GSR analyzed more than 2,300 token listings across major exchanges since 2013 and found a consistent pattern: the lower the initial circulating supply and the higher the fully diluted valuation, the worse the token’s subsequent performance tended to be. The report says median initial circulation fell sharply from 38% in 2017 to about 13% in 2020, recovering only partially in later years. It also found a strong link between listing valuation and float. Tokens listed below a $10 million FDV had a median initial circulation of 97%, while those above $1 billion had a median of 13%. Performance data in the study was similarly weak. On a median basis, tokens fell below their listing price within three days and were down 50% within 90 days. Among tokens listed above a $1 billion FDV, $1 invested was worth just $0.19 after 360 days, equal to a median one-year return of -81%. Tokens with less than 20% initial circulation retained only about $0.23 to $0.26 per $1 after a year, while those with 30% to 50% initial circulation held about $0.55. GSR argues this is not only a crypto issue and points to similar dynamics in the IPO market. The firm also outlines three areas for improvement: pricing public buyers in a way that leaves upside, releasing enough supply for real price discovery, and widening access so more participants can enter earlier.

Michael Saylor argued that the crypto industry should not accept added restrictions in the final compromise version of the CLARITY text simply to secure legislative certainty. In his view, the better path is to keep moving under innovation-friendly rules and existing authority at the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Treasury Department, and banking regulators. He said the next two years should be used to put genuinely useful financial products in front of more people, because broad public adoption creates the strongest political defense for innovation. Saylor pointed to specific provisions he sees as problematic, including limits on rewards tied to payment stablecoins and caps inside the bill’s innovation sandbox. He contrasted protecting banks from liquidity stress with shielding them from competition, arguing that consumers should benefit when technology lowers the cost of financial services. He also cited recent actions and positions from SEC Chair Paul Atkins, CFTC Chair Michael Selig, Treasury Secretary Scott Bessent, and the Office of the Comptroller of the Currency as evidence that current law already leaves room for progress. He framed Bitcoin, Strategy’s STRC and MSTR, Coinbase, and Circle’s USDC as examples of how clearer, workable rules could expand digital capital, credit, equity, exchanges, and digital dollars. His central claim: the industry needs 50 million satisfied users who have something concrete to defend.

US spot Bitcoin exchange-traded funds posted sharp swings in fund flows during a key macro week, according to Techub, citing CryptoPotato. On Tuesday, the day the US Senate voted on the CLARITY Act, investors pulled a net $450.33 million from spot Bitcoin ETFs after the outcome fell short of what the crypto industry had hoped for. That marked the largest single-day net outflow since late June. The pressure continued on Wednesday, when spot Bitcoin ETFs recorded another $296 million in net outflows after the Federal Reserve announced a rate hike. Conditions improved slightly on Thursday, with net inflows coming in at just under $160 million. By Friday, flows had reversed sharply, with spot Bitcoin ETFs taking in $433.03 million, the strongest daily inflow in two weeks, enough to push the week back into positive territory with a net inflow of $6.21 million. Bitcoin also rose from $76,000 to above $80,000 that day. Spot Ethereum ETFs moved the other way for the week, ending a run of several weeks of net inflows and posting a weekly net outflow of $140 million, even though they logged inflows on Monday and Friday.

Trader Killa said Bitcoin’s recent price action may point to a change in the broader trend after the market absorbed a string of negative developments without sustaining a deeper breakdown. In comments cited by BlockBeats on Sept. 20, Killa referred to an "everything is priced in" chart that tracks major catalysts across Bitcoin’s market cycles and the asset’s reaction after each event. He argued that in bear markets, negative headlines usually push BTC lower and reinforce a habit among traders to short on bad news. Once the higher-timeframe trend turns, though, the same type of news may trigger only brief panic before Bitcoin absorbs selling pressure and resumes moving higher. Killa pointed to the recent sequence of a Federal Reserve rate hike, expectations around a vote on the CLARITY Act, and the bill’s failure to advance. He said the market initially treated those events as reasons for Bitcoin to fall further, yet BTC only briefly broke below the range low before rebounding quickly and showing resilience. He added that even as narratives tied to a "World War III" scenario gained traction, Bitcoin began responding to fear-driven headlines in a relatively constructive way. In his view, that ability to absorb multiple bearish catalysts is a key reason he believes the trend may already have changed.

