CRYPTO
Crypto Briefing
15 Sep 2026 · 21:30
Korea Exchange sees erratic trading in first after-hours session
Retail investors dominated KRX's inaugural extended session, triggering over 1,600 volatility halts as thin order books sent prices swinging South Korea’s stock exchange opened its doors after dark for the first time on September …
Retail investors dominated KRX's inaugural extended session, triggering over 1,600 volatility halts as thin order books sent prices swinging
South Korea’s stock exchange opened its doors after dark for the first time on September 14, and the results were, well, chaotic. The Korea Exchange’s debut after-hours session drew roughly 1.8 trillion won (about $1.33 billion) in turnover, a respectable showing that also happened to trigger 1,637 volatility interruption halts. For context, a normal daytime session sees around 400.
The four-hour window, running from 4 p.m. to 8 p.m. local time, was designed to let Korean investors react to global market developments outside traditional hours.
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Retail investors ran the show
The most striking detail from the inaugural session: retail investors accounted for 93% of the total turnover. Foreign investors contributed just 3.9%, and institutional participation was essentially a rounding error.
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The session saw 72.24 million shares change hands across 2,501 stocks, covering over 95% of listed KOSPI and Kosdaq names. That breadth is a significant expansion compared to the previous Nextrade system, which offered far fewer eligible securities.
Some of the price action was dramatic. Shares of Hanwha Galleria surged 14.6% before pulling back. The 1,637 volatility interruption activations represent more than four times the typical daytime frequency.
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Why KRX built this in the first place
The after-hours session is KRX’s answer to a competitive problem. Major global exchanges like Nasdaq and the NYSE have offered extended-hours trading for years, allowing investors worldwide to trade around US market catalysts in near-real time. South Korea’s traditional trading hours left domestic investors unable to respond to overnight developments until the next morning’s bell.
The 1.8 trillion won in first-session volume, roughly 7% of average regular-hours turnover, suggests genuine demand exists.
The liquidity question looms large
Analysts have flagged the liquidity gap as the central challenge for KRX’s extended session going forward. Institutional investors stayed on the sidelines during the debut, and many institutional mandates restrict trading to core hours. Algorithmic trading firms, which supply much of the liquidity on global exchanges during extended hours, also need time to calibrate strategies for a brand-new session.
The volatility interruption mechanisms clearly earned their keep during the first session, but if after-hours trading continues to trigger halts at four times the normal rate, KRX may face pressure to introduce additional safeguards or adjust the rules around market-making obligations during extended hours.
MACRO & FED
The Times of India
15 Sep 2026 · 21:15
Central banks turn hawkish again as oil shock stokes inflation
Interest rate hikes are now a global trend, marking the longest monetary tightening since 2023. The West Asia oil shock has driven headline inflation higher in major economies. Central banks like the US Fed …
Interest rate hikes are now a global trend, marking the longest monetary tightening since 2023. The West Asia oil shock has driven headline inflation higher in major economies. Central banks like the US Fed and Bank of England are expected to raise rates this… (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest new…
CRYPTO
Crypto Briefing
15 Sep 2026 · 21:00
Federal Reserve set to raise interest rates amid oil flow disruptions
Markets price in an 86-92% chance of a rate hike as Middle East conflict sends Brent crude past $107 and gold tumbles to a five-week low. Sep. 14, 2026 Gold remained under pressure at …
Markets price in an 86-92% chance of a rate hike as Middle East conflict sends Brent crude past $107 and gold tumbles to a five-week low.
Sep. 14, 2026
Gold remained under pressure at around $4,290 an ounce as rising oil supply disruptions fueled expectations for a Federal Reserve rate increase.
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Traders were pricing in a 92% probability of a hike at the central bank’s meeting this week, after bullion dropped more than 1% in the previous session to its lowest level in five weeks, according to data from CME FedWatch Tool.
Oil gained after Saudi Arabia shut its East-West pipeline following attacks last week, threatening millions of barrels a day of shipments that had been moving through the route to avoid disruption in the Strait of Hormuz. The kingdom has not said how long the pipeline closure will last or how much additional oil it could move through Hormuz to make up for the lost flows.
Higher energy prices could add to inflation pressures, while the 10-year Treasury yield briefly touched 5% on Monday, its highest level in almost three years. Gold has fallen more than 3% in September after trading above $4,600 an ounce in late August.
