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## エグゼクティブサマリー 世界の暗号資産市場は大幅な変動を経験し、広範な市場の動きの中で **Decred (DCR)** が120%以上急騰し、**SPX6900 (SPX)** が13%下落しました。 ## イベントの詳細 **Decred (DCR)** は120.02%急騰し、45.68ドルを記録しました。このトークンの価格は2025年11月4日の24時間以内に68.62ドルのピークを迎え、週全体で209.56%の上昇に貢献しました。この活動には、取引量が178%増加し、1億4470万ドルに達しました。テクニカル分析では、4時間足チャートで相対力指数 (RSI) が90.95に達し、買われすぎの状態を示しました。DCRは22.15ドル、33.04ドル、40.99ドルの抵抗レベルを突破し、これらを新たなサポートとして確立しました。潜在的な抵抗レベルは59.87ドルと69.97ドルです。 **Dash (DASH)** も大幅な上昇を示し、58.53%上昇して131.41ドルとなりました。5日間で、Dashの価格は231%上昇して146ドルに達し、これは3年9ヶ月ぶりの高値であり、2022年4月以来初めて100ドルを超えました。チャイキン・マネー・フローは11ヶ月ぶりの高値に達し、堅調な資本流入を示唆しています。この上昇は、プライバシーコインセクター内の勢い、強気なエコシステム開発、そして968日間の下降トレンドを終わらせたテクニカルブレイクアウトなど、複数の要因の組み合わせに起因しています。1300万ドルのショートスクイーズが、急速な価格上昇をさらに後押ししました。Dashの時価総額は64%拡大して18億ドルとなり、取引量は40%増加しました。 **Internet Computer (ICP)** は47.51%上昇し、5.54ドルで取引され、4.3ドルの流動性ゾーンに達しました。この急騰にもかかわらず、ICPは2021年5月の史上最高値750.73ドルを大幅に下回っています。このブロックチェーンプロトコルは、21.5億ドルの時価総額と3億400万ドルを超える1日の取引量を維持しています。 対照的に、**SPX6900 (SPX)** は13.06%下落して0.645ドルとなりました。2025年11月4日、SPXは24時間以内に14%の価格下落を記録し、0.74ドルまで下がり、10月17日以来の最低水準となりました。クローズド契約で890万ドル、建玉が4085万ドルに減少したデリバティブの流出が、売りの要因として挙げられました。それにもかかわらず、現物買い手はSPXで104万ドルを蓄積しました。データによると、大口投資家はSPXの供給量の約79%を支配しており、最近の活動では積極的な買いと利益確定の両方が見られます。 その他注目すべき動きとしては、**Bitcoin** の価格下落にもかかわらず独立した市場行動を示し、7.87%上昇して407.50ドルとなった **Zcash (ZEC)** が挙げられます。**Bittensor (TAO)** は8.48%下落して419.06ドルとなり、**Story (IP)** は7.36%下落して3.73ドルとなり、より広範な暗号資産市場をアンダーパフォームしました。**Morpho (MORPHO)** は7.07%下落して1.71ドルとなり、**Aptos (APT)** は6.74%下落して2.73ドルで、主要な移動平均線を下回って取引されており、売り手の継続的な優勢を示しています。 ## 市場への影響 暗号資産市場におけるパフォーマンスの相違は、特定の触媒と市場ダイナミクスに対する投資家の異なる反応を浮き彫りにしています。**Decred** と **Dash** の大幅な上昇は、プライバシー重視のデジタル資産への投資家の関心の再燃と、強力なテクニカルブレイクアウトの影響を強調しており、**Dash** のショートスクイーズによってさらに増幅されています。 **Internet Computer** の上昇モメンタムは、**Chain Fusion** を介した人工知能の統合と、強化された分散型アイデンティティ機能を含む2025年の戦略的ロードマップに関連しています。この戦略的な位置付けは、DeFi およびより広範なWeb3エコシステム内での競争力向上を目指しています。 **SPX6900** の下落は、大規模な大口投資家の活動、デリバティブ市場の変動、およびミーム主導のバイラル性の短命性に対する資産の脆弱性を示しています。同様に、**Virtuals Protocol (VIRTUAL)** は、大口投資家の売り浴びせと、広範なAIトークンセクターを取り巻くセンチメントの冷え込みにより、パフォーマンスが低下し、その技術的なサポートレベルに影響を与えました。全体的な市場センチメントは依然として非常に **ボラティル** であり、ファンダメンタルズの動向と投機的な取引行動の両方に起因する大幅な価格変動が特徴です。 ## 専門家の解説 テクニカル分析は、観測された市場の動きに関するさらなる洞察を提供します。**Decred** の **RSI** が90.95を超えることは、統計的に買われすぎの状態を示しており、資産の急速な上昇が短期的に持続不可能であり、修正されやすいことを示唆しています。**Dash** については、**チャイキン・マネー・フロー** が11ヶ月ぶりの高値に達したことは、多額の資本流入と堅調な蓄積を裏付けており、その独立した上昇を支えています。対照的に、**SPX6900** の **RSI** が24.98、**MACD** が-0.091であることは、極端な弱気モメンタムを示しており、その供給量の79%が大口投資家の保有に集中していることで悪化しています。これは、大規模な買い注文または売り注文からの大幅な価格変動につながる可能性があります。**Aptos** が **MA-20**（3.2850ドル）、**MA-50**（4.0267ドル）、および **MA-200**（4.6310ドル）を下回って取引されていることは、すべての観測された時間枠において売り手の継続的な優勢を明確に示しています。 ## より広範な背景 現在の市場環境は、強力な技術的基盤、明確な開発ロードマップを示すデジタル資産、またはプライバシーコインの復活といった魅力的なセクター物語に合致するデジタル資産を優先する、投資家からの慎重なアプローチを反映しています。**Zcash** の独立した上昇は、特に堅調なデリバティブへの関心と継続的な現物蓄積に支えられている場合、特定のアルトコインがより広範な市場トレンドから切り離される可能性がある方法の例として機能します。 **SPX6900** や **Virtuals Protocol** のようなトークンに見られる顕著なボラティリティは、投機的関心、大口保有者（クジラ）の行動、およびセクター固有の誇大広告の循環的性質に大きく影響される暗号資産市場の一部のセグメントに内在するリスクを浮き彫りにしています。Dfinity財団の **Internet Computer** に関する野心的なロードマップは、**Chain Fusion** を介してAIを統合し、分散型アイデンティティを強化するものであり、**Ethereum** や **Solana** のような確立されたプラットフォームに対する有力な競争相手として位置づけられ、Web3エコシステム内でのより洗練された統合された機能への継続的な進化を示しています。
## The Event in Detail Grayscale Investments completed the third-quarter 2025 rebalancing of its three multi-asset funds: the Grayscale Decentralized Finance (DeFi) Fund, the Grayscale Smart Contract Fund, and the Grayscale Decentralized AI Fund. These adjustments were finalized at the end of the day on October 3, 2025, and announced on October 8, 2025. Within the **DeFi Fund (DEFG)**, **MakerDAO (MKR)** was removed from the portfolio. Concurrently, **Aerodrome Finance (AERO)** was added and now represents 6.60% of the fund's components. Other significant holdings in the DeFi Fund include **Uniswap (UNI)** at 32.32%, **Aave (AAVE)** at 28.07%, and **Ondo (ONDO)** at 19.07%. The rebalancing was conducted in