Ndax Weekly TL;DR Sept 22

• Michigan Revives Bitcoin and Crypto Reserve Bill Amid Growing State-Level Adoption
• Fed Chair Powell Highlights FOMC Split on Future 2025 Rate Cuts
• Vitalik Buterin Defends Ethereum’s 43-Day Staking Exit Queue as $11.3B Awaits Withdrawal 

crypto reserve that would allow the state treasurer to allocate up to 10% of certain public funds into digital assets. The bill, which had stalled since February, advanced to a second reading in September, signaling renewed momentum for state-level digital asset policy. The measure includes strict custody and lending rules to minimize financial risks. If passed, Michigan would become the fourth U.S. state to adopt a formal crypto reserve, joining Texas, Arizona, and New Hampshire, as states move in parallel with federal efforts under the Trump administration to explore a national Bitcoin reserve. CryptoSlate

Federal Reserve Chair Jerome Powell said the Federal Open Market Committee (FOMC) is divided over the path of interest rates in 2025, with 10 of 19 members projecting two or more cuts this year while others see fewer or none. Speaking after the Fed’s first 2025 rate cut of 25 basis points, Powell emphasized that decisions will be made “meeting by meeting” as the central bank balances slowing job growth with still-elevated inflation. The Fed’s latest projections suggest rates could fall to 3.6% by the end of 2025, but Powell cautioned against viewing forecasts as certainties. Cointelegraph

Ethereum co-founder Vitalik Buterin defended the network’s six-week staking exit queue, which holds over 2.48 million ETH ($11.3 billion), arguing that the long wait is an intentional safeguard against validator misconduct. He likened staking to a commitment requiring discipline, saying exit frictions protect network reliability. Echoing this, EigenLayer founder Sreeram Kannan called the extended period a “conservative parameter” that prevents malicious actors from quickly escaping penalties and ensures offline validators can rejoin the correct fork. Both emphasized that while the design may not be perfect, shortening the exit time could weaken Ethereum’s security guarantees. CryptoSlate

Ndax's news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• NBA Star Kevin Durant’s Forgotten Bitcoin Investment Yields Significant Long-Term Gains CryptoSlate
• Ethereum Sets December 3 Launch Date for Fusaka Upgrade, Focused on Scalability crypto news
• XDC Network Partners with Orochi to Deliver Verifiable, Scalable Data for Tokenized RWAs crypto news
• Crypto Whale Loses $6.3M in Phishing Attack Exploiting Ethereum “Permit” Signatures CryptoSlate
• SEC Approves Grayscale’s Multi-Asset Crypto ETP, a First for the US Market Cointelegraph
• Shibarium Bridge Exploited in $2.4M Flash Loan Attack, Developers Move to Contain Damage crypto news
• X Launches Internal Probe Into Employee Crypto Bribery Scandal Beincrypto

As of 09-22-2025 at 9.30 AM EDT

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has decreased from CA$5.53 trillion to CA$5.40 trillion.
• Bitcoin's market dominance stands at 57.7%, while Ethereum's share is 13.0%. 

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$155K and CA$159K registering a 1.7% change over the past week and a market cap of CA$3.1 trillion. At Ndax, the weekly movers are AVAX, which saw a 9.53% increase in the last seven days reaching a market cap of CA$18.4 billion, and NEAR, which experienced a 10.5% rise with a market cap of CA$5 billion. (At time of writing)

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Sept 25 – US Initial Jobless Claims Announcement
Sept 26 – US Core PCE Index Announcement
Sept 26 – Canada GDP MoM Announcement

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