Bitcoin corrected and rebounded, yet the market saw slight volatility. The crypto market continues to see movement, even as major institutional adoption pushes the number of crypto millionaires to a new record.

Market Overview

US equities closed with declines across all three indices on Wednesday (September 24th, US), with the Dow Jones seeing the largest drop at 0.37%. Stock futures traded sideways. Oil and gold contracts were at $64.9 and $3768 per ounce, respectively.

Crypto traded sideways, with the BTC price hovering around $111,000–$112,000 despite minor fluctuations. Most major altcoins declined. The overall crypto market capitalization fell to $3.92 trillion.

US BTC spot ETFs saw inflows return on Wednesday, totaling $241 million. Conversely, US ETH spot ETFs continued to experience outflows as the crypto market corrected, with total outflows of $79.4 million. The SOL ETF saw $3.2 million in inflows.

Minor Crypto Market News

Over the past 24 hours, the crypto market was relatively quiet, with the exception of FTT, the token of the bankrupt FTX exchange. FTT's price unexpectedly surged from $0.82 to $1.2 after a simple "gm" post from Sam Bankman-Fried's (SBF) official X account. However, hours later, the post was corrected, stating that SBF's friend manages the account, which led to FTT's price quickly dropping back down. SBF is currently serving a 25-year sentence and will not be eligible for release for at least 20 more years.

Concurrently, the community discussed the "earth-shattering news" promised by Dennis Porter. The information finally announced was that candidate In Calderon declared his candidacy for Governor of California and committed to establishing a state-level Bitcoin reserve fund. This is positive news. California has the largest economy in the US, and if it were an independent country, it would rank 4th globally by economic size. Implementing a Strategic Bitcoin Reserve and protecting the right to self-custody crypto assets for its 40 million residents is tremendously significant. Although California is the largest US economy, and this is a positive signal, many believe Porter may have over-hyped the announcement to create a FOMO effect, as the gubernatorial election is still far off and other candidates may join the race.

I still believe that even when positive news emerges, the crypto market will always be accompanied by 20–40% corrections, similar to the stock market. The presence of institutions, ETFs, or new factors does not mean the market will avoid corrections or a "crypto winter." Investors need to maintain discipline, dollar-cost average, and manage risk instead of expecting continuous growth.

Crypto Millionaires Hit Record High Amidst Institutional Inflows

Henley & Partners published a report showing that the number of crypto millionaires has set a new record as institutions massively enter the market. In just one year, the number of crypto millionaires increased by 40% to 241,700, driven by the surge in Bitcoin's price and a total market capitalization exceeding $3.3 trillion by mid-2025.

Bitcoin continues to lead this trend, with the number of Bitcoin millionaires increasing by 70% to 145,100, centimillionaires (those with $100M+) increasing by 63% to 254, and billionaires increasing by 55% to 17. Across the entire crypto market, the number of centimillionaires increased by 38% to 450, and billionaires increased by 29% to 36.

The strong influx of institutional money plays a key role, as capital flowing into US Bitcoin ETFs increased from $37.3 billion to $60.6 billion in 2025 alone, while Ether ETFs saw a fourfold increase, reaching $13.4 billion. Investment and hedge funds also accelerated their holding of spot ETH ETFs in Q2. Although assets are booming, the number of global crypto users only grew by 5%, reaching approximately 590 million. Meanwhile, leading financial hubs like Singapore, Hong Kong, the US, Switzerland, and the UAE continue to be preferred destinations for crypto millionaires, alongside smaller nations like Costa Rica, El Salvador, and Panama, which are implementing numerous policies to attract investors in this sector.

US Regulatory Collaboration & Political Crypto Developments

The SEC and CFTC will hold a joint public roundtable next Monday, where traditional exchange leaders from NYSE, CME, and NASDAQ will participate alongside crypto platforms and prediction markets like Kraken, Polymarket, and Kalshi. This is a meeting that would have been unimaginable just a few years ago.

Crypto is seeing increasing participation from politicians. Furthermore, the US Commodity Futures Trading Commission (CFTC), through Acting Chair Caroline Pham, announced a new initiative to collaborate with major crypto companies like Circle, Coinbase, Crypto.com, Tether, and Ripple to deploy tokenized collateral and stablecoins. Caroline Pham stated that this could be a "breakthrough application" to modernize the US financial market, making the USD operate more efficiently, reducing costs, and boosting economic growth.

Other Key Crypto & Market Updates

The Swedish Parliament held its first seminar on Bitcoin with the participation of Joe Bryan, a renowned expert in technology and finance, and JAN3, a company founded by Samson Mow that promotes Bitcoin adoption globally.

Franklin Templeton, an asset management company valued at $1.6 trillion, is expanding its tokenization platform, Benji, to the BNB Chain. Benji currently manages shares of the OnChain U.S. Government Money Fund, which launched on Stellar in 2021 and now holds $732 million across eight major blockchains, including Ethereum, Solana, Avalanche, and Base. The fund is collateralized by US government bonds, cash, and repo agreements, with 938 investors participating. Concurrently, Franklin Templeton and Binance are also collaborating to develop new digital asset products, with details expected to be announced this year.

Hyperliquid recently launched its USDH stablecoin and quickly recorded over $2 million in trading volume during its initial phase. USDH is backed by cash and short-term US Treasury bonds, with the goal of reducing dependence on external stablecoins like USDC, which currently accounts for over 90% of the deposits on the platform. The yield from the reserves will be allocated 50% to buy back the HYPE token and 50% to fund ecosystem growth.

Lithium Americas stock surged nearly 90% after news that the Trump administration wants to buy a stake in the company to boost domestic lithium supply and reduce dependence on China for electric vehicle batteries. The company owns 62% of the Thacker Pass mine in Nevada, while General Motors holds 38%. Lithium Americas received a $2.2 billion loan from the US government but has not met all conditions and requested a deferral on repayment. The proposal to buy a stake would allow the government to both protect taxpayer money and profit from the company's earnings or stock appreciation.

The Smarter Web Company just bought an additional 55 Bitcoin valued at £4.61 million, raising its total holdings to 2,525 BTC with an average price of £82,453 ($111,419) per coin. The company still has about £300,000 in cash reserves and is considered the largest publicly listed company in the UK that holds Bitcoin.

Jiuzi Holdings, a Chinese company, plans to invest up to $1 billion in crypto, starting with Bitcoin and only expanding to other coins upon approval from its board of directors. All assets will be held in custody by a reputable third party, under the supervision of a dedicated team led by the CFO.

Sources

• The New York Times
• Fox Business
• Bloomberg
• SEC
• CFTC Official Announcements
• Henley & Partners Report
• Franklin Templeton Official Announcements
• Hyperliquid Official Announcements
• The Smarter Web Company Investor Relations
• Jiuzi Holdings Investor Relations
• X/Twitter (SBF, Dennis Porter)

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.