العملاتالرقمية

The Bitcoin network has witnessed a notable surge in on-chain activity over the past two weeks, with the average daily transaction volume (14 days) rising to about 540,000 transactions, the highest level since the beginning of 2025, according to data from the CryptoQuant platform. This increase is not only interpreted as a rise in usage volume but is also considered a fundamental indicator of real demand strength, which could provide substantial support for price trends in the upcoming phase.

As the data reveals a growing structural weakness in the chain, the market faces a crossroads between regaining bullish momentum or entering an extended bearish path. Although the current pullback is only 12% from the recent all-time high, much lower than the traditional corrections that ranged between 28% and 60% in previous cycles, deep indicators reveal a clear fragility in the balance of supply and demand. The latest Glassnode report indicated that net flows reached $678 billion, equivalent to 1.8 times the previous cycle, but this apparent strength hides sharp contradictions, most notably that long-term Bitcoin holders have realized gains of up to 3.4 million units, prompting them to intensify selling at historically unprecedented levels, at a time when institutional demand for U.S. ETFs has sharply declined, with average daily flows dropping from 2,600 Bitcoin to nearly zero before and after the U.S. Federal Reserve meeting, which deprived the market of one of its key support sources. This change in market dynamics made the level of $111,800, which is the cost basis for short-term Bitcoin holders, a pivotal support point that should be monitored closely, as breaking it could open the door to a broader selling wave. In contrast, the derivatives market faces increasing pressures as uncovered contracts have significantly decreased, indicating a broad deleveraging process, especially in the price range between $114,000 and $112,000 where liquidation pressures concentrated and led to successive selling waves. The options market has also issued additional warning signals with a notable increase in demand for put contracts, reflecting growing investor concerns about the likelihood of a downturn. These combined indicators put the market at a pivotal moment, where either new institutional capital will flow in to balance the selling pressure from old investors, or structural weakness will turn into a clear bearish trend that brings prices back to lower support levels. Historically, September data has shown that this period is often the weakest of the year for Bitcoin, which reinforces current fears, but some analysts point out that strong support at levels between $107,000 and $108,200 could form a solid base for a rebound if accompanied by a return of institutional flows. Conversely, continued declines in ETFs and increasing pressures in derivatives could push the market to test levels of $100,000 or even lower. Investors are required to monitor two key signals: first, the ability of ETFs to regain positive flows, and second, the stability of leverage ratios in the derivatives market. Success in improving these two factors could restore confidence and trigger a new upward wave, while failure could mean that the market is heading towards a deeper correction phase. Ultimately, Bitcoin today is not just a digital asset but an indicator of the overall mood of global markets, and what happens at this stage will determine whether the current cycle will be recorded as the shortest corrections in its history or as one of the most severe.

Record severe hemorrhaging in liquidity, with outflows exceeding 660 million dollars in a single day.
On September 27, 2025, the cryptocurrency markets experienced a new wave of outflows from Bitcoin and Ethereum exchange-traded funds (ETFs), reflecting a growing caution among both institutional and individual investors.

The Chairman of the Federal Reserve, Jerome Powell, delivered a speech that carried conflicting messages, increasing the uncertainty faced by the cryptocurrency market amid slowing economic growth and ongoing inflationary pressures.
During his speech in front of the Chamber of Commerce in Providence, Powell clarified that the GDP growth rate in the first half of the year fell to 1.5%, while the unemployment rate remained at 4.3%, and the core inflation index (PCE) rose to 2.9%, exceeding the official target of 2%.

Conflicts of interest between the export of artificial intelligence chips and investments in a crypto company
Introduction

The complex relationship between American politics and the cryptocurrency industry has entered a new phase of debate, after two prominent members of Congress called for an official investigation into potential conflicts of interest involving officials in President Trump's administration. The issue revolves around two massive deals with the United Arab Emirates: the first relates to the export of advanced artificial intelligence chips, and the second involves a two billion dollar investment in a crypto company linked to the Trump family and their allies.