The most significant market event of September was the FOMC meeting on September 17th. The strong rally that began before the meeting continued with the Fed’s interest rate cut decision, but some of the gains were reversed in the following days as interest rate expectations reshaped.
A Binance Research spokesperson summarized the situation as follows: “September was a critical turning point in market sentiment. While the Fed’s interest rate cut decision boosted short-term optimism, markets quickly shifted to a more cautious stance, leading to a short-lived correction. However, long-term confidence in digital assets remains strong.”
Capital flows into Bitcoin
A return to capital flow into Bitcoin was observed during this period. Bitcoin’s market dominance rose to 58.1%, while Ethereum’s share fell to 13.0% as its price fell below $4,000. Spot Bitcoin ETFs saw net inflows of $2.56 billion, while Ethereum ETFs experienced outflows of $389 million, supporting this trend. Another significant market development was regulatory action in the US. The SEC’s new standardized framework has shortened the approval time for exchange-traded products (ETPs) from 240 days to 75 days. This development has allowed products to reach the market faster, while more than 90 crypto ETP applications are still awaiting approval. The strong demand for the recently launched REX-Osprey XRP and Dogecoin ETFs suggests that investor interest is expanding beyond Bitcoin and Ethereum.
Decentralized finance platforms also saw remarkable growth in September. Prediction markets reached their highest trading volumes of 2025, with Kalshi surpassing Polymarket with weekly volume exceeding $850 million.
Decentralized perpetual exchanges, meanwhile, gained momentum, exceeding $65–70 billion in daily trading volume, and the DEX/CEX (decentralized/centralized exchange) volume ratio reached a record high of 18% in September.
“The growth of decentralized perpetual exchanges signals a structural transformation in crypto market infrastructure. These platforms are increasingly central to derivatives trading and innovation,” a Binance Research spokesperson added.
