Author: Dan Cecilia & Shelley VanWitzenburg
Sept 26, 2025
Hello tasty fam! We hope you are having a great start to your weekend.
Over the last few weeks, we covered a consistent theme – Altcoin Season. If you have been following since the beginning of September, we wrote about the liquidity rotation to coins other than BTC (altcoins) off the back of massive Ethereum ETF inflows, non-BTC Crypto Treasury companies, and the run up in altcoin market cap.
We can see this move to altcoins illustrated in the BTC dominance chart, which dropped from 65% to 58% over the last few months.
This Week's Selloff
Well, this week we experienced a pullback. BTC dropped over 4.5% to trade below $110K, ETH dropped over 9% to trade below $4K and Solana shed over 15% to trade under $200.
This move triggered a widespread leverage flush in the perp markets, creating a cascade of liquidations.
We can view the spike in long leveraged liquidations in the chart below.
Notably, on September 25th, crypto ETF flows struggled to maintain momentum with over $250 million of outflows in BTC ETFs.
This downturn coincides with last week’s 25bps Fed cut, which triggered a mixed reaction. Initially, rate cuts were bullish, then changed bearish as Fed chair Powell highlighted persistent inflation and ruled out large cuts.
Notably, after the cut, gold spiked, diverging from BTC price.
Given that BTC trades as a form of “digital gold” and inflation remains high, this dip might be the time to scale into BTC. We believe it could catch up to gold if inflation persists.
Is this the top?
In our view, this recent sell-off is a healthy pullback from the recent run-up in altcoins and the mania in Crypto DATs.
Note: some crypto DATs are being investigated for insider trading.
Some economic data that was mixed, some geopolitical uncertainty, and over-levered longs all contributed to this sell-off.
Sentiment seems to be shifting with “loud” social media voices all calling a top. Ironically, this means the top is nowhere close. When the top is here, no one will be calling for it.
Of course, as investors, it’s prudent to remain cautiously optimistic. There are still risks that linger and crypto is still considered the most “risky” of the asset classes.
Stay liquid enough to add quality coins on dips, but be ready to react to any negative news.
DAT Tracker
| Symbol | Name | Exchg |
| MSTR | Strategy Inc Class A | NASDAQ |
| COIN | Coinbase Global Inc Ordinary Shares – Class A | NASDAQ |
| CRCL | Circle Internet Group Inc Ordinary Shares – Class A | NYSE |
| BLSH | Bullish | NYSE |
| BMNR | BitMine Immersion Technologies Inc | XASE |
| GLXY | Galaxy Digital Inc Ordinary Shares – Class A | NASDAQ |
| FORD | Forward Industries Inc | NASDAQ |
| GME | GameStop Corp Class A | NYSE |
| HSDT | Helius Medical Technologies Inc Class A | NASDAQ |
| OCTO | Eightco Holdings Inc | NASDAQ |
| SBET | SharpLink Gaming Inc Ordinary Shares | NASDAQ |
| DFDV | DeFi Development Corp | NASDAQ |
| STSS | Sharps Technology Inc | NASDAQ |
| UPXI | Upexi Inc | NASDAQ |
| SUIG | Sui Group Holdings Ltd | NASDAQ |
| BTBT | Bit Digital Inc Ordinary Shares | NASDAQ |
| TRON | Tron Inc | NASDAQ |
| BTCT | BTC Digital Ltd Ordinary Shares | NASDAQ |
| LGHL | Lion Group Holding Ltd ADR | NASDAQ |
| GAME | GameSquare Holdings Inc | NASDAQ |
Recurring Crypto Purchases at tastytrade
If you haven’t heard, tastytrade just added a really useful crypto investing feature to the platform, recurring purchases. You can now set up recurring purchases to buy any token on a regularly scheduled basis.
Personally, I like to try and time the markets and I like when it get’s a little crazy, but that’s just me. If you prefer to take a different approach and dollar cost average into an investment over time, this is an easy, automated way to do it, which can help smooth out your average entry price.
DeFi Highlights
We will highlight a few DeFi LP plays that you can check out for those of you deep in the trenches.
$TC/SOL on Meteora
If you haven’t been following along, we launched a token on our BEANS livestream and setup a liquidity pool on Meteora.
If you would like to follow along and provide liquidity, you can do so here.
Note: the $tc token is for entertainment and education purposes only. It’s not an investment.
BEANS
🔥 Fridays are for fire.
Each week on BEANS, Shelley and Dan torch some $TC—chipping away at a planned 300M token burn.
Want in? Send $TC to the burn wallet. Jump in the Discord or X Community for more info.
Bring your marshmallows. Stay for the chaos.
BEANS Ep 38: Deep Dive into Avantis $AVNT https://t.co/ZE4lXCPBur
— tastycrypto (@tastycrypto) September 26, 2025
Miss the live tasty Shows?
🍒 Highlights:
🍒 The $TC X Community is growing!
🍒 We said goodbye to Tom
🍒 A really cool breath of life in NFTs
Much love,
Dan and Shelley