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Fed cuts interest rates. Bitcoin treasury narrative gets “annihilated”

gc summary 18.09

Hey fam!

It’s been another solid week for the crypto market, with key updates shaping the future of the industry. Let’s dive into what happened over the past seven days:

quick weekly news

Fed cuts interest rates

Let’s kick off this digest with one of the hottest events in the crypto industry, the recent Fed press conference and interest rate decision.

The Fed announced the long-anticipated, though widely expected, rate cut of 0.25%, lowering it from 4.5% to 4.25%. Bitcoin reacted with a brief rally right after the announcement, only to dip back to its previous level shortly after. But why?

Most likely because the reasoning behind the Fed’s move wasn’t exactly encouraging. During the press conference, Jerome Powell voiced concerns about the deteriorating job market, which could drag the economy down:

“In support of our goals, and in light of the shift in the balance of risks, today the Federal Open Market Committee decided to lower our policy interest rate by 1/4 percentage point… Recent indicators suggest that growth of economic activity has moderated.”

As a result, the target range for the interest rate has been adjusted by 0.25%, from 4.25%-4.5% down to 4%-4.25%.

Meanwhile, Jerome noted that the inflation rate “has risen recently and remains somewhat elevated.” He attributed this mainly to newly imposed tariffs, adding that their full effect on prices is yet to be seen.

Bitcoin treasury narrative gets ‘annihilated’ for firm as stocks collapse over 96%

Meanwhile, companies that recently adopted the “Bitcoin treasury” narrative have shown negative performance in recent months. According to DeFiLlama, Nakamoto Holdings, which merged with healthcare company KindlyMD in August, saw its stock price plunge 50% just days after its PIPE shares unlocked last week. The stock is now down 96% from its peak in May 2025.

Crypto analyst and trader Scott Melker, in his recent blog post, described the collapse of such Bitcoin-treasury-focused firms as an “annihilation of the industry.” This trend adds additional risk to Bitcoin itself, as more than 170 companies have already adopted a similar strategy of holding BTC on their balance sheets. If the situation worsens, it could spark FUD not only among these companies but also across the broader Bitcoin market.

What’s even more concerning is that nearly one-third of those 170 companies are already trading below their pre-“Bitcoin treasury” levels. Some are even facing delisting risks from the New York Stock Exchange, according to DeFiLlama.

Binance seeks DOJ deal that could end 2023 compliance monitor: Report

Speaking of crypto-related companies, it’s worth noting that Binance is reportedly seeking a deal with the DOJ to end its current legal compliance monitoring.

The requirement for compliance monitoring was imposed after a $4.3B lawsuit from U.S. regulators, which accused the exchange of helping users evade sanctions. As a result, Binance’s CEO was forced to step down, serve a short prison sentence, and pay massive fines, both personally and on behalf of the company. Since then, Binance has been operating under strict government-appointed compliance oversight.

Now, the DOJ is reportedly considering allowing Binance to appoint an independent compliance monitor instead of one assigned by regulators. This move would likely ease regulatory pressure and could pave the way for Binance to fully re-enter the U.S. crypto market.

This is not the first sign of easing tensions between crypto companies and U.S. regulators. A few months ago, the SEC dropped its case against Binance, signaling a thaw in relations between regulators and the industry. A key driver of this shift has been the replacement of SEC chair Gary Gensler, known for his aggressive stance on crypto, with Trump’s nominee Paul Atkins.

Pump.fun daily volume crosses $1B as memecoins surge in September

On the topic of crypto companies, pump.fun, the largest memecoin launchpad in the space, seems to be regaining momentum as the memecoin market attracts renewed attention from retail investors. At present, the total memecoin market capitalization exceeds $81B, with daily trading volume climbing to nearly $13B.

Reflecting this surge, pump.fun’s daily volume surpassed $1B on Monday. However, it has already begun to cool off, as memecoin seasons typically don’t last long and rely heavily on favorable market conditions.

Still, riding on last month’s success, pump.fun’s native token $PUMP has surged by more than 170%, climbing from around $0.003 to $0.008. While the project hasn’t officially committed to regular token burns from its revenue, speculation remains that some buybacks or burns may be happening quietly in the background. Regardless, the sheer scale of the platform’s volume and revenue makes $PUMP an attractive speculative asset for many traders.

As of September 18, 2025, pump.fun ranks 5th among all Web3 protocols by 24-hour revenue, with its cumulative revenue already surpassing $800M.

Source: DeFiLlama

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