CoinDesk
22 September 2025
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Crypto Markets Tumble as Bitcoin Falls 2.6% and Ether Drops 6%

Crypto Market Overview

  • The crypto market has shown weakness, with Bitcoin (BTC) decreasing by 2.6% to $112,700 and Ether (ETH) falling over 6%.
  • The CoinDesk 20 Index dropped nearly 8%, while the CoinDesk 80 Index decreased by 7.5%.
  • U.S. crypto equities such as MicroStrategy (MSTR) and Coinbase Global (COIN) also saw declines of 2.8% in pre-market trading.

Market Dynamics

  • Around $1.5 billion in leveraged crypto positions were liquidated, indicating a market correction.
  • Year-to-date inflows into crypto markets total approximately $140.5 billion.
  • There is a renewed preference for Bitcoin over Ether, with U.S.-listed Bitcoin ETFs raising over $3.48 billion this month compared to $406.87 million for Ether ETFs.

Token and Derivatives Movements

  • Bitcoin dominance increased to 58.61%, while the Ether-Bitcoin ratio fell by 4.1%.
  • Funding rates for Ether have turned negative, indicating short traders are paying to hold their positions.
  • Derivatives positioning shows a bearish sentiment, with increased shorts in Binance-listed USDT futures.

Technical Analysis

  • The BTC-gold ratio has dropped to its lowest since June 23, signaling continued gold outperformance.
  • The average crypto token RSI stands at 28.4, indicating oversold conditions that might lead to a relief rally.

Market Events and Updates

  • Coinbase introduces Mag7 + Crypto Equity Index Futures on September 22.
  • Upcoming governance votes include Gnosis DAO's $40,000 pilot growth fund and Balancer DAO's roadmap and funding plan through Q2 2026.
  • The 0G token will be listed on Kraken, LBank, Bitget, and Bitrue on September 22.

Global Market Impact

  • Gold futures rose by 1.4%, indicating an increased demand for safe haven assets.
  • The Yen remained stable against the dollar amidst inflationary pressures.

Additional Insights

  • Metaplanet became the fifth largest listed Bitcoin holder with a purchase of $632 million worth of BTC.
  • The UK FCA has accelerated crypto approval processes, aiming for a full regulatory framework by 2026.