From liquidity relief to macro pressure

Bitcoin and the broader crypto market came under renewed pressure over the past week as the macro backdrop shifted from supportive to restrictive.

Bitcoin briefly traded above US$82K on 3 September, its highest level since May, supported by a weaker US dollar, expectations that interest rates could remain steady and renewed ETF demand. That momentum faded as escalating conflict in the Middle East pushed oil above US$100 a barrel and US Treasury yields sharply higher, reviving inflation concerns and expectations that monetary policy may need to tighten further.

Over the seven days to 13 September 2026, Bitcoin and Ethereum were lower by -4.02% and -0.42% respectively. Bitcoin’s market capitalisation fell to US$1.51 trillion, while the global crypto market sank to US$2.62 trillion. Bitcoin’s market dominance is at 58.8%.

Nasdaq has agreed to invest US$100 million in Payward, the parent company of Kraken, deepening a partnership focused on tokenised equities and always-on markets. The companies are continuing work on Nasdaq Equity Tokens, while also establishing a new market-surveillance agreement designed to support market integrity as tokenised infrastructure develops.¹

The significance is less about Nasdaq gaining exposure to a crypto exchange and more about where it expects capital-market infrastructure to move. Rather than building a separate crypto market alongside traditional finance, Nasdaq is working with a crypto-native platform to bring blockchain-based settlement into existing securities markets while preserving ownership rights, governance and regulatory oversight. If successful, it could provide another pathway for blockchain infrastructure to become embedded within traditional capital markets rather than operating outside them.

Tether and Fasanara Capital have launched a US$400 million private credit fund designed to connect stablecoin infrastructure with lending to small and medium-sized businesses. The evergreen StableFund is backed by capital from both firms and is targeting up to US$3 billion from third-party institutional investors, placing stablecoin infrastructure alongside a global private credit market estimated at approximately US$3 trillion².

The move extends stablecoins beyond payments and crypto trading into the infrastructure supporting real-world credit. Rather than simply using USDT as a settlement asset, Tether is attempting to connect stablecoin liquidity with institutional lending and traditional borrowers. If the fund attracts external capital, it would represent another step toward stablecoins operating alongside established financial markets, although credit performance and institutional adoption will ultimately determine the scale of its significance.

Circle has agreed to acquire Singapore-based payments platform Tazapay, which processes more than US$25 billion in annualised payment volume across more than 100 markets, with approximately 60% already involving stablecoins. The acquisition expands Circle beyond issuing USDC into the infrastructure supporting real-world payments, connecting stablecoin settlement with established banking and local payout networks.³

Circle is held in the Betashares Crypto Innovators ETF (ASX: CRYP)⁴. CRYP provides exposure to global companies at the forefront of the crypto economy.⁵

Circle is held in the CRYP Crypto Innovators ETF. CRYP provides exposure to global companies at the forefront of the crypto economy.⁵

Percent Supply in Profit measures the proportion of Bitcoin’s circulating supply that was last moved at a price below its current market price. In simple terms, it shows how much of the Bitcoin supply is sitting on an unrealised gain and can provide an indication of how changes in price are affecting the broader holder base.

According to Glassnode data as of 11 September 2026, approximately 65% of Bitcoin supply remained in profit, down from above 70% in early September as Bitcoin retreated from its recent highs. The decline shows that the latest pullback has reduced profitability across the holder base, although conditions remain considerably stronger than in June, when the proportion briefly fell below 50%. The latest reading suggests recent weakness has increased financial pressure on some holders but has not yet pushed the broader market into widespread unrealised losses.

Exchange Net Position Change measures the 30-day change in Bitcoin held in exchange wallets. Negative readings indicate that more Bitcoin has moved out of exchanges than into them, while positive readings indicate net inflows. In simple terms, it can provide an indication of whether investors are increasing or reducing the amount of Bitcoin readily available for trading.

According to Glassnode data as of 12 September 2026, Bitcoin’s Exchange Net Position Change remained negative at approximately ~22,000 BTC, after reaching around 40,000 BTC of net outflows earlier in September. The sustained negative reading suggests Bitcoin has continued to move away from exchanges despite recent price weakness, although the pace of those outflows has moderated. While exchange withdrawals do not necessarily indicate accumulation, the trend suggests the recent market decline has not been accompanied by a broad increase in Bitcoin moving onto exchanges for potential sale.

Most major altcoins were in the red over the last seven days to 13 September. However, Chainlink strengthened its role connecting traditional finance with blockchain infrastructure after payments provider Bottomline announced plans to integrate Chainlink technology across its network of more than 600 financial institutions. The integration is designed to enable blockchain-based settlement while retaining existing ISO 20022 messaging. The development provides another practical example of established financial infrastructure connecting with blockchain networks without requiring institutions to replace their existing systems⁶.