Ethereum as the tokenization coin of choice, Clean Core converting into a digital asset treasury company, and interesting market movements comprise v2 of Web3 Thoughts of the Week.
Clean Core is converting into a digital asset treasury company
“Clean Core recently announced that they were converting into a digital asset treasury company. Interestingly, if you look at the market price, they dropped 41.59% to $1. That’s because a pipe was announced that would dilute the company. They raised it from six million shares to 30 million shares, and it was a pipe at $1. So if you take it from that consideration, it’s up roughly 340%.
“That’s such a unique thing because they are announcing to the world: 1. Digital asset treasury companies are now more sophisticated. 2. Continue to be very well funded on the back end. That pipe deal suggests to me that there’s probably several hundred million dollars on the backside of it that it’s going to be able to push through, which is not something you could have said for every treasury company before. 3. We’re moving well into the second tier and top 30 to 50 asset classes.
“We’re going to start to see $60- to $500-million market cap companies taking on asset classes that are maybe 5 billion down to as low as a billion dollars.”
– Mike Maloney, CEO of Incyt
Ethereum leads RWA tokenization with 72% of the market
“Ethereum holding 72% of the RWA market doesn’t surprise me, as it’s been the safe bet for years. But the cracks are showing. Solana, BNB, even Layer 2s are chipping away because institutions aren’t just chasing liquidity, they want smoother rails and less friction and compliance.
“If you’re a bank or fund, you don’t touch this stuff unless the infrastructure checks all the boxes regulators obsess over. Look, I get the Ethereum loyalty, but I’m convinced RWA-native chains are where serious adoption happens. They’re built with scale in mind, they don’t bolt on compliance later, and they actually feel like infrastructure, not experiments.”
– Blake Jeong, co-CEO of IOST
“Ethereum currently controls over 70% of the RWA tokenization market, but today’s ~$25 billion on-chain RWA market is under 0.2% of the projected $16 trillion opportunity by 2030, a majority of which will be institutional.
“As tokenization scales, chains with lower costs, faster settlement, and, most importantly, seamless compliance will increasingly attract institutional liquidity and activity. Lendr.fi is purpose-built for this dynamic market: our liquid-staked RWA tokens are compliance-ready, DeFi composable, and fully multi-chain. Ready to meet institutional liquidity and demand across Ethereum, newer chains, and even Bitcoin-layer ecosystems.”
– Nathaji Metivier, CEO and CTO of lendr.fi
Market analysis
“While September usually leans bearish for crypto, the latest on-chain behavior from high-performing wallets tells a different story. Rather than backing away, it looks like capital is being strategically parked, likely in anticipation of increased volatility rather than as a sign of risk-off sentiment.”
“Solana inflows (are) picking up. Over $15 million in smart money moved into SOL over the past week, with trader balances jumping 35% in just 24 hours. We’re seeing a wave of large deposits, 5,000 to 10,000+ Ethereum, landing on major platforms. Such movements often signal expectations of price fluctuations.”
“There’s noticeable rotation between major stables, and balances are building. That suggests capital is being parked temporarily, potentially waiting out macro uncertainty.”
“Historically, BTC tends to slide in September, averaging around a 3.5% drop, but this year may be different. With the market leaning toward rate cuts and soft labor data backing a more dovish Fed, the setup feels less like a typical seasonal lull. More importantly, we’re not seeing broad signs of de-risking among active wallets. If anything, it looks like some are positioning for short-term opportunities rather than trying to dodge downside.”
” A few things worth watching in the near term begin with the U.S. jobs report (expected: 40–60k payrolls); elevated exchange deposit trends; and BTC holding the ~$105k level.”
“The uptick in stablecoin allocations and large token transfers hints at traders preparing for volatility, not retreat. As always, how this plays out will depend on the macro picture and where sentiment lands in the weeks ahead.”
– Nicolai Søndergaard, research analyst at Nansen
“Global markets are in a holding pattern as investors awaited the release of U.S. employment data, an event widely expected to set the tone for asset prices across equities, bonds, commodities, and crypto in the coming months.”
“Investor sentiment has shifted noticeably in recent weeks, moving from optimism to a more neutral-to-negative stance. This change is evident in the behavior of major stock indices across developed economies, many of which have entered corrective phases after reaching fresh peaks earlier this quarter.”