Crypto trader Killa said his "everything is priced in" chart tracks the main catalysts in Bitcoin’s past market cycles and how price reacted after each event. In his view, the difference between a bear market and a higher-timeframe trend reversal shows up clearly in the way BTC responds to negative headlines. Killa said that in bear markets, bad news often pushes Bitcoin lower and conditions traders to short every bearish development. Once the broader trend turns, however, the same type of headline may trigger only brief panic before Bitcoin absorbs selling pressure and resumes moving higher. He pointed to several recent events that the market had treated as reasons for further downside, including a Federal Reserve rate hike, expectations around a vote on the CLARITY Act, and the bill’s failure to advance. According to Killa, BTC only briefly broke below its range low before rebounding quickly and showing notable resilience. He added that even as narratives tied to "World War III" gained traction, Bitcoin started to show a relatively constructive price reaction to fear-driven headlines. Killa also said the approval of spot Bitcoin ETFs was the key catalyst confirming continuation in the last cycle, while the CLARITY Act could play a similar role in the current one.

PANews’ latest daily roundup spans market calls, security incidents, project updates, regulation and whale activity across crypto. Among the headline items, analyst PlanB said Bitcoin has moved above its 50-week moving average at about $79,000 and is now targeting the 100-week moving average near $89,000, arguing that the bear market has ended. On the equities side, Cointelegraph reported that MicroStrategy, trading as MSTR, was the best-performing Nasdaq-100 component over the past month with a 48% gain. The report also covered a major fraud case in Istanbul involving more than $3 billion, where authorities arrested 191 suspects in a cross-agency operation. In the U.S., Kalshi and Kraken parent Payward filed applications tied to perpetual contracts linked to individual stocks. Project-side developments included Universal’s planned wind-down over 60 days, MultiversX pausing its mainnet after confirming an attack attempt, and a dispute between Chengming Technology and Zhipu over alleged unauthorized data uploads by the ZCode client. Security and on-chain data featured heavily as well. Forbes reported that North Korea-linked hackers infected more than 30,000 devices through fake job offers and stole data from over 7,000 crypto wallets, with at least $10.71 million flowing to attacker-controlled wallets. PANews also highlighted losses at Fetch.ai and NuNet, several large leveraged positions, and comments from Michael Saylor, Vitalik Buterin, Peter Schiff, Jiang Zhuoer and ZachXBT.

The Wall Street Journal traced the collapse of the CLARITY Act to a long chain of disputes that stretched across much of 2026, with Coinbase CEO Brian Armstrong at the center of the fight. The bill, designed to create a broader legal framework for digital assets in the US, stalled after failing to secure the 60 votes needed in a key procedural Senate vote this week. The report says negotiations were strained by a clash between crypto firms and banks over yield-like rewards tied to stablecoins, repeated breakdowns between Republicans and Democrats, and growing political pressure after President Donald Trump disclosed $1.4 billion in 2025 income from family meme coin and crypto businesses. Democrats then pushed for ethics provisions that would bar public officials from holding crypto and sought to apply those rules to Trump and his family. Armstrong’s role drew particular scrutiny. The Journal reported that he lobbied aggressively, traveled to Washington 13 times between the 2024 election and the September vote, and at times objected to compromise proposals that negotiators believed could have moved the bill forward. Coinbase defended his actions, saying the company accepted repeated compromises and that withdrawing support in January was in the industry’s best interest. The bill’s failure was followed by a drop of more than 10% in Coinbase shares, before the stock rebounded 12% on Friday after the SEC opened the door to tokenized stock trading in the US.

A new study from crypto trading and market-making firm GSR argues that the industry’s low-float, high-fully diluted valuation token launch model has repeatedly produced weak post-listing performance. Drawing on a dataset covering more than 2,300 token listings on major exchanges since 2013, the report says the median token falls below its listing price within three days and is down 50% within 90 days. For tokens that listed at a fully diluted valuation above $1 billion, the median one-year return was -81%, leaving the median invested dollar worth $0.19 after 360 days. GSR links the pattern to a structure in which only a small share of supply trades at launch, allowing modest demand to support a high headline valuation before scheduled unlocks add supply into the market. The report also says the same broad setup has appeared in public equities, where companies stay private longer and list only a limited portion of shares. As alternatives, GSR points to lower public entry valuations, higher initial circulating supply, and wider public access through channels such as public sales, on-chain auctions, reputation-based allocations, and co-investment platforms. It also notes that Europe’s MiCA framework and the draft U.S. CLARITY Act could make direct public token sales more feasible.