Bitcoin Drops, Ether Sinks And There's Little Sign Of Support: Crypto Daybook Americas

What Happened

U.S. crypto equities also showed pressure in pre-market trading. Bitcoin investor Strategy (MSTR) and digital asset exchange Coinbase Global (COIN) both lost 2.8% while futures tracking the benchmark S&P 500 dipped just 0.2%.

Sept. 22: Coinbase introduces Mag7 + Crypto Equity Index Futures, a product combining major U.S. tech stocks with cryptocurrency ETFs in a single futures contract. MacroSept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%. Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy." Earnings (Estimates based on FactSet data)None scheduled. Sept. 22: Coinbase introduces Mag7 + Crypto Equity Index Futures, a product combining major U.S. tech stocks with cryptocurrency ETFs in a single futures contract. Sept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%. Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy." None scheduled. Token Events

Sept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%. Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy." Earnings (Estimates based on FactSet data)None scheduled. Sept. 22: Coinbase introduces Mag7 + Crypto Equity Index Futures, a product combining major U.S. tech stocks with cryptocurrency ETFs in a single futures contract. Sept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%. Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy." None scheduled. Token Events

None scheduled. Sept. 22: Coinbase introduces Mag7 + Crypto Equity Index Futures, a product combining major U.S. tech stocks with cryptocurrency ETFs in a single futures contract. Sept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%. Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy." None scheduled. Token Events

Sept. 22: Coinbase introduces Mag7 + Crypto Equity Index Futures, a product combining major U.S. tech stocks with cryptocurrency ETFs in a single futures contract.

Market Context

Over the past 24 hours, the crypto market has experienced notable weakness, consistent with the bearish post-Fed pricing in options and resilience in the dollar index.

Bitcoin (BTC) fell 2.6% to $112,700, while ether (ETH) slid more than 6%, CoinDesk data show. Broad market sentiment, seen in the CoinDesk 20 Index, dropped nearly 8% and the CoinDesk 80 Index lost 7.5%, underscoring widespread weakness.

Some analysts framed the pullback as a healthy correction that helps clear excessive leverage from the market and sets the stage for a more sustained advance. The slide has triggered the liquidation of roughly $1.5 billion worth of leveraged crypto positions.

Year-to-date, crypto markets have attracted around $140.5 billion in inflows: $63.1 billion from stablecoins, $52.4 billion into bitcoin via ETFs, futures, and MicroStrategy (MSTR), and $24.9 billion through ether, Thielen said.

"In recent months, the primary buyers have been Ethereum treasury companies, but with net asset values shrinking, their capacity to deploy additional capital may be limited. From a technical standpoint, tighter risk management looks prudent," the firm said.

Hayes reportedly sold 96,600 HYPE, worth $5.1 million, early Monday. The token's price fell to nearly $46, extending a three-day losing streak.

In traditional markets, gold extended its rally, driven by fiscal concerns that boosted demand for haven assets. The yen traded little changed against the dollar following comments from Yoshimasa Hayashi — one of five candidates to replace Japanese Prime Minister Shigeru Ishiba — who attributed the weak yen to inflationary pressures. Stay alert!

Why It Matters

Matrixport also observed that demand from digital asset treasuries — led recently by Ethereum-focused companies — may be waning.

Details

By Omkar Godbole (All times ET unless indicated otherwise)

Others remain more cautious.

"Total inflows are not strong enough to push bitcoin materially higher," Markus Thielen, the founder of 10x Research, noted in a client note.

The recent ETF flows indicate a renewed preference for bitcoin over ether. This month alone, U.S.-listed bitcoin ETFs have raised over $3.48 billion, while ether ETFs have garnered just $406.87 million, according to SoSoValue data.

Meanwhile, Arthur Hayes' family office fund, Maelstrom, pointed to an upcoming supply test for the decentralized exchange Hyperliquid's HYPE token. Some 237.8 million HYPE tokens are scheduled to be unlocked over roughly 24 months, representing an average monthly supply increase of nearly $500 million.

What to Watch

Crypto

Macro

Sept. 22, 12 p.m.: Fed Governor Stephen Miran speech on "Non-Monetary Forces and Appropriate Monetary Policy."

Earnings (Estimates based on FactSet data)

Sept. 22, 8:30 a.m.: Canada August PPI YoY Est. N/A (Prev. 2.6%), MoM Est. 0.9%.

None scheduled.

Token Events