Wyden Macro Monthly – September

September is known as a challenging month for crypto traders, with Bitcoin historically delivering below-average returns. While this month may have failed to set the markets alight, many will no doubt be breathing a sigh of relief that September hasn’t generated the same previous losses – although the end of the month brought some jitters. ETH investors may have fewer reasons to be cheerful, as the second-largest asset ends the month having only just regained the crucial $4k support level. Even so, October traditionally offers more bullish outlook, with BTC having delivered gains in excess of 40% twice in the last decade.  

At Wyden, we’ve recently announced a partnership with Boerse Stuttgart Digital, the first German institution to receive a MiCA license from BaFIN, which joins Wyden’s extensive digital asset network, further broadening liquidity access for our institutional clients. The team is also pleased to be back out and about on the events circuit, including several of our exclusive self-hosted events for institutional guests that took place in London and during Sibos in Frankfurt.  

Will markets recover from September’s slump to deliver the historic returns of “Uptober”? Keep reading to discover the standout movers, macro themes, and trends shaping institutional digital assets from the last month. 

Wishing you a warm start to October 

The Wyden team 

Market Movers 

The three biggest 30-day gainers as of September 30, 2025, were:  

• Aster (ASTER), the native token of a new decentralized derivatives platform clocked gains above 2000% in September after the runaway success of its token generation event. The project is backed by YZi Labs, a venture firm linked to Binance co-founder Changpeng Zhao.  

• MYX, the native token of MYX Finance, another derivatives exchange, rose nearly 1250% following waves of hype around its listing of the Trump-linked WLFI token, anticipation of a protocol upgrade, and a short-squeeze dynamic.   

• MemeCore (M), a Layer 1 blockchain focused on the development of memecoins, gained around 250% in a continuation of its rally from last month, eventually finding resistance at the $3 level.  

And this month’s losers:  

• Cronos (CRO) fell 33% over the past 30 days, with losses accelerating amid weak market sentiment and reduced on-chain activity on the Cronos chain.  

• Pi Network (PI) slid 30% due to broader trends in declining retail interest.  

• Conflux (CFX), the native token of the public layer 1 blockchain, dropped ~26% over the past 30 days, pressured by a breakdown below its 7- and 30-day moving averages, weakening momentum, and fading hype from prior upgrades and stablecoin partnerships. 

Past performance is not a reliable indicator of future results. Data taken September 30, 2025. 

Key Macro & Crypto Events in September 2025 

• October 1-2 – Token2049, Singapore 

• October 7-9 – Merge Madrid, Madrid, Spain 

• October 8-9 – Digital Assets Week, London 

• October 12-15 – Future Blockchain Summit, Dubai 

• October 13-15 – Digital Asset Summit, London 

• October 15 – US Consumer Price Index for September, plus real earnings data – year-on-year inflation is expected to edge closer to the 2% target set by the Fed 

• October 16-17 – European Blockchain Convention, Barcelona 

• October 20-21 – DigiAssets Miami, Florida 

• October 22-23 – London Blockchain Conference, London 

• October 28-29 – Blockchain Life 2025, Dubai 

• October 30 – ECB Governing Council rate interest decision – markets anticipate another 25 bp cut as growth slows across the eurozone.  

Global Market Overview 

• Bitcoin defies historic September trends – Following August highs above $124,000, September opened around $109,000. Historically, September represents a difficult month for BTC; however, bullish sentiments prevailed over historical trends. Prices reached a monthly high above $117,000 on September 18, fueled by renewed ETF demand and continued interest from corporate treasuries. Despite a seemingly flat market, this September’s performance marks one of BTC’s better performances in the last decade.  

• Ethereum loses crucial support – Ethereum failed to demonstrate the same resilience as BTC, trading sideways until a mid-month high above $4,700, before falling dramatically below the crucial $4,000 support level and triggering a wave of long liquidations. ETH ETF flows have also been more mixed in September, with sessions of negative outflows interrupting previous weeks of strong inflows.  

• TradFi moves on-chain – NASDAQ has requested clearance from the US SEC to launch tokenized versions of stocks, with a proposal that they will be traded under the same rules and protocols as traditional stocks. UBS, PostFinance, and Sygnum Bank also conducted the first cross-bank payment using deposit tokens on Ethereum, a move aimed at enabling instant transfers in the future, while Swift announced a plan for a blockchain-based ledger together with over 30 major banks. And nine European banks, including ING and Unicredit, have announced a consortium to launch a euro-backed stablecoin.   

