Crypto markets are unlikely to revisit the kind of extreme boom-and-bust swings that defined earlier cycles, according to Ben Nadareski, CEO of Solana-based DeFi firm Solstice. Speaking on Cointelegraph’s Chain Reaction, he argued that deeper liquidity and broader participation are changing how digital assets move—reducing the conditions that once amplified price moves.

Nadareski said liquidity across major trading pairs has increased substantially even during bear markets, making it harder for sharp dislocations to snowball. In his view, crypto is increasingly a place where institutional capital and household wealth allocate—not a market dominated by short-term speculative trading.

Key takeaways

• Nadareski believes deeper liquidity is dampening the sharp, cycle-defining price swings seen in earlier years.
• Blockchain analytics and asset manager research cited in the article links falling realized volatility to growing market depth and institutional participation.
• Solana’s stablecoin market is projected to expand meaningfully, with Nadareski suggesting growth toward the $100 billion range over five years.
• Stablecoins are portrayed as an increasingly central source of trading liquidity, including in the context of CEX.IO’s reported share of volume.

Deeper liquidity as a volatility buffer

Nadareski’s core argument is that market structure has evolved. When liquidity thickens across major trading venues and pairs—even in downturns—the same shocks can be absorbed with less dramatic price impact. That, he said, lowers the likelihood of the “massive fluctuations” that characterized the 2017 and 2021 eras.

His comments align with market data referenced from a December 2025 report by blockchain analytics firm Glassnode and asset manager Fasanara Digital. The report found that Bitcoin’s one-year realized volatility fell from 84.4% to 43%, attributing at least part of the decline to improving market depth and institutional participation.

The report also points to rising activity in spot markets. Glassnode and Fasanara reported that daily Bitcoin spot volumes increased to a range of $8 billion to $22 billion—up from $4 billion to $13 billion during the prior market cycle, according to their analysis of the periods covered in the study.

The implication for traders and investors is straightforward: if liquidity is structurally deeper, liquidations and cascading moves may be less severe than in cycles when markets were thinner and leverage was more prone to amplify volatility.

Institutional participation reshapes the trading cycle

Nadareski’s view also echoes broader industry commentary that has argued institutional access changes the rhythm of crypto cycles. Earlier coverage referenced in the article notes that in March, SkyBridge Capital managing partner Anthony Scaramucci described Bitcoin’s four-year cycle as “muted” by institutional investors and spot Bitcoin ETF inflows—while still suggesting a traditional cycle pattern has not fully disappeared.

Taken together, the message is not that volatility disappears, but that its character can shift. When more participants use more durable funding channels—rather than purely speculative short-term positioning—market depth can improve and the probability of violent, self-reinforcing moves may decline.

That distinction matters for portfolio planning. Rather than assuming every cycle will deliver the same drawdowns and blow-off behavior, investors may increasingly evaluate how liquidity, leverage conditions, and institutional flows interact as a set of moving parts.

Solana stablecoins: a growth thesis aimed at $100 billion

Beyond market structure, Nadareski offered a more specific forecast tied to the Solana ecosystem’s stablecoin development. He predicted stablecoin supply on Solana could rise above $50 billion and potentially approach $100 billion over the next five years.

Nadareski linked that outlook to what he described as growing adoption by fintech companies, alongside Solana’s transaction speed and low fees—factors he argued support stablecoin usage beyond simple on-chain experimentation.

The article notes that Solana currently holds about $16 billion in stablecoin market capitalization, citing DefiLlama data. If the projections hold, that would imply a multi-year expansion that goes well beyond incremental growth, effectively treating stablecoins on Solana as a potential major distribution layer for everyday crypto settlement and payments.

Stablecoins as liquidity: what current flow data suggests

The piece also frames stablecoins as a key driver of liquidity across crypto markets, not merely a niche asset category. According to data referenced from CEX.IO, stablecoins accounted for 75% of total crypto trading volume in the first quarter of 2026—described as the highest share on record in the article—while transaction volume exceeded $28 trillion.