CRYPTO
Crypto Briefing
15 Sep 2026 · 21:00
BlackRock’s digital assets chief to speak at Bitcoin Treasuries Conference in New York City
Robert Mitchnick joins a speaker lineup representing over 1 million BTC in holdings at the closed-door institutional event this September. Robert Mitchnick, BlackRock’s Managing Director and global head of digital assets, will take the …
Robert Mitchnick joins a speaker lineup representing over 1 million BTC in holdings at the closed-door institutional event this September.
Robert Mitchnick, BlackRock’s Managing Director and global head of digital assets, will take the stage at the second annual Bitcoin Treasuries Conference on September 28 in New York City. When the world’s largest asset manager sends its top crypto executive to a 300-person, closed-door gathering focused on corporate Bitcoin strategy, it’s worth paying attention to what gets discussed.
Mitchnick, who has led BlackRock’s digital assets business since 2018 and was the architect behind the iShares Bitcoin Trust ETF (IBIT), joins a speaker roster that collectively represents more than 1 million BTC in holdings.
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What the conference looks like
The event will be held at SECOND, located at 849 6th Avenue in Manhattan, with a hard cap of 300 attendees. The intimate format is deliberate: the Bitcoin Treasuries Conference positions itself as a deal-making environment rather than a traditional crypto expo.
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Last year’s inaugural edition makes the case for that framing. The 2025 conference contributed to a $1.4 billion acquisition involving approximately 11,000 BTC.
This year’s speaker lineup extends well beyond Mitchnick. Adam Back, CEO of Bitcoin Standard Treasury Company ($BSTR), is on the bill, along with Grant Cardone, Matt Cole of Strive, and Ric Edelman.
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Ticket pricing reflects a tiered approach: general admission runs $795, VIP access costs $1,995, and students or nonprofit representatives can apply for a $295 rate.
Why Mitchnick’s presence matters
Mitchnick isn’t a spokesperson doing a media circuit. He’s the person who built IBIT from concept to one of the most successful ETF launches in history.
The conference agenda is expected to cover several practical dimensions of corporate Bitcoin ownership. Topics include custody frameworks, the trade-offs between holding Bitcoin through ETFs versus direct on-chain ownership, and the strategic implications of mergers and acquisitions in the crypto sector.
The ETF versus direct holdings debate is particularly relevant given BlackRock’s position. IBIT gives institutions a regulated, familiar vehicle for Bitcoin exposure. But direct holdings offer different tax treatment, custody flexibility, and governance implications. Having the person who built IBIT in a room discussing the merits and limitations of that product alongside direct-holding advocates could produce unusually candid conversation.
CRYPTO
Crypto Briefing
15 Sep 2026 · 20:45
Zelenskyy signals Ukraine’s readiness for de-escalation with Russia
Russia-Ukraine ceasefire agreement Ukrainian President Volodymyr Zelenskyy has expressed Ukraine’s willingness to engage in de-escalation measures, contingent upon similar actions by Russia. This statement, reported by the National Post, comes amidst ongoing tensions in …
Russia-Ukraine ceasefire agreement
Ukrainian President Volodymyr Zelenskyy has expressed Ukraine’s willingness to engage in de-escalation measures, contingent upon similar actions by Russia. This statement, reported by the National Post, comes amidst ongoing tensions in Eastern Europe and may influence the outlook for a potential ceasefire agreement between the two nations. Activity suggests an increased likelihood of a ceasefire, with Zelenskyy’s comments potentially acting as a catalyst for diplomatic progress. The current pricing for a ceasefire by December 31, 2026, reflects this sentiment, having risen slightly in response to the developments.
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Key Takeaways
Zelenskyy’s statement appears to indicate a readiness for Ukraine to pursue de-escalation, which could influence ceasefire discussions.
Pricing suggests increased confidence in a possible ceasefire agreement by the end of 2026, with odds rising to 23.5% YES.
Observers note that this development may align with broader diplomatic efforts to resolve the conflict, as reflected in market movements.
