SnapShot 226

Hello SnapShotters,

Following the climax of ‘Red September’, crypto swung up. Bitcoin climbed from around US$109,000 to $120,000, and Ether pushed back to about $4,400, as recent data reveal that exchange net flows (30-day average) for ETH hit their lowest levels since 2023 — a sign of relief from downward price pressures.

ETH was one of the top seven-day gainers among big-caps, together with the likes of DOGE, SOL, and HYPE.

Optimism grew despite the U.S. government shutdown. First ignited by the core Personal Consumption Expenditures (PCE) data that stayed in line with projections, news broke that faster ETF approvals are expected under the U.S. Securities and Exchange Commission’s (SEC) new generic listing standards, as it does away with the case-by-case approval bottleneck.

It is a crucial month for market watchers with spot ETF approvals for SOL, XRP, and LTC garnering higher approval probabilities among analysts and prediction markets, and whether they can deliver a steadier leg up for ‘Uptober’.

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

🌍 Report: Singapore, UAE Lead Global Crypto Obsession

Singapore and the United Arab Emirates (UAE) rank as the world’s most ‘crypto-obsessed’ nations, per ApeX Protocol. Nearly one in four residents in both countries now hold digital assets, with Singapore leading in search activity and the UAE in ownership. The U.S. placed third, while Canada and Turkey rounded out the top five.

⛓️ Ethereum’s Fusaka Clears Holesky Test

The Fusaka upgrade passed its Holesky testnet run, keeping it on track for mainnet. Two more test runs on October 14 and 28 will finalize the path to launch, with PeerDAS expected to cut costs for validators and Layer-2s.

🐱 Hyperliquid’s Hypurr NFTs Hit $69K Floor

Hyperliquid rolled out 4,600 Hypurr NFTs to mark its Layer-1 HyperEVM launch. The collection saw nearly $45 million in trading volume on the first day, with the floor price climbing above $68,000 and a top sale fetching almost $470,000.

⚖️ Crypto.com First Major Crypto Platform to Obtain Full Stack of CFTC Derivatives Licenses

Crypto.com has announced that it now has approval for a full stack of U.S. Commodity Futures Trading Commission (CFTC) derivatives licenses, becoming the first major cryptocurrency platform globally to hold FCM, DCM, and DCO licenses in the U.S. for derivatives. This enables Crypto.com to serve clients with the most comprehensive derivatives trading experience, alongside its other product offerings.

⚙️ Solana Weighs Scrapping Block Limits

Once the Alpenglow upgrade is complete, developers are debating the removal of Solana’s 60 million compute unit cap per block, letting block size scale with validator hardware. The plan could boost throughput, but has sparked concerns that stronger operators may gain an edge at the expense of smaller validators.

🟣 Crypto.com Supports Solana-Focused Digital Asset Treasury

In its latest partnership to offer custody support of digital asset treasuries, Crypto.com has joined forces with Sharps Technology to offer its institutional-grade infrastructure to the treasury.

What’s Ahead

📅 What’s Ahead: Fast-Track ETF Launches 

After the SEC approved generic listing standards on September 18, spot crypto ETPs can now be listed without case-by-case 19b-4 orders, resulting in issuers withdrawing old filings. Timing now hinges on S-1 effectiveness and exchange certifications, with SOL, XRP, and LTC among the likely early candidates. October may see them hitting the market, but listings can drop any time.

Number of the Week

Chart of the Week

Exchange Net Flows for ETH Hit Multi-Year Low

ETH exchange net flows, measured by a 30-day moving average, have dropped to their lowest level since early 2023. Outflows have accelerated over the past few months, with more than 60,000 ETH leaving exchanges at recent lows.

The trend reflects growing accumulation and reduced sell-side pressure, as ETH is increasingly absorbed into corporate treasuries, ETFs, and staking. Historically, deep negative flows tend to coincide with stronger long-term holding behavior, even amid short-term price volatility.

