🐋 Ethereum Whales Dump 1.​5% of Supply Since Christmas as Small Holders Hit Record High

**Hyperliquid overtakes Coinbase** in notional trading volume, reaching $2.6 trillion versus Coinbase's $1.4 trillion. This marks the first time an onchain exchange has outpaced a major centralized platform. **Key developments:** - Year-to-date, Hyperliquid's price rose 31.7% while Coinbase declined 27% - Growing trader preference for decentralized perpetual contracts - Signals shift in liquidity landscape toward onchain venues **Other notable moves:** - MegaETH launched mainnet with gasless transactions - Discord implementing biometric verification after data breach - MrBeast acquired Step fintech app serving 7M Gen Z users - Fed Chair nominee Kevin Warsh called Bitcoin "the new gold" for under-40s The momentum reflects broader adoption of decentralized trading infrastructure and institutional recognition of digital assets.

**Major institutional shift underway** as traditional finance embraces crypto: - **Vanguard reverses stance**: $11 trillion manager now allows 50M+ clients to trade Bitcoin, Ethereum, XRP, and Solana ETFs starting today - **Bank of America follows**: Will permit wealth advisers to recommend 1%-4% crypto allocation starting January 2026 - **SEC Chair Paul Atkins** announces crypto innovation exemption launching January 2026 for qualified firms **Market developments:** - Ethereum prepares major **Fusaka upgrade** for enhanced scalability - Tether mints **$1B on Tron**, signaling growing cross-chain liquidity - Trump to make major announcement Tuesday at 2 PM EST **Mixed signals persist:** - Grayscale predicts Bitcoin will break four-year cycle, reach new highs in 2026 - Critics question MicroStrategy's strategy as Tidal invests $60M in MSTR shares - Kevin Hassett named potential Fed Chair, adding policy uncertainty These moves signal **growing institutional acceptance** and mainstream crypto adoption, despite ongoing market volatility and regulatory questions.

**Ethereum maintains its position** as the top blockchain ecosystem by development activity for the second month running, according to Santiment data. **Current rankings** show: - **Ethereum** takes first place - **BNB Chain** holds second position - **Polygon** secures third place - **Optimism** and **Arbitrum** round out the top five The rankings track total development activity events over a 30-day period, providing insight into which ecosystems are seeing the most active building and coding work. **Previous data** from October 2024 showed all top 10 crypto ecosystems increased their development rates year-over-year, with Optimism leading growth at +45.6%. Developers and investors can monitor ecosystem activity using Santiment's [free development dashboard](https://app.santiment.net/dev-activity?utm_source=twitter&utm_medium=post&utm_campaign=twitter_ecosystem_dev_activity_dashboard_b_092325/&fpr=twitter).

US and China have announced reaching a trade agreement, with full details expected Monday. Markets have responded positively: - Bitcoin climbed to $104.1K - Ethereum surged above $2,500 - Stock markets showing strong gains **Key Points:** - Agreement framework likely discussed in Geneva - Official confirmation pending from White House - Potential immediate reduction in export/import impacts *Trading Considerations:* - Await official announcement before major positions - Exercise caution against buy rumor/sell news scenario - Monitor market reaction to tariff reduction details Previous 90-day tariff pause excluding China led to significant gains in crypto and stocks, suggesting markets remain highly reactive to trade news.