This matters because trading liquidity is often the fuel behind efficient price discovery. When stablecoins dominate trading pairs, they can reduce friction for market participants who need fast access to value without converting into fiat. In practice, that can help sustain deeper order books and shorten the time markets spend in “thin” states where volatility is more likely to spike.

For builders and allocators, the question is whether stablecoin growth is broadening into real usage—payments, remittances, and on-chain settlement—at the same time that markets deepen. If it does, projections like Nadareski’s become easier to contextualize: stablecoins would not just expand supply, but also reinforce the liquidity ecosystem that helps moderate cycle volatility.

Investors watching the next phase of the market may want to track two things in parallel: whether realized volatility continues to trend lower as liquidity deepens, and whether stablecoin growth—especially on networks like Solana—translates into durable, volume-backed adoption rather than purely incremental issuance.

Bitcoin (BTC) crossed $87,000 on Monday, reaching an 8-month high of $87,397 amid renewed demand, forced short covering, spot Bitcoin ETF inflows, and improved market sentiment.

The flagship cryptocurrency jumped nearly 7% on Monday, reaching $87,397 before closing at $86,593. However, the price is down 1.40% during the ongoing session, trading around $85,396.

Bitcoin Eyes $90,000

According to Bloomberg, BTC extended its recovery by over $10,000 from the previous week’s lows, and is trading at levels last seen at the end of January 2026. The latest rally has been bolstered by renewed spot Bitcoin ETF demand and a substantial short squeeze as traders cover their positions.

However, Nicolai Sondergaard, Senior Research Analyst at Nansen, told crypto.news that despite the rally, Hyperliquid’s largest Bitcoin holders remained net short. Nansen also flagged that more BTC was moving to exchanges than leaving them, potentially raising the supply of BTC available in the market.

Sondergaard said:

“Bitcoin’s move above $84,000 looks less like a clean macro-driven accumulation event and more like a combination of renewed ETF demand and a large short squeeze. The important distinction is that price has turned bullish faster than positioning has.”

Sondergaard added that the rally could continue if under-positioned buyers keep buying BTC. However, price action could reverse if Treasury yields increase again or ETF inflows weaken.

Spot Demand Key For Bitcoin (BTC)

Spot demand has played a key role in driving BTC’s advance. Jeff Ko, Chief Analyst at ViaBTC, highlighted the Coinbase Premium, which returned to positive territory on Friday. This meant BTC traded at a higher price on the exchange than on other offshore platforms.

The index helps assess buying interest from American institutions and investors. Meanwhile, the USDT/USD pair rose from 0.9991 to 0.9998, which Ko said indicates genuine demand rather than one sustained by borrowed capital.

BTC’s rebound came after two major setbacks: the Federal Reserve increasing the benchmark interest rate by 25 basis points and the US Senate’s failure to advance the CLARITY Act. All 12 voting members of the Federal Open Market Committee supported the hike, with 16 officials projecting at least one more hike in 2026. As a result, BTC retreated towards $75,000, while Bitcoin ETFs reported substantial withdrawals.

The ETFs reported combined withdrawals of around $746.3 million on September 15 and September 16, before reporting $159.5 million in inflows on September 17 and $433 million on September 18.

Key Levels For Bitcoin (BTC)

According to Sondergaard, $87,000 and $90,000 are key levels for BTC. A clear break above $87,000 will bring the flagship cryptocurrency within sight of $90,000, a key psychological level. However, it may face resistance around $92,000 if it crosses this level.

“The next level to look for would be $87k, given $85k is broken and held; then $90k would be psychological, and again some levels to look for around $92k.”

However, BTC will need sustained spot buying to support a push above these levels, and it will need to avoid any macroeconomic shocks on the horizon. Sondergaard believes a lack of spot and ETF demand could bring perpetual futures into play, leaving BTC more vulnerable to geopolitical events and large sell-offs.