accordance with the CoinDesk DeFi Select Index methodology. The **Decentralized AI Fund (AI Fund)** saw the inclusion of **Story (IP)**, which now accounts for 21.53% of its assets. The largest components in the AI Fund are **NEAR Protocol (NEAR)** at 25.81%, followed by **Bittensor (TAO)** at 22.15%. Other assets include **Render (RENDER)** at 12.91%, **Filecoin (FIL)** at 11.39%, and **The Graph (GRT)** at 6.21%. For the **Smart Contract Fund (GSC Fund)**, updated weightings were announced, with **Solana (SOL)** holding 30.97% and **Ether (ETH)** at 30.32%. Additional components include **Cardano (ADA)** at 18.29%, **Avalanche (AVAX)** at 7.57%, **Sui (SUI)** at 7.35%, and **Hedera (HBAR)** at 5.50%. As of September 30, 2025, Grayscale Investments reported approximately **$35 billion** in assets under management (AUM), solidifying its position as a prominent digital asset-focused investment platform. ## Market Implications The rebalancing actions by Grayscale Investments are expected to induce **increased trading volume and potential price fluctuations** for the directly affected tokens, notably **Aerodrome Finance (AERO)** and **Story (IP)**, as well as **MakerDAO (MKR)**. Grayscale's strategic allocations signal a notable **institutional interest** in specific sectors of the digital asset economy, primarily decentralized finance (DeFi) and artificial intelligence (AI) driven blockchain projects. This institutional endorsement could influence broader **investor sentiment** and potentially direct additional capital into these emerging ecosystems. The shift from **MakerDAO (MKR)** to **Aerodrome Finance (AERO)** within the DeFi Fund suggests a prioritization of protocols demonstrating robust liquidity and established governance frameworks, while potentially reducing exposure to projects perceived as having declining user activity. The integration of **Story (IP)** into the AI Fund underscores a growing recognition of **AI-driven blockchain solutions** as a critical growth sector, capable of bridging decentralized infrastructure with machine learning capabilities. ## Business Strategy and Investment Thesis Grayscale's Q3 2025 fund rebalancing reflects a strategic pivot towards digital assets characterized by **robust fundamentals, institutional-grade utility, and alignment with emergent technological frontiers**. This approach emphasizes **diversification and innovation** within the rapidly evolving digital economy. The firm's commitment to adapting its multi-asset portfolios to dynamic market conditions is evident through these adjustments. By prioritizing projects with demonstrated **real-world utility, potential for institutional adoption, and technological innovation**, Grayscale aims to position its funds to navigate both market volatility and regulatory uncertainty. The **DeFi Fund's** rebalancing specifically highlights a focus on protocols with **proven liquidity and active ecosystems**, indicating a mature investment perspective on the sector. Furthermore, the targeted allocation within the **Decentralized AI Fund** towards assets like **NEAR Protocol, Bittensor, and Story** aims to capture innovation and computing demand at the intersection of AI and blockchain. This strategic positioning anticipates significant growth in a sector projected to expand as enterprises seek decentralized solutions for AI training and inference. Grayscale's selections provide investors with diversified exposure across **DeFi, smart contracts, and AI-driven blockchain ecosystems**, while concurrently mitigating risks associated with more speculative tokens. ## Broader Context Grayscale Investments, established in 2013, operates as the world's largest digital asset-focused investment platform, leveraging a decade of experience in the sector. The firm's quarterly rebalancing serves as a significant barometer for **institutional sentiment** within the cryptocurrency market. These strategic allocations are consistent with broader **macroeconomic tailwinds**, including increased venture capital funding directed towards AI-native crypto projects and a trend towards clearer regulatory frameworks in key jurisdictions. The continuous evolution of the crypto market underscores that adaptability and innovation remain non-negotiable attributes for sustained growth and investor confidence.
