- Bitcoin climbed to $81,361.10, up 5.5% for the week on renewed momentum.
- Galaxy says Bitcoin reclaiming its 50-week MA confirms bear market bottom.
- Garrett Jin closed his three-month ZEC short at a $36.13 million loss.
The global crypto market cap rose 2.3% to $2.87 trillion over the past 24 hours. Bitcoin traded at $81,361.10, up 0.3% on the day and up 5.5% over the past week. Ethereum changed hands at $2,662.21, up 1.6% in 24 hours and up 6.8% over seven days.
BNB rose 2.2% to $776.26, up 8.1% weekly. XRP gained 1.1% to $1.42, up 4.8% over the week. Solana climbed 0.9% to $111.52, up 11.0% over seven days, among the strongest weekly performers on the board. Zcash rose 2.9% to $1,516.21, still up 41.0% over the past week after its recent surge.
Galaxy Digital research head Alex Thorn said Bitcoin’s weekly close above its 50-week moving average is the first such close in 45 weeks, calling it a strong historical signal that the bear market bottom has been established. Thorn said Bitcoin has risen 29% in 35 days.
Trending Searches
Official Trump led trending searches, down 0.3% to $2.10. NEAR Protocol followed, up 22.9% to $4.38, and STONK rose 29.9% to $0.3572. Among top gainers, Butterfly Life surged 85.5% to $0.03344, Venom climbed 50.9% to $0.0158, and Orbio.so rose 42.8% to $0.07452.
Zcash Volatility Claims Another Whale
Garrett Jin closed his three-month ZEC short position for a $36.13 million loss, bringing his cumulative loss on the trade to $12.77 million after partial closures along the way, according to on-chain monitoring. He now holds a 1,330 BTC long position worth $107.77 million, showing an unrealized profit of $3.71 million. The closure comes as ZEC continues its rally, which has drawn sustained short interest and heavy losses for bearish positioning over recent weeks.
Global Payments and CBDC Developments
The Saudi Central Bank disclosed that it withdrew from the mBridge cross-border central bank digital currency platform after completing proof-of-concept work on May 13, 2025, a departure not previously made public. SAMA said it joined as an observer in 2023 and denied the exit was linked to U.S. pressure.
The Bank for International Settlements handed mBridge, originally built with the Bank of Thailand, the Central Bank of the UAE, and the People’s Bank of China’s Digital Currency Institute, over to central bank partners in October 2024; the Monetary Authority of Macao joined this year and went live in June.
Regulatory Developments
Coinbase Derivatives submitted a rulebook to the SEC on September 18 proposing single-stock perpetual contracts with a $100 billion market cap threshold for underlying assets, a bar that excludes Coinbase itself, whose market cap stands at roughly $51.2 billion, as well as Strategy at $59.1 billion and smaller crypto-linked stocks including MARA, Hut 8, and Strive.
Senator Cynthia Lummis said the CLARITY Act, which failed its Senate cloture vote on September 15, had required audited financial statements for crypto projects raising more than $25 million from the public, a Democratic-sought provision that Democrats ultimately voted against advancing.
Institutional and Whale Activity
A whale that profited $3.7 million selling ETH in August reversed course, transferring $40 million in USDC to Binance and withdrawing 7,567 ETH worth $20 million as the token rallied. The official TRUMP token allocation wallet transferred 8.73 million tokens worth approximately $17.99 million to BitGo custody, bringing total transfers to BitGo over the past two weeks to roughly 31 million tokens, worth $70.64 million.
Related: Coinbase CEO Pushes Back on Blame for CLARITY Act Senate Failure
Related: Why Bitcoin’s $85K Level Could Be the Next Major Test
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