Anbruggen Capital Crypto Pulse

Latest News

SEC unveils "Project Crypto" regulatory framework, signaling clearer path for digital assets

• The U.S. Securities and Exchange Commission announced "Project Crypto" on September 13, outlining a structured approach to classifying and overseeing cryptocurrencies, with emphasis on stablecoins and DeFi protocols.
• Initial reactions from industry leaders praised the initiative for reducing uncertainty, though details on enforcement remain under scrutiny.

Our Take: This framework represents a pivotal step toward mainstream integration, potentially unlocking billions in sidelined capital, and serve as a tailwind for compliant projects, but selective positioning in fundamentally sound assets will be key to navigating the implementation risks.

Forward Industries Closes $1.65B Deal to Build Solana Treasury

• Forward Industries (FORD) closed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana.
• Lead investors Galaxy, Jump Crypto and Multicoin Capital contributed over $300 million.

Our Take: Forward Industries’ SOL treasury strategy is notably different from other Solana-focused DATs because per its new chairman, Kyle Samani, they fully plan to utilize their accumulated SOL across the network’s DeFi and Staking ecosystem, generating more SOL-yield per share for the company. This should be bullish not only for SOL, but also for Solana Network’s ecosystem projects.

Ethereum stablecoin supply hits record $166 billion, bolstering role as DeFi’s settlement base

• The total stablecoin supply on Ethereum climbed to an all-time high of $166 billion as of Saturday, up from $149 billion a month earlier.
• USDT remains the dominant stablecoin with $87.8 billion in supply on Ethereum, followed by USDC at $48 billion.

Our Take: Record stablecoin supply in Ethereum highlights the growing confidence of institutions in the network as the foundational layer of Decentralized Finance. The higher stablecoin supply might lead to more network activity which might eventually translate to higher price for ETH.

SEC approves new exchange listing standards fast-tracking crypto ETF listings

• In the filing, the SEC said it found good cause to approve of the standards early.
• The SEC’s approval is a significant turn of events for dozens of crypto ETFs awaiting the SEC’s sign-off and would accelerate the process.

Our Take: Faster approval process with clear rules for new ETFs might further accelerate the participation of institutional investors in crypto which should be bullish the sector, especially for altcoins.

Global Macro View

As anticipated, the Fed lowered its benchmark interest rates by 25bps to 4.00-4.25%. This decision was due to recent economic data which showed that tariffs are not yet materially impacting inflation - PPI surprised lower at 2.6% y/y and CPI was inline expectations at 2.9% y/y. The main culprit however for the Fed’s dovish shift was Jobs Data, particularly the revisions to nonfarm payrolls. Annual revisions to nonfarm payrolls data for the year prior to March 2025 showed a drop of 911,000 from the initial estimate. The numbers, which are adjusted from data in the quarterly census and reflect updated information on business openings and closings, add to evidence that the employment picture is weakening. The combination of lower inflation and higher unemployment is signaling that the U.S. economy is on shakier footing than realized. This warranted the rate cut yesterday from the Fed so that it can achieve its dual mandate of steady inflation and maximum employment. Rate cuts are bullish risk assets such as stocks and crypto.

References:

• NFP Revisions - https://www.cnbc.com/2025/09/09/jobs-report-revisions-september-2025-.html
• CPI - https://www.businessinsider.com/inflation-august-cpi-consumer-price-index-federal-reserve-interest-rates-2025-9
• PPI - https://www.reuters.com/business/cooler-us-producer-inflation-hints-softening-demand-2025-09-10/
• Rate Cut - https://www.bloomberg.com/news/articles/2025-09-17/fed-cuts-rates-quarter-point-signals-labor-market-concerns?srnd=homepage-asia

 

Crypto Spotlight

Hyperliquid (HYPE) has outperformed BTC YTD

HYPE has been a notable outperformer for the year in the DeFi space, proving that a protocol with a great product, strong community and well-designed token economics can generate outsized returns for its token holders.

Chart: HYPEUSD vs. BTCUSD YTD % Performance

   

Chartbook

Bitcoin (BTC)

BTC is consolidating in a wide range between $107,000 and $125,000. The price is trading above its 200-day moving average, signaling that the bulls are still in control. A decisive catalyst (such as the upcoming rate cuts) is needed for Bitcoin’s price to resolve higher.

Ethereum (ETH)

ETH is trading right below its all-time high and is currently in a range between $4000 to $5000. Inflows from ETFs and DATs might help ETH break out higher when they resume.

Solana (SOL)

SOL has been trending up lately given the optimism on its upcoming billion dollar digital asset treasuries, as well as its Alpenglow upgrade. With these news, Solana is securing itself as the most scalable blockchain with the largest institutional interest.

 

Looking Ahead

The Fed’s rate cut has established an overarching bullish backdrop for markets until the end of the year. We remain cautiously optimistic in our pursuit of outperformance, constantly reviewing new market information as we consistently recalibrate our risk management and positioning to generate strong returns while limiting downside risks for our portfolios. We believe that fundamentals will be the main driver of returns during the Fed’s new rate-cutting cycle, and so, we’ll continue to research for new high-quality projects to invest in. Contact us at [email protected] to explore our approach and learn how you can partner with specialists that thrive in crypto’s dynamic landscape.

 

Disclaimer: Investing in cryptocurrencies involves significant risk. Past performance does not guarantee future results. Consult a financial advisor before making investment decisions.