{"id":68089,"date":"2022-10-04T17:15:25","date_gmt":"2022-10-04T14:15:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68089"},"modified":"2025-09-07T12:10:39","modified_gmt":"2025-09-07T09:10:39","slug":"september-in-numbers-ethereum-moves-to-proof-of-stake-and-bitcoin-hits-a-local-low","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/september-in-numbers-ethereum-moves-to-proof-of-stake-and-bitcoin-hits-a-local-low\/","title":{"rendered":"September in Numbers: Ethereum Moves to Proof-of-Stake and Bitcoin Hits a Local Low"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\">Key<\/h2>\n<ul class=\"wp-block-list\">\n<li>Ethereum moved to the Proof-of-Stake consensus. Since then the ETH price has trended downward.<\/li>\n<li>Progress in the SEC&#8217;s case against Ripple has reflected positively on XRP&#8217;s price.<\/li>\n<li>Stablecoins\u2019 market capitalization fell below $150 billion.<\/li>\n<li>There was a spike in Bitcoin purchases in exchange for the British pound and the euro.<\/li>\n<li>On-chain indicators point to bearish sentiment prevailing.<\/li>\n<li>The Foundry USA mining pool&#8217;s share of Bitcoin&#8217;s hash rate rose above 25%.<\/li>\n<li>Bitcoin hit a local low amid the Fed&#8217;s decision to raise the key rate.<\/li>\n<li>Ethereum&#8217;s emission rate slowed after The Merge upgrade.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Momentum of Leading Assets<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-63-1024x457.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\"\/><figcaption class=\"wp-element-caption\">Daily BTC\/USDT chart on Bybit. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BYBIT\" title=\"\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-56-1024x457.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake\"\/><figcaption class=\"wp-element-caption\">Daily ETH\/USDT chart on Bybit. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSDT\/?exchange=BYBIT\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September, the leading cryptocurrencies did not show sharp moves and prices largely stayed within their prior range.<\/li>\n<li>Despite the successful <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-activates-the-merge-blockchain-shifts-to-pos\">The Merge upgrade<\/a> in the Ethereum network, the event did not have a positive effect on prices. Moreover, after September 15, the asset began to fall toward a local low since July, pulling the rest of the market.<\/li>\n<li>Bitcoin fell 3.1% for the month, and Ethereum declined 14.5%.<\/li>\n<li>Bitcoin&#8217;s dominance index dropped below 39% \u2014 to January 2018 levels.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/gainers-27-1024x401.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\"\/><figcaption class=\"wp-element-caption\">Gainers &#038; Losers of the month (projects with market cap above $200m and 24h trading volume above $1m). Data: Messari.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/losers-26-1024x333.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\"\/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Among mid-cap assets, Quant Network (QNT) performed well on progress in the Ripple case; XRP and Stellar (XLM) also showed positive momentum, along with Compound (COMP), Algorand (ALGO), PancakeSwap (CAKE). After Ethereum miners migrated to Ravencoin (RVN), the project token also rose.<\/li>\n<li>Among the underperformers were tokens of smart-contract platforms and decentralized exchanges. The worst performers included Frax Share (FRAX) and Unus Sed Leo (LEO) from the Bitfinex ecosystem.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Stocks of crypto-related companies<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>MicroStrategy (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MSTR\/\">MSTR<\/a>): <br \/><span style=\"color: #FA0021\">-3.52%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Coinbase (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-COIN\/\">COIN<\/a>): <br \/><span style=\"color: #FA0021\">-1.62%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Bakkt (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NYSE-BKKT\/\">BKKT<\/a>): <br \/><span style=\"color: #FA0021\">-9.16%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Galaxy Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/TSX-GLXY\/\">GLXY<\/a>): <br \/><span style=\"color: #FA0021\">-16.64%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Performance of mining company securities<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Canaan (CAN): <br \/><span style=\"color: #FA0021\">-4.37%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Ebang International (EBON): <br \/><span style=\"color: #FA0021\">-12.72%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Riot Blockchain (RIOT): <br \/><span style=\"color: #33B905\">+0.72%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Hut 8 (HUT): <br \/><span style=\"color: #FA0021\">-9.69%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Marathon Digital (MARA): <br \/><span style=\"color: #FA0021\">-6.71%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>Public miners and companies tied to the crypto industry posted a negative momentum in September as Bitcoin moved mostly sideways. There were discussions in the community that the next \u2018problematic\u2019 firms could be the crypto miners themselves. <\/p>\n<p>According to Arcane Research, despite a strong 2021, many public miners <a href=\"https:\/\/forklog.com\/en\/news\/study-finds-publicly-listed-mining-companies-posted-losses-amid-crypto-winter\">recorded<\/a> an accumulated loss on their balance sheets. Meanwhile, Bitmain cofounder Jihan Wu, who now leads BitDeer, <a href=\"https:\/\/forklog.com\/en\/news\/bitdeers-jihan-wu-to-launch-a-250-million-miners-relief-fund\">announced<\/a> plans to establish a $250 million fund to aid struggling mining companies.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\">Macro backdrop<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2022-10-01_23-16-37.jpg\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\"\/><figcaption class=\"wp-element-caption\">Daily trading volume in BTC\/EUR and BTC\/GBP pairs. Data: <a href=\"https:\/\/messari.io\/report\/analyst-note-currency-crisises-in-a-crypto-context\"> Messari.<\/a><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>At the September 21 meeting, the Fed raised the policy rate by 0.75 percentage points to 3-3.25%. Fed projections suggest it will reach 4.4% by year-end and 4.6% for 2023 (in June, expectations were 3.4% and 3.8%, respectively). In the press conference, Jerome Powell indicated the parameter could increase by another 1-1.25% by year-end. <\/li>\n<li>The Fed decisions disappointed investors, as markets had not yet priced in the end of the hiking cycle by spring-summer 2023. <\/li>\n<li>Unlike the U.S. stock market, which was hitting new lows, Bitcoin and Ethereum held steady, tempering the previously observed record correlation ahead of the Fed meeting.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2022-10-01_23-16-41.jpg\" alt=\"September in numbers: Ethereum's move to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186529\"\/><figcaption class=\"wp-element-caption\">Daily dynamic of two-year government bond yields and the daily change in the pound\/dollar exchange rate. Source: <a href=\"https:\/\/messari.io\/report\/analyst-note-currency-crisises-in-a-crypto-context\">Messari<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In Italy, a centre-right coalition came to power, raising concerns about Rome-Brussels relations and a potential debt crisis. Signs of such a crisis were more visible in the UK after Finance Minister Kwasi Kwarteng proposed sweeping tax cuts in a high-inflation environment. <\/li>\n<li>In the context of debt-market volatility and the sharp depreciation of the British pound and the euro against the dollar, there was a sharp spike in purchases of digital assets in those fiats.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Market mood, correlations and volatility<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-10-1024x499.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186532\"\/><figcaption class=\"wp-element-caption\">Fear &#038; Greed Index. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" decoding=\"\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-5.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186533\"\/><figcaption class=\"wp-element-caption\">Fear &#038; Greed Index overlay. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September, the Fear &#038; Greed Index remained in the &#8220;extreme fear&#8221; zone. Compared with the prior month, the index\u2019s average value virtually unchanged (24.2 vs. 23.2).<\/li>\n<li>Investor sentiment was influenced by macro factors, including the <a href=\"https:\/\/forklog.com\/en\/news\/fed-raises-policy-rate-bitcoin-slides-below-19000\">Fed decision<\/a> to raise the target rate by 75 basis points.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-9-1024x497.png\" alt=\"September in numbers: Bitcoin correlation indicators\" class=\"wp-image-186535\"\/><figcaption class=\"wp-element-caption\">90-day correlation indicators. Data: <a href=\"https:\/\/www.blockchaincenter.net\/en\/cryptocurrency-correlation-study\/?timeframe=90days&#038;asset1=SP500&#038;asset2=BTC#correlationtable\">BlockchainCenter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-1-1024x535.png\" alt=\"September in numbers: Bitcoin BVOL24H volatility index\" class=\"wp-image-186536\"\/><figcaption class=\"wp-element-caption\">BVOL24H, historical intraday volatility indicator. Data: <a href=\"https:\/\/www.bitmex.com\/app\/index\/.BVOL24H\">BitMEX<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The correlation of Bitcoin with the US stock market remained largely unchanged. The smoothed 90-day average stood at 0.61 for the S&#038;P 500 and 0.59 for the Dow (August: 0.61 and 0.55 respectively).