On September 22, the cryptocurrency market hovered near the $3 trillion capitalization mark after a powerful short squeeze sent Bitcoin surging toward $87,400. Forced liquidations totaled $557.79 million, with shorts absorbing approximately 70% of the losses. Data from CoinGlass pointed to BTC and ETH perpetual contracts taking the brunt, with $242.47 million and $100.83 million in losses respectively.
Massive capital inflows drive market surge
Market sentiment was buoyed by an unprecedented inflow of U.S. capital: SoSoValue reported that spot ETFs attracted more than $1.9 billion within 24 hours. Bitcoin led with $1.36 billion, while altcoins also saw significant investments—Solana received $257.25 million, Ethereum took in $223.51 million, and XRP gained $45.54 million. Hyperliquid’s HYPE token reached a fresh all-time high near $96.
As Bitcoin stabilized in the mid-$85,000s, Binance users experienced a temporary squeeze in USDe, which dropped to $0.92 before recovering. The event was linked to an anticipated wallet upgrade on the exchange, and analysts assessed it as a temporary liquidity shortage rather than a systemic risk.
With external catalysts fading, major market participants are increasingly focused on internal liquidity and technical analysis. Strategic shifts among institutional and retail traders are expected to define the direction of digital assets in the coming days.
Binance cuts illiquid USDC pairs, invests in Circle
Binance, the world’s largest cryptocurrency exchange by trading volume, announced the removal of 19 low-liquidity USDC trading pairs from both spot and margin markets. The delisting forms part of a broader cleanup targeting pairs with thin liquidity.
At the same time, regulatory disclosures show that Binance acquired 1,237,011 Class A shares of Circle for $100 million, at a price of $80.84 per share. This transaction also includes a five-year commercial agreement, under which Circle will pay Binance monthly fees to promote USDC via modular smart-wallet integration.
Trading restrictions will be phased in: spot trading for seven USDC pairs will end on September 25 at 03:00 UTC, while 12 cross-margin and isolated margin pairs will be removed three hours later. The affected tokens include AIXBT, DOLO, ENJ, HUMA, SXT, TNSR, TURTLE, MANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, and OPN. Isolated margin borrowing will be disabled beforehand, and remaining positions will be liquidated by Binance if not closed manually.
The assets themselves remain tradable, with users gaining continued access via USDT, FDUSD, and BTC trading pools. Margin traders and bot users have been urged to close their positions ahead of the deadlines to avoid automatic settlement.
| Event | Date/Time (UTC) | Action | Affected Pairs/Assets |
|---|---|---|---|
| Spot trading halts | Sept 25, 03:00 | Delisting | AIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC, TURTLE/USDC |
| Margin trading terminates | Sept 25, 06:00 | All pairs removed | MANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, OPN (all vs USDC) |
Mini dictionary: Circle is a US-based financial technology company known for issuing the USDC stablecoin and developing blockchain-driven payments and treasury infrastructure for businesses and institutions.
Binance will delist 19 low-liquidity USDC pairs but trading for the assets will continue via other major pools such as USDT, FDUSD, and BTC. Users are advised to close margin and bot positions before the removal deadlines to avoid forced liquidation.
XRP’s decisive breakout, cleaner technicals
XRP, the token used by fintech company Ripple, broke out of a five-week symmetrical triangle pattern and jumped 5.5% during the week. The asset moved past $1.50, briefly testing resistance at $1.55 to $1.57, and remained steady in the $1.51–$1.54 range. This development reflected a market shift away from legal speculation tied to the SEC and CFTC, and back toward technical trading metrics.
Supported by Bitcoin’s momentum, XRP buyers surpassed a critical psychological threshold. Traders are monitoring the $1.55–$1.56 resistance, with a weekly close above signaling a firm uptrend and converting former resistance into a support level.
Technical analyst Peter Brandt, who leads The Factor Report, shared a chart projecting a long-term target of $5.40 for XRP but clarified that he currently owns only Bitcoin. Macro investor Raoul Pal noted that retail traders should focus on probabilities and solid technical analysis over assumptions of guaranteed profits.
XRP’s weekly close above $1.55 would confirm the bullish breakout scenario, reinforcing the market’s technical structure after weeks of uncertainty.
While a failed breakout could send the price back toward $1.40, the overall trend remains bullish unless a significant reversal takes place.
Shiba Inu struggles at 50-week moving average
Shiba Inu (SHIB), a cryptocurrency inspired by the popular meme culture, saw its “Bull Combo” technical setup produce an 8.61% gain since formation. The pattern, which features bullish RSI divergence and a reclaim of the 23-week moving average, has stalled just below the 50-week MA near $0.0000064.
Despite exhausted sellers and renewed liquidity, SHIB could not yet surpass this resistance level. For upward momentum to continue, buyers must establish support above the 50-week MA.
The next technical hurdle is the 200-week moving average at $0.0000122, which has typically marked key reversal points for the token. Until a clear breakout occurs, large holders have accumulated an additional 468 million SHIB at the current bottom, seeking to capitalize if the trend resumes.
Mini dictionary: The Bull Combo technical setup refers to the simultaneous appearance of multiple bullish indicators on a price chart, such as a positive divergence in the Relative Strength Index (RSI) and the reclaiming of an important moving average, which together signal a potential upward trend.
Market watchers are waiting to see if bulls can reclaim the 50-week MA in the coming days, which would open the path to further gains or risk reducing the pattern to a routine rebound.