## Executive Summary The crypto market maintains a bullish trend in September 2025, driven by global political stabilization and increasing institutional investment, fostering Web3 adoption. Bitcoin has traded above $112,000, and Ethereum remains strong above $4,100, reflecting investor confidence in high-market-cap tokens with demonstrable utility. This positive sentiment is underscored by significant corporate financing activities, advancing regulatory discussions in the United States, and core protocol enhancements within the blockchain ecosystem. ## The Event in Detail ### Tether Holdings SA Seeks Major Funding and Valuation **Tether Holdings SA**, the issuer of the **USDT** stablecoin, is in preliminary discussions with investors, including **SoftBank** and **Ark Investment Management**, for a substantial funding round. The company aims to raise between **$15 billion and $20 billion** by selling a **3% stake** in a private placement, which could push its valuation to **$500 billion**. Cantor Fitzgerald, which also manages Tether's assets, is advising on the deal. This potential valuation positions Tether among the world's most valuable private companies. The company recently introduced **USAT**, a fully regulated stablecoin in the U.S., further solidifying its market position. Tether's current token pile of **USDT** exceeds **$174 billion**, significantly surpassing its closest competitor, Circle's **USDC**, which has a market capitalization of **$73.7 billion**. ### Kraken Pursues Strategic Funding Ahead of Potential IPO Crypto exchange **Kraken** is reportedly in advanced talks to raise between **$200 million and $300 million** in new funding. This capital injection could value Kraken at **$20 billion** as it prepares for a potential public listing as early as 2026. This follows a previous **$500 million** funding round that valued the company at **$15 billion**. Kraken has engaged **Morgan Stanley** and **Goldman Sachs** to assist with the upcoming public offering. The exchange is also making strategic political moves, having pledged **$2 million** to pro-crypto political action committees in 2025, including the Digital Freedom Fund and Andreessen Horowitz's America First Digital initiative. **Kraken Co-CEO Arjun Sethi** stated this aligns with the company's strategy to support candidates who promote industry growth. ### U.S. Regulators Advance Crypto Harmonization Efforts The **U.S. Securities and Exchange Commission (SEC)** and the **U.S. Commodity Futures Trading Commission (CFTC)** are actively pursuing regulatory clarity and harmonization within the digital asset space. On September 2, 2025, their respective Divisions of Trading and Markets and Market Oversight/Clearing and Risk issued a joint statement announcing a cross-agency initiative. This initiative clarifies that existing law does not prohibit **CFTC-registered designated contract markets (DCMs)** and **SEC-registered national security exchanges (NSEs)** from facilitating the trading of certain spot crypto asset products. A joint roundtable, scheduled for September 29, 2025, will prioritize discussions on topics such as **24/7 markets, event contracts, perpetual contracts**, potential **portfolio margining**, and **innovation exemptions/safe harbors for Decentralized Finance (DeFi) protocols**. ### Solana's Firedancer Team Proposes Dynamic Block Scaling **Jump Crypto's Firedancer team**, a key developer for the **Solana** blockchain, has proposed removing the network's fixed per-block compute unit (CU) limits through **SIMD-0370**. This proposal aims to allow block sizes to scale dynamically