BTCC Daily (9.17) | U.S. SEC Holds Roundtable on 24-Hour Stock Trading, ZEC Rises to $1,370

Top Highlights

• The Fed unanimously voted to raise rates by 25 basis points, its first rate hike since July 2023. Sixteen officials expect at least one more hike this year.

• BTC rebounded to around $76,400. On September 16 ET, U.S. spot Bitcoin ETFs recorded net outflows of $296 million.

• International oil prices continued to retreat, with Brent crude falling toward $104 per barrel.

Macro & Policy Outlook

Today’s Key Events

• Bank of England interest-rate decision

• U.S. initial jobless claims

• U.S. September Philadelphia Fed Manufacturing Index

• U.S. SEC roundtable on 24-hour stock trading

Macro Headlines

1. Fed unanimously raises rates by 25 bps; 16 officials see at least one more hike this year

The Federal Reserve raised the target range for the federal funds rate from 3.50%—3.75% to 3.75%—4.00%, marking its first rate hike since July 2023. The decision was unanimous. The latest dot plot showed that 16 of 18 officials expect at least one more rate hike before the end of 2026, with the median year-end policy-rate projection at around 4.1%.

2. Treasury yield curve flattens, dollar index rises to seven-week high

After the Fed signaled the possibility of further tightening, short-term U.S. Treasury yields rose sharply, with the 2-year yield climbing toward 4.7%. The 10-year yield traded again near 5%. The dollar index briefly touched a roughly seven-week high, while markets priced about a 50% chance of another 25-basis-point hike in October.

3. Bank of England decision due today, markets widely expect rates to stay at 3.75%

The Bank of England will announce its latest interest-rate decision today. A Reuters poll shows that markets widely expect the BoE to keep its policy rate unchanged at 3.75% for now. However, higher energy prices and the rise in August CPI to 3.1% have brought renewed attention to the possibility of further tightening later this year.

4. BOJ expected to raise rates by 25 bps to 1.25% on Friday

The Bank of Japan will release the outcome of its September policy meeting on Friday. Markets broadly expect the BOJ to raise its policy rate from 1.00% to 1.25%. After the Fed’s rate hike, the yen weakened again toward the 155—156 range against the dollar. Markets will focus on whether the BOJ signals a faster pace of policy normalization.

5. Saudi Arabia adds alternative supply routes, Brent crude falls toward $104

International oil prices fell for a second consecutive day. Saudi Arabia offered Asian refiners additional crude supply transported via Oman, partly easing concerns over Middle East supply disruptions. Brent crude fell about 1.8% to $103.95 per barrel, while WTI dropped about 1.7% to $100.66 per barrel.

Global Asset Performance

• Equities: Japan’s Nikkei 225 closed up about 0.33%, while Korea’s KOSPI Index ended down 0.04%. U.S. premarket sentiment improved, with Nasdaq 100 futures, Dow futures, and S&P 500 futures rising about 0.6%—0.8%.

• Crypto: Total crypto market capitalization was around $2.62 trillion, up about 1.1% over the past 24 hours. The Crypto Fear & Greed Index stood at 51, in the neutral zone. BTC traded near $76,400, up about 0.7% in 24 hours, while ETH was around $2,440. ZEC extended its strength, rising about 22% over 24 hours to above $1,370.

• Energy & Metals: Brent crude fell about 1.8% to $103.95 per barrel, while WTI declined about 1.7% to $100.66 per barrel. Spot gold rose about 1.2% to around $4,315 per ounce, while spot silver pulled back to around $63.58 per ounce.

(Data as of September 17, 15:00 HKT)

Crypto Market Snapshot

1. Futures Capital Flow Analysis

On September 17, according to Coinglass data, ZEC, ETH, SPCX, SKHYNIX, NEAR, and other contracts led net inflows in futures trading over the past 24 hours, potentially signaling trading opportunities.

2. Bitcoin Liquidation Map

On September 17, according to Coinglass data, based on the current reference price of $76,472 on the Bitcoin exchange liquidation map, if Bitcoin falls below $75,000, cumulative long liquidation intensity across major CEXs could reach $680 million. Conversely, if Bitcoin breaks above $78,000, cumulative short liquidation intensity across major CEXs could reach $970 million. Traders are advised to manage leverage prudently to avoid large-scale liquidations during market swings.