Technical indicators favor positive momentum for now. Earlier, BTC reclaimed its

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BMO (NYSE: BMO) Capital Markets has been quite bullish about BioNTech SE (NASDAQ: BNTX) this year. However, that’s no longer the case.

On Sept. 8, 2026, BioNTech’s shares dipped after BMO downgraded the biotech stock from an “outperform” rating to a “market perform” rating. BMO also lowered its 12-month price target for BioNTech from $128 to $105.

Missed AI’s “Act 1”? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn’t buy Nvidia in 2005. But according to our analysts, we’re only at the end of “Act 1″—the R&D phase. “Act 2” is the global rollout. Continue »

There’s a simple explanation for BMO’s new take on BioNTech. But is Wall Street underestimating the company’s cancer pipeline?

What the downgrade got right — and wrong

It isn’t all that surprising that BMO Capital Markets is now significantly less optimistic about BioNTech’s near-term prospects than it once was. The global demand for BioNTech’s COVID-19 vaccines continues to wane.

BMO’s downgrade also followed a key setback in BioNTech’s pipeline. On Aug. 28, 2026, the company announced that it was canceling a Phase 2 clinical trial evaluating the personalized mRNA cancer vaccine BNT122-01 for the treatment of colorectal cancer. There weren’t any safety concerns, but the experimental therapy didn’t demonstrate statistically significant efficacy. As a result of the bad news, the company lowered its full-year revenue guidance to €1.6 billion to €1.9 billion from its previous forecast of €2 billion to €2.3 billion.

Investors were excited about BioNTech after Moderna (NASDAQ: MRNA) and Merck (NYSE: MRK) reported positive results from a late-stage study of Moderna’s personalized mRNA cancer vaccine intismeran autogene, in combination with Merck’s blockbuster immunotherapy Keytruda. However, the momentum has now nearly evaporated.

But the rest of BioNTech’s oncology pipeline shouldn’t be ignored. The company has over 25 Phase 2 and Phase 3 clinical studies evaluating experimental cancer therapies underway. It recently announced encouraging results from one of them, with gotistobart nearly doubling median overall survival compared with standard-of-care chemotherapy in previously treated patients with squamous non-small cell lung cancer (NSCLC).

BioNTech expects to report data from 11 other late-stage clinical studies by the end of 2029. These trials focus on multiple types of tumors, including breast cancer, gastrointestinal cancer, and lung cancer. Data from three studies will be announced before the end of this year.

A biotech stock that’s still worth buying

Meanwhile, BioNTech’s market cap hovers around $24 billion. As of June 30, 2026, the company’s cash, cash equivalents, and security investments totaled roughly €16.6 billion (around $19 billion). This arguably puts BioNTech in value stock territory.

Yes, BioNTech has experienced a big clinical setback and cut its full-year guidance. On the surface, the stock might seem to deserve a downgrade. However, investing in BioNTech right now amounts to getting a robust pipeline essentially for free. This biotech stock is still worth buying, in my view.

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Story Continues

Upbit has placed Sophon (SOPH) under a trading warning and suspended deposits, while Binance has scheduled seven USDC spot pairs for removal on Sept. 25.

Upbit designated SOPH as a trading-caution asset at 3:00 p.m. Korea Standard Time on Sept. 22, covering SOPH/KRW, SOPH/BTC and SOPH/USDT. The South Korean exchange cited shortcomings involving disclosure, changes to the token’s circulation plan and the procedures used to make those changes.

The exchange said its review found “numerous deficiencies” and a “potential for user harm.” SOPH deposits were blocked when the notice was published, while existing spot markets remain available during the assessment.

On Binance, a separate review produced a narrower action. Binance announced that AIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC and TURTLE/USDC will stop trading at 03:00 UTC on Sept. 25. The exchange cited factors including “poor liquidity and trading volume.”