“The bond market is reflecting similar unease. Yields are fluctuating, and the U.S. yield curve has steepened more sharply in recent sessions. A steeper curve often signals investor concern about slowing economic growth coupled with fiscal risks, such as rising government debt issuance. Together, these dynamics underscore the growing anxiety that the U.S. economy may be losing momentum even as inflationary pressures remain persistent.”
“Meanwhile, gold has surged to a new all-time high, a development that reinforces the broader risk-off tone across markets. Investors are clearly rotating toward safe-haven assets, signalling heightened caution ahead of tomorrow’s data release. The move into gold reflects both a hedge against macroeconomic uncertainty and growing skepticism about policymakers’ ability to manage a soft landing for the economy.”
“The U.S. labor market report could serve as a pivotal moment for global markets. A stronger-than-expected print may reduce expectations of imminent Federal Reserve rate cuts, tightening financial conditions and pressuring risk assets further. Conversely, weaker job numbers could amplify fears of recession but simultaneously increase the likelihood of a September rate cut, creating short-term relief for markets. Either way, the data is expected to shape not only equity and bond price action but also the trajectory of crypto markets.”
“The cryptocurrency market has mirrored the broader risk-off tone. Bitcoin, after a strong first half of the year, has shown signs of weakness and is currently locked in a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are displaying similar behavior.”
“Importantly, Bitcoin’s Historical Volatility Index has remained subdued for an extended period, a rare occurrence in such an inherently volatile asset class. Statistically, prolonged periods of low volatility often precede sharp directional moves. While it is difficult to forecast the timing or magnitude of the next spike, the current setup suggests that the risk of a significant drawdown remains elevated in the short term.”
– Ruslan Lienkha, chief of markets, YouHodler
“Bitcoin often shows seasonal weakness in September, but historically it tends to rebound strongly in Q4. Based on market structure and past cycles, a low around $110,000 could provide the foundation for a year-end push toward $140,000 to $160,000.”
“Broader models suggest Bitcoin could finish the year in the $150,000 to $200,000 range if macro conditions remain favorable. Continued inflows from spot ETFs and supportive regulatory signals are likely to be the main accelerants, while interest rate uncertainty is the key short-term risk. On balance, our outlook for Q4 is cautiously optimistic, with mid- to high-$140,000 levels as a base case and potential upside into the $160,000 to $200,000 zone if institutional demand accelerates.”
– Sid Sridhar, founder and CEO of BIMA Labs
“Bitcoin’s price action right now suggests we’re in a period of compression: lower highs, but also lower lows. Momentum in the short term seems to be shifting toward Ethereum, especially as it increasingly asserts itself as the core settlement layer for crypto.”
“That said, the long-term trajectory for Bitcoin remains unmistakably upward. There is a very real, non-zero probability that Bitcoin evolves into a true global reserve asset. If that happens, the upside is generational. So while near-term volatility is inevitable, the macro story for Bitcoin hasn’t changed: it’s still the hardest asset of the digital age.”
– Dylan Dewdney, co-founder and CEO of Kuvi.ai
“Bitcoin is taking a short profit-taking breather after reaching another all-time high in mid-August, before gearing up for its historic crescendo performance in Q4 this year. My original prediction from more than a year ago of three times the 2024 halving price, about $193,000 per bitcoin, is still on track to hit by early December. The rapid expansion of bitcoin treasury companies, approaching $50 billion in funding this year, will bring millions of new investors into the sector.”
– Michael Terpin, CEO of Transform Ventures
“The season of profit redistribution among holders of cryptocurrencies continues on cryptocurrency platforms. In the last few weeks, there have been significant inflows into second-tier coins. And there are local outflows of liquidity from BTC.”
“Market participants are cautiously strengthening their positions in Ethereum by selling BTC. There is also a noticeable increase in the positive dynamics in capital flows to SOL.”
“It is noticeable that the divergence continues to strengthen in the growth dynamics of the M2 monetary aggregate and the price of BTC. Historically, the dynamics of the BTC price have usually caught up with the dynamics of M2 growth. Perhaps this divergence is caused by the local summer vacation period, and, with the beginning of the autumn business season, the price of BTC may straighten again.”
“In our opinion, the strengthening of the position of second-tier coins is quite long-term. Firstly, this is due to the market redistribution of profits of early investors in BTC, and secondly, in the future, the creation of crypto reserves may occur in the most liquid crypto projects, which can attract a wide range of corporate investors willing to invest billions of dollars. We think the next interesting market ideas could be SOL and XRP.”
– Sergei Gorev, head of risk, YouHodler