3. Bitcoin Futures Long/Short Ratio

According to Coinglass data, as of 16:00 HKT on September 17, the overall Bitcoin long/short ratio stood at 1.2939, indicating that bulls currently hold a relative advantage.

4. TradFi Futures Performance

On September 17, SPCX rose 6.38% to lead gains, while SOXL rose 2.21% and MU gained 0.67%. Energy weakened notably, with CL down 3.09%. Precious metals also pulled back, with XAU and XAG down 0.40% and 0.71%, respectively. In terms of open interest, XAU increased 9.49%, while CL fell 9.90%, showing a clear cooling in bullish energy sentiment.

5. On-Chain Monitoring

• According to Onchain Lens, Wintermute transferred 2,550 BTC to Binance, worth about $193 million.

• According to on-chain analyst Ember, addresses linked to Garrett Jin added to their ZEC short position again. They currently hold about 37,760 ZEC short, worth around $50.99 million, with unrealized losses widening to about $25.85 million.

• According to Lookonchain, one address closed its ZEC long position, then opened a short position of 767.2 ZEC worth about $1 million. The short position was later fully liquidated.

Blockchain Headlines

• On September 16 ET, U.S. spot Bitcoin ETFs recorded net outflows of $296 million, including $144 million from BlackRock’s IBIT. Total ETF net assets were around $95.185 billion.

• On September 16 ET, U.S. spot Ethereum ETFs recorded net outflows of $224 million, including $110 million from BlackRock’s ETHA and about $55.58 million from Fidelity’s FETH.

• Circle’s Layer 1 network Arc officially launched its public mainnet. On the first day, applications including Aave V4, Morpho, and Uniswap were already available, with BlackRock, DTCC, ICE, Mastercard, Visa, and others participating as validators.

• Hong Kong’s 2026 Policy Address proposed improving the regulatory framework for virtual-asset licenses and tokenized investment products, while promoting the issuance and trading of gold and other RWA products on licensed platforms. The Hong Kong Monetary Authority plans to test tokenized Exchange Fund Bills before year-end.

• U.S. Senator Thom Tillis filed a motion to reconsider after the CLARITY Act failed to advance by a 49-50 vote, preserving the possibility of another procedural vote in the Senate.

• The U.S. SEC and CFTC said that after the CLARITY Act failed to advance, they would continue digital-asset rulemaking under their existing authorities.

• Bitcoin Core 32.0 has entered final testing, with the official release scheduled for October 10. The update mainly involves validation speed, fee estimation, and security improvements, without changing Bitcoin consensus rules.

• Aave plans to launch a dedicated RWA lending market on Avalanche, allowing institutions to borrow stablecoins using tokenized financial assets as collateral. USAT will serve as the main source of dollar liquidity.

• The UK FCA will open the authorization application window for its new crypto-asset regulatory regime on September 30. The new regime is expected to take effect on October 25, 2027.

• The U.S. SEC held a roundtable on 24-hour stock trading on September 17, covering market surveillance, liquidity, clearing and settlement, and investor protection after extended trading hours.

Institutional Insights · Daily Picks

• Goldman Sachs: After the Fed’s September rate hike, Goldman Sachs adjusted its forecast and now expects another 25-basis-point hike in October. The bank said that if the Fed wants to bring inflation back to its 2% target in a more timely manner, back-to-back hikes would be a natural policy path.

• BBVA Research: The firm expects the Fed to deliver one more 25-basis-point hike in this cycle, more likely in December, and then keep rates unchanged throughout 2027. It noted that the latest dot plot has shifted clearly toward a higher policy-rate path.

• J.P. Morgan Asset Management: Strategist Tai Hui said that if the Fed’s tighter policy stance extends into 2027, markets may reassess equity valuations, especially in the technology sector. However, he believes the probability of U.S. policy rates rising above 5% remains limited.

• Bernstein: Analysts said that after the CLARITY Act stalled, the near-term focus of U.S. digital-asset regulation may shift to specific rulemaking by the SEC and CFTC, including token classification, DeFi, self-custody, and tokenized equities.