based on validator hardware performance rather than a static cap, currently set at **60 million CU** (with a potential increase to 100 million). The **Alpenglow upgrade**, overwhelmingly approved by validators with **99.60%** support, introduces a **skip-vote mechanism** that enables validators with less powerful hardware to abstain from voting on oversized blocks. This incentivizes a "flywheel effect" where block producers continuously upgrade their hardware to process more transactions and earn higher revenues. While **Roger Wattenhofer**, head of research at Solana development firm Anza, expressed support for removing the limit, he also raised concerns regarding potential centralization and network stability if a super-advanced block producer could unduly influence the network. ## Market Implications These developments signify a maturing crypto market with increasing institutional integration and regulatory attention. **Tether's** pursuit of a **$500 billion valuation** and **Kraken's** strategic funding ahead of a potential IPO underscore a growing mainstream financial interest in the digital asset sector. Regulatory harmonization efforts by the **SEC** and **CFTC** could reduce market uncertainty, fostering a more predictable environment for innovation and investment in the U.S. The proposed **Firedancer** upgrade for **Solana** could significantly enhance network performance and scalability, potentially driving increased adoption and competition within the Layer 1 blockchain space. The confluence of these factors suggests a robust, albeit evolving, landscape for Web3 and digital assets. ## Expert Commentary **Roger Wattenhofer**, head of research at Anza, articulated a perspective on Solana's **SIMD-0370 proposal**, stating, "I think all these problems are solvable, so I've always been a big advocate of ditching the limit," while also flagging concerns about potential centralization and its impact on network stability. Separately, **Kraken Co-CEO Arjun Sethi** commented on the exchange's political contributions, indicating the move "aligns with Kraken's strategy to support candidates who promote industry growth." ## Broader Context The crypto market's current bullish sentiment is reflected in **Bitcoin (BTC)** trading around **$113,242.82** and **Ethereum (ETH)** at **$4,176.72** as of September 24, 2025. This positive trend is supported by sustained institutional investment and a global political environment conducive to Web3 adoption. The focus remains on high-market-cap tokens with strong fundamentals and real-world applications. Upcoming industry events, such as **TOKEN2049 Singapore** in early October 2025, are anticipated to further drive networking, collaboration, and market activity.
## Executive Summary Valour, a subsidiary of **Nasdaq**-listed **DeFi Technologies**, has launched 13 new crypto Exchange Traded Products (ETPs) on the regulated **Spotlight Stock Market** in Sweden. This initiative includes the introduction of Europe's first **IOTA ETP**, designed to facilitate regulated investment in digital assets through traditional brokerage platforms. The newly launched ETPs encompass a diverse range of assets, including **IOTA**, **PEPE**, **Flare**, **Optimism**, **Immutable**, **Quant**, **The Graph**, **Floki**, **Theta**, **Hyperliquid**, **Virtuals**, **Story**, and **Four**. This expansion increases **Valour's** total ETP portfolio to 99, consolidating its position as a prominent provider of digital asset ETPs across multiple European countries. ## The Event in Detail On September 24, 2025, **DeFi Technologies Inc.** (Nasdaq: DEFT), through its subsidiaries **Valour Inc.