What to Watch
The next steps in diplomatic engagements between Ukraine and Russia will be critical. Key developments could include direct talks between Zelenskyy and Russian President Vladimir Putin or statements from influential international actors such as the U.S. or the OSCE. Additionally, any formal announcements regarding mediation efforts or peace talks could further impact market perceptions and pricing regarding a potential ceasefire. The evolving geopolitical context and statements from involved parties will likely remain closely monitored by market participants.
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CRYPTO
Crypto Briefing
15 Sep 2026 · 20:30
Ark Invest sells $64M in crypto holdings amid market surge
Cathie Wood's firm trimmed positions in Coinbase, Circle, Bitmine, Bullish, and its own Bitcoin ETF during a period of market strength. Sep. 14, 2026 ARK Invest unloaded more than $65 million worth of crypto-related …
Cathie Wood's firm trimmed positions in Coinbase, Circle, Bitmine, Bullish, and its own Bitcoin ETF during a period of market strength.
Sep. 14, 2026
ARK Invest unloaded more than $65 million worth of crypto-related holdings on Monday, selling shares across Coinbase, Circle, Bitmine, Bullish, and its own Bitcoin ETF product, ARKB.
Here is every move that Cathie Wood and Ark Invest made in the stock market today 9/14 pic.twitter.com/Pm8hujydZz — Ark Invest Tracker (@ArkkDaily) September 15, 2026
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The move came while digital asset markets were rallying, consistent with Cathie Wood’s well-documented playbook of buying weakness and selling strength.
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What ARK actually sold
The trades spanned five crypto-adjacent names. Coinbase, the largest US crypto exchange, was among the positions trimmed. So was Circle, the company behind the USDC stablecoin, and Bitmine, a Bitcoin mining operation. Bullish, the exchange backed by Peter Thiel and other high-profile investors, also saw its ARK allocation reduced.
ARK also sold shares of ARKB, its own spot Bitcoin ETF, to manage how much Bitcoin exposure each fund carries relative to its other holdings.
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The company sold a total of 1,87 million shares, led by sales of ARK 21Shares Bitcoin ETF and Circle shares. It sold 1,5 million ARK 21Shares Bitcoin ETF shares for about $40 million and 142,350 Circle shares for nearly $14 million.
The sales also included 36,628 Coinbase shares valued at $7 million, 153,881 Bitmine shares worth approximately $4 million and 18,280 Bullish shares worth $687,693.
Why sell into strength
When a position grows faster than everything else in a portfolio, it starts to dominate the fund’s risk profile. Trimming resets allocations so no single bet can sink the ship. Rising prices across Bitcoin and crypto equities mechanically push ARK’s allocations higher than their target weights.
ARK remains one of the largest institutional holders of crypto-related equities through its suite of ETFs, with positions in Coinbase, Circle, and the Bitcoin mining and exchange sectors that dwarf the Monday trims by a wide margin.
CRYPTO
Crypto Briefing
15 Sep 2026 · 19:30
XStocks surpasses $1B in DEX trading volume as SPYx drives tokenized equity boom on Solana
Backed Finance's tokenized equities platform hit the billion-dollar milestone in just 30 days, with Raydium handling the lion's share of volume Tokenized stocks just crossed a threshold that would have seemed absurd two years …
Backed Finance's tokenized equities platform hit the billion-dollar milestone in just 30 days, with Raydium handling the lion's share of volume
Tokenized stocks just crossed a threshold that would have seemed absurd two years ago. xStocks, the tokenized equities platform from Backed Finance, racked up more than $1B in decentralized exchange trading volume over the past 30 days, with SPYx, a tokenized version of the SPDR S&P 500 ETF, leading the charge.
Raydium, the automated market maker on Solana, handled roughly 75% of those flows. That means three out of every four dollars of tokenized stock trading on xStocks ran through a single DEX on a single chain.
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SPYx is the engine
The tokenized S&P 500 tracker has attracted between 63,000 and 73,000 holders, with an on-chain market cap ranging from $46M to $73M. Daily volume figures on concentrated liquidity pools have been reaching into the millions, suggesting this isn’t just a novelty holding for crypto-native users. People are actively trading the thing.
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The broader xStocks ecosystem now spans dozens of US stocks and ETFs, and cumulative trading volumes have climbed into the tens of billions since the platform launched in mid-2025. As of early September, assets under management crossed $800M.