<\/li>\n<li>The relationship between Bitcoin and gold strengthened for the third consecutive month (0.27 vs. 0.24 in August), but remains weak enough to argue that Bitcoin is not a reserve asset.<\/li>\n<li>In September the BVOL24H average registered around 3%, higher than August (2.6%).<\/li>\n<li>The index peaked at 6.9%\u2014the extreme occurred on September 21, when, amid the Fed rate hike, crypto prices <span class=\"old_tooltip\" data-descr=\"op\u0443\u0441\u0442\u0438\u043b\u0438\u0441\u044c\">fell<\/span> below $19,000.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">On-chain data<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/The-Puell-Multiple-1024x499.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186582\"\/><figcaption class=\"wp-element-caption\">Puell Multiple trend. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/puell-multiple\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/mvrv-z-score-4-1024x576.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186583\"\/><figcaption class=\"wp-element-caption\">MVRV Z-score trend. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=market.MvrvZScore&#038;s=1640988000&#038;u=1664616889&#038;zoom=ytd\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September the Puell Multipler plunged into and out of the oversold zone several times, suggesting no clear signal that the bear market is ending.<\/li>\n<li>The MVRV Z-score remained mostly in the &#8220;green zone&#8221;, indicating persistent market pessimism and, at the same time, potential favorable periods for long-term buying opportunities.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indikatora-aSOPR.-1024x576.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186585\"\/><figcaption class=\"wp-element-caption\">aSOPR indicator. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=indicators.SoprAdjusted&#038;mAvg=7&#038;mMedian=0&#038;s=1570009164&#038;u=1664617164&#038;zoom=1095\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Indikator-realizovannoj-kapitalizatsii-HODL-voln-1024x590.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186586\"\/><figcaption class=\"wp-element-caption\">Realized capitalization (HODL waves). Data: <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-39-2022\/\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September the on-chain indicator <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-puell-multiple-and-how-is-it-used\">Puell Multiple<\/a> occasionally dipped into the oversold zone, signifying no clear signal that bear market is ending.<\/li>\n<li>The indicator <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-mvrv-indicator\">MVRV Z-score<\/a> remained mostly in the \u201cgreen\u201d zone, indicating pessimism on the market but also a potentially favorable period for long-term cryptocurrency purchases.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-7-1024x549.png\" alt=\"September in numbers: Ethereum staking and validator count\" class=\"wp-image-186593\"\/><figcaption class=\"wp-element-caption\">Total ETH in staking and number of network validators. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-8-1024x601.png\" alt=\"September in numbers: Ethereum 2.0 addresses with balance \u2265 32 ETH\" class=\"wp-image-186594\"\/><figcaption class=\"wp-element-caption\">Addresses with 32 ETH in Ethereum 2.0. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=addresses.Min32Count\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By the end of September, ETH staking exceeded 14 million coins. The monthly increase was 5%, the largest since May 2022.<\/li>\n<li>The number of unique addresses staking 32 ETH or more reached 439,807. These wallets can validate transactions and earn staking rewards.<\/li>\n<li>The number of Ethereum addresses with balance \u2265 32 ETH rose in the first half of the month but changed after The Merge activation.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Lightning Network<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-10-1024x559.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186596\"\/><figcaption class=\"wp-element-caption\">Network capacity of the Lightning Network. Data: <a href=\"https:\/\/bitcoinvisuals.com\/ln-capacity\">Bitcoin Visuals<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-8-1024x542.