As of September 28, 2025
Sources: CryptoQuant, Crypto.com Research

Crypto Trivia

Which blockchain network was successfully used to send a crypto transaction over SMS?

A) Bitcoin
B) Ethereum
C) Stellar

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

NFT Spotlight

Individuality melds into a single neural entity in ‘SYNTHTOPIA: INTO THE BIOSPHERE’, a realm where the lines between living matter and circuitry blur.

The team behind the SYNTHTOPIA series returns with another epic drop featuring 5,555 unique avatars, each forged from the primordial flame of Mnemosyne.

Eligible NFT collectors may qualify for numerous benefits, including token airdrops, hidden prizes, and holders-only events.*

*Terms and Conditions Apply

Own a fragment of the BIOSPHERE and browse the drop today!

Product Updates

USDC and USDT Now Available On DeFi Staking*

USDC and USDT are now available on DeFi Staking via the Aave Umbrella protocol, offering another way to earn rewards on the Crypto.com App and Exchange.

DeFi Staking is a secure, custodial, and automated way to access yield generated from whitelisted DeFi protocols. On top of USDC and USDT, this feature currently supports CorgiAI (CORGIAI), Minted (MTD), Capybara (BARA), Loaded Lions (LION), and VVS Finance (VVS), with more to come. Try it now.

Zero-Fee Transfers With the New Send Feature

Crypto.com’s updated ‘Send’ feature, a part of Crypto.com Pay, allows users to instantly transfer crypto or cash worldwide.* Find friends easily via QR code, email, or phone, and best of all, enjoy zero fees** on every transfer. Try it out today to experience fast and free money movement.

*Not all features are available immediately. Accessibility may vary by region.

**Between Crypto.com users only. Other transaction fees may apply.

Automated Verification Now Live for AED Cash Account

Setting up an AED Cash Account is now easier than ever with our new automated verification feature. Simply connect a UAE bank account and get started in minutes — no need to upload documents manually. Try it now.

New Token

DoubleZero (2Z)

DoubleZero is a decentralized framework designed to create and manage high-performance blockchain networks. Its core mission is to boost validator performance, facilitate faster global participation, and provide integrated services for optimized transmission and pre-processing of distributed data.

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 Are Crypto Treasury Strategies?

Crypto treasuries are funds held by projects or companies in digital assets, used to fuel growth, operations, and long-term stability. But managing them isn’t just about holding tokens, it’s also about strategy.

Common practices include:

• Strategic Allocation: Diversifying assets to mitigate risk exposure
• Continuous Accumulation: Using methods like Dollar-Cost Averaging (DCA), strategic acquisitions after capital raises, or converting mining outputs into treasury assets
• Board-level Approval: Conducting risk assessments, gaining approval, and ensuring security measures such as cold storage
• Regulatory Compliance: Implementing KYC procedures and keeping accurate records for taxes and reporting

These practices help projects build resilience, maintain transparency, and manage risk in volatile markets.

Take a closer look in this University article.

CryptoIRL

@sab9395’s preferred way of unwinding: an endless lake of blue and a Crypto.com Jade Card in hand.

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

Affair Turns Costly as Colorado Man Falls for US$1.4M Romance Crypto Scam

A Colorado man lost over $1.4M in a romance-linked crypto scam lured into an extramarital affair. The scammer posed as a romantic partner, showing off trading charts and flashy ‘live’ videos to sell the illusion of crypto success. Convinced it was real, the victim made multiple transfers before losing everything.

How to protect your funds:
1. Be cautious of investment pitches tied to online relationships.
2. Verify platforms independently before sending any funds.
3. Never mix personal trust with financial transactions.

Crypto Trivia Answer

A) Bitcoin  ✅ 

In 2020, a developer in South Africa demonstrated a Bitcoin transaction sent entirely via SMS using an air-gapped setup, proving BTC can work without internet or satellites.

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