Из жизни альткоинов

Il leggendario esperto di cyberpunk Nick Szabo e Ryan Watkins, cofondatore di Syncracy Capital, hanno delineato due visioni opposte per interpretare il recente rally di Ethereum e i meccanismi che ne determinano la valutazione. Entrambi hanno pubblicato le loro analisi su X (Twitter), in cui punto per punto spiegano realmente cosa muove i prezzi delle blockchain di Layer-1.

Il Prezzo di Ethereum Non Ha Nulla a Che Fare con la Sua Utilità

La tesi di Szabo è netta:

“Un problema fondamentale nella valutazione di ETH è che i principali casi d’uso di Ethereum sono in gran parte esterni al valore di mercato di ETH.”

Secondo lui, Ethereum può essere molto utile, le sue applicazioni possono generare ottimi ricavi, ma il prezzo di ETH può comunque restare basso — o viceversa — perché il legame tra utilità e valore è debole.

Szabo mette in contrasto questa dinamica con Bitcoin, il cui “principale caso d’uso è come riserva di valore, strettamente legato al suo prezzo.” Aggiunge che “il design di base di Bitcoin è molto più adatto a questo scopo, quindi ETH non può semplicemente imitarlo; deve fare affidamento su altri casi d’uso, scarsamente collegati al suo valore di mercato.”

In sintesi, per Szabo il problema è strutturale: l’utilità della rete Ethereum non si traduce automaticamente in valore per ETH, mentre nel caso di Bitcoin utilità e prezzo coincidono per natura.

Il suo commento, pubblicato dopo un’assenza di cinque anni da X (settembre 2025), è arrivato in risposta a un post di Ryan Watkins, che invece adotta una prospettiva completamente diversa.

Ryan Watkins: “Gli Investitori Sovrastimano i Modelli di Valutazione delle L1”

Watkins sostiene che gli investitori tendano a complicare eccessivamente i modelli di valutazione delle blockchain Layer-1, mentre in realtà sono il prezzo e le narrazioni a fare la parte del leone.

“Ogni volta vedo persone che pensano troppo ai modelli di valutazione delle L1”, scrive, spiegando che l’ultima spinta di Ethereum non deriva da un cambiamento nei fondamentali, ma da una svolta narrativa.

Perché Il Prezzo di ETH È Triplicato da Aprile?

“L’unica differenza tra ETH a 1.400 $ e ETH a 5.000 $ è Bitmine.”

Ad aprile, dice Watkins, “Ethereum era una piattaforma morente.” Oggi, invece, “è la blockchain delle stablecoin e la prossima opportunità ‘in stile Bitcoin’ per gli investitori istituzionali.”

La lezione è chiara:

“Il prezzo guida le narrazioni, dicono.”

Watkins non afferma che queste narrazioni siano fondate, ma sottolinea il vuoto che esse colmano:

“Il punto non è se tutto questo sia giustificato. Il punto è che l’assenza di metodologie di valutazione condivise crea un vuoto che solo le narrazioni e i confronti relativi possono riempire.”

Narrativa, Relativo Valore e “Gioco dei Flussi”

Watkins propone diverse ipotesi sul caso rialzista di Ethereum, senza sposarne nessuna in particolare:

• “ETH diventerà una sorta di tassa globale sul PIL mondiale?”

• “Oppure sarà un ‘Bitcoin programmabile’, che per definizione non può essere valutato?”

• “O entrambe le cose?”

“La verità è che nessuno lo sa”, ammette.

Questa incertezza spinge i mercati a basarsi su confronti semplici e flussi di capitale:

“Quindi cosa succede quando il mercato si ancora al valore relativo e alle narrazioni? Bitcoin vale 2 trilioni di dollari. Perché ETH non dovrebbe valere il 50% di quella cifra? Dopotutto offre un set di funzioni più ampio. ETH è a 500 miliardi. Perché SOL non dovrebbe valere altrettanto o di più? È un prodotto più efficiente, con maggiore trazione su quasi ogni metrica economica.”

Watkins ammette che questi confronti sono “goffi”, ma utili per orientarsi:

“Possiamo teorizzare quanto vogliamo, oppure navigare il contesto davanti a noi. Finché i fondamentali non torneranno a contare, non pensiamoci troppo.”