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186597\"\/><figcaption class=\"wp-element-caption\">Number of nodes and channels on the Lightning Network. Data: <a href=\"https:\/\/studio.glassnode.com\/dashboards\/lightning-network\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September the LN capacity reached 4878 BTC, up 5.7% month-on-month. For comparison, August growth was 4.4%, and July 10%.<\/li>\n<li>The number of LN nodes remained virtually unchanged (17,449). The number of channels declined for the second month in a row, to 85,431 in September.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Mining, Hashrate, Fees<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-EH-s.-Dannye-Glassnode.-4-1024x461.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186599\"\/><figcaption class=\"wp-element-caption\">Bitcoin hash-rate (EH\/s). Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.HashRateMean&#038;s=1656844736&#038;u=1664620736&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/bitcoin-hashprice-1024x400.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186600\"\/><figcaption class=\"wp-element-caption\">Hashprice dynamics for Bitcoin. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Amid largely flat price action, Bitcoin&#8217;s hash rate (7 MA) rose by only 3.6% for the month. A stronger recovery in the market would be needed to push the indicator higher. The current readings point to miners&#8217; uncertainty about mid- and long-term prospects for the first cryptocurrency.<\/li>\n<li>Market pessimism likely stems from lower mining profitability and the exit of less-efficient miners. The hashprice indicator fell to July 2020 levels when Bitcoin traded under $10,000. Coupled with poor financial management and overly aggressive investments, this helped drive losses at several publicly traded firms<a href=\"https:\/\/forklog.com\/en\/news\/study-finds-publicly-listed-mining-companies-posted-losses-amid-crypto-winter\">.<\/li>\n<li>The mining landscape also remains challenging; recently the difficulty for mining Bitcoin rose, with the metric dipping only modestly on a recent move. <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-falls-for-the-first-time-since-july\">has shown a negative trend<\/a> since July 2022, with the metric down 2.14% (to 31.36 T).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina-3.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186601\"\/><figcaption class=\"wp-element-caption\">Largest Bitcoin mining pools. Data: <a href=\"https:\/\/btc.com\/stats\/pool?pool_mode=month\">BTC.com<\/a> as of 01.10.2022.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-1-12.png\" alt=\"Bitcoin miners' monthly revenues\" class=\"wp-image-186602\"\/><figcaption class=\"wp-element-caption\">Bitcoin miners&#8217; revenues by month, $ millions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1656853115&#038;u=1664629115&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Foundry USA cemented its leadership among the biggest Bitcoin pools, with its share in total hashrate above 25%. AntPool also expanded its market share\u2014rising from 15.4% to 17.8% over the month. F2Pool rose from 15.1% to 16.3%, and Binance Pool from 9.8% to 12.1%. Poolin&#8217;s share fell from 10.2% to 5.3%, with the firm <a href=\"https:\/\/forklog.com\/en\/news\/poolin-bitcoin-mining-pool-acknowledges-liquidity-problems\">acknowledging liquidity issues<\/a> and later <a href=\"https:\/\/forklog.com\/en\/news\/poolin-bitcoin-mining-pool-unveils-plan-to-resume-withdrawals\">rolling out a plan<\/a> to resume withdrawals. <\/li>\n<li>Against a backdrop of flat Bitcoin price and high mining difficulty, overall miner revenue declined by 19%, totaling $551 million.<\/li>\n<li>Following Ethereum&#8217;s full transition to Proof-of-Stake due to the <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-activates-the-merge-blockchain-shifts-to-pos\">The Merge upgrade<\/a>, miners exited the Ethereum network; their inflows dropped to zero. The annual yield for validators is about 4.8%.<\/li>\n<li>The hash rates of Ethereum\u2019s main successors declined after The Merge. ETC stands at 147 TH\/s as of 01.10.2022, ETHW at 48 TH\/s.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-1.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186603\"\/><figcaption class=\"wp-element-caption\">Dynamics of average BTC- and ETH-transaction fees. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Average Ethereum transaction fee remained well above Bitcoin&#8217;s, though it fell about 40% month-over-month to $1.97. Bitcoin\u2019s fee remained nearly unchanged at around $1.