Markets Diverge to Start September: Bitcoin Rises, Ethereum Slips

We’ve entered a new month, and historically September has been one of the weakest periods across global markets, a consensus that many investors have been cautious about in the lead up. Yet, so far, Bitcoin is green in the few days we’ve had, up 2.48% to trade around $111,000, while Ethereum has slipped 1.09%, currently priced at $4,300.

Bitcoin dominance has recently found support at 58%, which has led to a broader cool-off in altcoins. However two standouts that have maintained strong bullish structure throughout the correction are Solana and Hyperliquid. Hyperliquid has followed up its record breaking July for both volume and revenue with yet another all-time high month in August, underlining the growing strength of its ecosystem.

Bitcoin Dominance Chart

Weekly Price Update

September Historical Performance

Historically, September has been one of the weaker months for markets, earning its reputation as a “red month” across both equities and crypto. For Bitcoin, September has averaged -7.5% monthly returns since 2013, but it has also delivered notable green months when macro conditions aligned.

This year, with August closing red, investors are watching closely to see if September can defy its reputation. The upcoming FOMC meeting in mid-September, where the probability of a rate cut is elevated, could prove pivotal in shaping market direction.

On the technical side, coming straight from UpTrade Alpha this week, Bitcoin entered August in a short-term downtrend within a descending channel but has now begun to break out. Earlier in Q3 we highlighted the strong chance that Bitcoin would retest the bull market support band in September, and that move has now already played out. The level is currently acting as support, with a small bounce already underway, suggesting the 1st of September may have marked the local low.

It’s worth noting that even if September closes red, history suggests it often marks a local bottom before stronger Q4 rallies. In other words, while volatility should be expected, this month could once again set the stage for the next leg higher in the cycle.

BTC Price Chart

The Launch of World Liberty Finance - Now Listed at UpTrade

World Liberty Financial (WLFI) has officially launched, marking one of the most significant token events in Crypto this year. With the Trump brand attached, expectations were high, and the token delivered for early investors, debuting at a $33B fully diluted valuation and instantly breaking into the top 20 global crypto assets. Unlike Trump’s earlier meme token, which briefly hit an $80B valuation, WLFI carries substance through its connection to a functioning DeFi platform. The project aims to bridge TradFi and DeFi with services including lending, borrowing, staking, and payments, supported by a treasury of over 63,000 ETH, nearly 650 WBTC, and $590M raised across sales.

Out of the 100B supply, presale investors at $0.015–$0.05 received 20% unlocked at launch (~5% of supply), with the remaining 80% locked under community governance. These early entries leave investors sitting on massive profits, creating immediate sell pressure in secondary markets.

Despite that, credibility is reinforced by major partnerships and backers including Coinbase’s support of USD1, a $1.5B deal with ALT5 Sigma (holding 7.5% of supply and featuring Eric Trump on its board), and a $75M investment from Justin Sun. Now live to trade on UpTrade, WLFI blends political backing, real DeFi infrastructure, and volatility seen in typical major token  debuts.

Strategy Next To Join S&P 500?

With all criteria for S&P 500 inclusion now seemingly met, Strategy (MSTR) could soon join the index, a milestone that has historically unlocked significant institutional flows. When Coinbase (COIN) and Block (SQ) were added, both saw sharp rallies as index funds and ETFs became forced buyers, and Strategy may be set for a similar path. The timing is notable, as the company just posted one of its strongest quarters ever. In Q2 2025, MicroStrategy reported $14 billion in operating income and $10 billion in net income.

A potential S&P 500 inclusion would not only drive passive inflows into MSTR but could also strengthen the company’s unique reflexive cycle with Bitcoin. If the stock rallies on increased index demand, Strategy’s market capitalisation and mNav expands, giving the firm greater flexibility to raise capital through equity or debt issuance. This has been central to Michael Saylor’s strategy, using a stronger share price as leverage to purchase more BTC. In practice, S&P 500 inclusion could create a feedback loop, where institutional buying of MSTR indirectly fuels further Bitcoin accumulation, deepening its role as the leading corporate vehicle for BTC exposure.

The Quiet Growth of Real-World Assets

The real-world asset (RWA) tokenisation narrative has been relatively stagnant in recent months, but it carries significant long-term upside that will take time to fully develop. RWA tokenisation refers to the conversion of ownership of a traditional asset into a digital token on the blockchain. The sector has still seen meaningful growth this year, with total assets tokenised nearly doubling since January to reach close to $30B.

Ondo Finance is leading this space, with its token now in the top 50 by market cap. The launch of Ondo Global Markets, offering 100+ tokenised stocks and ETFs, marks a major step in building out real utility around RWAs.

Momentum is also being reinforced by Coinbase, which will launch its Mag7 + Crypto Equity Index Futures on 22 September. This will bring thematic exposure to both traditional equities and crypto on-chain, including BlackRock’s Bitcoin ETF alongside Apple, Tesla, and Google, further validating the strategic RWA push.

How RWAs can revolutionise investing:

Liquidity & Access – Tokenisation enables fractional trading of illiquid or slow-settling assets such as real estate, art, agriculture, bonds, and private credit.
Global 24/7 Access – Investors worldwide can mint, transfer, and trade tokenised assets anytime, bypassing traditional geographic or time restrictions.
Efficiency & Transparency – Smart contracts streamline settlement, remove intermediaries, and reduce fraud risk by recording ownership transparently on the blockchain.
Even the largest players are leaning in. Larry Fink, CEO of BlackRock, recently stated that “every stock, every bond, every asset can be tokenised.” If even 1% of real-world assets were tokenised, it could represent as much as $9 trillion in inflows into digital markets, highlighting why RWAs remain one of the most important long-term adoption plays in crypto.

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