Solana’s tokenized equity surge
Tokenized equity DEX volumes on Solana hit a record $5.8B in the second quarter of 2026, making the chain the de facto home for on-chain stock trading. Raydium alone reached cumulative tokenized equity volume of $3B by late June, cementing its position as the primary venue for this asset class.
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On September 14, xStocks expanded its DeFi integration by launching yield-generating vaults for SPYx, QQQx, and NVDAx through Kamino, a yield optimization protocol on Solana. That move adds a layer of passive income potential to tokens that already track real-world equity performance, essentially letting holders earn yield on their stock exposure without leaving DeFi.
Competitive pressure and market implications
The $1B monthly volume milestone puts xStocks in a position to pressure competitors, including Binance’s bStocks offering. While centralized exchanges have the advantage of existing user bases and familiar interfaces, xStocks benefits from composability. Its tokens can plug into lending protocols, liquidity pools, and yield vaults across the Solana ecosystem.
For retail investors, the appeal is access: fractional trading of high-value equities with lower capital requirements, no brokerage gatekeeping, and 24/7 market availability. The $800M AUM figure suggests the risk-reward calculus is shifting for institutional players as well.
CRYPTO
Crypto Briefing
15 Sep 2026 · 19:15
Tokenized gold hits $5.1B but represents less than 0.02% of the $30.1T gold market
The gap between physical gold and its on-chain representation reveals both how far tokenization has come and how far it still has to go The entire gold market sits at roughly $30.1 trillion. The …
The gap between physical gold and its on-chain representation reveals both how far tokenization has come and how far it still has to go
The entire gold market sits at roughly $30.1 trillion. The amount of that gold living on a blockchain? About $5.1 billion. That’s less than 0.02% of the total, or roughly the equivalent of finding a single gold flake in an Olympic swimming pool.
Tokenized gold has nonetheless become the undisputed heavyweight of on-chain commodities, accounting for more than 99% of the tokenized commodities subcategory. Within the broader real-world asset tokenization landscape, gold tokens represented about 11% of all on-chain RWAs as of recent data.
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Two tokens own the market
The tokenized gold sector is essentially a two-horse race. Tether Gold (XAUt) commands roughly $2.4B to $2.7B in market capitalization, while Pax Gold (PAXG) holds approximately $1.8B to $1.9B. Together, those two tokens represent somewhere between 89% and 98% of all tokenized gold supply.
Both products are backed by physical gold held in LBMA-certified vaults. Each token represents ownership of a specific quantity of physical gold, giving holders exposure to spot prices without needing to store actual metal bars.
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Growth trajectory tells the real story
The tokenized gold market cap was sitting below $1.5B in late 2024. It has more than tripled since then. First-quarter 2026 spot trading volume for tokenized gold hit approximately $90.7B, meaning tokenized gold tokens turned over roughly 18 times their collective market cap in a single quarter.
Why 0.02% might be the wrong way to frame it
The $30.1T figure represents the estimated value of all above-ground gold stocks, roughly 220,000 tonnes of metal accumulated across human history. That includes central bank reserves, jewelry, industrial applications, and bars in vaults. Most of that gold was never going to be tokenized in the first place.
What comes next
While products like PAXG operate under New York Department of Financial Services oversight, the global framework for treating tokenized gold as a regulated financial product is still forming. Tokenized gold already plugs into DeFi lending and borrowing protocols, giving it a utility layer that physical gold and even ETFs cannot match.
MACRO & FED
The Times of India
15 Sep 2026 · 19:00
Retail inflation in August rises to 4.8%, wholesale print up 9.9%
India's retail inflation reached 4.8% in August, its highest level since January. Wholesale inflation also climbed to 9.9%, driven by fuel and manufactured goods. Food inflation increased to 6%, with rural areas experiencing higher …
India's retail inflation reached 4.8% in August, its highest level since January. Wholesale inflation also climbed to 9.9%, driven by fuel and manufactured goods. Food inflation increased to 6%, with rural areas experiencing higher price pressures. Economists… New Delhi: India's price pressures intensified in August, with retail inflation accelerating to 4.8%, its highest level since the introduction of the revised Consumer Price Index (CPI) series in Janu…
CRYPTO
Cryptonews
15 Sep 2026 · 18:00
Bitcoin Price Signal Upside as Rally Meets Fed Risk
Bitcoin Price Signal Upside as Rally Meets Fed Risk Bitcoin price has clawed back to above $70,000 from $60,000 in late August, and traders are now assigning an approximately 85% probability to a Federal …
Bitcoin Price Signal Upside as Rally Meets Fed Risk
Bitcoin price has clawed back to above $70,000 from $60,000 in late August, and traders are now assigning an approximately 85% probability to a Federal Reserve rate hike on Wednesday following hotter-than-expected inflation data. But that’s not all. Long-end Treasury yields nearing 5% are tightening competition for capital, forcing a direct test of whether bitcoin’s momentum can survive a less accommodating Fed.