<\/li>\n<li>Contrary to some expectations, The Merge did not solve scaling or lower fees; it simply moved Ethereum to a new consensus mechanism and laid groundwork for future fundamental upgrades.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Volume of trades<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-9-1024x565.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186606\"\/><figcaption class=\"wp-element-caption\">Trading volume on leading spot exchanges, $ billions. Data: <a href=\"https:\/\/www.theblockcrypto.com\/data\/crypto-markets\/spot\">The Block<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>September saw a notable rise in volumes on leading crypto exchanges, totaling $752 billion\u2014the best in four months.<\/li>\n<li>Leader Binance saw its volume grow 27% (from $426b in August to $541b in September).<\/li>\n<li>OKX again surpassed FTX \u2014 $58b vs $52b. Similar dynamics were observed for the second month in a row. Coinbase\u2019s figure was $48b.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Futures and options<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-19-1024x567.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186608\"\/><figcaption class=\"wp-element-caption\">Futures volume on Bitcoin and Ethereum, $ trillions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.FuturesVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/optsiony-19-1024x560.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186609\"\/><figcaption class=\"wp-element-caption\">Options volume on Bitcoin and Ethereum, $ billions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.OptionsVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-fyuchersy-2-1024x369.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186610\"\/><figcaption class=\"wp-element-caption\">Open interest for Bitcoin futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Investors returned their attention to Ethereum derivatives in anticipation of The Merge, which occurred on September 15. Futures volumes exceeded $1 billion, barely short of the previous month.<\/li>\n<li>Options remained in lower demand, but volumes rose amid market volatility.<\/li>\n<li>Open interest in Bitcoin futures reached nearly 700,000 BTC in September\u2014the highest ever.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">DeFi<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-12-1024x481.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186612\"\/><figcaption class=\"wp-element-caption\">Value of funds locked in the DeFi sector. Data: <a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-8-1024x501.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186613\"\/><figcaption class=\"wp-element-caption\">Top ecosystems by locked value, $ billions. Data: <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September, the TVL of DeFi smart contracts rose by 1.2% to $86.63 billion. In August the figure fell by 8%.<\/li>\n<li>Ethereum still accounts for more than 55% of the segment&#8217;s TVL ($47.73b). The crypto value of ETH held in DeFi is 35.91 million ETH (33.96 million ETH at the end of August).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii-2.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186615\"\/><figcaption class=\"wp-element-caption\">Top-20 DeFi projects by market capitalization. Data: Messari (as of 01.10.2022).<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-11.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186616\"\/><figcaption class=\"wp-element-caption\">Top-5 DeFi projects by value locked, Ethereum-based, by market cap. Data: DeFi Llama (Ethereum chains).<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Most DeFi token prices in top-20 by market cap were down in September. The biggest declines were Balancer (BAL) and DeFiChain (DFI) \u2014 down 31.25% and 25.92%, respectively.<\/li>\n<li>Compound (COMP) rose almost 30% in September, driven by the launch of a lending service for institutional investors.<\/li>\n<li>PancakeSwap (CAKE) rose almost 19%. On September 22 the Uniswap decentralized exchange community approved a proposal to deploy its smart contracts on a network other than BNB Chain.<\/li>\n<li>Within Ethereum projects, MakerDAO remains the leader by TVL at $7.68b; Curve Finance is second with $6.11b. In the wake of The Merge, funds flowed into DeFi smart contracts on the decentralized exchange.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum-13.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186618\"\/><figcaption class=\"wp-element-caption\">TVL by DeFi categories. Data: <a href=\"https:\/\/defillama.com\/categories\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-11-1024x496.