Conclude con una riflessione lucida:

“Esiste un enorme vantaggio competitivo per gli asset che hanno conquistato la coscienza di massa e resistono nel tempo. È un gioco di flussi e narrazioni, finché la musica non si ferma.”

Due Visioni, Una Stessa Realtà di Mercato

Entrambe le prospettive possono essere vere contemporaneamente. Il mercato potrebbe continuare a premiare ETH sulla base delle narrazioni e del valore relativo, mentre la domanda posta da Szabo — se il design di Ethereum potrà mai creare un legame stabile tra utilità della rete e valore del token — resta senza risposta.

Per ora, il dibattito stesso è il segnale: Ethereum sta attraversando un ciclo in cui la percezione del suo scopo, più dei flussi di cassa o dei modelli fondamentali, determina il tono del mercato.

 

Bitwise Asset Management has updated its proposed Solana exchange-traded fund (ETF) to explicitly include “Staking” in the fund’s name and disclosed a 0.20% unitary sponsor fee—one of the lowest headline fees yet seen for a US crypto ETF. Bloomberg’s James Seyffart flagged the amendment late Wednesday, writing: “NEW: Bitwise files an update to their Solana ETF filing to include Staking in the name and provides the fee. Fee will be 0.20%.”

In follow-up posts, Seyffart added that “no fee for the first 3 months and for the first $1 billion in AUM [assets under management]” would apply—an aggressive launch incentive mirroring the fee-war playbook that helped turbocharge spot bitcoin ETFs at the start of the year. Eric Balchunas, his colleague at Bloomberg, underscored the move’s competitiveness: “Bitwise not playing around, plans to charge just 0.20% for their spot Solana ETF.”

Solana Staking ETF Launch Date Remains Unclear

The amendment signals that issuers and the Securities and Exchange Commission have narrowed outstanding issues on the structure of spot Solana products that incorporate staking, a feature unique to proof-of-stake assets. Earlier in the year, the SEC asked prospective Solana ETF sponsors to submit updated S-1 registration statements—widely interpreted as a pre-launch step once substantive policy questions are settled.

Timing remains the key variable. The US government shutdown that began on October 1 has forced the SEC onto skeleton staffing, slowing most non-urgent reviews and stalling a broad slate of securities registrations. With more than 90% of the SEC’s staff furloughed, routine offering and listing processes are largely paused—an overhang that could push back crypto ETF effective dates even as the paperwork advances. As Seyffart put it when asked whether a shutdown would delay approval: “Yes. I believe so.”

Even with that backdrop, Bitwise’s pricing telegraphs a confident, bare-knuckle approach to market share. A 20-basis-point fee places the proposed Solana Staking ETF at or below the lower end of the fee spectrum that helped bitcoin ETFs achieve mass adoption, and it lands amid a broader “fee-first” arms race that has repeatedly proven decisive in ETFs’ opening months. Balchunas has long argued that “low fees have an almost perfect record in attracting investors,” a pattern that crypto ETPs have closely followed.

What happens next will hinge on two tracks. Procedurally, the SEC must allow updated S-1s to go effective before trading can begin; practically, the shutdown will dictate when staff can finalize those reviews. Strategically, Bitwise’s decision to enshrine staking in the fund’s name and to lead with an ultra-low fee sets the competitive tone for rival Solana filings, and—once Washington reopens—positions the product to capitalize on pent-up demand the moment the window clears.

In parallel to Bitwise, other spot SOL issuers on the SEC’s docket include VanEck, 21Shares, and Canary—each facing final 240-day decision dates on October 16, 2025—alongside Grayscale’s proposed conversion of its Solana trust, which carries an earlier October 10, 2025 deadline. Franklin Templeton’s final date is November 14, 2025, Fidelity’s is December 5, 2025, and an Invesco Galaxy product runs to April 16, 2026. These dates reflect the SEC’s 19b-4 clock that began when Cboe first filed to list the SOL ETFs; S-1 effectiveness would still be required for trading to commence.

At press time, SOL traded at $227.

Председатель Банка России Эльвира Набиуллина назвала три вариант использования цифрового рубля, которые считает главными: бюджетные выплаты, развитие смарт-контрактов и трансграничные платежи.