Upbit gives SOPH until mid-October for review

Upbit’s warning period runs from Sept. 22 through the second week of October, which the exchange defined as Oct. 12–16. During that window, the exchange will assess whether the concerns behind the designation have been addressed.

Three outcomes remain possible under Upbit’s process. The exchange can lift the warning, extend its review period or terminate trading support. Upbit said a final delisting decision could follow if the reasons for the warning are not fully resolved. Any extension or termination would be announced separately.

Deposits sent after the 3:00 p.m. KST cutoff will not be credited normally and are subject to return, according to the notice. Deposit-return processing is suspended while deposit support remains closed and would resume sequentially once the service becomes available.

The warning focuses heavily on information supplied to investors. Upbit said its assessment considered whether material information had been disclosed on time through appropriate electronic channels, the scale of changes to SOPH’s circulation plan and whether procedures governing such changes were sufficiently transparent and reasonable.

Upbit’s published post-listing framework explains that warning cases can involve project circumstances, technology, technical support and trading conditions. A project can have the warning lifted if the underlying problem is resolved, while unresolved concerns can lead to termination after a review period.

A recent example showed the other possible outcome. Crypto.news reported that Upbit removed a warning after reviewing the TAIKO security incident and project remediation measures in July. The exchange resumed deposits once it determined the issues behind the designation had been addressed.

Bithumb places SOPH under similar scrutiny

Upbit is not the only South Korean exchange reviewing SOPH. CoinNess reported on Sept. 22 that Bithumb had placed the token on a warning list over similar concerns involving disclosures, circulation-plan changes and the procedures surrounding them.

Bithumb’s action gives the case a second South Korean exchange review, though each platform controls its own trading-support decisions. Bithumb’s general policy states that assets placed under investment caution remain monitored and can ultimately lose trading support if identified problems are not corrected.

SOPH has already undergone infrastructure changes during 2026. Bithumb resumed SOPH transfers on July 28 after moving its supported deposits and withdrawals from the Sophon network to Ethereum. The exchange said the original Sophon network would no longer be supported for transfers after the switch.

Upbit temporarily halted SOPH deposits and withdrawals for another network transition beginning Sept. 8 and resumed them Sept. 11, according to the exchange’s announcement archive. The Sept. 22 warning does not state that either network migration caused its concerns about token circulation, so the two matters should not be treated as the same issue.

Separate scrutiny had emerged outside South Korea before Tuesday’s notices. As crypto.news reported, Binance placed SOPH under closer review in its August Monitoring Tag assessment of five tokens. Binance did not provide an asset-specific reason for SOPH at the time, and a Monitoring Tag does not itself remove the token from spot trading.

Upbit’s market data showed SOPH/KRW near 6.01 won during Sept. 22 trading, down 1.64% over 24 hours at the captured reading. The token had traded between 5.87 won and 6.11 won over that period. The data do not establish that Upbit’s warning caused the price movement.

Binance removal affects seven USDC pairs, not tokens

Binance’s Sept. 25 action operates differently from the SOPH warning. The exchange is removing individual quote pairs after a regular market review, not announcing a full delisting of AIXBT, DOLO, ENJ, HUMA, SXT, TNSR or TURTLE.

When trading ends at 03:00 UTC, users can continue buying or selling the underlying assets through other Binance spot markets where available. USDC remains supported as a Binance asset; the action concerns only the seven named order books.

Spot Trading Bot services attached to the seven markets will stop at the same time. Binance advised customers to disable or cancel affected bots before the cutoff to reduce the risk of unwanted outcomes when those markets close.

The exchange has used the same procedure repeatedly during September. In related coverage, crypto.news reported on Binance’s previous removal of four USDC spot pairs involving BREV, COOKIE, LA and QNT on Sept. 18. Each underlying token remained available through other supported Binance markets.

