Why Is Crypto Up Today? – September 23, 2025

The crypto market is steady today, with the global cryptocurrency market capitalization ticking up by 0.1% to $3.99 trillion. Meanwhile, the total crypto trading volume over the last 24 hours stands at $175 billion.

Crypto Winners & Losers

At the time of writing, six of the top 10 cryptocurrencies by market capitalization are in the red over the past 24 hours.

Bitcoin (BTC) is up 0.1%, currently trading at $112,989, but remains down 2.2% for the week.

Ethereum (ETH) rose 0.3% on the day to $4,197, though it’s still down 7.0% over 7 days.

XRP (XRP) recorded the biggest daily gain among majors, rising 1.8% to $2.87.

BNB (BNB) also performed strongly, climbing 1.9% to $1,000.34, with a 7.8% weekly gain.

Solana (SOL) is down 1.2% to $218.78, making it the biggest daily loser in the top 10.

TRON (TRX) fell by 0.5% to $0.3379, extending its weekly drop to 2.2%.

Among the trending tokens, Aster led the pack with a 9.2% gain, trading at $1.73, followed by OG, which rose 2.9% to $5.52. In contrast, Undeads Games saw a pullback, dropping 5.2% to $1.60, making it the biggest loser in the trending category.

On the top gainers list, AI Companions stood out with a staggering 181.4% surge. It was followed by A Hunters Dream, which jumped 83.2%, and Hemi, up 54.3%, all signaling strong short-term momentum among low-cap altcoins.

Meanwhile, Bitcoin researcher Axel Adler Jr noted that while Monday’s large long liquidations point to bearish market pressure, the overall liquidation frequency remains low, suggesting only a medium risk of further downside.

Liquidation Flush Exposes Fragility, But May Clear Path for BTC Recovery

Following Monday’s sharp sell-off, MEXC Chief Analyst Shawn Young said the $1.5 billion in leveraged liquidations underscored how quickly speculative excess can collapse when fundamentals lag.

With over 407,000 traders affected and BTC briefly dipping below $112,000, Young described the event as the largest liquidation flush of the year, driven largely by overcrowded long positions amplifying modest price declines.

He noted that the broader macro environment remains a key pressure point, as the U.S. dollar regained strength post-Fed rate cut, dampening risk sentiment.

“Crypto treasury stocks also took a hit despite new digital asset purchases, showing how macro forces can overpower bullish news,” Young said.

He warned that a close below $112,000 could expose BTC to a deeper correction toward $107,000, and possibly even the critical $100,000 level.

However, oversold signals across major tokens could soon trigger a relief rally, with a strong reclaim of $117,000 setting the stage for a potential breakout toward the $130,000–$135,000 range before this bull cycle ends.

Levels & Events to Watch Next

At the time of writing on Tuesday, Bitcoin is trading at $113,020, up 0.25% on the day. The price rebounded from a recent dip, having dropped below $112,000 earlier in the week. For now, BTC is holding above the key support range of $112,000.

Traders are watching closely to see if BTC can reclaim $115,000, which would signal renewed bullish momentum.

A push above $117,000 could trigger a rally towards $120,000. However, failure to hold above $112,000 could open the door to a deeper pullback toward $107,000.

Ethereum is currently trading at $4,196.93, down 0.13% on the day. The price has cooled off after briefly climbing above $4,500 earlier this month. Volume remains modest at 36.26K, reflecting cautious market sentiment.

The key levels to watch are $4,150 and $4,000 on the downside. A sustained break below $4,000 could pull ETH back to the $3,800 range.

On the upside, reclaiming $4,300 may set the stage for another test of $4,500 and potentially a breakout toward $4,700, assuming broader market strength.

Meanwhile, market sentiment in crypto has softened slightly. The CMC Crypto Fear and Greed Index now stands at 40, down from 47 yesterday, 50 last week, and 56 last month, reflecting a cautious shift among investors.

Although still in the “Neutral” range, the drop suggests that traders are growing more hesitant amid recent price volatility and macroeconomic uncertainty. With BTC and ETH struggling to break higher and key data releases ahead, many market participants appear to be adopting a wait-and-see approach rather than chasing risk.

Moreover, US Bitcoin spot ETFs recorded a net outflow of $363.17 million on September 22, marking one of the sharpest daily pullbacks in recent sessions. Despite this, the cumulative net inflow across all funds still stands at a robust $57.35 billion.

Among the 12 listed ETFs, Fidelity’s FBTC led the outflows with $276.68 million, followed by Bitwise’s BITB at $52.30 million, and Grayscale’s GBTC with $24.65 million.

Notably, BlackRock’s IBIT, which typically sees inflows, recorded no net change for the day. Overall, investor sentiment appears cautious, with broad sell pressure across most ETFs despite their strong year-to-date totals.

The US Ethereum spot ETFs recorded $75.95 million in net outflows on September 22, breaking the recent streak of stable inflows. The cumulative net inflow now stands at $13.84 billion, with only one of the nine ETFs seeing inflows on the day.

Fidelity’s FETH led the outflows with $33.12 million, followed by BlackRock’s ETHA at $15.07 million and Bitwise’s ETHW at $22.30 million.

Grayscale’s ETHE and ETH also saw minor redemptions. No ETH ETF recorded positive inflows for the day, signaling broad investor caution amid ongoing price volatility and macro pressure on risk assets.

Meanwhile, the crypto treasury trend that swept through small-cap firms in 2024 is beginning to crack. Companies that only recently pivoted to loading their balance sheets with cryptocurrencies are now launching share buybacks, often funded by debt, in a bid to prop up falling stock prices.

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