Председатель Банка Франции Франсуа Вильруа де Гало (François Villeroy de Galhau) призвал Европейский союз предоставить Европейскому управлению по ценным бумагам и рынкам (ESMA) право контролировать криптовалютные компании в странах ЕС.

Российские банки получат разрешение властей на работу с криптовалютами, но со строгими ограничениями по размеру капитала и нормативам резервирования средств, сообщил первый зампредседателя Банка России Владимир Чистюхин.

Crypto analyst RLinda had previously predicted that the Dogecoin price was headed for a correction. This comes after the meme coin rallied alongside Bitcoin, moving more than 10% to cross the $0.27 target in good time. However, there was a significant amount of resistance that was being mounted at this level, triggering the first wave of corrections. This correction is what the analyst predicted, and with the price nearing the support level, we take a look at the rest of the forecast.

The Reason For The Pullback

In the analysis, which was shared on the TradingView website, RLinda highlighted the fact that the initial Dogecoin price rally was the result of a breakout from downward resistance. The resulting rally had pushed the altcoin upward, ultimately landing on its local maximum price of $0.27. The next phase was simply correction and consolidation as bulls struggled to find firm ground.

The Dogecoin price retracement was further fueled by the Bitcoin price slowdown after hitting a new all-time high. Bitcoin had encountered resistance just above $126,000, and the result was a beatdown back into the $121,000 territory. Naturally, the performance of altcoins in comparison to Bitcoin is always heightened. Hence, altcoins suffered more losses than the leading cryptocurrency.

There has always been a lot of profit-taking in the market, as investors are now more inclined to pull out profits quickly due to the market performance over the last year. Given this, there is now increased bearish pressure at the local maximum price level, making it the target to beat if the Dogecoin rally is to continue.

Where Dogecoin Price Is Headed Next

With the sell-offs mounted at $0.2653-$0.2694, which the analyst predicted, the Dogecoin price has been beaten back down toward $0.2466, known as the first support level. There is demand around this area, meaning there is the possibility that a bounce will form from here.

However, there are still other support levels that bears could test to show dominance in the market. The other two targets outlined in the analysis are $0.2431 and $0.2376. Both of these lie at demand levels and carry very high chances of a reversal. If this level holds, then there is a possibility that the price bounces back to $0.28.

“The support zone that is of interest to the market is 0.2466, and this zone is quite capable of stopping the decline,” the analyst explained. “A false breakdown and holding the price above 0.246 – 0.243 may renew interest in growth.”

Рост цены биткоина за последний год с $60 000 до более чем $120 000 рекордно увеличил число инвесторов с портфелями от $1 млн, сообщили эксперты программы Squawk Box канала CNBC.

Суверенный фонд благосостояния Люксембурга (FSIL) выделил 1% из своих $900 млн для инвестиций в спотовые биржевые фонды на биткоин, сообщил руководитель казначейства Люксембурга Боб Киффер (Bob Kieffer).

Сооснователь биржи BitMEX Артур Хейс (Arthur Hayes) усомнился во влиянии четырехлетних циклов на цену биткоина и связал рост стоимости первой криптовалюты с макроэкономическими факторами.

The largest US federation of trade unions has asked US Senators to reject the Senate’s version of the crypto market structure bill due to serious concerns and a lack of proper safeguards for workers.

Senate’s Crypto Bill Faces Backlash

On Tuesday, Jody Calemine, Director of Government Affairs at The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), sent a letter to the US Senate Banking Committee sharing multiple concerns about the highly anticipated Responsible Financial Innovation Act (RFIA).

Calemine affirmed that the bill “does not protect consumers, workers or the financial system,” arguing that RFIA’s treatment of crypto assets “poses risks to both retirement funds and to the overall financial stability of the U.S. economy.”

According to the letter, the current state of the legislation would enable the crypto industry to “operate in wider and deeper ways” without sufficient oversight or “meaningful safeguards,” which would potentially increase financial instability.

While currently most pensions do not carry crypto assets because of the risks associated with them, the bill provides the facade of regulation that may make cryptocurrency and associated assets more mainstream in portfolios. Passing this legislation will allow the proliferation of assets that investors will wrongly perceive as safe.

