Welcome to our 237th issue of State of the Market, where we provide an overview of crypto market activity from September 4 – September 10, 2025.
This week in crypto markets:
- Digital asset market cap rose 7.5% to $4.15T, with SOL, DOGE, and HYPE leading large-cap performance as Bitcoin dominance fell 3.1%.
- Cboe announced plans to launch long-dated “Continuous Futures” for BTC and ETH, offering a regulated alternative to perpetuals.
- The SEC delayed decisions on BlackRock’s ETH staking ETF and Franklin Templeton’s Solana and XRP funds.
- Hyperliquid’s governance vote for USDH sparked fierce competition among issuers including Paxos, Ethena, Agora, and Native Markets, with the final validator vote set for Sept. 14.
- MegaETH partnered with Ethena Labs to launch USDm, a stablecoin backed by tokenized Treasuries from BlackRock’s BUIDL fund, with reserve yields to help subsidize sequencer costs on its Layer-2 network.
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