Crypto market today — BTC $84,376 (-0.08%) · premium +0.02% · 194 up vs 104 down · 25 Sep

The past 24 hours (measured by AntProfit · as of 08:30 on 25 Sep KST)

These numbers are not borrowed from other outlets — we read them directly from 21 exchanges.

A funding rate at the 0.01% baseline means longs are not crowding the futures market. And a premium near zero means both sides run at a similar temperature. With far more gainers than losers, the market moved together today.

Biggest gainers and losers (24h)

We count only coins with at least $10M turnover listed on three or more exchanges (this keeps single-venue pumps and scam tokens out). Prices come from the largest venue by turnover; turnover from the largest spot venue.

Biggest gainers

Biggest losers

Where the money went (turnover far above a week ago)

• ZAMA $0.0885 (-4.58%) — spot turnover $18M, 10.7x a week ago
• STRK $0.0389 (+0.88%) — spot turnover $3.9M, 8.3x a week ago
• KERNEL $0.0543 (-3.38%) — spot turnover $2M, 7.3x a week ago

If turnover jumps while the price does not, someone large may be accumulating or exiting — check the order book on the coin page.

Kimchi premium right now

The kimchi premium (the price gap between Korean and overseas exchanges) is +0.02% — 24h average +0.33%, range -0.35% to +1.5%. Korean and overseas prices are nearly the same.

Coins with the widest gaps in our latest scan (one row per coin):

• EGLD premium — Binance $4.35 · Bithumb $5.58 — 28.39% apart
• FLOCK premium — Bitrue $0.0663 · Upbit $0.0711 — 7.26% apart
• COTI premium — Bitrue $0.0153 · Bithumb $0.0161 — 5.42% apart

Read these gaps after fees, transfer time and FX. They are not an arbitrage call — they are a thermometer for which side of the market runs hotter.

Funding-rate skew (which way futures lean)

The funding rate is a fee that passes periodically between longs and shorts in perpetual futures. Positive means longs pay shorts; the further it drifts from the 0.01% baseline, the more crowded one side is.

• BTC 0.0006% per 8h (about 0.00% a day) — At the baseline = longs are not crowded
• ETH 0.0026% per 8h (about 0.01% a day) — At the baseline = longs are not crowded
• ONE a lot of money is betting it falls — holding leverage costs about 14.75% a day (KuCoin)
• FET a lot of money is betting it falls — holding leverage costs about 4.5% a day (CoinEx)

A holding cost this wide is not an income opportunity — it is a signal that one side is badly crowded. On such coins, price swings dwarf the fee.

Yesterday's main stories

1. US Fed Proposes New Stablecoin Regulations Under GENIUS Act

On September 24, 2026, the US Federal Reserve proposed a new draft regulation for issuers of US dollar-pegged stablecoins (cryptocurrencies pegged to the US dollar) under the GENIUS Act passed last year. The proposal requires payment stablecoin issuers supervised by the Fed to back their tokens 100% with specific reserve assets, such as short-term government treasury bills.

This move toward tighter regulation, combined with macroeconomic factors like rising US Treasury yields and a weak Nasdaq, created downward pressure across the cryptocurrency market.

2. Bitcoin and Ethereum Fall Amid Macroeconomic Headwinds

On September 24, 2026, a market-wide sell-off led by Bitcoin (BTC) and Ethereum (ETH) occurred over a 24-hour period. Bitcoin fell 2.71% to around $84,121, while Ethereum dropped 2.52% to approximately $2,686, alongside declines in altcoins (alternative cryptocurrencies) like XRP (-6.59%) and SOL (-3.44%).

The downturn was driven by macroeconomic risk-off sentiment, including rising US Treasury yields and a weak Nasdaq, which overshadowed steady institutional inflows of 8.25K BTC into spot Bitcoin ETFs on September 23.

3. IBM Expands Digital Asset Infrastructure with Swift Shared Ledger Integration

On September 24, 2026, IBM announced two key features to help regulated institutions offer secure digital asset services. Through a beta service called 'IBM Digital Asset Haven,' clients can now connect to Swift's blockchain-based shared ledger to test tokenized deposit transactions.

While this serves as a long-term positive development for blockchain adoption by traditional financial institutions, strong macroeconomic downward pressure prevented it from triggering an immediate price recovery.

What to watch today and this week

1. 25 Sep (Fri) 17:00 KST — Quarter-end expiration of $15.6 billion in Bitcoin options and $2.1 billion in Ethereum options on Deribit. The unwinding of dealer hedges and position rollovers around the expiration time could significantly increase volatility in the spot market, especially with Bitcoin's Max Pain price (the price causing the most financial loss to option buyers) sitting lower at $75,000.
2. 11 Nov (Wed) KST — Postponed SEC decision deadline for Nasdaq ISE's cryptocurrency ETF options standard rules (SR-ISE-2026-42). The US Securities and Exchange Commission officially extended its review period by an additional 45 days, pushing the decision deadline from the original date of September 27, 2026, to November 11, 2026.

Volatility often picks up around these dates. Simply knowing when they land helps you avoid being caught off guard.

Newly listed (past 3 days)

• JEANPHIL — on 3 exchanges, spot turnover $676.2K
• AGRIPPA — on 3 exchanges, spot turnover $746K
• MONITOR — on 3 exchanges, spot turnover $647.3K

Newly listed coins have short price histories and swing hard day to day. If the name is unfamiliar, start with the exchange count and turnover on the coin page.

Most viewed by members yesterday

XRP $1.53 (+2.17%) · BTC $84,296 (-0.14%) · ETH $2,686 (+0.06%)

This wrap is compiled automatically every morning. The numbers are read directly from 21 exchanges by AntProfit; stories and dates are included only when the source checks out. Nothing here recommends a trade.