** and **Valour Digital Securities Limited**, announced the launch of 13 new SEK-denominated ETPs on **Sweden's Spotlight Stock Market**. The newly introduced ETPs provide exposure to various digital assets, specifically: **Valour PEPE (PEPE) SEK ETP** (ISIN CH1108681615), **Valour Flare (FLR) SEK ETP** (ISIN CH1108681656), **Valour Virtuals (VIRTUAL) SEK ETP** (ISIN CH1108681664), **Valour Optimism (OP) SEK ETP** (ISIN CH1108681672), **Valour Story (IP) SEK ETP** (ISIN CH1108681680), **Valour Immutable (IMX) SEK ETP** (ISIN CH1108681698), **Valour Quant (QNT) SEK ETP** (ISIN CH1108681706), **Valour The Graph (GRT) SEK ETP** (ISIN CH1108681714), **Valour Floki (FLOKI) SEK ETP** (ISIN CH1108681722), **Valour Theta (THETA) SEK ETP** (ISIN CH1108681730), **Valour Four (FORM) SEK ETP** (ISIN CH1108681748), **Valour IOTA (IOTA) SEK ETP** (ISIN CH1108681755), and **Valour Hyperliquid (HYPE) SEK ETP** (ISIN CH1108681532). This strategic addition expands **Valour's** total number of listed ETPs to 99, which are traded across major European exchanges including **Spotlight Stock Market (Sweden)**, **Börse Frankfurt (Germany)**, **SIX Swiss Exchange (Switzerland)**, **London Stock Exchange (England)**, and **Euronext (Paris and Amsterdam)**. ## Financial Mechanics Each of the newly launched **SEK-denominated** ETPs is structured to provide regulated, exchange-traded exposure to its underlying digital asset. Investors can access these products through standard brokerage platforms, thereby integrating digital asset investment within traditional financial frameworks. A **1.9% management fee** is applied to each ETP. This mechanism allows traditional financial market participants to gain exposure to the price movements of cryptocurrencies without directly holding the underlying digital assets, simplifying investment processes and addressing custodial concerns for institutional investors. ## Business Strategy & Market Positioning This expansion reinforces **Valour's** strategic objective to maintain its position as a leading global provider of digital asset ETPs, boasting the largest selection worldwide. The new listings are specifically targeted at **Nordic investors**, aiming to provide enhanced access to a diversified portfolio of digital assets. The product offering spans key sectors of the digital asset ecosystem, including Layer 1 and Layer 2 networks, modular data availability solutions, tokenization infrastructure, gaming and creator ecosystems, and high-engagement community tokens. This broad approach aligns with a market trend where investor preferences are evolving beyond established cryptocurrencies. Johanna Belitz, Head of Nordics at **Valour**, stated, "The Nordic market values breadth, clarity, and compliance. This launch delivers all three and marks an important milestone for our investors. We're proud to further bolster Valour's position as the issuer with the largest selection of digital asset ETPs globally." Nadine Kenzelmann, Managing Director at **Valour**, added, "This expansion showcases Valour's scale and execution. We will continue to broaden access while maintaining institutional standards in risk management, operations, and market quality." This proactive diversification positions **Valour** to capture emerging interest in a wider array of digital assets. ## Broader Market Implications The launch of these 13 new ETPs by **Valour** signifies a continued advancement in the institutional integration of digital assets into traditional financial markets across Europe. This move is anticipated to enhance liquidity for the underlying tokens, potentially fostering price stability and increased trading volumes due to broader investor accessibility. By offering regulated products on established exchanges, **Valour** lowers the barrier to entry for both institutional and retail investors seeking compliant exposure to the digital asset space. This development reflects a maturing digital asset ecosystem and a response to growing demand for regulated investment vehicles. The diversification across various asset categories, from fundamental Layer 1 protocols like **IOTA** to community tokens like **PEPE**, indicates a wider acceptance and understanding of the varied functionalities and market segments within the digital asset landscape.