Uphold Commentary - Sep 29, 2025 $BTC and $ETH bounced modestly after $22 billion in quarterly options expired on Friday, finding support around $108,000 for BTC and $3,850 for ETH. The bounce provided some relief after a choppy, macro-driven week, but the broader tone remains cautious. August PCE data came in hotter than expected, alongside solid gains in personal income and spending. That combination of sticky inflation and strong consumption has tempered optimism around the Fed’s recent rate cut, raising doubts that it marked the beginning of a clean, sustained easing cycle. Adding to the uncertainty, the impending U.S. government shutdown threatens to delay key macro releases, including this week’s non-farm payrolls, which could leave the Fed flying blind ahead of its next decision, even as markets still price in a 91% chance of another cut in October. ETF sentiment has also turned more defensive. Spot BTC ETFs saw nearly $900 million in outflows last week, a sharp reversal from the ~$887 million of inflows the week prior. The shift reflects cautious positioning ahead of the inflation data and broader equity market weakness. Yet under the surface, conviction remains strong: corporates now hold more BTC on their balance sheets than all spot ETFs combined — a quiet but telling signal of long-term confidence, even as fund flows fluctuate. Uphold Alt Focus Momentum continued to shift into newer narratives last week, led by XPL’s standout TGE, which doubled on launch and briefly touched a $16 billion FDV before settling around $1.28. The token, $XPL, is set to list on Uphold this Thursday, expanding access amid growing interest. At the same time, $ASTER topped global fee charts, pulling in $28.8 million in 24-hour revenue, far surpassing Uniswap and Hyperliquid — a clear sign of rising demand for next-gen infrastructure plays. But across DAT-related tokens, momentum is starting to fade. $SOL has retraced nearly 25% from its recent $250 high, briefly falling below $200 before stabilising near $206. $AVAX dipped under $30, while $BNB continues to trade sideways around $1,004. The alt rotation that drove recent gains is cooling, with signs of fatigue emerging in key leaders. Newly Listed: $B (BUILDon)