The rebound is real, but it sits well below the highs of last year. Bitcoin remains 50% off its October 2025 peak above $126,000, meaning this recovery is a bounce off a two-year low rather than a resumption of the prior bull trend.
Bitcoin (BTC) 24h 7d 30d 1y All time
The immediate catalyst is a hot August inflation print that pushed market-implied odds of a Fed hike to around 85% heading into Wednesday’s decision, according to Reuters. Long-end Treasury yields pressing toward 5% compound the problem for non-yielding, risk-sensitive assets such as bitcoin by raising the opportunity cost of holding them.
That trader positioning is a different signal than what economists were forecasting just days earlier. A September 4-9 Reuters poll found 65 of 93 economists expected the federal funds rate to hold in the 3.50%-3.75% range at the September 15-16 meeting, with 52 of 93 predicting no hike for the rest of the year.
Matthew Dibb, chief operating officer of Stack Funds, said bitcoin had been in oversold territory for some time, adding that short-term traders are looking towards inflation figures and rate rises as short-term threats. Joseph Edwards, an independent financial researcher, was blunter about the immediate risk: “It would likely put a damper on the recent rally.”
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Structural Demand or Just a Positioning Rebound?
The case for calling this more than a dead-cat bounce rests on options positioning and ETF flows. The 25-delta skew, which measures demand for bullish calls against protective puts, turned positive for the first time in 12 months, implying traders are now paying a premium for upside exposure rather than downside protection.
BTC options just flipped bullish.
The 25-delta skew turned positive for the first time in 12 months.
Dec expiry OI is concentrated around $80K (~$710M) and $100K (~$530M).
For options desks, positioning is shifting before price.#Crypto #Options #QuantTrading #Derivatives — Alpha Boundary (@AlphaBoundary) September 14, 2026
Bitcoin ETFs backed that shift with nearly $2 billion in inflows the week of August 17, reversing eight straight weeks of outflows through May and June. Brian Vieten, senior analyst at Siebert Financial, framed the setup this way:
“We think bitcoin’s structural demand picture is improving, even as the near-term setup has become more vulnerable to macro and positioning-related volatility.”
None of that proves bitcoin has escaped its sensitivity to Treasury yields or Fed policy. A positive skew and renewed ETF demand show improved positioning heading into a binary event, and rising yields remain a textbook headwind for speculative assets by the primary source’s own framing.
Some bulls counter that Treasury buybacks aimed at capping yields could revive dollar-debasement concerns, which would favor scarce assets like bitcoin, but that remains a thesis rather than a confirmed flow.
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Where Bitcoin Options Traders Are Positioned The Price Into December?
The clearest read on where positioning is concentrated comes from December 25 expiry open interest data via Derive.xyz, which shows two dominant strikes well above current spot levels.
Strike Price Notional Open Interest Expiry $80,000 ~$710 million December 25 $100,000 ~$530 million December 25
That concentration at $80,000 and $100,000, paired with the positive skew, indicates Bitcoin traders are structuring bets around a continued grind higher rather than a retest of the October price peak.
If the Fed hikes and signals it’s the start of a broader tightening cycle, higher yields and reduced liquidity would likely pressure bitcoin and interrupt the rebound, consistent with Edwards’ warning. If the Fed holds the rally could get room to extend, though that outcome is a scenario, not a base case; Fed Chair Kevin Warsh has so far resisted committing the central bank to any defined rate trajectory.
A separate wildcard sits in Congress. The Senate is scheduled for a Tuesday procedural vote on the Clarity Act, a bill that would define which tokens qualify as securities versus commodities and potentially boost institutional adoption. The market has likely priced in that the bill won’t pass, given delays and continued opposition.