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186619\"\/><figcaption class=\"wp-element-caption\">Popular Bitcoin tokens on Ethereum, $ billions. Data: <a href=\"https:\/\/dune.com\/eliasimos\/btc-on-ethereum_1\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>DeFi exchange volumes continue to dominate total DeFi TVL \u2014 over 27% or $24.04b.<\/li>\n<li>Second place goes to lending protocols ($14.78b), third to cross-chain bridges ($10.86b).<\/li>\n<li>By August, the combined market cap of \u201cBitcoin on Ethereum\u201d fell to $5.59b. WBTC\u2019s dominance index remained unchanged at 84%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-9-1024x595.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186621\"\/><figcaption class=\"wp-element-caption\">Daily transaction counts in the Tron, Ethereum, Binance Smart Chain and Avalanche ecosystems. Data: <a href=\"https:\/\/tronscan.org\/#\/data\/stats2\/transaction\/txOverviewStatsType\">TronScan<\/a>, <a href=\"https:\/\/etherscan.io\/chart\/tx\">Etherscan<\/a>, <a href=\"https:\/\/bscscan.com\/chart\/tx\">BscScan<\/a>, <a href=\"https:\/\/snowtrace.io\/chart\/tx\">SnowTrace<\/a>.<\/figcaption><\/figure>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September daily transactions across networks (except BNB Chain) fell versus August.<\/li>\n<li>Tron remains the leader in on-chain activity, processing about 5.2 million transactions per day on average in August. In comparison, BNB Chain processed about 3.2 million.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">DEX and L2<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/DEX-24-1024x542.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186623\"\/><figcaption class=\"wp-element-caption\">Trading on decentralized Ethereum-based exchanges, $ billions. Data: <a href=\"https:\/\/duneanalytics.com\/hagaetc\/dex-metrics\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/L2-11.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186624\"\/><figcaption class=\"wp-element-caption\">TVL in Ethereum L2 protocols, in ETH and USD. Data: <a href=\"https:\/\/l2beat.com\/\">L2BEAT<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/VL-po-L2-protokolam-v-seti-Ethereum-4.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186625\"\/><figcaption class=\"wp-element-caption\">TVL in L2 protocols in the Ethereum network. Data: <a href=\"https:\/\/l2beat.com\/\">L2BEAT<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September trading volumes on decentralized Ethereum exchanges fell by 20% to $44b.<\/li>\n<li>Uniswap remains the undisputed leader with about $30b in TVL (roughly 70% of the segment). New entrant DODO joined the top tiers with $3.5b TVL.<\/li>\n<li>L2 solutions did not show marked momentum; total TVL in Ethereum remains at peak levels for months.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-17-1024x573.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186627\"\/><figcaption class=\"wp-element-caption\">Market capitalization of stablecoins, $ billions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&#038;category=&#038;m=market.MarketcapUsd\">Glassnode<\/a>, <a href=\"https:\/\/messari.io\/\">Messari<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<ul class=\"wp-block-list\">\n<li>Market capitalization of stablecoins fell below $150 billion in September.<\/li>\n<li>During the month Binance increased its supply of Binance USD (BUSD) by almost $2 billion. The stablecoin\u2019s capitalization surpassed $21 billion.<\/li>\n<li>Circle exited about $3.3 billion of USD Coin (USDC). The flagship USDT market cap remained unchanged.<\/li>\n<li>The market cap of algorithmic stablecoin USDN from Waves declined in September from about $700 million to $120 million.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/OpenSea-16.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186629\"\/><figcaption class=\"wp-element-caption\">NFT marketplace OpenSea trading volume, $ billions. Data: <a href=\"https:\/\/dune.xyz\/rchen8\/opensea\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-2.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186630\"\/><figcaption class=\"wp-element-caption\">Movement in NFT collections. Data: <a href=\"https:\/\/cryptoslam.io\/\">Cryptoslam<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/blokchejny-1.png\" alt=\"NFT sales by blockchain\" class=\"wp-image-186631\"\/><figcaption class=\"wp-element-caption\">NFT sales by blockchain. Data: <a href=\"https:\/\/cryptoslam.io\/\">Cryptoslam<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In September the NFT segment continued its downturn; OpenSea volumes remained weak, totaling around $348 million, inline with summer 2021 figures.<\/li>\n<li>Sales volumes among leading NFT collections declined by double-digit percentages. Ethereum Name Service and the Immutable card game Gods Unchained were notable exceptions.