Uphold Market Commentary - Sep 18, 2025 Assets mentioned: $BTC, $ETH, $SOL, $XRP, $BNB, $CRV, $W, $M, $BRETT, $PENGU, $SPX, $ZBCN, $XLM Markets responded positively to the Fed’s 25bps rate cut, with both crypto and equities moving higher following Chair Powell’s dovish tone. Framing the decision as a “risk management cut,” Powell pointed to growing softness in the labour market, signalling a shift toward policy normalisation. While inflation remains on the Fed’s radar, updated projections now suggest up to 50bps in additional cuts by year-end, with the majority of officials leaning dovish. Combined with record highs in the stock market, the Fed’s stance has reinforced a risk-on environment across asset classes. In crypto, $BTC, $ETH, $SOL, and $XRP rose between 1.5% and 5.5%, mirroring strength in equities and benefitting from improving sentiment. Notably, this rally came despite modest outflows from spot BTC ($51 million) and ETH ($29 million) ETFs, the first redemptions since last week. Still, the total crypto market cap climbed to $4.2 trillion, as markets continue to price in a more accommodative Fed outlook. On the regulatory front, the SEC’s approval of generic listing standards for crypto ETFs marks a key step toward streamlining the product approval process. It allows exchanges like Nasdaq, NYSE Arca, and Cboe BZX to list crypto ETFs without the need for case-by-case SEC reviews. This could pave the way for a wider range of products such as altcoin and basket ETFs to come to market more quickly, potentially unlocking new waves of institutional capital into the space. Alt Focus $BNB climbed 4%, breaking above $1,000 for the first time, supported in part by the successful launch of $ASTER, a native token for a new perpetual DEX built on the BNB ecosystem. The move reflects growing interest in exchange-layer tokens amid rising on-chain trading activity. $CRV rose 8% after Curve Finance introduced Yield Basis, a $60 million proposal aimed at turning CRV into a yield-bearing asset. The plan is part of a larger effort to redefine the token’s utility and long-term value. CRV is now trading at $0.78 on Uphold Ascent. Wormhole’s $W token posted the biggest move of the day, surging 26% to $0.11 on the rollout of its tokenomics updates. The new model includes a 4% base yield, bi-weekly unlocks, and a strategic reserve funded by protocol revenue — all designed to boost utility and reward long-term holders. Meanwhile, memecoins continued to gain momentum, with $M, $BRETT, $PENGU, and $SPX each gaining 10 – 15%. The rally reflects renewed risk appetite in high-beta assets as improving market sentiment brings traders back into speculative names. Uphold Trading Flows The 3 most active assets across our platform in the last 24hrs generally have been $SOL, $ZBCN and $XLM. Follow me for daily market commentary! DM me for more information on Uphold's institutional trading desk!