Gate Ventures Weekly Crypto Recap (September 29, 2025)

TL;DR

• US government shutdown deadline nears, this could impact the US GDP and the release of major economy data.
• This week’s incoming data includes the ISM Manufacturing and Service PMI, factory orders and employment data.
• Crypto markets pulled back this week, with BTC down 2.7% and ETH sliding 6.9% amid heavy ETF outflows.
• Broader altcoins dropped ~4%, erasing ‘altcoin season’ optimism, though standouts like MNT (+14.9%) bucked the trend.
• Stablecoin-focused Layer 1 Plasma ($XPL) launched strongly — rallying from ~$0.72 to $1.69, buoyed by community airdrops and major exchange listings (Binance, Upbit).”
• Cloudflare introduces NET Dollar as new payment rail for AI-driven “agentic web”.
• CleanSpark secures $100M Bitcoin-backed credit line from Coinbase Prime to fuel mining growth.
• GSR files for Digital Asset Treasury Companies ETF amid $20B+ DAT funding wave.

Macro Overview

US government shutdown deadline nears, this could impact the US GDP and the release of major economy data.

A possible US government shutdown is just days away, as the Trump administration and GOP lawmakers are locked in a continuation resolution funding standoff by Oct 1st. The possible shutdown may impact the US GDP from two channels: reducing federal employees’ income and spending and halting government purchasing on goods and services. According to the Committee for a Responsible Federal Budget, about 380,000 employees were furloughed during the 2018–2019 shutdown (18% of non-postal federal employees in 2018). A one-week shutdown drags the current quarter’s GDP by around 0.1%, but most of the loss could be made up in subsequent quarters. The CBO estimates the five-week 2018 shutdown reduced the annualized QoQ GDP growth rate by 0.6%.

The shutdown could also delay economic data releases, complicating the Fed’s real-time assessment of the economy. As staff responsible for collecting and compiling economic data at the BLS, BEA, and Census may be classified as “nonessential,” releases including Sept nonfarm payrolls, Sept CPI, and Q3 GDP could be postponed, though specifics remain uncertain. If those data releases are delayed, by the time the Fed holds its Oct FOMC meeting, Fed members may have to make decisions without key figures on nonfarm payrolls, inflation, and GDP. However, as the impact of DOGE will take full effect on Sept 30th, and the shutdown could exert a larger negative influence on the US economy, it is still likely for the Fed to make a rate cut decision in Oct FOMC meeting.

This week’s incoming data includes the ISM Manufacturing and Service PMI, factory orders and employment data. The employment data, which includes non-farm payrolls,

unemployment rate and average hourly earnings, will provide guidance on the chances of further rate cuts. While Fed Chair Powell has strengthened the idea that the path to lower interest rates is by no means certain, the market still believed in two more rate cuts this year, one in October and the other in December. Further signs of a weakening job market will therefore provide a dovish stance. (1, 2)

DXY

The US dollar has seen a weekly gain as the strong and resilient US economy data supported the currency level, while other major currencies like Euro and Swiss franc fell against dollar. (3)

US 10 Year Bond Yield

The US 10 year bond yield held stable after the US PCE data reading, which is in line with economist forecast but the YoY figure remains above the Fed’s 2% target inflation. (4)

Gold

Gold prices gained last week as the monthly PCE data came in line with expectation, the US GDP reading showed the economy grew more than previously thought, and Trump announced a new round of tariffs on imported drugs, trucks and furniture. (5)

Crypto Markets Overview

1. Main Assets

BTC Price

ETH Price

ETH/BTC Ratio

U.S. Bitcoin ETFs recorded $902M in net outflows over the past week, with BTC prices dipping 2.66%. Ethereum ETFs also saw $795M in net outflows, as ETH prices declined 6.86%. The ETH/BTC ratio hovered largely unchanged from the previous week at 0.0368. (6)

2. Total Market Cap

Crypto Total Marketcap

Crypto Total Marketcap Excluding BTC and ETH

Crypto Total Marketcap Excluding Top 10 Dominance

The broader crypto market slipped 3.6% over the week, with losses outside of BTC and ETH widening to 4%. The altcoin market excluding the top 10 dropped 3.94%, weighed down by ETH’s weak performance and effectively quashing the recent “altcoin season” hype.

3. Top 30 Crypto Assets Performance

Source: Coinmarketcap and Gate Ventures, as of Sept 29th 2025

The market broadly trended lower, though select tokens like MNT, LEO, and XMR outperformed, with MNT leading the pack with a 14.9% gain.