<\/li>\n<li>Blockchain activity was mixed: Solana and Avalanche improved their positions; for several months Solana&#8217;s NFT sales share rose from 7% to 24%, according to Delphi Digital.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Activity of Big Players<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-1024x386.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186633\"\/><figcaption class=\"wp-element-caption\">Largest public companies holding Bitcoin in reserves. Data: <a href=\"https:\/\/bitcointreasuries.net\/\">Bitcoin Treasuries<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>MicroStrategy <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-adds-301-btc-for-6-million\">acquired<\/a> 301 BTC between August 2 and September 19. The average purchase price was $19,851 per BTC. The company holds 130,000 BTC worth more than $2.5 billion, about 0.61% of the total Bitcoin supply.<\/li>\n<li>The second-largest Bitcoin holder among public companies, Tesla, holds 9,720 BTC.<\/li>\n<li>Hut 8 Mining Corp\u2019s reserve of digital gold rose from 7,078 BTC to 7,406 BTC.<\/li>\n<li>Overall, public companies did not rush to sell digital gold amid its lacklustre price movement.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchersam-na-CME.-Dannye-CFTC-9.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186635\"\/><figcaption class=\"wp-element-caption\">Open interest for Bitcoin futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-8.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186636\"\/><figcaption class=\"wp-element-caption\">Positions of large institutional players (Commercial) on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest in Bitcoin futures on CME remained roughly unchanged, but the overall trend remains upward.<\/li>\n<li>Long and short positions among Non-Commercial (large traders) and Nonreportable (small traders) categories have stayed at roughly the same levels for nearly a year.<\/li>\n<li>Among institutional traders (Commercial), short positions continue to dominate over long positions.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-po-mikrofyuchersam-na-bitkoin-Nonreportable-1.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186638\"\/><figcaption class=\"wp-element-caption\">Positions of small traders in Bitcoin microfutures (Nonreportable). Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-po-mikrofyuchersam-krupnyh-igrokov-kategorii-Commercial-na-birzhe-CME.-Dannye-CFTC.-7.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186639\"\/><figcaption class=\"wp-element-caption\">Positions of large players (Commercial) in Bitcoin microfutures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>On the backdrop of near-stable open interest, the number of long positions among small traders in microfutures has declined.<\/li>\n<li>At the same time, short positions among Commercial players have surged (+85% for the month), signaling growing pessimism among large market participants.<\/li>\n<li>Rising shorts among large players amid a near-stable open interest suggests a gradual deterioration in market sentiment.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/OI-po-Ethereum-fyuchersam-na-CME.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" class=\"wp-image-186641\"\/><figcaption class=\"wp-element-caption\">Open interest for Ethereum futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-3.png\" alt=\"September in numbers: Ethereum futures positions by Commercial\" class=\"wp-image-186642\"\/><figcaption class=\"wp-element-caption\">Movements in positions of large players (Commercial) in Ethereum futures. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>For Ethereum futures on CME, open interest rose by about 12.8% month over month, while the ratio of longs to shorts among Non-Commercial and Nonreportable categories stayed roughly even. <\/li>\n<li>Conversely, short positions among institutional traders rose strongly (+600%). This is another sign of investor pessimism.<\/li>\n<li>For microfutures on Ethereum, the situation mirrors the broader Ethereum activity: rising OI and institutional positions amid relatively steady Non-Commercial and Nonreportable metrics.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\">Major Venture Rounds<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk has_ventures\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>\u20ac1b<\/strong><\/p>\n<p>venture firm <a href=\"https:\/\/forklog.com\/en\/news\/northzone-raises-e1bn-for-web3-focused-investment-fund\">Northzone<\/a> to a crypto and fintech startups-focused fund.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$400m<\/strong><\/p>\n<p>investing in crypto and DeFi companies via two of its funds, <a href=\"https:\/\/forklog.com\/en\/news\/two-sigma-ventures-raises-over-400-million-across-two-funds\">Two Sigma<\/a>.