The AFL-CIO director warned that the proposed bill also increases systemic risks, as it would expose banks and put the Federal Deposit Insurance Corporation (FDIC)’s taxpayer-backed Deposit Insurance Fund at greater risk.

Additionally, the labor union considers that the legislation “codifies the tokenization of securities and assets such that private companies have a pathway to create a shadow public stock outside of SEC oversight.”

Labor Union, State Regulators Call For “Proper Safeguards”

The letter concluded that the Senate’s version of the crypto market structure bill “substantially weakens” both federal and state enforcement tools to regulate digital assets.

It’s worth noting that the Senate’s RFIA is expected to come before the Committee, led by Chairman Tim Scott, soon as the US Congress’s upper chamber races to advance the bill to a floor vote next month and potentially send it to the President’s desk before the end of the year.

The legislation has also received backlash from multiple state authorities, which have warned that it may “diminish their ability to pursue wrongdoers” and allow criminals to “wiggle out” of prosecution.

As reported by Bitcoinist, regulators from Alabama to Montana recently argued that the bill does not give state-level regulatory agencies implicit authority to supervise crypto companies, which could mean that these regulatory agencies may not be able to prosecute offenders for fraud.

State regulators have proposed changes to the market structure bill, like adding language that specifies businesses to register and respond to their inquiries, and rejecting the provisions that redefine the investment contract test.

Similarly, the AFL-CIO suggested that working people need policies that effectively regulate financial markets and ensure their hard-earned retirement benefits are not endangered.

Ultimately, Calemine asked the Senate Banking Committee members to oppose the bill, and “make sure that the financial system is stable instead of creating a casino for crypto billionaires to make more profits.”

Глава одела исследований компании K33 Research Ветле Лунде (Vetle Lunde) заявил, что определяющие динамику цены биткоина исторические закономерности перестали быть актуальными, и призвал их больше не обсуждать.

Первый заместитель председателя Банка России Владимир Чистюхин на форуме «Финополис» заявил, что сейчас порядка 20 млн граждан используют криптовалюту в повседневной жизни.

Первый заместитель председателя правления российского банка ВТБ Дмитрий Пьянов заявил, что в отличие от безналичного рубля, на остатки в цифровых рублях не будут начислять проценты и кешбэки.

Платежная компания Block, основанная создателем Twitter Джеком Дорси (Jack Dorsey), представила новый криптокошелек Square Bitcoin, предназначенный для небольших компаний, использующих систему Square POS.

В России сейчас насчитывается не менее семи миллионов активных криптоинвесторов, сообщил главный управляющий директор Альфа-банка Владимир Верхошинский на форуме «Финополис-2025».

Leading US-based cryptocurrency exchange Coinbase today announced that it has rolled out crypto staking services for New York residents after receiving regulatory approval. Notably, Coinbase’s New York-based users can now stake Ethereum (ETH) and Solana (SOL) on the exchange.

Coinbase’s New York Users Can Now Stake Ethereum, Solana

After years of regulatory back-and-forth, Coinbase has finally emerged victorious, as the exchange today announced that its New York-based users can now stake leading cryptocurrencies, including ETH and SOL. 

For the uninitiated, staking is one of cryptocurrencies’ most-used features, as it allows holders to put their digital assets to use to not only secure the underlying blockchain network but also receive rewards in return.

In the announcement, Coinbase thanked New York’s Governor Kathy Hochul for “embracing progress and providing clarity” to ensure that New York residents get the opportunity to stake their digital assets.

It should be noted that back in 2023, multiple US states had filed lawsuits against Coinbase for offering staking services, alleging that it had violated securities laws. Subsequently, states such as South Carolina, Alabama, Kentucky, and Illinois dropped their cases, following Donald Trump’s victory in the 2024 US presidential election.

Coinbase stated that although its New York-based users can now enjoy its staking services, the battle is not over yet. The crypto trading platform added:

We estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than $130 million in staking rewards due to state-wide bans. That’s real money for families and communities who shouldn’t be left behind.

It is worth highlighting that financial regulators in the US are finally warming up to crypto staking services, as the Trump administration works toward creating a conducive crypto regulatory framework in the country to stop the exodus of businesses witnessed under Joe Biden’s regime.

