Crypto Market Update: Institutional Treasuries Sharply Scale Back Bitcoin Acquisitions
September 26, 2025 – As of 9:00 a.m. UTC
Overview
The cryptocurrency market is witnessing a notable shift as institutional treasuries, previously significant Bitcoin buyers, have substantially curtailed their purchase activity. Concurrently, BlackRock is expanding its crypto product offerings with plans to launch a Bitcoin Premium Income ETF, signaling continued interest from major financial players. The broader market, including Bitcoin, Ether, and altcoins, experienced moderate price declines amid evolving investor sentiment and heightened speculative activity in derivatives.
Bitcoin and Ether Price Movements
Bitcoin (BTC) traded at approximately US$109,743, down 1.2% in the last 24 hours. The intraday price range spanned from a low of US$108,776 to a high of US$111,694. Bitcoin remains just below the US$110,000 mark. Recent trader sentiment on prediction markets indicates a growing probability—61%—that Bitcoin could fall below US$100,000 by the end of 2025, a significant increase from 41% recorded the week prior.
Market commentator Bob Loukas highlighted that Bitcoin is approaching a weekly cycle low roughly five weeks after peaking, with bearish control prevailing, particularly after Bitcoin’s failure to surpass its August all-time highs. Comparisons have been drawn to September 2024, when an 11% correction was followed by a market rebound.
Meanwhile, Bitcoin’s dominance in the cryptocurrency market rose slightly to 56.83%, up 1.37% over the past week.
Ether (ETH), Ethereum’s native token, hovered near US$4,019.71 but experienced a 1.1% decline over 24 hours, trading close to its daily low of US$3,833.75. Ether’s price has fallen almost 20% in the last two weeks, slipping below the psychologically critical US$4,000 threshold. Analysts caution that failure to regain upward momentum might push Ether toward levels near US$2,750. Key resistance to break the ongoing downtrend is identified around US$4,841. Pressure on Ether was further underscored when Ethereum co-founder Jeffrey Wilcke moved 1,500 ETH (valued at about US$6 million) to the Kraken exchange, continuing a pattern of large recent deposits to the platform.
Altcoin Price Trends
- Solana (SOL) traded at US$196.27, down 2.7% in 24 hours, with a daily range between US$191.28 and US$203.50.
- XRP was priced at US$2.74, declining 3.6% over the same period; its daily price oscillated between US$2.70 and US$2.86. —
Institutional ETF Activity and Market Derivatives
Spot Bitcoin ETFs remain a focal point for institutional buying, with BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) leading inflows by net purchasing US$128.9 million on recent data, bringing its assets under management to roughly US$87.2 billion. Other notable investor inflows include the Fidelity Advantage Bitcoin ETF adding US$29.7 million and the ARK 21Shares Bitcoin ETF gaining US$37.7 million in purchases.
Combined, US spot Bitcoin ETFs oversee around US$150 billion in Bitcoin holdings—equivalent to approximately 1.33 to 1.35 million BTC, representing 6 to 7 percent of Bitcoin’s total market capitalization.
Momentum is also building in altcoin ETFs — mid-September saw the launch of the first US spot altcoin ETFs, such as the REX Osprey XRP ETF and DOGE ETF, with other firms racing to list products linked to Solana and Stellar.
Derivatives trading remains highly leveraged, with Bitcoin futures open interest topping US$220 billion this month, marking a record high. Analysts warn that clustered stop-loss orders near current prices could trigger significant liquidations if breached. Ether derivatives have also suffered considerable liquidations recently, reflecting similar speculative dynamics. Perpetual funding rates for Bitcoin and Ether hover near zero, indicating a balanced market sentiment between buyers and sellers.
Institutional Treasury Buying Plummets
Corporate cryptocurrency treasuries, once a reliable source of demand for Bitcoin, have sharply reduced their accumulation. Data from CryptoQuant reveals a steep decline in Bitcoin acquisitions by corporate treasuries, dropping from 64,000 BTC in July to approximately 12,600 BTC in August, with September’s figures barely surpassing 15,500 BTC. This represents a 76% decrease in purchases compared to early summer highs.
This contraction in buying has put downward pressure on Bitcoin prices, which fell nearly 6% over the past week amid wider crypto market liquidations. Some treasury-backed firms, previously trading at premiums above their Bitcoin reserves’ net asset value, now trade roughly in line with their holdings—a sign of waning investor confidence. Additionally, regulatory scrutiny is increasing regarding unconventional trading patterns and deal disclosures related to private investment in public equity (PIPE) arrangements involving these entities.
BlackRock’s New ETF Filing
Expanding its crypto ecosystem initiatives, BlackRock has filed for a new Bitcoin Premium Income ETF designed to generate income through covered-call strategies on Bitcoin holdings. This product aims to provide investors with exposure to Bitcoin returns while mitigating price volatility, appealing to yield-seeking investors.
BlackRock’s existing iShares Bitcoin Trust, launched in early 2024, manages over US$87 billion and holds approximately 60% of the US Bitcoin ETF market. The trust has generated more than US$218 million annually, outpacing revenues from several of BlackRock’s top equity funds. The proposed Premium Income ETF reflects BlackRock’s focus on delivering innovative crypto products centered on major assets like Bitcoin and Ethereum, while more niche tokens are left to other issuers.
Innovations in Bitcoin Yield Platforms
Michael Egorov, founder of Curve Finance, recently unveiled Yield Basis, a decentralized protocol aiming to offer Bitcoin holders meaningful on-chain yield without the risk of impermanent loss. Traditional lending platforms offer limited yields on Bitcoin, and many automated market maker (AMM) pools expose users to value loss during asset price divergences.
Yield Basis modifies the AMM framework to eliminate these risks and launched with three capped pools of US$1 million each to manage early participation. Supported by a US$5 million funding round earlier this year, the platform operates on the joint Legion and Kraken community ecosystem. Egorov envisions eventual expansion beyond Bitcoin to assets like Ethereum, commodities, and tokenized equities, broadening decentralized finance’s (DeFi) appeal to investors seeking lower risk profiles.
Upcoming Events and Market Factors to Watch
- Korea Blockchain Week continues through September 28 in Seoul, attracting exchange leaders and regulators expected to reveal partnership developments and regulatory updates.
- Token2049 Conference in London begins October 2, with institutional investors likely to announce new ETF launches and custody solutions.
- US regulatory developments remain pivotal, as the Securities and Exchange Commission (SEC) is poised to issue decisions on pending altcoin ETF applications.
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Disclaimer: The authors, Giann Liguid and Meagen Seatter, hold no direct investment interests in companies mentioned herein.
Written by: Giann Liguid & Meagen Seatter
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