That process differs from a complete asset delisting. Binance’s phased removal of Pax Dollar from multiple exchange services, for example, includes separate deadlines for spot trading, deposits, withdrawals, margin, lending and other products. No comparable token-wide withdrawal schedule appears in Tuesday’s seven-pair notice.

Four affected pairs already lost Binance margin access

Several of the spot markets scheduled for removal have already been taken out of Binance Margin. The exchange removed AIXBT/USDC, SXT/USDC, TNSR/USDC and TURTLE/USDC from both cross and isolated margin trading on Sept. 3.

BREV/USDC was part of that earlier margin action but is not included in the Sept. 25 spot-pair announcement. DOLO/USDC, ENJ/USDC and HUMA/USDC appear in Tuesday’s spot notice but were not among the USDC pairs listed in Binance’s Sept. 3 margin removal.

Binance says its spot-pair reviews consider market quality and may remove individual order books when liquidity or trading volume falls below the exchange’s requirements. Tuesday’s announcement did not provide separate volume thresholds or pair-specific data explaining why each of the seven markets was selected.

For SOPH holders, the next scheduled checkpoint is Upbit’s review period during Oct. 12–16, unless the exchange extends it or announces another decision earlier. Deposits remain suspended while SOPH/KRW, SOPH/BTC and SOPH/USDT continue under the trading-warning designation.

For the seven Binance markets, spot trading and applicable bot services are scheduled to end at 03:00 UTC on Sept. 25. Binance has not announced deposit or withdrawal suspensions for the seven underlying tokens as part of this pair-removal notice.

Ondo Finance has launched an in-kind conversion route that lets approved institutions mint and redeem Ondo Stocks with underlying shares through Alpaca’s Instant Tokenization Network.

Ondo Finance said on Sept. 21 that the service is live on Ethereum and BNB Chain, adding a primary-market route alongside its existing cash-funded minting process. Access is limited to institutions approved by Alpaca case by case, and participants need active accounts with both companies before activation.

Ondo Finance lets institutions swap shares for tokens

For a mint, an approved institution transfers the underlying stock or ETF from its Alpaca account to Ondo’s Alpaca account through an internal book transfer. Ondo then issues the corresponding tokenized position on a supported blockchain. Redemption reverses the process, sending the underlying shares back to the institution’s Alpaca account after the tokens are redeemed.

Ondo said the integration removes the need for manual approval on each individual conversion. The company described the feature as a way for market makers to move existing inventory between traditional brokerage accounts and onchain venues without funding every token mint with separate cash.

The institutional route does not change the general terms for ordinary Ondo Stocks holders. Ondo’s current product documentation says the tokens are offered only to eligible non-U.S. persons through its platform and are unavailable there to U.S.-based clients. Ondo says its tokenized stocks provide economic exposure to referenced securities but are not themselves stocks, ETFs or ADRs and do not automatically give holders the right to receive the underlying securities.

Alpaca makes a similar distinction in its own tokenization disclosures. Its Instant Tokenization Network can create and burn tokens against brokerage-held shares, while third parties perform the tokenization. Alpaca states that tokenized assets generally provide economic exposure to equities and do not represent direct ownership of the underlying company unless a particular structure says otherwise.

The new Ondo arrangement creates a specific exception for institutions admitted to the conversion program. Approved firms can redeem their Ondo Stocks tokens through the ITN process and receive the corresponding shares back into their Alpaca accounts. Access therefore depends on institutional approval and the required accounts, not simply possession of the token.

In-kind conversion removes a separate cash step

Before this launch, an institution using Ondo’s cash-funded route could already own the underlying shares yet still need separate cash to mint matching Ondo Stocks tokens. Ondo said the new setup lets an approved participant contribute shares it already holds, removing the extra funding step.

The company said the model could reduce financing costs and timing mismatches when market makers need more tokenized inventory. Ondo described the expected outcome as “tighter spreads and deeper liquidity” in secondary markets, but it did not publish an independent spread study or post-launch liquidity figures alongside the announcement.