Regulators Steadily Embracing Crypto Staking Services

Recently, asset manager Grayscale Investments announced that its Ethereum exchange-traded fund (ETF) had become the first ETF in the country to allow staking. The firm is now awaiting the approval of staking services for its Solana-based investment product.

Similarly, other Solana-based ETFs are expected to offer staking services to their investors in the near term. Specifically, Solana ETFs from Franklin, CoinShares, Bitwise, Fidelity, Canary, and VanEck are expected to receive regulatory nod for staking in as little as two weeks.

That said, the road toward complete regulatory embrace of crypto staking services is not expected to be fully devoid of ups and downs. Recently, the US Securities and Exchange Commission (SEC) delayed the approval of staking proposals for Ethereum ETFs. At press time, ETH trades at $4,535, up 1% in the past 24 hours.

Фонд Ethereum Foundation объявил о создании специальной команды Privacy Cluster, состоящей из 47 экспертов по блокчейну, которые будут заниматься внедрением функций конфиденциальности в блокчейн Эфириума.

Известный американский инвестор в недвижимость, финансовый инфлюенсер и писатель Грант Кардоун (Grant Cardone) призвал инвесторов не избавляться от биткоинов в связи с историческим ралли золота, которое достигло $4000 за тройскую унцию.

The global crypto market suffered a sharp downturn on Wednesday, with over $640 million in leveraged positions liquidated as traders rushed to exit amid profit-taking and ETF outflows.

According to data from Coinglass, Bitcoin (BTC) and Ethereum (ETH) bore the brunt of the wipeout, facing $155 million and $180 million in liquidations respectively, while altcoins like XRP, Solana (SOL), and BNB also saw heavy losses.

The total crypto market capitalization fell 1.9% to $4.18 trillion, with trading volumes rising to $240 billion, a sign that forced selling and defensive repositioning dominated the session. The Fear & Greed Index dropped from 62 to a neutral 55, reflecting fading risk appetite after weeks of aggressive buying.

Bitcoin, Ethereum, and XRP Face Technical Breakdown

Bitcoin dropped 1.4% to $122,400 after failing to hold its record high above $126,000, triggering a wave of automated selling as exchange inflows surged past $5.7 billion. Analysts point to a cooling RSI and rejection near upper Bollinger Bands as signs that short-term momentum has weakened.

Ethereum fell nearly 4.5% to around $4,450, its largest daily drop in over a month, as traders rotated capital back into Bitcoin ETFs and stop-loss orders accelerated the decline.

XRP, meanwhile, tumbled 3.5%, slipping below key support at $2.90, with Coinglass reporting a 4,300% spike in liquidation imbalance, a clear sign that overleveraged longs were flushed out.

Despite the selloff, technical analysts suggest the pullback may serve as a leverage reset, setting the stage for more sustainable upside later this month.

With Bitcoin’s RSI nearing 42 and Ethereum hovering around oversold zones, some traders are eyeing the $118K–$121K BTC region and $4,200 ETH level as potential reaccumulation zones.

ETF Outflows and Macro Pressure Add Fuel to the Decline

Market data shows Grayscale’s Bitcoin ETF recorded $28.6 million in net outflows, snapping its prior streak of inflows and contributing to bearish sentiment. Simultaneously, perpetual futures volume surged 22% to $540 trillion, showing heightened volatility and defensive positioning.

Adding to the macro headwinds, the U.S. dollar index (DXY) hit a two-month high, and 10-year Treasury yields hovered around 4.13%, tightening financial conditions just ahead of the FOMC minutes release. These factors reinforced the shift toward risk-off positioning across both traditional and crypto markets.

With more than $640 million liquidated, Bitcoin, Ethereum, and XRP have entered a crucial technical zone. If buyers fail to defend near-term supports, the selloff could deepen, but a bounce from these levels could mark the start of a new accumulation phase heading into late October.

Cover image from ChatGPT, ETHUSD chart from Tradingview

Национальный банк штата Северная Дакота объявил о планах по запуску собственного стейблкоина Roughrider Coin, который будет полностью обеспечен долларом США. Партнером для запуска токена выступит финансовая компания Fiserv.