Data released by Bloomberg analyst Eric Balchunas shows that several newly approved cryptocurrency ETFs saw strong first-day trading figures. Among them: $GDLC, the first five-asset spot crypto basket ETF, saw $22 million in trading volume; $DOJE, the Dogecoin ETF, saw $12 million in trading volume; and $XRPR, the Ripple ETF, saw $15 million in trading volume. Analysts noted that while these three products' first-day trading volumes fell far short of the previous record-breaking Bitcoin ETF, they still significantly exceeded the average debut day for US ETFs, demonstrating a solid start overall. This performance reflects continued market demand for diversified crypto asset ETFs, which issuers are expected to leverage to further expand their product offerings.

Grayscale, according to a recent disclosure document, filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on September 19th, proposing to convert its closed-end Dogecoin Trust into an exchange-traded fund (ETF). If approved, the fund would be listed on the NYSE Arca under the ticker symbol "GDOG" and would designate Coinbase as its principal broker and custodian. On the same day, NYSE Arca also submitted a proposal to amend the listing terms of the Grayscale Ethereum Trust ETF and its "mini" trust under the SEC's newly approved "common listing standards," which will subject such products to less stringent regulatory scrutiny. Citing the new regulations, Grayscale noted in its application that Dogecoin has been trading futures and options on exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC) for over six months, meeting the relevant requirements. The company also stated that the trust should not be deemed an "investment company" within the meaning of the Investment Company Act of 1940 and is therefore not subject to its regulations. If GDOG is approved, it will become the second securitized product in the United States to directly track the price of Dogecoin. On Thursday, the Dogecoin ETF (DOJE), a collaboration between REX and Osprey, received SEC approval for listing.

Cryptocurrency custodian BitGo has officially filed its S-1 filing with the US SEC, initiating its IPO process. Founded in 2013, BitGo is one of the largest cryptocurrency custodians in the United States. It stores and safeguards digital assets for its clients. BitGo intends to list on the New York Stock Exchange under the ticker symbol "BTGO." Goldman Sachs and Citigroup are the lead underwriters for the offering. According to the filing, BitGo's total revenue for the years ending December 31, 2024, 2023, and 2022 was $3.1 billion, $926.3 million, and $2.5 billion, respectively, with net income of $156.6 million, $2.1 million, and $4.6 billion, respectively. For the six months ending June 30, 2025, the company reported total revenue of $4.2 billion and net income of $12.6 million.

Social platform X recently publicly accused a group previously involved in crypto scams of attempting to bribe its employees through intermediaries to restore frozen accounts. X claims to have uncovered this "bribery network," with links to an international criminal organization known as "The Com." Legal proceedings are ongoing, and X pledges full cooperation with law enforcement. The group is reportedly operating across multiple platforms. The FBI issued a warning about "The Com" in July, alleging that multiple minors were involved in transnational cybercrime.

The bankrupt cryptocurrency exchange FTX will launch its third round of creditor distributions on September 30th, with a planned total of approximately $1.6 billion. This round of payments will be distributed to both "convenient" and "non-convenient" creditors. Convenient creditors primarily comprise individual and small creditors, who account for 99% of the total creditor base. Based on FTX's previous two distribution plans, retail users were expected to receive approximately 120% of their account balances at the time of bankruptcy in fiat currency. However, some users have expressed dissatisfaction, pointing out that the current cryptocurrency market has rebounded significantly and that the cash payments are far below the value of their original assets. To date, unsecured creditors have received 85% of their payments, and the FTX bankruptcy plan anticipates that these creditors will ultimately receive full repayment. The bankruptcy plan is based on over $15 billion in recovered assets, including cash, proceeds from the sale of Anchorage, Robinhood stock, and cryptocurrencies such as Sol. Eligible creditors can expect to receive their payments through partner service providers such as BitGo, Kraken, or Payoneer within 1-3 business days starting September 30. FTX filed for bankruptcy in November 2022 due to a liquidity crisis, and subsequently revealed that a large amount of user funds had been misused and management was out of control.

Musk responded to reports that XAI raised $10 billion at a $200 billion valuation: "This is fake news. XAI is not raising any funds at this time."

Federal Reserve Board Governor Milan: believes that interest rate cuts will continue in the coming months.

Regarding who will succeed Federal Reserve Chairman Powell next year, White House confidant Steve Bannon proposed an unusual solution. In the interview, Bannon suggested that the current Treasury Secretary Benson be the chairman of the Federal Reserve while retaining the post of Treasury Secretary. Bannon said: "I firmly believe that during the transition period, Benson should serve as both Federal Reserve Chairman and Treasury Secretary, perhaps until the midterm elections, and then step down from the Treasury Department and take over the Federal Reserve in full." Bannon served as the White House chief strategist during Trump's first term, but was fired after only seven months in office. However, he still enjoys a certain respect within the US government. A White House spokesman responded: "The White House is not currently considering, and has never considered, such an arrangement in the past." (CNBC)

Fed's Daly: The slowdown in the job market is partly related to the outlook for the U.S. economy.

Gold prices rose on Friday and were set for a fifth consecutive week of gains as the market watched for further clues following the Federal Reserve's announcement of its first interest rate cut of the year. The Fed previously cut its benchmark interest rate by 25 basis points, but warned of persistent inflation, casting doubt on the pace of future easing. Spot gold briefly hit a record high of $3,707.40 following the decision, before retreating in volatile trading. "Gold prices are still quite strong, just taking a short pause after the Fed's rate hike," said Bob Haberkorn, market strategist at RJO Futures. "The bullish trend remains intact, and new highs are inevitable. We could see $4,000 by the end of the year." Spot silver rose more than 2.2%, while spot platinum rose 1.4%. "What I'm seeing is that a lot of investors are turning to platinum and silver now because they're cheaper than gold," said Haberkorn.

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Overnight, crypto asset custody giant BitGo officially submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the stock code "BTGO."

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