• Crypto giants continue to woo Wall St – Gemini, the crypto exchange founded by the Winklevoss brothers launched its IPO led by Wall St giants, including Goldman Sachs and Citigroup, capping investment at $4.25 billion. Elsewhere, USDT-issuer Tether announced plans for a fundraising round of $20 billion at a valuation of $500 billion, rivaling firms including SpaceX and OpenAI.  

• US and UK join forces on crypto regulation – Following US President Donald Trump’s state visit to the United Kingdom, the two countries have announced a joint task force to develop a crypto regulation framework. The US SEC also approved generic listing standards that will enable spot ETFs to be fast-tracked by eliminating case-by-case reviews of each application. while the US SEC has also proposed joint listing standards for crypto ETFs 

• Australia proposes new rules; MiCA unity at stake? – The Australian government has proposed new rules that will require crypto exchanges and certain service providers to hold a financial services license, with consultation now open. In the EU, MiCA passporting rules could be under threat as the French financial regulator has warned it may try to block companies operating under licenses obtained in other member states, stating concerns about the exploitation of regulatory gaps.  

Wyden News 

• We’re pleased to have announced a new partnership with Boerse Stuttgart Digital, the latest venue to join Wyden’s premier digital asset network, thus further extending access to regulated liquidity for our institutional clients. Having been the first to secure a MiCA license from BaFIN, Boerse Stuttgart Digital is well-positioned for expansion into other EU markets, and recently announced the launch of a new hub in Spain.   

• On September 3, we co-hosted an event together with Simmons & Simmons in London, which included a keynote from Lord Chris Holmes followed by a panel discussion between Wyden’s CRO Stuart Petersen and Simmons & Simmons Partner George Morris, focused on the UK’s upcoming new crypto regulations.   

• Also on September 3, Wyden founder and CEO Andy Flury was in Zurich for the announcement of the TOP 100 Swiss Startup Award 2025.   

• Our Head of Sales for France, Benelux and Nordics, Babile Keita, attended the Crypto Derivatives Deep Dive in Paris hosted by Kraken and The Big Whale on September 17, while Head of Sales DACH, Andrew Wishart, was at the Finance Summit Stuttgart hosted by Boerse Stuttgart Group on September 18.  

• On September 23 and 24, Andrew was also in Zurich for the annual CV Summit organized by CV Labs and CV VC, Switzerland’s largest event focused on blockchain, AI, and digital assets.  

• On September 30, our Head of Partnerships, Mimoza Selmani, attended “The Tokenization Gap: What’s Holding Back Mass Adoption” event hosted by Gen Two in Zurich. 

• Also on September 30, we hosted an exclusive side event with Tradias during the industry-leading Sibos conference in Frankfurt.  

• In other news, we announced the appointment of Mehmet Varoglu as Wyden’s new Sales Country Lead for Turkey. Mehmet brings extensive knowledge of the Turkish financial ecosystem and will play a pivotal role in expanding Wyden’s footprint in Turkey, following the recent announcement of Garanti BBVA Kripto’s deployment of the Wyden Infinity technology to support its growth in regulated digital asset trading services. 

• Wyden is preparing to kick off a brand-new series of our in-house podcast, The Gspröch! As we gear up to interview a new raft of guests from the institutional digital asset sphere, including ZKB, Sygnum, and Sopra Steria, make sure you take the opportunity to catch up on our previous episodes featuring guests from Julius Baer, Luzerner Kantonalbank, and Smartbroker.  

Wyden's Upcoming Events 

We have a busy month of events coming up in October – please feel free to connect with us on LinkedIn if you’d like to arrange a meetup with the Wyden team while we are out and about on the conference circuit!  

• On October 1, Wyden founder and CEO Andy Flury will be attending the Swiss Crypto Awards, which celebrate the best crypto startups, digital asset products, and blockchain innovators in Switzerland.  

• On October 13, our team will be back in London for an exclusive event we’re co-hosting together with Bullish, BitGo, and Coindesk which will coincide with the annual Digital Asset Summit conference. Attendance will be by invite only to selected institutional participants. Please contact us for the registration link.  

• We’re also proud to be sponsoring this year’s European Blockchain Convention taking place in Barcelona on October 16-17 – one of Europe’s premier gatherings for blockchain and digital assets. Kelly Pettersen (Head of Sales UK, Southern Europe, and LATAM) will be on the ground with Kevin Sommer (Head of Sales Development) for the duration of the event.  

Thanks for reading! Join us next month for more institutional news and insights.   

Not investment advice. To learn more about Wyden, visit wyden.com