Hyperliquid Surpasses Coinbase in Trading Volume

**Major shift in Ethereum distribution underway** Large Ethereum holders (wallets with 1,000+ ETH) have collectively dropped below 75% of total supply after selling approximately 1.5% since Christmas. This marks a significant redistribution of the second-largest cryptocurrency. **Key changes in holder composition:** - Whale wallets (1,000+ ETH) now hold <75% of supply - Small wallets (<1 ETH) reach all-time high of 2.3% of supply - Growth in small wallets likely driven by staking activity **What this means:** The redistribution suggests retail participation is increasing, particularly through staking mechanisms. While whale selling typically raises concerns, the shift toward smaller holders could indicate broader network participation and decentralization. The trend represents a notable change from December 2024, when whale concentration was at historic highs with 104 wallets holding 100K+ ETH controlling 57.35% of supply.

**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.