Intro

The week begins with turbulence across the crypto markets as liquidations mount and regulatory pressure intensifies. From a $1.5B wipeout to new strategic moves by Coinbase and massive Ethereum holdings revealed by BitMine, here are the six key stories shaping September 22, 2025.

📊 Market Overview

• Ether and Dogecoin lead a $1.5B liquidation as Bitcoin falls below $112K.

• Coinbase explores the launch of its own network token.

• Maelstrom warns of heavy sell pressure from HYPE unlocks.

• Chinese regulators crack down on tokenized asset businesses.

• BitMine reveals it controls over 2% of the Ethereum supply.

• Analysts debate if Cardano could one day surpass Bitcoin.

💥 Ether & Dogecoin Lead $1.5B Liquidation as Bitcoin Falls Below $112K

A massive $1.5 billion liquidation event hit the crypto markets, with Ether and Dogecoin leading the losses. Bitcoin dropped below the key $112K level, triggering widespread liquidations across leveraged positions and shaking short-term investor confidence.
Source: CoinDesk

🏢 Coinbase Considers Launching a Network Token

Coinbase is weighing the release of a network token as part of its strategic expansion plans. The move would aim to strengthen its ecosystem, incentivize participation, and position Coinbase more competitively against rival exchanges with native tokens.
Source: Yahoo Finance

⚠️ Maelstrom Warns of HYPE Token Pressure from $11.9B Unlocks

Crypto hedge fund Maelstrom has warned that the HYPE token could face significant sell pressure from upcoming unlocks worth $11.9 billion. The event could dramatically affect token price stability and investor sentiment in the short term.
Source: Cointelegraph

🇨🇳 China Cracks Down on Real-World Asset Businesses

Chinese regulators have intensified their crackdown on real-world asset tokenization businesses, raising concerns for firms in the sector. The move could slow momentum for tokenized assets in one of the world’s largest markets, highlighting the regulatory hurdles ahead.
Source: CryptoNews

🐋 BitMine Reveals $11.4B ETH Holdings (2% of Network)

Mining giant BitMine Immersion announced that it now holds 2.4 million ETH, representing more than 2% of the Ethereum network’s total supply. With combined crypto and cash reserves exceeding $11.4 billion, the firm is positioning itself as one of Ethereum’s largest institutional holders.
Source: WBOY

🚀 Could Cardano Surpass Bitcoin?

Fresh analysis suggests that Cardano (ADA) could be positioned to surpass Bitcoin in the future, citing key factors such as its scalability, governance model, and expanding ecosystem. While highly speculative, the report has stirred debate about the long-term balance of power among top blockchains.
Source: CoinCentral

🔎 Quick Take

September 22 highlights the tension between market instability and strategic growth. While liquidations and regulatory crackdowns dampen sentiment, developments like Coinbase’s token plans, BitMine’s ETH dominance, and bullish views on Cardano suggest the ecosystem is evolving in complex new directions.