SnapShot 225

Hello SnapShotters,

It was a bruising week for markets, as the final stretch of ‘Red September’ saw Bitcoin falling to a one-month low of below $110,000, while Ether sank alongside the major altcoins. But the likes of XRP and Avalanche held up in the rout — AVAX was buoyed by the launch of Korea’s first won-backed stablecoin on its network. 

Despite the drawdown, implied volatility in BTC options slipped to a two-year low, hinting that traders expect steadier conditions for the ‘digital gold’.

The past week also saw the conclusion of Korea Blockchain Week, which descended on Seoul to much fanfare. Among the prominent participants is Cronos; the team hosted mixers, panel discussions, and swag bag giveaways. From deep dives on the future of payments to the crossover of AI and Web3 — Cronos, with a cameo by Loaded Lions, marked its presence with community sessions and builder outreach, including the newly launched $100 million Cronos Builder Fund.

On the policy front, the Commodity Futures Trading Commission (CFTC) unveiled its tokenized collateral and stablecoin initiative, a push to modernize markets by allowing non-cash assets (including CRO) to be used for margin requirements, and explore stablecoin settlement frameworks. Crypto.com’s CEO, Kris Marszalek, was part of the agency’s CEO Forum that helped shape the recommendations alongside CFTC Acting Chair Caroline Pham.

Let’s catch up on the other big stories from the crypto world.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🔵 Cronos Unveils $100M Builder Fund

Cronos launched a $100M ‘Build On Cronos' initiative, channeling capital into three new programs — Institutional Leap, Apex, and Ignition — to support institutions, established projects, and early-stage founders driving on-chain innovation.

📱 LINE, Kaia Unveil Stablecoin Superapp

LINE NEXT and Layer-1 Kaia will launch ‘Project Unify’, a stablecoin superapp for cross-border payments later this year. The app will integrate remittances, consumer payments, and on/off-ramps, supporting multiple Asian currencies from JPY to SGD.

🏈 Underdog x Crypto.com Tops Charts

Since launching in early September, the Underdog Sports app has surged to the top of the App Store charts, powered by its new tie-up with Crypto.com | Derivatives North America (CDNA). The latest week of football saw tens of millions of contracts change hands.

📝 Report: Worldwide Crypto Millionaire Count Nears Quarter-Million

A recent research report by Henley & Partners, with data from New World Wealth, revealed that there are now 241,700 crypto millionaires globally — a 40% jump year-on-year. BTC holders make up the bulk at 145,100, and the number of crypto billionaires has climbed to 36.

💵 Tether Targets $500B Valuation

Stablecoin giant Tether is reportedly seeking to raise $15B to $20B in a private placement that could value the firm at up to $500B. That would put the USDT issuer in the same league as OpenAI and SpaceX.

💊 Helius Medical Injects SOL Into Treasury

Pantera-backed Helius Medical bought 760K SOL at an average price of $231, a first step in its $500M digital asset treasury plan. The firm currently holds $167M in SOL.

What’s Ahead

🔭 Ethereum’s Fusaka Upgrade Set for December

Ethereum developers brought forward the Fusaka mainnet upgrade to December 3, as they race to keep transactions fast and cost-effective over growing network demands.

Number of the Week

Source: Investing.com

Chart of the Week

BTC Options At-the-Money Implied Volatility

BTC’s at-the-money (ATM) implied volatility has slid to multi-year lows across all tenors, with one-week contracts dipping below 30%. The downtrend marks a stark contrast to early-2024 peaks above 80%, suggesting traders now anticipate narrower price swings.

As of September 20, 2025

Source: Crypto.com Research, The Block

Research & Insights

Alpha Navigator: ETH Breakout, BTC Momentum, Altcoin Alphas

Crypto markets closed August mixed, with ETH leading gains after hitting an all-time high above $4,900 and drawing $3.9B into spot ETFs, while BTC declined in both price momentum and ETF flows.

CRO recorded a 111% jump from the Yorkville and Trump Media treasury announcement, and Chainlink climbed 37% as the U.S. government tapped its oracles to bring economic data on-chain.

The report also flagged shifting correlations: BTC tracked equities positively but diverged from fixed income and real assets. Meanwhile, pair-trade screens highlighted ARB/OP and DOT/ATOM as the most correlated tokens, and ETH’s surge pushed the BTC/ETH ratio below its long-term trend.

What does this mix of record ETH inflows, fading BTC momentum, and outsized token-specific rallies tell us about where alpha will be found next?

👉 Read the full Alpha Navigator report.

