[Virtual Currency] Bitcoin Holds Key Level, Ethereum's Strong Breakout Ignites Altcoin Fever

On September 18, 2025, the virtual currency market continues its upward trend. Bitcoin's price fluctuates around $117,200, quickly rebounding above $117,800 in the morning before pulling back. It is currently oscillating within a triangular range, with a key focus on the upper limit of $118,000. If it can break through and stabilize, it is expected to further push up to $118,500. The support level is between $116,500 and $116,000, and a drop could touch $115,000. Meanwhile, Ethereum performs strongly, breaking through the $4,600 mark, driving activity in the altcoin market, with the altcoin season index significantly rising and market risk appetite increasing.

In terms of fund flows, institutional ETF inflows have significantly increased, with Bitcoin and Ethereum ETF funds rising by over $600 million and $400 million, respectively, driving the overall market up. Additionally, the derivatives market is active, with perpetual contract trading volume significantly increasing and financing rates soaring, indicating active participation of leveraged funds in the market. At the same time, liquidation pressure remains, with approximately $350 million in liquidations occurring in the past 24 hours, with significant losses on both long and short positions.

On the policy front, the U.S. Securities and Exchange Commission allows exchanges to accelerate the listing process for Bitcoin and gold ETPs, promoting market standardization and asset diversification. The U.S. Congress is advancing the Bitcoin Strategic Reserve Act, proposing to purchase 1 million Bitcoins over the next five years to include in the national strategic reserve, demonstrating mainstream financial institutions' recognition of crypto assets.

New York financial regulators require banks to adopt blockchain analysis technology to combat money laundering and illegal activities, reflecting stricter regulation but also promoting healthy industry development.

Overall, the virtual currency market shows strong vitality and potential upward momentum driven by institutional funding and favorable policies, but volatility cannot be ignored, and investors should remain cautious in their operations.