Weekly Recap | Naver Acquires Upbit, European Banks Launch Euro Stablecoin, Echobit Labs at KBW
2025.09.29
Last Week in Review (Sep 22 – Sep 28)
Following the Fed’s rate cut, U.S. equities turned volatile and the crypto market faced heavy sell-offs. Altcoins broadly declined as capital shifted toward BTC and ETH, reflecting growing market caution. Macro data and regulatory developments are expected to be key catalysts in the near term; absent positive drivers, the market may remain in a weak consolidation phase.
Meanwhile, KBW 2025 took place in Seoul, drawing global industry leaders to explore the future of crypto and Web3 innovation. Echobit Labs actively participated as co-host and sponsor of several side events.
This recap highlights last week’s major industry moves and previews key events for the week ahead.
Market Pulse
- U.S. spot Bitcoin ETFs saw net outflows of $897M; Ethereum ETFs lost $795M
- Analysts suggest ETH staking approval could be finalized as early as next month
- Treasury holdings of 68 Ethereum entities surpassed 5M ETH
- CFTC launched a tokenized collateral program, allowing stablecoins in derivatives trading
- Market pricing shows a 93% probability of another 25bps Fed rate cut in October
- BlackRock earns $260M annually from Bitcoin and Ethereum ETFs
- Naver acquired Upbit’s operator, signaling its entry into the stablecoin market
- Deribit Q3 options settlement notional reached $23B, an all-time high
- Hyperliquid enabled permissionless spot listing, with USDH as the first supported asset
- Apple’s CEO confirmed personal crypto holdings, calling it a “rational allocation”
- Aster’s team includes ex-Binance staff; YZi Labs holds a minority stake in Aster
Funding & M&A
23 deals last week raised over $800M, mainly in DeFi, Web3, and infrastructure:
- Solana DEX BULK raised $8M in seed funding
- Decentralized AMM SegaSwap raised at a $10M valuation
- Zerohash raised $104M in Series D
- Stablecoin startup Bastion raised $14.6M
- Web3 infrastructure firm Raiku raised $13.5M across seed and pre-seed rounds
- AlphaTON Capital raised $71M and acquired its first TON assets
Policy & Compliance
- Cyber Hornet filed for ETFs combining ETH, SOL, and XRP futures with the S&P 500
- Vanguard may allow U.S. brokerage clients access to third-party crypto ETFs
- Moody’s warned crypto adoption in emerging markets could pose financial risks
- UK institutions launched tokenized deposit pilots
- U.S. regulators probe pre-disclosure trading linked to crypto strategies
- SEC approved Hashdex Nasdaq Crypto Index ETF under new listing standards
- Australia released draft rules for crypto asset platforms
- Nine European banks jointly launched a MiCA-compliant euro stablecoin
Echobit Highlights
- Echobit x $MYX New Listing Deposit Challenge
- Echobit x $OPEN New Listing Deposit Challenge
- Echobit x $LINEA New Listing Trading Challenge
- Echobit x $AVNT New Listing Trading Challenge
- Echobit Futures Competition with $38,000 prize pool
- Echobit Labs participated in KBW as co-host and sponsor
Looking Ahead (Sep 29 – Oct 5)
- SEC and CFTC to host a joint roundtable on crypto regulatory coordination (Sep 29)
- Ronin Treasury to initiate a RON buyback worth ~1.3% of circulating supply (Sep 29)
- UK regulators close consultation on new AML rules for crypto firms (Sep 30)
- FTX to begin its third creditor repayment round totaling $1.6B (Sep 30)
- U.S. Senate Finance Committee to hold a crypto taxation hearing (Oct 1)
- Ethereum developers to launch Fusaka’s first public testnet upgrade (Oct 1)
- SBI to acquire majority stake in CoinPost, deal expected to close Oct 1
- U.S. to release September nonfarm payrolls and unemployment data
Echobit will continue to track global crypto developments, market shifts, regulatory trends, and funding opportunities — helping you stay ahead through every market cycle.