Crypto Trivia

Which national Olympic team was funded by Dogecoin donations for their appearance at the 2014 Sochi Winter Olympics?

A) Nigerian Skeleton Team
B) Jamaican Bobsled Team
C) Tongan Weightlifting Team

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

Play as a gun-toting bovine in a Fortnite-style world with ‘Cows Gone Mad: Founder's Edition’, a drop that blends NFTs and gripping gameplay.

ColonelPonce, the team behind the ambitious project, comprises gamers, builders, and storytellers who aim to create the next big Web3 game.

Collectors stand to win a one-of-a-kind NFT, in-game rewards, physical artwork, and more.*

*Eligible holders only. Terms and Conditions apply.

**Crypto.com’s Main App is offered through Foris DAX CAN ULC, which is registered as a Restricted Dealer. A copy of its exemptive relief draft is available here.

***Trading involves risk of loss which could potentially exceed any bonus earned.

Hoof it to the virtual battleground and browse the collection today!

Product Updates

Learn More About Reward Rates With Dual Invest on the Crypto.com Exchange

Introducing Dual Invest on the Crypto.com Exchange, a new way to earn up to triple-digit reward rates by predicting price movements. Simply choose your target asset, set a price prediction for the end of your selected term, and deposit crypto funds. Depending on whether your Target Price is hit, you’ll receive rewards in either your deposit token or an alternate top token. BTC, ETH, or USD via your USD Bundle is currently supported, with more tokens coming soon. 

Mane City Is Now Available on Portal Hub

Mane City is officially listed on Portal Hub, a platform providing access to over 150 Web3 games and more than 250 ecosystem partners. Through this partnership, users can use LION to power over 150 Web3 games via Portal Pay. Check it out now.

New Tokens

Hemi (HEMI)

Hemi is a modular Layer-2 blockchain that connects to both Bitcoin and Ethereum networks, creating a scalable, interoperable ‘super-network’ for DeFi and Web3 applications. Powered by the Hemi Virtual Machine (hVM), its ‘Tunnels’ feature for cross-chain transfers as well as the Hemi Bitcoin Kit.

Plasma (XPL)

Plasma (XPL) is a Layer-1 blockchain built for global stablecoin payments, with high throughput, deep stablecoin-native features, and full EVM compatibility for seamless development and scaling. 

World Liberty Financial (WLFI)

World Liberty Financial is a decentralized finance (DeFi) project that aims to bridge traditional finance with blockchain-based solutions. The firm’s core mission is to create a simple and accessible way for people worldwide to connect classic banking practices with the digital financial future, focusing on reliability, openness, and global accessibility. 

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

What Is Chainlink (LINK)?

Chainlink is a decentralized oracle network that connects blockchains to real-world data. Smart contracts can’t fetch this information on their own, so Chainlink makes it possible to securely bring in things like price feeds, weather stats, or sports results.

How it works:

Oracles at the core: Independent node operators fetch, verify, and deliver data.

Security through numbers: Using multiple oracles reduces tampering risks.

Essential for DeFi: Chainlink powers platforms that rely on accurate market data.

Driven by LINK: The token incentivizes operators and ensures honest behavior through staking.

As more real-world use cases emerge, Chainlink is becoming a vital bridge between blockchains and traditional systems.

Learn more in this University article.

CryptoIRL

The only thing colder than the mountain peak? The Icy card in @Cryptorockstar4’s hand.

Card: Crypto.com Icy Card

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Thai Authorities Bust $15 Million Crypto Scam Ring

Thai authorities cracked down on a $15 million fraud ring that targeted more than 870 South Koreans with romance scams, fake lotteries, and crypto schemes. The police arrested 25 members, including the ringleader and eight key operatives who await extradition to South Korea.

The group allegedly laundered funds through over-the-counter (OTC) broker networks in tourist hubs while employing ‘chain-hopping’ tactics, which involve the rapid swapping of assets between blockchains, to cover their tracks.

Stay safe with these simple tips:

1. Romance scams: Do a reverse image search of the person in question and never send money to someone you have not met.
2. Fake lotteries: Be wary of unexpected messages claiming you’ve won a lottery, and never transfer money to claim a prize.
3. Crypto scams: Watch out for scammers posing as bank representatives or government officials who pressure you into making cryptocurrency transfers.

Crypto Trivia Answer

B) Jamaican Bobsled Team  ✅

After qualifying for the Sochi Winter Olympics, the Jamaican Bobsled Team lacked the funds to travel. The Reddit and Dogecoin communities stepped in, raising $30,000 of DOGE in just two days.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.