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$300m<\/strong><\/p>\n<p>the former Meta employees&#8217; startup <a href=\"https:\/\/forklog.com\/en\/news\/former-meta-employees-startup-mysten-labs-raises-300m-from-ftx-ventures-and-other-investors\">Mysten Labs<\/a>. Funds to be used to build infrastructure and speed up the deployment of the Sui blockchain.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$80m<\/strong><\/p>\n<p>Strike, a payments app operator, in a Series B round. Lead investor was Ten31.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$54m<\/strong><\/p>\n<p>the Doodles NFT collection founder in Series A, valuing the project at $704m.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$50m<\/strong><\/p>\n<p>GRNGrid, a blockchain project focused on renewables.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Regulation<\/h2>\n<div class=\"review_single_blk has_map review_2_map\">\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Group-2644-7-1.png\" alt=\"September in numbers: Ethereum moves to Proof-of-Stake and Bitcoin local low\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">White House <a href=\"https:\/\/forklog.com\/en\/news\/the-white-house-unveils-a-concept-for-regulating-the-u-s-crypto-industry\">proposed<\/a> a framework for regulating the crypto industry in <strong>the United States<\/strong>. Fed Chair <a href=\"https:\/\/forklog.com\/en\/news\/fed-chair-signals-no-decision-yet-on-digital-dollar-launch\">stated<\/a> there is no decision yet on a digital dollar.<\/div>\n<div class=\"country_blk\" data-blk=\"2\"><strong>Ukraine<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/ukraine-to-align-its-cryptocurrency-law-with-eu-mica-rules\">will update<\/a> its crypto law to align with EU requirements.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">In the <strong>UK<\/strong>, proposals to simplify and speed up crypto asset seizures were introduced as the government aims to turn London into a crypto hub.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">Heads of the <strong>E.U. Central Bank<\/strong> (ECB) and the Fed urged <a href=\"https:\/\/forklog.com\/en\/news\/ecb-and-fed-chiefs-urge-tougher-regulation-of-the-defi-sector\">tightening<\/a> regulation of the DeFi sector.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">In <strong>Kazakhstan<\/strong> a bill regulating Bitcoin mining was introduced.<\/div>\n<div class=\"country_blk\" data-blk=\"6\"><strong>Uzbekistan<\/strong> <AOPEN_36>introduced<\/a> monthly fees for crypto companies.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">In <strong>China<\/strong> authorities <a href=\"https:\/\/forklog.com\/en\/news\/china-launches-crackdown-on-copyright-infringement-in-nft-creation\">began<\/a> cracking down on copyright infringement in NFT creation.<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Month&#8217;s Materials<\/h2>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/TheMerge.jpg);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/ethereum-activates-the-merge-blockchain-shifts-to-pos\">Developers activated The Merge. The blockchain migrated to PoS<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/Ripple_SEC-min.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/sec-and-ripple-seek-summary-judgment-in-xrp-status-case\">SEC and Ripple proposed ending the XRP status case<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/do_kwon-min.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/media-interpol-issues-red-notice-for-do-kwon\">Interpol issued a red notice for Do Kwon<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/DAI_USD-min-1.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/controversial-idea-will-the-dai-stablecoin-survive-after-decoupling-from-the-dollar\">Controversial question: will the DAI stablecoin survive post-dollar peg<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum moved to the Proof-of-Stake consensus, Bitcoin hit a local low, stablecoins\u2019 market capitalization fell below $150 billion, and other September events.<\/p>\n","protected":false},"author":1,"featured_media":68090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"4","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-68089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"4","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68089"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68089\/revisions"}],"predecessor-version":[{"id":68091,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68089\/revisions\/68091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68090"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}