Happy Wednesday! Welcome to the 38th instalment of the Coinbyte Weekly Wrap.

The market traded on a softer footing this week, with Bitcoin moving between a high of US$87,265.49 and a low of US$82,570.72 over the past seven days. BTC is currently priced at US$83,089, compared with a Sep. 23 close of US$84,383.01, representing a decline of approximately 1.53%.

Major altcoins also closed the week mostly in negative territory, with Ether down 3.41%, BNB falling 4.00%, Solana slipping 0.22%, and Cardano declining 5.59%. Dogecoin recorded the largest decline among the listed major assets at 8.30%, while TRX fell 1.98%. USDT remained broadly stable, gaining 0.03% over the week.

Trading activity across major cryptocurrencies remained active: BTC average daily volume reached approximately US$31.8bn over the past seven days, while USDT turnover remained elevated at around US$75.5bn. ETH and SOL recorded approximately US$12.8bn and US$4.2bn respectively in average daily volume. Market activity also broadened beyond Bitcoin, with altcoin spot volume nearing four times Bitcoin’s, the highest level since September 2025, while 72.5% of tracked altcoins outperformed Bitcoin over the past week. Bitcoin's coin-denominated open interest also fell to its lowest level since March, with analysts saying much of the leverage built during its move toward US$87,000 had been cleared.

Institutional participation remained a key theme. Goldman Sachs brought its roughly US$100bn Treasury fund to institutional crypto firms through crypto settlement infrastructure, while Bitmine surpassed 6 million ETH in holdings. UK banks including Lloyds, NatWest and Barclays also completed their first interbank transactions using tokenised deposits, highlighting continued institutional experimentation with digital asset infrastructure.

Stablecoins continued to advance across regulation and real-world adoption. The Federal Reserve proposed capital, reserve and redemption rules for stablecoin issuers under the GENIUS Act, while Visa found that U.S. consumers' intent to use stablecoins rose from 36% to 56% when stronger bank-level protections were added. Chainalysis also found that global crypto economic activity fell just 1.6% despite a 50% decline in total market capitalization, while cross-border stablecoin flows rose 77.5%.

Overall, this week's market action showed softer Bitcoin and major altcoin prices alongside continued developments in institutional infrastructure, stablecoin regulation and adoption, tokenisation, and broader market participation. Traditional financial institutions continued testing digital asset applications beyond trading, while market activity increasingly extended into altcoins and other areas of the crypto ecosystem.

Performance

Newsflow

Market | Altcoin Spot Volume Nears 4x Bitcoin

Altcoin spot volume is nearing four times Bitcoin's, the highest level since September 2025, according to Glassnode. Some 72.5% of tracked altcoins outperformed Bitcoin over the past week, while altcoin perpetual futures open interest remained relatively subdued, suggesting the shift has been driven mainly by spot activity. link

Market | Bitcoin Tests US$84K–US$85K Supply Cluster

Bitcoin is testing the US$84,000–US$85,000 long-term holder supply cluster identified by Glassnode, while coin-denominated open interest has fallen to its lowest level since March. Bitfinex analysts said much of the leverage built during Bitcoin's move toward US$87,000 has been cleared, with perpetual positioning now close to neutral. link

More News

Institution | Goldman Sachs is bringing its roughly US$100 billion Treasury fund, FTIXX, to institutional crypto firms through Lynq, with trades handled by SEC-registered broker-dealer tZERO Securities. The fund is not being tokenized, but gives digital-asset firms access to a traditional Treasury product through crypto settlement infrastructure. link

Institution | Bitmine's ETH holdings surpassed 6 million for the first time after adding another 17,362 ETH, bringing its holdings to more than 4.9% of Ethereum's circulating supply. Bitmine Chairman Tom Lee said Ethereum could reach a new all-time high before the end of 2026, with ETH potentially moving above US$5,000. link link

Market | Bitcoin moved above JPMorgan's estimated US$85,000 production cost after spending 280 days below the level, the longest stretch since 2018. JPMorgan analysts said a sustained move above the threshold could ease pressure on miners and reduce the risk of forced selling, while miners continue shifting some capacity toward AI computing. link

Stablecoin | Visa's survey found that U.S. consumers' intent to use stablecoins rose from 36% to 56% when hypothetical bank-level fraud protection and deposit insurance were added. The survey also found that 64% of respondents said trust depends more on the payment provider than the underlying technology. link

Regulation | The Federal Reserve proposed new capital, reserve and redemption rules for stablecoin issuers under the GENIUS Act, marking a key step toward implementing the U.S. stablecoin regulatory framework. link

Adoption | Chainalysis found that global crypto economic activity fell just 1.6% to US$9.4 trillion despite a 50% decline in total market capitalization. Cross-border stablecoin flows surged 77.5%, while domestic peer-to-peer activity rose 302.9%. link

Tokenization | Lloyds, NatWest and Barclays have completed the UK's first interbank transactions using tokenised deposits, including two mortgage transactions. The project plans to move toward full production and issue three digital bonds settled with tokenised deposits in 2027. link

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