MNT continues to build on its price fundamentals following deeper integration within the Bybit ecosystem. Its latest spike was fueled by news of Bybit-incubated perp DEX ApeX Protocol announcing a collaboration with Bybit, which drove a 6x price surge. (7)

4. New Token Launched

Plasma is a purpose-built Layer 1 blockchain for stablecoins, aiming to enable near-instant, zero-fee stablecoin payments (especially USDT) at scale, with support for EVM compatibility, custom gas tokens, and integrations into payments / neobank rails.

$XPL debuted around ~$0.72 and quickly rallied to an ATH of $1.69 on the back of strong community momentum. The airdrop distribution, with most farmers receiving decent allocations further reinforced positive sentiment. Exchange listings on major venues including Upbit and Binance have added additional tailwinds to liquidity and visibility.

The Key Crypto Highlights

1. Cloudflare introduces NET Dollar as new payment rail for AI-driven “agentic web”.

Cloudflare announced NET Dollar, a U.S. dollar-backed stablecoin designed for the “agentic web,” where AI agents transact on behalf of users. NET Dollar enables instant, secure, global microtransactions for developers, creators, and autonomous agents, shifting the internet away from ads and bank transfers toward pay-per-use models. CEO Matthew Prince framed it as financial rails at internet speed, supporting fractional payments that reward originality. Cloudflare is also contributing to interoperability standards such as the Agent Payments Protocol and x402. The move is widely seen as expanding stablecoin adoption into mainstream web infrastructure. (8),(9),(10)

2. CleanSpark secures $100M Bitcoin-backed credit line from Coinbase Prime to fuel mining growth.

CleanSpark (Nasdaq: CLSK) expanded its Bitcoin-backed credit facility with Coinbase Prime by $100M, adding non-dilutive liquidity to fund growth. The U.S. miner will deploy capital into energy infrastructure, scaling bitcoin mining operations, and high-performance computing at select sites. Management emphasized accretive growth without equity dilution. CleanSpark reached 50 EH/s in June and holds a BTC treasury valued at over $1B. The deal underscores stronger capital efficiency and growing institutional credit access for top-tier miners.(11),(12)

3. GSR files for Digital Asset Treasury Companies ETF amid $20B+ DAT funding wave.

Crypto market maker GSR filed with the SEC to launch the GSR Digital Asset Treasury Companies ETF, investing at least 80% of assets in firms holding crypto in corporate treasuries. The filing also includes four ETH-related funds focused on staking and yield. Interest in digital asset treasuries (DATs) has surged, with $20B in venture funding over the past year. The proposal highlights a shift toward institutionalized DAT exposure, coinciding with faster approval cycles for multi-crypto and staking-linked ETFs.(13),(14)

Key Ventures Deals

1. Bulk secures $8M Seed to deliver CEX-grade perps on Solana.

Bulk raised $8M in a Seed Round led by Robot Ventures and 6th Man Ventures, with Chapter One, WMT Ventures, Mirana Ventures, Big Brain Holding, and angel investors participating. The project is building a Solana-based execution layer (Bulk-agave + Bulk Tile) targeting sub-20ms latency and 2.5M+ orders/second while preserving decentralization via FIFO fairness, gasless orders, non-custodial custody, and validator fee-sharing. Institutional integrations include SDKs, FIX, and CCXT. Investors view Bulk as a credible path to CEX-level performance on-chain, positioning it as an institutional gateway for perpetuals trading ahead of a planned mainnet launch in 2025. (15),(16)

2. Divine secures $6.6M Seed led by Paradigm to scale undercollateralized lending via Credit.

Divine raised $6.6M in a Seed Round led by Paradigm with participation from Nascent and angel investors, funding expansion of its undercollateralized lending protocol, Credit. Launched in Dec 2024, Credit has issued 175,000+ loans to 100,000+ borrowers across Argentina, Nigeria, Colombia, and other markets, primarily for daily expenses. The system uses behavioral data instead of collateral, scaling loan limits to $1,000 for timely repayment. Distributed via World MiniApps with 15M+ verified users, Credit aligns with investors’ thesis on blockchain-enabled microfinance and underbanked market penetration. (17),(18)

3. Bastion secures $14.6M funding to expand global stablecoin issuance services.

Bastion raised $14.6M in a round led by Coinbase Ventures, with Sony, Samsung Next, a16z crypto, and Hashed participating. Founded by former Meta and a16z crypto executive, Bastion builds white-label stablecoin systems enabling enterprises to issue digital dollars without coding or regulatory licenses. Its suite includes wallets and off-ramps for cash conversion in 70+ countries, positioning it against Paxos and Agora. The highlights are Bastion’s potential as a key infrastructure layer for corporates amid accelerating global demand for compliant, branded stablecoin solutions. (19),(20)

Ventures Market Metrics

The number of deals closed in the previous week was 20, with Data having 9 deals, representing 45% for each sector of the total number of deals. Meanwhile, Infra had 4 (20%), Social had 1 (5%), and DeFi had 6 (30%) deals.

Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 29th Sep 2025

The total amount of disclosed funding raised in the previous week was $364M, 25% deals (5/20) in previous week didn’t public the raised amount. The top funding came from Data sector with $305M. Most funded deals: Fnality $136M, zerohash $104M.

Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 29th Sep 2025

Total weekly fundraising rose to $364M for the 4th week of Sep-2025, an increase of +51% compared to the week prior. Weekly fundraising in the previous week was up +63% year over year for the same period.

About Gate Ventures

Gate Ventures, the venture capital arm of Gate, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.

Website | Twitter | Medium | LinkedIn

The content herein does not constitute any offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate Ventures may restrict or prohibit the use of all or a portion of the services from restricted locations. For more information, please read its applicable user agreement.

Reference:

1. S&P Global Weekly Ahead Economic Data, https://www.spglobal.com/marketintelligence/en/mi/research-analysis/week-ahead-economic-preview-week-of-29-september-2025.html
2. The Effects of the Partial Shutdown Ending in January 2019, US Congressional Budget Office, https://www.cbo.gov/publication/54937
3. TradingView on DXY Index, https://www.tradingview.com/chart/z1UD772v/?symbol=TVC%3ADXY
4. Tradingview on US 10 year bond yield, https://www.tradingview.com/chart/z1UD772v/?symbol=TVC%3AUS10Y
5. TradingView on Gold, https://www.tradingview.com/chart/z1UD772v/?symbol=TVC%3AGOLD
6. BTC & ETH ETF Inflow, https://sosovalue.com/tc/assets/etf/us-btc-spot
7. Apex Protocol’s tweet, https://x.com/OfficialApeXdex/status/1971526416983535829
8. Cloudflare introduces NET Dollar as new payment rail for AI-driven “agentic web” https://www.coindesk.com/business/2025/09/25/cloudflare-unveils-u-s-dollar-stablecoin-for-ai-powered-internet-economy
9. Cloudflare introduces NET Dollar as new payment rail for AI-driven “agentic web” https://blockworks.co/news/cloudflare-unveils-net-dollar-stablecoin-for-ai-internet-economy
10. Cloudflare introduces NET Dollar as new payment rail for AI-driven “agentic web”https://www.theblock.co/post/372392/the-daily-cloudflare-joins-stablecoin-race-with-net-dollar-plans-us-senate-sets-hearing-on-crypto-taxation-and-more
11. CleanSpark secures $100M Bitcoin-backed credit line from Coinbase Prime to fuel mining growth, https://cointelegraph.com/news/cleanspark-second-btc-backed-credit-line-share-dilution
12. CleanSpark secures $100M Bitcoin-backed credit line from Coinbase Prime to fuel mining growth, https://www.theblock.co/post/371773/cleanspark-secures-100-million-credit-financing-coinbase
13. GSR files for Digital Asset Treasury Companies ETF amid $20B+ DAT funding wave, https://www.theblock.co/post/372186/gsrs-new-etf-proposal-eyes-digital-asset-treasuries-amid-growing-popularity
14. GSR files for Digital Asset Treasury Companies ETF amid $20B+ DAT funding wave, https://cointelegraph.com/news/market-maker-gsr-files-5-crypto-etfs
15. Bulk Raises $8M Seed Funding to Redefine Perpetuals DEX Trading, https://x.com/_bulktrade/status/1970867330210218039
16. Bulk secures $8M Seed to deliver CEX-grade perps on Solana, https://ventureburn.com/bulk-raises-8m-seed-funding-to-redefine-perpetuals-dex-trading/
17. Divine secures $6.6M Seed led by Paradigm to scale undercollateralized lending via Credit, https://www.axios.com/pro/fintech-deals/2025/09/25/stablecoin-lender-divine-paradigm-seed
18. Divine secures $6.6M Seed led by Paradigm to scale undercollateralized lending via Credit, https://blockworks.co/news/divine-raises-6-6m-to-expand-credit-lending-protocol
19. Bastion secures $14.6M funding to expand global stablecoin issuance services, https://fortune.com/crypto/2025/09/24/bastion-coinbase-sony-samsung-hashed-fundraise/
20. Bastion secures $14.6M funding to expand global stablecoin issuance services, https://www.coindesk.com/business/2025/09/24/coinbase-sony-and-samsung-back-usd14-6m-round-for-stablecoin-startup-bastion