In the last week, Bitcoin has risen by about 3.8%, driven by $2.39 billion in U.S. spot Bitcoin ETF investments during the week. Among the top 100 cryptocurrencies, Quant, Ethena, and Bitway have distinguished themselves with significant weekly price gains.
Summary
- Quant experienced a dramatic surge of 61.8% after being selected by The Clearing House for a U.S. tokenized-deposit network.
- Ethena achieved a notable 54.1% increase by extending USDe’s backing strategy to include tokenized stocks and equity futures.
- Bitway rose by 48.0%, despite experiencing downward pressure from a sharp daily correction.
- Bitcoin has stabilized around $84,000, reaching an eight-month peak of over $87,000 earlier this week.
According to CoinGecko, Bitcoin was trading at roughly $84,077 on September 26, while the total cryptocurrency market capitalization was around $2.98 trillion. Quant (QNT) topped the charts among the top 100 cryptocurrencies with a phenomenal 61.8% gain in the last seven days, followed closely by Ethena (ENA) at 54.1% and Bitway (BTW) at 48.0%. Rankings are based on price changes over seven days and may fluctuate over the weekend.
Bitcoin ETF inflows influence market trends
Net inflows for U.S. spot Bitcoin ETFs were noted on all five trading days from September 21 to September 25, as reported by Farside Investors. The inflows were $999 million on Monday, $714.7 million on Tuesday, followed by $346.9 million, $190.7 million, and $134.5 million in the following sessions, totaling approximately $2.39 billion.
Bitcoin reached $87,392 on September 21 before retreating toward $84,000. An ETF demand report published on September 24 included insights from BTCS S.A. strategy advisor Wojciech Kaszycki, who indicated that cash flowing into spot funds contributed to the initial price surge, alongside an increase in futures positions. He highlighted a major resistance level around $90,000 if buying momentum continues.
CoinGecko’s seven-day data pointed to a more extensive movement among the top three tokens compared to Bitcoin, each driven by distinct developments or trading trends expected to influence price targets in the coming week.
Quant approaches $106 after breaking the $100 barrier
Quant was valued at approximately $104.48 in the CoinGecko snapshot, boasting the highest seven-day return among the top 100 cryptocurrencies. On September 24, The Clearing House revealed its choice of Quant to support its On-Chain Money Initiative in the U.S.
Quant will provide technology to connect banks and facilitate the clearing and settlement of tokenized-deposit transactions. The Clearing House stated that this network will integrate with existing payment systems employed by financial institutions, such as RTP and CHIPS. The service is expected to be available to participating banks in the first half of 2027.
This U.S. initiative follows Quant’s role in a parallel project with British banks. On September 24, six UK institutions successfully performed live customer transactions through the Great British Tokenised Deposit initiative, which Quant supported in collaboration with EY and Linklaters. This project tested payment processing among customers of various banks.
The TradingView daily chart indicated that QNT broke through the Murrey Math $100 level and was trading near $104.57. The Average Directional Index was at 39.13, suggesting a robust trend following a significant uptick. The price peaked at $108 during the session before pulling back below the $106.25 overshoot level on the chart.
A rebound above $106.25 would shift the focus to the next target of $112.50, with $118.75 in sight if buying momentum continues. Conversely, if QNT declines below $100, the breakout would face a more significant challenge at $93.75, the next key level on the daily chart.
Ethena approaches $0.28 with RSI nearing 80
Ethena’s ENA was trading around $0.2781 on CoinGecko after achieving a 54.1% gain over the past week. On September 25, the protocol announced plans to introduce tokenized U.S. stocks and related equity perpetual futures on Binance as part of its backing strategy for the USDe synthetic dollar.
As reported on September 25, Ethena intends to hold Binance bStocks for stock exposure while taking opposite positions in equity perpetuals. Ethena noted that Binance’s equity perpetual market currently holds more than $2.9 billion in open interest. The addition of stock-linked positions thus opens another avenue for a strategy the protocol has previously employed with cryptocurrency assets.
Ethena Labs founder Guy Young labeled this the “largest expansion of USDe’s funding mechanism since we started.” The company mentioned that its Risk Committee has approved a framework for these stock-based trades.
While the strategy targets tokenized U.S. equities, Binance’s bStocks initiative is available to qualified users based on local regulations. The initial rollout of Binance’s bStocks included tokens tied to shares from Nvidia, Tesla, Circle, Micron, and Sandisk, providing stock-linked exposure without shareholder voting rights.
From the TradingView daily chart, ENA was trading at about $0.2756 after peaking at $0.2807. The price remains above its 20-day moving average of $0.1808, its 50-day average of $0.1491, its 100-day average of $0.1160, and its 200-day average of $0.1082. The daily RSI hit 79.85, surpassing the commonly monitored 70 level.
A breakout above $0.2807 would extend the current bullish momentum. The day’s low of $0.2632 serves as the initial level to monitor during any pullbacks; further declines would reintroduce the earlier trading range of $0.22-$0.23. Ethena’s fee-switch proposal links future ENA buybacks to USDe supply thresholds, starting at $7.5 billion, rather than suggesting an immediate buyback at the proposed supply level.
Bitway’s pullback suggests $0.76 as a target
Bitway was trading at approximately $0.9032 on CoinGecko, indicating a 48.0% increase over the week. The daily chart on TradingView demonstrated significant volatility during that period: BTW soared to $1.3661 before retracting to around $0.9033, with the session’s low reaching $0.7620.
Earlier in the week, on-chain analyst Ai Yi pointed out that a new address withdrew 5 million BTW, valued at approximately $3.71 million at the time, from Gate. Further analysis from Ai Yi indicated that three new addresses collectively withdrew 15 million BTW within a three-hour window. While these transfers coincided with the price surge, the specifics of wallet control and the reasons behind Bitway’s price increase remain uncertain.
Additionally, Bitway has been running a staking program from September 1 to October 1, offering an 8% annual rate on USDT along with an extra 3% in BW Points. Earlier incentive programs were detailed in a Bitway price report released in August after a significant price spike that month.
The latest daily candle positions BTW below the upper Bollinger band near $1.1513 but above its middle band around $0.7121. Reclaiming the $1.00 level and subsequently $1.1513 would shift focus to the $1.30-$1.37 range. Conversely, a decline below the daily low of $0.7620 would bring the $0.7121 middle band back into consideration as the next crucial point on the chart.
Disclosure: This article is not intended as investment advice. The content and materials on this page are solely for educational purposes.