Alpaca describes ITN as infrastructure for instant in-kind minting and redemption against stocks held through brokerage accounts. Its platform says the network is designed to create and burn tokens against those shares without waiting for conventional settlement processes. Alpaca Clearing provides securities brokerage and custody and is a FINRA-regulated broker-dealer.

Conversions under the Ondo integration currently cover Ethereum and BNB Chain. Ondo Stocks themselves have a larger network footprint: Ondo’s product page lists Ethereum, BNB Chain and Solana, while its current website advertises more than 450 tokenized stocks and ETFs. The Sept. 21 in-kind announcement did not include Solana among supported conversion networks.

Ondo’s distributed asset value reaches $3.63 billion

Onchain data shows Ondo operating at a larger scale than the new conversion feature alone. RWA.xyz recorded $3.63 billion in distributed asset value for the Ondo platform as of Sept. 22, alongside 441 tracked products and 485,296 holder addresses. Monthly transfer volume stood at $1.58 billion.

The $3.63 billion figure covers RWA.xyz’s tracked Ondo platform assets and should not be treated as the value of Ondo Stocks alone. Network data on the same dashboard showed roughly $2 billion of Ondo assets on Ethereum, $407.1 million on BNB Chain and $300.6 million on Solana, with other Ondo assets distributed across several networks.

Ondo said in May that its tokenized stock platform had passed $1 billion in total value locked after launching in September 2025. At that point, the company reported more than 260 tokenized U.S. stocks and ETFs and $18 billion in cumulative trading volume. By June, Ondo said cumulative trading volume had moved beyond $20 billion.

Distribution has expanded through exchanges, wallets and DeFi protocols. As crypto.news reported, Ondo extended a group of tokenized U.S. stocks and ETFs to Hyperliquid’s HyperEVM, with 35 assets initially supported through that integration.

In related coverage, crypto.news reported that MetaMask had integrated more than 200 Ondo tokenized U.S. stocks and ETFs earlier in 2026, giving eligible mobile users access from inside the wallet.

U.S. tokenization rules continue to develop

The launch follows a Sept. 17 U.S. Securities and Exchange Commission order creating temporary, conditional exemptions for certain Tokenized Securities Venues. The framework permits qualifying venues to facilitate trading in tokenized National Market System stocks through permissioned automated market maker liquidity pools, subject to specified conditions.

Among the SEC’s conditions, a venue must verify that a tokenized NMS stock provides the same rights and privileges as the equivalent traditional stock. The framework requires notice to an underlying issuer for tokens created by an unaffiliated party, auditable public smart contracts and trading suspensions when the underlying stock is halted.

Ondo did not state that the Alpaca in-kind service operates under the SEC’s Innovation Exemption. Its current Ondo Stocks platform remains unavailable to U.S. persons through the main product unless registration or another applicable exemption permits an offering.

The company has pursued a separate U.S. regulatory path. In April, Ondo submitted a no-action request asking the SEC for assurance concerning a model where Ethereum would record tokenized security entitlements while Alpaca’s offchain books remained the official ledger. The proposal said underlying securities would remain within the existing brokerage and DTC custody structure.

Ondo described the Ethereum tokens as an operational layer over existing securities entitlements instead of a replacement for the regulated brokerage record.

Another infrastructure step came on Sept. 16, when DTCC confirmed that Ondo subsidiary Oasis Pro Markets had joined Fund/SERV as its first tokenization-platform member. DTCC said Fund/SERV processes transactions covering more than 85% of U.S. mutual fund activity, while Oasis Pro Markets is a U.S.-registered broker-dealer and FINRA member.

For the new Alpaca conversion route, Ondo has not announced a separate fee schedule, minimum conversion size, Solana activation date or timetable for opening ITN access more generally. Institutions seeking the service must maintain accounts with Ondo and Alpaca, complete the applicable onboarding process and request activation from both firms.