privacy infrastructure, Total Value Shielded (TVS) is an important metric for assessing adoption within the ZAMA Protocol ecosystem. As of September 24, ZAMA Protocol's TVS had reached $82.74 million, up 76% from $46.92 million in July. The growth in TVS has broadly tracked the rise in ZAMA's token price, suggesting that ecosystem activity and market valuation have moved in the same direction during this period.

Source: ZAMA

ZAMA Fundamental Analysis: USDT Goes Live on ZAMA on September 15

USDT officially launched on ZAMA on September 15, establishing a more direct connection between ZAMA's privacy computing infrastructure and one of the crypto market's major stablecoins. The integration could expand the range of assets and applications available on the network while providing a more established liquidity base for private transactions, DeFi, and other on-chain use cases. From a fundamental perspective, support for a major stablecoin could improve the usability of the ZAMA ecosystem and increase market attention, making stablecoin adoption an important metric to monitor as the ecosystem develops.

Source: X

Can ZAMA Still Be Bought?

Some early blue-chip projects in the privacy sector reached their all-time highs in 2021 and continue to face potential selling pressure from holders who remain underwater after several market cycles. ZAMA, by comparison, has a relatively recent TGE and has already broken above its previous high to reach a new all-time high, meaning it currently has less potential overhead supply from historical holders.

However, a later TGE also creates another factor that investors need to monitor: some early investors may still hold tokens that have yet to be unlocked. By contrast, many projects launched before 2020 have already moved toward full token circulation. For ZAMA investors, token unlock schedules therefore remain an important consideration alongside price performance and market sentiment. In February 2027, ZAMA is scheduled to enter a major unlock period for tokens held by early investors, making the event an important date to monitor for potential changes in circulating supply.

Source: CoinMarketCap

ZAMA Recent Performance Summary

ZAMA has shown strong momentum recently, gaining 94% this week to become the top gainer among Bitunix's Top 300 tokens and completing a second major rally toward $0.092. On the fundamental side, ZAMA Protocol's TVS reached $82.74 million as of September 24, up 76% from July, while the launch of USDT on September 15 expanded the ecosystem's potential use cases and liquidity base. In the short term, traders may watch the $0.087 area as a key support level, while the February 2027 token unlock remains an important longer-term supply event to monitor.

U.S. Stock Performance: Semiconductor and Crypto-Related Stocks Lead a Broad Rebound

U.S. stocks staged a strong rebound this week amid improving macro conditions. Semiconductor stocks were among the strongest performers, with SNDK, MU, and INTC gaining 12.51%, 9.62%, and 12.96%, respectively. The Philadelphia Semiconductor Index also reached a new all-time high. Crypto-related stocks also benefited from the strength in the broader crypto market. MSTR surged 22.72% over the week, ranking as the strongest performer in the stock contracts tracked in this report.

Featured Stock Contract: MSTR Continues Buying Bitcoin as BTC Rally Supports Shares

MSTR has gained for three consecutive weeks as BTC has moved higher, with the stock up 100% from its recent low. Over the same period, BTC has gained approximately 50% from its low. MSTR has therefore recorded a significantly larger percentage gain than BTC during the current rally, highlighting the stock's sensitivity to movements in the underlying cryptocurrency. As of September 21, Strategy purchased 950 BTC at an average price of $79,670 per bitcoin, spending approximately $75.7 million. Its total Bitcoin holdings subsequently reached 846,000 BTC, marking its first Bitcoin purchase in two weeks.

Source: Bitunix

Commodity Contracts: Commodities Trade Sideways as Other Risk Assets Outperform

Bitunix offers a range of commodity contracts, including Gold, Silver, Crude Oil, and Natural Gas, providing users with additional cross-market trading opportunities. Commodities posted a modest pullback this week. Gold, silver, and copper largely remained within last week's trading ranges, while Brent crude edged lower to around $97 per barrel.

Source: Bitunix

Macro Catalyst: Key Event Next Week — U.S. September Unemployment Rate

The market's attention next week will turn to the U.S. September unemployment rate, scheduled for release on October 2. Investors will be watching closely for signs of further cooling in the U.S. labor market. The unemployment rate is an important indicator of labor-market conditions and can influence expectations for U.S. economic growth as well as the Federal Reserve's future monetary policy.

If the September unemployment rate comes in above expectations, it could signal further weakening in the labor market and increase expectations for economic cooling and a more accommodative Fed policy stance. Such expectations could provide support for risk assets including BTC, cryptocurrencies, and technology stocks. Conversely, a lower-than-expected unemployment rate could indicate continued labor-market resilience, reducing concerns about a rapid economic slowdown while potentially reinforcing expectations that interest rates will remain elevated.

Conclusion

Global risk assets rebounded broadly this week, with the crypto market posting a widespread rally led by BTC, ETH, and privacy-focused tokens such as ZAMA. U.S. equities also advanced, with semiconductor and crypto-related stocks among the stronger performers, while gold, silver, and crude oil largely remained in consolidation ranges. Looking ahead, the U.S. September unemployment rate due on October 2 will be a key macroeconomic data point, with the release potentially influencing expectations for the U.S. economic outlook and the Federal Reserve's monetary policy.